ZVIA NYSE Bottled & Canned Soft Drinks & Carbonated Waters Financials FY2020βFY2025
Zevia PBC had $161M of revenue in fiscal 2025, up 4.0% on the year before. Over five years, revenue changed +7.9% a year on average.
Last close Β· Oct 23, 2026
$1.28
4.9%Hi! I read Zevia PBCβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+4.0%
Only a little. Sales grew 4.0% last year.
Does it make a profit?
β6.2%
No. It lost money last year.
Does profit turn into cash?
β3.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Zevia PBC had $161M of revenue in fiscal 2025, up 4.0% on the year before. Over five years, revenue changed +7.9% a year on average. Its operating margin was β7.3%, up 7.9Β pts: of every 100 in sales, about β7 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Zevia PBC lost $9.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$5.0M in fiscal 2025, β3.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $11.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$11.9M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 27, 2026 | CDP Investissements Inc.10% owner | Sold | 2,150,000 | $1.90 | $4.1M | Form 4 |
| Mar 30, 2026 | Amy TaylorPresident & CEO, Director | Sold | 10,776 | $1.16 | $0.0M | Form 4 |
| Mar 27, 2026 | Amy TaylorPresident & CEO, Director | Sold | 66,501 | $1.14 | $0.1M | Form 4 |
| Mar 26, 2026 | Amy TaylorPresident & CEO, Director | Sold | 66,731 | $1.17 | $0.1M | Form 4 |
| Mar 25, 2026 | Girish SatyaChief Financial Officer | Sold | 41,662 | $1.18 | $0.0M | Form 4 |
| Mar 3, 2026 | Padraic L. SpenceDirector | Sold | 40,000 | $1.44 | $0.1M | Form 4 |
| Jan 27, 2026 | CDP Investissements Inc.10% owner | Sold | 3,500,000 | $2.00 | $7.0M | Form 4 |
| Nov 10, 2025 | Padraic L. SpenceDirector | Sold | 200,000 | $2.64 | $0.5M | Form 4 |
| Sep 30, 2025 | CDP Investissements Inc.10% owner | Sold | 2,971,664 | $2.73 | $8.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Zevia PBC can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $73.1M | $47.4M | $32.0M | $30.7M | $25.4M |
| Current ratio | 5.7x | 5.2x | 3.0x | 2.6x | 2.1x |
| Quick ratio | 4.2x | 3.6x | 1.7x | 1.8x | 1.4x |
| Total assets | $125M | $98.9M | $90.9M | $68.0M | $63.6M |
| Total liabilities | $20.4M | $17.1M | $29.1M | $25.0M | $28.0M |
| Shareholders' equity | $128M | $110M | $89.9M | $64.9M | $51.0M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Zevia PBC passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 3 / 8 | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β5.6% | β79.9% | β24.0% | β12.7% | β23.9% | β7.9% |
| Altman Z'' | β11.22 | 5.77 | 5.59 | 1.44 | β1.80 | β2.94 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $110M | $138M | $163M | $166M | $155M | $161M |
| Gross profit | $49.5M | $63.9M | $70.0M | $74.8M | $71.9M | $77.4M |
| Operating income | β$5.5M | β$87.4M | β$47.9M | β$28.9M | β$23.7M | β$11.8M |
| Pretax income | β$6.1M | β$87.6M | β$47.6M | β$28.3M | β$23.7M | β$11.1M |
| Income tax | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M | $0.1M |
