Zevia PBC (ZVIA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+610.8%

$8.17

vs $1.15 price

Levered DCF

$3.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.38

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-15.47×	-12.32×	-4.9×	-3.72×	-2.78×	-145.06×	-165.66×
P/B	3×	3.79×	1.13×	1.62×	1.89×	-4.48×	-22.41×
P/S	0.95×	1.59×	0.61×	1.09×	1.76×	8.01×	10.47×
EV / EBITDA	-12.54×	-10.73×	-2.69×	-2.84×	-2.31×	-190.67×	-191.42×
Gross margin	47.5%	46.4%	44.9%	42.9%	46.3%	45.0%	43.1%
Operating margin	-6.0%	-15.3%	-17.4%	-29.3%	-63.3%	-5.0%	-6.4%
Net margin	-6.3%	-12.9%	-12.9%	-20.7%	-34.7%	-5.5%	-6.3%
Current ratio	2.08×	2.56×	2.98×	5.17×	5.73×	3.14×	2.49×
Debt / equity	0.01×	0.02×	0.02×	0.01×	0×	-0×	-0.03×
Interest coverage	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-5.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-19.8%	-30.8%	-23.9%	-30.8%	-37.3%	3.1%	13.5%
Return on invested capital	-26.5%	-53.4%	-45.4%	-58.0%	-83.4%	-15.0%	-28.2%
Return on assets	-15.8%	-29.4%	-23.7%	-34.2%	-38.3%	-12.2%	-19.8%
Free cash flow yield	-3.3%	-0.5%	-17.6%	-13.3%	-8.6%	-0.5%	-1.7%
Earnings yield	-6.6%	-8.1%	-21.1%	-19.0%	-19.7%	-0.7%	-0.6%
Enterprise value	$128.5M	$216.5M	$71.7M	$131.1M	$200.1M	$866.8M	$893.5M
Net debt / EBITDA	2.41×	1.45×	1.13×	1.01×	0.49×	3.1×	0.42×
Cash conversion cycle (days)	37	40	78	101	112	94	64