Zevia PBC (ZVIA) 10-Year Financial Performance & Capital Metrics

ZVIA • • Industrial / General

Consumer DefensiveNon-Alcoholic BeveragesSpecialty & Niche Beverage ProducersSparkling & Flavored Waters

AboutZevia PBC, a beverage company, develops, markets, sells, and distributes various carbonated and non-carbonated soft drinks in the United States and Canada. It offers soda, energy drinks, organic tea, mixers, kidz beverages, and sparkling water. The company offers its products through various retail channels, including grocery distributors, national retailers, warehouse club, and natural products retailers, as well as e-commerce channels. It provides its products under the Zevia brand name. The company was founded in 2007 and is headquartered in Encino, California.Show more

Revenue $155M -6.8%
EBITDA -$22M +18.3%
Net Income -$20M +6.9%
EPS (Diluted) -0.34 +17.1%
Gross Margin 46.39% +3.3%
EBITDA Margin -14.4% +12.3%
Operating Margin -15.26% +12.3%
Net Margin -12.9%
ROE -38.21% -27.6%
ROIC -78.21% -20.5%
Debt/Equity 0.03 -3.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 12.6%
✓Efficient asset utilization: 2.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 15.9% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y12.63%

3Y3.92%

TTM6.17%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM33.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM41.97%

ROCE

10Y Avg-51.48%

5Y Avg-56.02%

3Y Avg-45.19%

Latest-44.27%

Peer Comparison

Sparkling & Flavored Waters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FIZZNational Beverage Corp.	3.12B	33.35	16.76	0.81%	15.45%	36.86%	5.46%	0.16
ZVIAZevia PBC	122.61M	1.90	-5.59	-6.83%	-8.83%	-40.15%		0.03

