WinstonWınston
Zevia PBC logo

Zevia PBC

ZVIA
26
Beverages - Non-Alcoholic · Consumer Defensive
Price
$1.70
+0.03 (+1.80%)
Market Cap
$122.0M
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.

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)

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.

Winston Score History

Growth Profile

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

Revenue Growth

+21.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+58.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

31.0%ownership

Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$27M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Zevia PBC is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
48.0%
Healthy — 48.0% gross margin
Operating Margin
-5.1%
Losing money on operations — -5.1%
ROCE
-5.2%
Weak — -5.2% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY
+9.8%
Steady sales growth (9.8% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-0.4%
Burning cash (-0.4%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity
0.01
Conservative — low debt load (0.01)
Interest Cover
N/A
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial