Zevia Pbc Financials
This page shows Zevia Pbc (ZVIA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Zevia Pbc has an operating margin of -7.3%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 6/100, suggesting thin profitability after operating expenses. This is up from -15.3% the prior year.
Zevia Pbc's revenue grew a modest 4.0% year-over-year to $161.3M. This slow but positive growth earns a score of 40/100.
Zevia Pbc carries a low D/E ratio of 0.55, meaning only $0.55 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Zevia Pbc's current ratio of 2.08 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
While Zevia Pbc generated -$4.7M in operating cash flow, capex of $307K consumed most of it, leaving -$5.0M in free cash flow. This results in a low score of 17/100, reflecting heavy capital investment rather than weak cash generation.
Zevia Pbc generates a -19.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -30.8% the prior year.
Zevia Pbc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Zevia Pbc generates $0.47 in operating cash flow (-$4.7M OCF vs -$9.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Zevia Pbc generated $161.3M in revenue in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Zevia Pbc's EBITDA was -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.1% from the prior year.
Zevia Pbc reported -$9.9M in net income in fiscal year 2025. This represents an increase of 50.4% from the prior year.
Zevia Pbc earned $-0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 55.9% from the prior year.
Cash & Balance Sheet
Zevia Pbc generated -$5.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 284.8% from the prior year.
Zevia Pbc held $25.4M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Zevia Pbc's gross margin was 48.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.
Zevia Pbc's operating margin was -7.3% in fiscal year 2025, reflecting core business profitability. This is up 8.0 percentage points from the prior year.
Zevia Pbc's net profit margin was -6.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.8 percentage points from the prior year.
Zevia Pbc's ROE was -19.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 11.4 percentage points from the prior year.
Capital Allocation
Zevia Pbc invested $307K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.5% from the prior year.
ZVIA Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $37.9M-7.3% | $40.8M-8.3% | $44.5M+17.1% | $38.0M-3.6% | $39.5M+8.5% | $36.4M-10.0% | $40.4M+4.2% | $38.8M |
| Cost of Revenue | $19.8M-11.0% | $22.2M-2.7% | $22.8M+20.3% | $19.0M-5.2% | $20.0M+8.2% | $18.5M-21.2% | $23.5M+11.4% | $21.1M |
| Gross Profit | $18.1M-2.9% | $18.6M-14.2% | $21.7M+13.9% | $19.0M-2.0% | $19.4M+8.8% | $17.9M+5.4% | $16.9M-4.4% | $17.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.3M-5.0% | $7.7M-5.1% | $8.1M+15.8% | $7.0M+2.0% | $6.8M-7.3% | $7.4M-4.1% | $7.7M-5.2% | $8.1M |
| Operating Income | -$1.5M+47.3% | -$2.9M-182.8% | -$1.0M+84.1% | -$6.4M-0.8% | -$6.3M-113.8% | -$3.0M+58.1% | -$7.1M+2.9% | -$7.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $28K+187.5% | -$32K-288.2% | $17K-58.5% | $41K+78.3% | $23K+675.0% | -$4K-111.8% | $34K+161.5% | $13K |
| Net Income | -$212K+92.1% | -$2.7M-312.6% | -$651K+89.8% | -$6.4M-92.0% | -$3.3M-31.3% | -$2.5M+63.7% | -$7.0M+3.3% | -$7.2M |
| EPS (Diluted) | N/A | $-0.04-300.0% | $-0.01+87.5% | $-0.08 | N/A | $-0.04+60.0% | $-0.100.0% | $-0.10 |
ZVIA Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $63.6M+6.0% | $60.0M-3.9% | $62.5M+0.8% | $62.0M-8.8% | $68.0M-6.7% | $72.9M+0.1% | $72.8M-14.4% | $85.1M |
| Current Assets | $58.2M+6.8% | $54.5M-4.2% | $56.9M+1.0% | $56.3M-9.0% | $61.9M-6.3% | $66.1M+0.9% | $65.5M-15.3% | $77.4M |
| Cash & Equivalents | $25.4M-2.6% | $26.0M-1.0% | $26.3M-5.1% | $27.7M-9.6% | $30.7M-6.2% | $32.7M+12.9% | $28.9M+0.8% | $28.7M |
| Inventory | $20.4M+44.3% | $14.1M-10.2% | $15.7M-8.0% | $17.1M-8.1% | $18.6M-10.0% | $20.7M-7.0% | $22.3M-27.3% | $30.6M |
| Accounts Receivable | $11.1M-11.9% | $12.6M-3.9% | $13.1M+49.1% | $8.8M-18.5% | $10.8M+7.9% | $10.0M-11.8% | $11.4M-19.2% | $14.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $28.0M+219.9% | $8.8M-64.6% | $24.8M+200.3% | $8.2M+168.4% | $3.1M+775.2% | $351K+115.8% | -$2.2M-146.3% | $4.8M |