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	85.56M	110.03M	138.17M	163.18M	166.42M	155.05M
Revenue Growth %	-	0.29%	0.26%	0.18%	0.02%	-0.07%
Cost of Goods Sold+	48.66M	60.52M	74.23M	93.16M	91.67M	83.12M
COGS % of Revenue	0.57%	0.55%	0.54%	0.57%	0.55%	0.54%
Gross Profit+	36.9M	49.5M	63.94M	70.02M	74.76M	71.93M
Gross Margin %	0.43%	0.45%	0.46%	0.43%	0.45%	0.46%
Gross Profit Growth %	-	0.34%	0.29%	0.1%	0.07%	-0.04%
Operating Expenses+	42.35M	54.98M	151.37M	117.89M	103.7M	95.58M
OpEx % of Revenue	0.5%	0.5%	1.1%	0.72%	0.62%	0.62%
Selling, General & Admin	41.57M	54.05M	150.37M	116.54M	102.09M	92.12M
SG&A % of Revenue	0.49%	0.49%	1.09%	0.71%	0.61%	0.59%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	786K	932K	997K	1.35M	1.61M	3.47M
Operating Income+	-5.45M	-5.48M	-87.43M	-47.87M	-28.94M	-23.65M
Operating Margin %	-0.06%	-0.05%	-0.63%	-0.29%	-0.17%	-0.15%
Operating Income Growth %	-	-0%	-14.96%	0.45%	0.4%	0.18%
EBITDA+	-4.67M	-4.55M	-86.43M	-46.52M	-27.33M	-22.32M
EBITDA Margin %	-0.05%	-0.04%	-0.63%	-0.29%	-0.16%	-0.14%
EBITDA Growth %	-	0.03%	-18.01%	0.46%	0.41%	0.18%
D&A (Non-Cash Add-back)	786K	932K	997K	1.35M	1.61M	1.33M
EBIT	-5.45M	-5.48M	-87.43M	-47.87M	-28.94M	-21.52M
Net Interest Income+	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0
Other Income/Expense	47K	-593K	-207K	286K	673K	-63K
Pretax Income+	-5.41M	-6.07M	-87.63M	-47.58M	-28.27M	-23.72M
Pretax Margin %	-0.06%	-0.06%	-0.63%	-0.29%	-0.17%	-0.15%
Income Tax+	0	0	34K	65K	52K	66K
Effective Tax Rate %	1%	1%	0.55%	0.71%	0.76%	0.84%
Net Income+	-5.41M	-6.07M	-47.9M	-33.86M	-21.49M	-20M
Net Margin %	-0.06%	-0.06%	-0.35%	-0.21%	-0.13%	-0.13%
Net Income Growth %	-	-0.12%	-6.89%	0.29%	0.37%	0.07%
Net Income (Continuing)	-5.41M	-6.07M	-87.67M	-47.65M	-28.32M	-23.78M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	-23.92M	-28.16M	-28.11M	-21.93M
EPS (Diluted)+	-0.08	-0.09	-2.54	-1.10	-0.41	-0.34
EPS Growth %	-	-0.14%	-25.99%	0.57%	0.63%	0.17%
EPS (Basic)	-0.08	-0.09	-2.54	-1.10	-0.41	-0.34
Diluted Shares Outstanding	65.61M	64.53M	34.46M	43.47M	50.62M	58.68M
Basic Shares Outstanding	65.61M	64.53M	34.46M	43.47M	50.62M	58.68M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	20.81M	44.17M	117.08M	88.66M	82.69M	61.91M
Cash & Short-Term Investments	3.24M	14.94M	73.11M	47.4M	31.95M	30.65M
Cash Only	3.24M	14.94M	43.11M	47.4M	31.95M	30.65M
Short-Term Investments	0	0	30M	0	0	0
Accounts Receivable	4.88M	6.94M	9.05M	11.08M	11.12M	10.79M
Days Sales Outstanding	20.8	23.04	23.9	24.78	24.39	25.41
Inventory	11.39M	20.8M	31.5M	27.58M	34.55M	18.62M
Days Inventory Outstanding	85.45	125.44	154.89	108.04	137.57	81.76
Other Current Assets	0	0	0	2.61M	5.06M	0
Total Non-Current Assets+	6.45M	5.78M	7.91M	10.27M	8.17M	6.04M
Property, Plant & Equipment	2.2M	1.76M	3.38M	5.35M	4.07M	2.36M
Fixed Asset Turnover	38.86x	62.37x	40.88x	30.51x	40.91x	65.70x
Goodwill	0	0	0	0	0	0
Intangible Assets	4.14M	3.94M	4.23M	4.38M	3.52M	3.18M
Long-Term Investments	0	0	0	0	0	0
Other Non-Current Assets	112K	81K	301K	539K	579K	503K
Total Assets+	27.27M	49.96M	124.99M	98.93M	90.86M	67.95M
Asset Turnover	3.14x	2.20x	1.11x	1.65x	1.83x	2.28x
Asset Growth %	-	0.83%	1.5%	-0.21%	-0.08%	-0.25%
Total Current Liabilities+	8.35M	14.07M	20.43M	17.15M	27.72M	24.22M
Accounts Payable	5.6M	8.97M	13.49M	8.02M	21.17M	15.29M
Days Payables Outstanding	41.98	54.1	66.34	31.43	84.29	67.16
Short-Term Debt	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	1.58M	3.59M	3.03M	3.41M	4.45M	1.55M
Current Ratio	2.49x	3.14x	5.73x	5.17x	2.98x	2.56x
Quick Ratio	1.13x	1.66x	4.19x	3.56x	1.74x	1.79x
Cash Conversion Cycle	64.26	94.37	112.45	101.39	77.67	40
Total Non-Current Liabilities+	58.89M	232.69M	1K	0	1.37M	784K
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	850K	238K	1K	0	1.37M	726K
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	58.04M	232.46M	0	0	0	58K
Total Liabilities	67.24M	246.77M	20.43M	17.15M	29.09M	25.01M
Total Debt+	1.28M	861K	237K	715K	1.95M	1.31M
Net Debt	-1.97M	-14.07M	-42.87M	-46.68M	-30.01M	-29.34M
Debt / Equity	-	-	0.00x	0.01x	0.03x	0.03x
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-
Total Equity+	-39.97M	-196.81M	104.56M	81.79M	61.77M	42.95M
Equity Growth %	-	-3.92%	1.53%	-0.22%	-0.24%	-0.3%
Book Value per Share	-0.61	-3.05	3.03	1.88	1.22	0.73
Total Shareholders' Equity	-39.97M	-196.81M	128.48M	109.95M	89.88M	64.88M
Common Stock	1.81M	0	64K	70K	71K	73K
Retained Earnings	-43.09M	0	-45.99M	-79.84M	-101.34M	-121.34M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0
Minority Interest	0	0	-23.92M	-28.16M	-28.11M	-21.93M