| Net income | β$6.1M | β$87.7M | β$47.6M | β$28.3M | β$20.0M | β$9.9M |
| Net income to common | $0.0M | β$46.0M | β$33.9M | β$21.5M | β$19.9M | β$10.1M |
| Diluted EPS | β | β$1.33 | β$0.81 | β$0.41 | β$0.34 | β$0.15 |
| Diluted shares | β | 0.03B | 0.04B | 0.05B | 0.06B | 0.07B |
| Cash flow | ||||||
| Cash from operations | β$3.3M | β$17.8M | β$20.8M | β$16.3M | β$1.0M | β$4.7M |
| Capital expenditure | $0.8M | $3.1M | $2.6M | β | $0.3M | $0.3M |
| Free cash flow | β$4.1M | β$20.9M | β$23.4M | β | β$1.3M | β$5.0M |
| Depreciation and amortization | $0.9M | $1.0M | $1.3M | $1.6M | $1.3M | $0.9M |
| Stock-based compensation | $7.9M | $77.7M | $26.9M | $8.3M | $5.0M | $3.8M |
| Share buybacks | β | $0.0M | $0.0M | β | β | β |
| Dividends and buybacks | β | $0.0M | $0.0M | β | β | β |
| Balance sheet | ||||||
| Cash and short-term investments | $14.9M | $73.1M | $47.4M | $32.0M | $30.7M | $25.4M |
| Finance lease liabilities | β | β | β | β | $0.0M | $0.0M |
| Current assets | $44.2M | $117M | $88.7M | $82.7M | $61.9M | $58.2M |
| Current liabilities | $14.1M | $20.4M | $17.1M | $27.7M | $24.2M | $28.0M |
| Inventory | $20.8M | $31.5M | $27.6M | $34.6M | $18.6M | $20.4M |
| Property and equipment, net | $1.0M | $3.2M | $4.6M | $2.1M | $1.3M | $0.9M |
| Intangible assets | $3.9M | $4.2M | $4.4M | $3.5M | $3.2M | $3.1M |
| Total assets | $50.0M | $125M | $98.9M | $90.9M | $68.0M | $63.6M |
| Total liabilities | $14.3M | $20.4M | $17.1M | $29.1M | $25.0M | $28.0M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$197M | $128M | $110M | $89.9M | $64.9M | $51.0M |
| Margins | ||||||
| Gross margin | 45.0% | 46.3% | 42.9% | 44.9% | 46.4% | 48.0% |
| Operating margin | β5.0% | β63.3% | β29.3% | β17.4% | β15.3% | β7.3% |
| EBITDA margin | β4.1% | β62.6% | β28.5% | β16.4% | β14.4% | β6.8% |
| Net margin | β5.5% | β63.4% | β29.2% | β17.0% | β12.9% | β6.2% |
| FCF margin | β3.7% | β15.2% | β14.3% | β | β0.8% | β3.1% |
| Returns | ||||||
| Return on capital employed | β15.3% | β83.6% | β58.5% | β45.8% | β54.1% | β33.1% |
| Return on equity | β | β | β40.0% | β28.3% | β25.9% | β17.1% |
| Return on assets | β12.2% | β100.2% | β42.6% | β29.8% | β25.2% | β15.1% |
| Return on tangible equity | β | β37.0% | β32.1% | β24.9% | β32.3% | β21.0% |
| Growth | ||||||
| Revenue growth | β | 25.6% | 18.1% | 2.0% | β6.8% | 4.0% |
| Share count change | β | β | 26.2% | 16.4% | 15.9% | 12.5% |
| Financial health | ||||||
| Current ratio | 3.1x | 5.7x | 5.2x | 3.0x | 2.6x | 2.1x |
| Quick ratio | 1.7x | 4.2x | 3.6x | 1.7x | 1.8x | 1.4x |
| Capital allocation | ||||||
| Capex / revenue | 0.7% | 2.3% | 1.6% | β | 0.2% | 0.2% |
| Stock comp / revenue | 7.2% | 56.3% | 16.5% | 5.0% | 3.2% | 2.3% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 3.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | β11.2 | 5.8 | 5.6 | 1.4 | β1.8 | β2.9 |
| Accruals ratio | β5.6% | β79.9% | β24.0% | β12.7% | β23.9% | β7.9% |
Source: SEC EDGAR XBRL filings (CIK 0001854139). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