| Current Liabilities | $28.0M+16.9% | $24.0M-1.4% | $24.3M+1.1% | $24.0M-0.8% | $24.2M+4.4% | $23.2M+9.4% | $21.2M-23.7% | $27.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $51.0M-0.4% | $51.3M-3.3% | $53.0M-1.3% | $53.7M-17.2% | $64.9M-10.5% | $72.5M-3.3% | $75.0M-6.6% | $80.3M |
| Retained Earnings | -$131.3M-1.0% | -$130.0M-2.1% | -$127.3M-0.6% | -$126.6M-4.3% | -$121.3M-5.0% | -$115.6M-2.2% | -$113.1M-5.5% | -$107.2M |
ZVIA Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$507K-537.1% | $116K+108.4% | -$1.4M+52.6% | -$2.9M-47.0% | -$2.0M-151.1% | $3.9M+1279.8% | $282K+108.8% | -$3.2M |
| Capital Expenditures | $81K | N/A | N/A | N/A | $45K | N/A | N/A | N/A |
| Free Cash Flow | -$588K | N/A | N/A | N/A | -$2.0M | N/A | N/A | N/A |
| Investing Cash Flow | -$81K+55.2% | -$181K-432.4% | -$34K-209.1% | -$11K+75.6% | -$45K+69.0% | -$145K-141.7% | -$60K-81.8% | -$33K |
| Financing Cash Flow | -$87K+58.0% | -$207K-4240.0% | $5K | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ZVIA Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.7%+2.2pp | 45.6%-3.1pp | 48.7%-1.3pp | 50.1%+0.9pp | 49.2%+0.1pp | 49.1%+7.2pp | 41.9%-3.8pp | 45.7% |
| Operating Margin | -4.0%+3.0pp | -7.0%-4.8pp | -2.3%+14.5pp | -16.8%-0.7pp | -16.1%-7.9pp | -8.2%+9.3pp | -17.5%+1.3pp | -18.8% |
| Net Margin | -0.6%+6.0pp | -6.6%-5.1pp | -1.5%+15.3pp | -16.8%-8.3pp | -8.4%-1.5pp | -7.0%+10.3pp | -17.2%+1.3pp | -18.6% |
| Return on Equity | -0.4%+4.8pp | -5.2%-4.0pp | -1.2%+10.6pp | -11.9%-6.8pp | -5.1%-1.6pp | -3.5%+5.8pp | -9.3%-0.3pp | -9.0% |
| Return on Assets | -0.3%+4.2pp | -4.5%-3.4pp | -1.0%+9.2pp | -10.3%-5.4pp | -4.9%-1.4pp | -3.5%+6.1pp | -9.6%-1.1pp | -8.5% |
| Current Ratio | 2.08-0.2 | 2.27-0.1 | 2.340.0 | 2.34-0.2 | 2.56-0.3 | 2.85-0.2 | 3.09+0.3 | 2.78 |
| Debt-to-Equity | 0.55+0.4 | 0.17-0.3 | 0.47+0.3 | 0.15+0.1 | 0.05+0.0 | 0.00+0.0 | -0.03-0.1 | 0.06 |
| FCF Margin | -1.6% | N/A | N/A | N/A | -5.2% | N/A | N/A | N/A |
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Frequently Asked Questions
What is Zevia Pbc's annual revenue?
Zevia Pbc (ZVIA) reported $161.3M in total revenue for fiscal year 2025. This represents a 4.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zevia Pbc's revenue growing?
Zevia Pbc (ZVIA) revenue grew by 4% year-over-year, from $155.0M to $161.3M in fiscal year 2025.
Is Zevia Pbc profitable?
No, Zevia Pbc (ZVIA) reported a net income of -$9.9M in fiscal year 2025, with a net profit margin of -6.2%.
What is Zevia Pbc's EBITDA?
Zevia Pbc (ZVIA) had EBITDA of -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zevia Pbc's gross margin?
Zevia Pbc (ZVIA) had a gross margin of 48.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zevia Pbc's operating margin?
Zevia Pbc (ZVIA) had an operating margin of -7.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zevia Pbc's net profit margin?
Zevia Pbc (ZVIA) had a net profit margin of -6.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zevia Pbc's return on equity (ROE)?
Zevia Pbc (ZVIA) has a return on equity of -19.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zevia Pbc's free cash flow?
Zevia Pbc (ZVIA) generated -$5.0M in free cash flow during fiscal year 2025. This represents a -284.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zevia Pbc's operating cash flow?
Zevia Pbc (ZVIA) generated -$4.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Zevia Pbc's total assets?
Zevia Pbc (ZVIA) had $63.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zevia Pbc's capital expenditures?
Zevia Pbc (ZVIA) invested $307K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Zevia Pbc's current ratio?
Zevia Pbc (ZVIA) had a current ratio of 2.08 as of fiscal year 2025, which is generally considered healthy.
What is Zevia Pbc's debt-to-equity ratio?
Zevia Pbc (ZVIA) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zevia Pbc's return on assets (ROA)?
Zevia Pbc (ZVIA) had a return on assets of -15.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zevia Pbc's cash runway?
Based on fiscal year 2025 data, Zevia Pbc (ZVIA) had $25.4M in cash against an annual operating cash burn of $4.7M. This gives an estimated cash runway of approximately 65 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Zevia Pbc's Piotroski F-Score?
Zevia Pbc (ZVIA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zevia Pbc's earnings high quality?
Zevia Pbc (ZVIA) has an earnings quality ratio of 0.47x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Zevia Pbc?
Zevia Pbc (ZVIA) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.