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-14.76M	-3.26M	-17.81M	-21.11M	-16.27M	-1.02M
Operating CF Margin %	-0.17%	-0.03%	-0.13%	-0.13%	-0.1%	-0.01%
Operating CF Growth %	-	0.78%	-4.47%	-0.19%	0.23%	0.94%
Net Income	-5.41M	-6.07M	-87.67M	-33.86M	-28.32M	-23.78M
Depreciation & Amortization	786K	932K	997K	2M	1.61M	1.33M
Stock-Based Compensation	606K	7.87M	77.72M	0	8.28M	4.96M
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	106K	563K	652K	12.82M	1.12M	1.07M
Working Capital Changes	-10.86M	-6.55M	-9.51M	-2.08M	1.03M	15.4M
Change in Receivables	-1.16M	-2.07M	-2.06M	-2.03M	-42K	324K
Change in Inventory	-3.11M	-9.41M	-10.7M	3.92M	-6.97M	15.93M
Change in Payables	-5.72M	2.37M	4.4M	-5.85M	13.64M	-5.86M
Cash from Investing+	-456K	-805K	-33.14M	27.41M	805K	-283K
Capital Expenditures	-456K	-805K	-3.14M	-2.59M	-1.62M	-283K
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.01%	0%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	2.43M	0
Cash from Financing+	17.09M	15.76M	79.12M	-2.01M	25K	0
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	-2.67M	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	-44K	-20K	-8.28M	-2.13M	25K	0
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-15.22M	-4.06M	-20.95M	-23.7M	-17.9M	-1.3M
FCF Margin %	-0.18%	-0.04%	-0.15%	-0.15%	-0.11%	-0.01%
FCF Growth %	-	0.73%	-4.16%	-0.13%	0.24%	0.93%
FCF per Share	-0.23	-0.06	-0.61	-0.55	-0.35	-0.02
FCF Conversion (FCF/Net Income)	2.73x	0.54x	0.37x	0.62x	0.76x	0.05x
Interest Paid	288K	321K	148K	0	79K	93K
Taxes Paid	0	0	0	0	127K	85K

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-45.81%	-36.34%	-29.95%	-38.21%
Return on Invested Capital (ROIC)	-	-	-106.3%	-74.18%	-64.93%	-78.21%
Gross Margin	43.13%	44.99%	46.28%	42.91%	44.92%	46.39%
Net Margin	-6.32%	-5.52%	-34.67%	-20.75%	-12.92%	-12.9%
Debt / Equity	-	-	0.00x	0.01x	0.03x	0.03x
FCF Conversion	2.73x	0.54x	0.37x	0.62x	0.76x	0.05x
Revenue Growth	-	28.59%	25.58%	18.1%	1.99%	-6.83%

Revenue by Geography

	2022	2023	2024
UNITED STATES	145.18M	149.47M	139.75M
UNITED STATES Growth	-	2.95%	-6.50%
CANADA	18M	16.96M	15.3M
CANADA Growth	-	-5.79%	-9.76%

Frequently Asked Questions

Growth & Financials

Zevia PBC (ZVIA) reported $162.8M in revenue for fiscal year 2024. This represents a 90% increase from $85.6M in 2019.

Zevia PBC (ZVIA) saw revenue decline by 6.8% over the past year.

Zevia PBC (ZVIA) reported a net loss of $14.4M for fiscal year 2024.

Dividend & Returns

Zevia PBC (ZVIA) has a return on equity (ROE) of -38.2%. Negative ROE indicates the company is unprofitable.

Zevia PBC (ZVIA) had negative free cash flow of $6.5M in fiscal year 2024, likely due to heavy capital investments.

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