Latest Ratios: P/E Ratio -10.4x · EV/EBITDA N/A · ROE -25.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $105M | $153M | $246M | $102M | $178M | $243M | — | — |
| Enterprise Value | $81M | $128M | $217M | $72M | $131M | $200M | — | — |
| P/E Ratio → | -10.40 | — | — | — | — | — | — | — |
| P/S Ratio | 0.65 | 0.95 | 1.59 | 0.61 | 1.09 | 1.76 | — | — |
| P/B Ratio | 2.89 | 4.30 | 5.73 | 1.65 | 2.17 | 2.32 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 1.40 | 0.43 | 0.80 | 1.45 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.5% | 47.5% | 46.4% | 44.9% | 42.9% | 46.3% | 45.0% | 43.1% |
| Operating Margin | -6.0% | -6.0% | -15.3% | -17.4% | -29.3% | -63.3% | -5.0% | -6.4% |
| Net Profit Margin | -6.3% | -6.3% | -12.9% | -12.9% | -20.7% | -34.7% | -5.5% | -6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -25.7% | -25.7% | -38.2% | -29.9% | -36.3% | -45.8% | — | — |
| ROA | -15.3% | -15.3% | -25.2% | -22.7% | -30.2% | -54.8% | -15.7% | -19.8% |
| ROIC | -58.9% | -58.9% | -78.2% | -64.9% | -74.2% | -106.3% | — | — |
| ROCE | -24.3% | -24.3% | -44.3% | -39.9% | -51.4% | -124.5% | -20.0% | -28.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.03 | 0.01 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -0.68 | -0.49 | -0.57 | -0.41 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($25M) exceeds total debt ($668000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.08 | 2.08 | 2.56 | 2.98 | 5.17 | 5.73 | 3.14 | 2.49 |
| Quick Ratio | 1.35 | 1.35 | 1.79 | 1.74 | 3.56 | 4.19 | 1.66 | 1.13 |
| Cash Ratio | 0.90 | 0.90 | 1.27 | 1.15 | 2.76 | 3.58 | 1.06 | 0.39 |
| Asset Turnover | — | 2.53 | 2.28 | 1.83 | 1.65 | 1.11 | 2.20 | 3.14 |
| Inventory Turnover | 4.15 | 4.15 | 4.46 | 2.65 | 3.38 | 2.36 | 2.91 | 4.27 |
| Days Sales Outstanding | — | 25.14 | 25.41 | 24.39 | 24.78 | 23.90 | 23.04 | 20.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 1.1% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 20.4% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 21.5% | — | — |
| Shares Outstanding | — | $66M | $59M | $51M | $43M | $34M | $65M | $66M |
Persistent operating losses
According to recent financial statements, Zevia maintains gross margins near 48.4%, yet the company continues to report negative operating margins, suggesting that current revenue scale remains insufficient to cover the high fixed costs and marketing expenditures required to maintain its competitive position in the beverage industry.
While the gross margin profile indicates a premium brand positioning, the persistent negative operating margins suggest that the company has yet to achieve the necessary operating leverage. Investors should monitor whether management can optimize its co-packing and marketing spend to convert this gross profitability into sustainable bottom-line earnings.
Based on reported figures, Zevia's cash conversion cycle has fluctuated significantly, reaching 27 days in 2026Q1, primarily driven by volatile inventory turnover ratios that suggest challenges in aligning production schedules with the lumpy demand patterns typical of warehouse club and e-commerce distribution channels.
The variability in the cash conversion cycle highlights the operational risks inherent in a third-party co-packing model. The company's ability to manage its days inventory outstanding is critical, as excessive stock levels could lead to potential obsolescence or increased storage costs, further straining the company's limited liquidity.
As reported in recent filings, Zevia's ROIC has remained deeply negative, hitting -18.8% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it, as the capital invested in brand expansion has failed to generate commensurate returns in the form of operating income.
The persistent negative ROIC underscores the difficulty of scaling a niche beverage brand without a proprietary manufacturing base. This trend warrants further investigation into whether the current capital allocation strategy is fundamentally flawed or if the company is simply in a prolonged investment phase that has yet to reach an inflection point.
Based on the latest quarterly data, Zevia maintains a current ratio of 2.21 and a cash balance of $25.3 million, providing a sufficient liquidity buffer that appears to insulate the company from immediate insolvency risks despite the ongoing cash burn associated with its current growth strategy.
While the balance sheet remains healthy with minimal debt, the reliance on cash reserves to fund operations is not a long-term solution. The company's liquidity position should be viewed as a temporary bridge, and investors should monitor the rate of cash depletion as a primary indicator of the company's survival and future financing needs.
The market frequently misapplies standard P/S multiples to Zevia, failing to account for the company's specialized formulation platform, which obscures the potential value of its clean-label intellectual property and its unique ability to navigate the technical hurdles of stevia-based beverage production without artificial additives.
Using a simple revenue multiple ignores the 'formulation moat' that differentiates Zevia from generic private-label competitors. Analysts should instead focus on metrics that capture brand equity and household penetration, as the current valuation may be underestimating the durability of the company's core customer base in the natural channel.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ZVIA stock.
Zevia PBC's current P/E ratio is -10.4x. This places it at the 50th percentile of its historical range.
Zevia PBC's return on equity (ROE) is -25.7%. The historical average is -35.2%.
Based on historical data, Zevia PBC is trading at a P/E of -10.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zevia PBC has 47.5% gross margin and -6.0% operating margin.