MeritValue

Zevia PBC

ZVIAdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Zevia PBC earns about -54% on invested capital, but has diluted owners by 92% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$138.2M1$163.2M2$166.4M3$155M4$161.3M4
Net income−$87.7M5−$47.6M5−$28.3M6−$20M7−$9.92M7
Operating cash flow−$17.8M8−$20.8M9−$16.3M10−$1.02M11−$4.7M11
Capital expenditure$3.14M12$2.59M12—$283,00013$307,00013
Free cash flow (derived)−$20.9M8−$23.4M9—−$1.3M11−$5.01M11
Total debt—————
Cash & equivalents$43.1M14$47.4M15$32M15$30.7M16$25.4M16
Diluted shares34.5M43.5M50.6M58.7M66.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7.73
your share of equity
Profit it earned you last year
−$1.5
Free cash flow it threw off
−$0.76
Debt you’d be carrying
—

10 shares is a claim on $7.73 of net worth that earned you −$1.5 and generated −$0.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-54% avg · 5y
FY21 -81%FY22 -60%FY23 -39%FY24 -55%FY25 -34%

It earned an average -54% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+92% shares · 5y

Share count is up 92% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-007267 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-027159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-027728 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-005601 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007267 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-027728 (ProfitLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-005601 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-007267 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-027159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-027728 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-005601 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-007267 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001437749-26-005601 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-22-003463 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-25-027728 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-005601 (CashAndCashEquivalentsAtCarryingValue)