Start here if you're new
what it is
Zevia sells zero-sugar sodas, energy drinks, tea, and kids drinks in more than 37,000 stores across the U.S. and Canada.
how it gets paid
Last year Zevia Pbc made $161M in revenue. Soda was the main engine at $96.6M, or 60% of sales.
why it's growing
Revenue grew 4.0% last year. 48.1% gross margin matters because the cans are profitable before overhead.
what just happened
Revenue hit $123M, but the cleaner read is still negative earnings.
At a glance
B balance sheet — gets the job done, barely
-$0.34 fy2024 eps est
$155M fy2024 rev est
7.3% operating margin
1.55 beta
xvary composite: 47/100 — below average
What they do
Zevia sells zero-sugar sodas, energy drinks, tea, and kids drinks in more than 37,000 stores across the U.S. and Canada.
This is a shelf-space business, and Zevia already has shelf space in more than 37,000 retail locations across the U.S. and Canada. Distribution → getting your cans onto store shelves → so what: if you want a zero-sugar drink without aspartame, you can already find Zevia in the aisle. That matters more than branding poetry when the company has just 104 employees competing against global beverage giants.
How they make money
$161M
annual revenue · their business grew +4.0% last year
Soda
$96.6M
Energy Drinks
$32.2M
Organic Tea
$16.1M
Kids Drinks
$9.7M
Other beverages
$6.4M
The products that matter
zero-sugar carbonated drinks
Zevia Soda
~$112M · about 70% of revenue
It is the main event. At roughly $112M of a $155M revenue base, this is the shelf-space battle that decides whether the company can scale.
core line
zero-sugar energy and tea
Energy & Tea
~$48M · about 30% of revenue
This portfolio is smaller, but it matters because Zevia needs more than one aisle to justify its brand. At roughly 30% of revenue, it is support — not the whole story.
adjacent growth
clean-label brand positioning
Stevia-based formulation
48.1% gross margin
The product pitch is simple: no sugar, no calories, naturally sweetened. A 48.1% gross margin says consumers will pay for that story — but the margin slipped to 47.7% last quarter, so the pricing cushion is not endless.
margin watch
Key numbers
7.3%
operating margin
Operating margin → profit after running the business → so what: Zevia lost 7.3 cents for every dollar of sales in 2024 estimates.
$0M
long-term debt
Long-term debt → money owed for years → so what: Zevia has no long-term debt, which gives a money-losing company more room to survive.
48.1%
gross margin
Gross margin → money left after making the drink → so what: the product itself works better than the company overhead does.
1.55
beta
Beta → stock volatility versus the market → so what: this name tends to swing harder than the index.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ZVIA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $123M, but the cleaner read is still negative earnings.
The quarter showed EPS of -$0.13 and gross margin of 48.1%. Revenue growth looked huge at 202% vs. prior year, but the annual picture was only 4.0% growth to $161M.
$123M
revenue
-$0.13
eps
48.1%
gross margin
the number that mattered
48.1% gross margin matters because the cans are profitable before overhead. The problem is the company still has not turned that into bottom-line profit.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is missing the $169M–$173M 2026 sales plan while margins stay under pressure.
high
2026 guidance miss
Management guided to $169M–$173M in net sales, roughly 6% growth from the current revenue base. That is not heroic growth. If they still miss it, the market will assume the distribution thesis is weaker than advertised.
This risk directly targets the turnaround case. A brand this small does not get many chances to disappoint on growth.
med
gross margin compression from channel mix and tariffs
Q4 gross margin was 47.7%, down 1.5 percentage points from the prior year. Club-store mix and tariff costs were the stated drivers. If Zevia grows through lower-margin channels, revenue can rise while the path to profitability gets longer.
A one- to two-point margin hit matters a lot more when you are still losing money.
med
no moat in a brutal category
Zevia has 108 employees and a $96M market cap. It competes against companies with far larger budgets, broader distribution, and the ability to copy successful flavors or formats fast. Cleaner-label positioning is useful. It is not a legal monopoly.
If retail buyers stop expanding placements, the growth story can stall quickly because soda still makes up about 70% of revenue.
med
regulatory and product-liability exposure
Management has flagged the usual food-and-beverage risks: investigations, recalls, and liability claims tied to ingredients or health-related marketing. For a clean-label brand, reputational damage can hit faster than the legal bill.
A serious incident would pressure both revenue and brand trust at the same time.
The combined risk picture is straightforward: Zevia needs roughly 6% growth, stable-to-better margin, and clean execution. Miss on two of those three and the equity story gets much weaker.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number
$169M–$173M revenue guide
This is the line in the sand. If quarterly results stop pointing toward that range, the turnaround multiple probably compresses before the year is over.
margin trend
gross margin after the 47.7% quarter
You want to see whether club-store mix was temporary or structural. Revenue growth without margin support is just running faster on the treadmill.
calendar
next earnings around may 6, 2026
That report should tell you whether the revenue miss was a blip or the first sign that guidance is too ambitious.
sell-side signal
price-target cuts after Telsey moved from $6 to $5
Analysts usually follow the stock, not lead it. But more cuts would still tell you confidence in the revenue ramp is getting thinner.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for ZVIA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive