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Zevia PBC

ZVIA
21
Beverages - Non-Alcoholic · Consumer Defensive
Price
$1.29
-0.03 (-2.27%)
Market Cap
$92.6M
Winston Score
21
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Data not available
Valuation
Data not available

Share count rising — dilution

+91.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 34.5M (2021) → 66.0M (2025)

Winston Score History

The full picture

Zevia is a beverage company that makes zero-calorie, zero-sugar sodas, energy drinks, and teas sweetened with stevia, a plant-based sweetener. Its drinks come in flavors like cola, ginger ale, and cream soda, and are sold to health-conscious consumers through grocery stores, mass retailers, and online channels across the United States and Canada. The company positions itself as a cleaner alternative to traditional sodas like Coke and Pepsi.

Zevia earns money by selling its canned beverages through retail partners and direct-to-consumer channels, with most revenue coming from the U.S. market. It is a small company with a market cap around $100 million, and its brand identity around simple, natural ingredients gives it some differentiation in a crowded market. However, Zevia is currently unprofitable with a negative operating margin, and its main challenge is scaling up sales fast enough to cover costs while competing against much larger beverage companies with far greater marketing budgets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-281.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Cash Position

Cash flow positive

$28M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Zevia PBC is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
48.9%
Healthy — 48.9% gross margin
Profit after running costs
Operating Margin
-6.4%
Losing money on operations — -6.4%
Return on the money invested
ROCE
-16.9%
Weak — -16.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+7.2%
Steady sales growth (+7.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
1.7%
Thin free cash flow (1.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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