Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Zevia PBC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
110
138
163
166
155
161
Cost of revenue
60.5
74.2
93.2
91.7
83.1
83.8
Gross profit
49.5
63.9
70
74.8
71.9
77.4
Selling and marketing
27.3
45.1
52.9
62.3
57.1
52.4
General and administrative
18.8
27.5
36.8
31.5
30
30
Operating expenses
55
151
118
104
95.6
89.2
Operating income
-5.48
-87.4
-47.9
-28.9
-23.7
-11.8
Interest income
0.8
0.8
Other non-operating income
-0.59
-0.21
0.29
0.67
-0.06
0.68
Pre-tax income
-6.07
-87.6
-47.6
-28.3
-23.7
-11.1
Income tax
0
0.03
0.07
0.05
0.07
0.05
Net income to minority interests
0
-39.8
-13.8
-6.83
-3.78
-1.25
Net income
-6.07
-87.7
-47.6
-21.5
-20
-9.92
EBITDA
-4.55
-86.4
-46.5
-27.3
-22.3
-10.9
EPS, basic
-1.33
-0.81
-0.41
-0.34
-0.15
EPS, diluted
-1.33
-0.81
-0.41
-0.34
-0.15
Shares, basic (weighted)
34.5
43.5
50.6
58.7
66
Shares, diluted (weighted)
34.5
43.5
50.6
58.7
66
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
14.9
43.1
47.4
32
30.7
25.4
Short-term investments
0
30
0
Receivables
6.94
9.05
11.1
11.1
10.8
11.1
Inventory
20.8
31.5
27.6
34.6
18.6
20.4
Other current assets
1.49
3.42
2.61
3.27
1.84
1.37
Total current assets
44.2
117
88.7
82.7
61.9
58.2
Property, plant and equipment
0.99
3.17
4.64
2.11
1.26
0.87
Lease right-of-use assets
0.77
0.21
0.71
1.96
1.1
0.55
Intangible assets
3.94
4.23
4.39
3.52
3.18
3.14
Other non-current assets
0.08
0.3
0.54
0.58
0.5
0.85
Total assets
50
125
98.9
90.9
68
63.6
Accounts payable
8.97
13.5
8.02
21.2
15.3
17.6
Accrued liabilities
3.43
8.34
9.79
Total current liabilities
14.1
20.4
17.1
27.7
24.2
28
Lease liabilities
0.24
0
0
1.37
0.73
0
Other non-current liabilities
0
0.06
0
Total liabilities
14.3
20.4
17.1
29.1
25
28
Paid-in capital
0
174
190
191
186
182
Retained earnings
0
-46
-79.8
-101
-121
-131
Shareholders' equity
-197
128
110
89.9
64.9
51
Minority interests
0
-23.9
-28.2
-28.1
-21.9
-15.4
Total equity
-197
105
81.8
61.8
42.9
35.6
Total liabilities and equity
50
125
98.9
90.9
68
63.6
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-6.07
-87.7
-47.6
-28.3
-23.8
-11.2
Depreciation and amortization
0.93
1
1.35
1.62
1.33
0.87
Stock-based compensation
7.87
77.7
26.9
8.28
4.96
3.76
Deferred income tax
0
0
0
0
0
Change in receivables
-2.07
-2.06
-2.03
-0.04
0.32
-0.31
Change in inventory
-9.41
-10.7
3.93
-6.97
15.9
-1.78
Change in payables
2.37
4.4
-5.85
13.6
-5.86
2.01
Cash from operations
-3.26
-17.8
-20.8
-16.3
-1.02
-4.7
Capital expenditures
-0.81
-3.14
-2.59
-0.28
-0.31
Purchases of investments
-30
0
Cash from investing
-0.81
-33.1
27.4
0.81
-0.28
-0.31
Stock issued
0
0.12
0.03
0
0.06
Share buybacks
-0.02
0
Cash from financing
15.8
79.1
-2.34
0.03
0
-0.29
Net change in cash
11.7
28.2
4.29
-15.4
-1.3
-5.3
Free cash flow
-4.06
-20.9
-23.4
-1.3
-5.01
Interest paid
0.32
0.15
0.06
0.08
0.09
0.06
Income taxes paid
0
0.07
0.13
0.09
0.05
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.33 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.7%
Gross profit / revenue.
Operating margin
-5.7%
Operating income / revenue.
EBITDA margin
-5.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-5.5%
Pre-tax income / revenue.
Net margin
-5.3%
Net income / revenue.
FCF margin
1.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
2.1%
Cash from operations / revenue.
Return on equity (ROE)
-20.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.1%
Net income / average total assets.
Return on invested capital (ROIC)
-48.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
3.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
0.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
4.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-0.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
7.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
7.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
3.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
9.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-21.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-22.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-6.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
5.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
12.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
14.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.90x
Current assets / current liabilities.
Quick ratio
1.25x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.92x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
18.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.13
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.36
Revenue / diluted weighted shares.
FCF per share
$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.05
Cash from operations / diluted weighted shares.
Book value per share
$0.61
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.61x
Market cap / revenue.
P/B
2.33x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.51x
Market cap / tangible book value, when positive.
P/FCF
35.4x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
28.9x
Market cap / cash from operations, when positive.
EV/Sales
0.44x
Enterprise value / revenue.
EV/FCF
25.6x
Enterprise value / free cash flow, when both are positive.
FCF yield
2.8%
Free cash flow / market cap.
Earnings yield
-8.8%
Net income / market cap (the inverse of P/E).
What was Zevia PBC's revenue in fiscal 2025?
Zevia PBC reported revenue of $161.3M for fiscal 2025, 4% higher than the year before.
Was Zevia PBC profitable in fiscal 2025?
No. It reported a net loss of $9.9M.
How much free cash flow did Zevia PBC generate in fiscal 2025?
Cash from operations of $4.7M minus capital expenditures of $307.0K left free cash flow of -$5.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.