Zevia PBC
ZVIA Consumer Defensive Beverages Non Alcoholic
Zevia PBC’s revenue for fiscal 2025 (year ended December 2025) was $161.3 million, up 4.01% from fiscal 2024. In the quarter to June 2026, revenue grew 1.07%, EPS fell 300.0% and free cash flow grew 253.8%, each against the same quarter a year earlier.
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Zevia PBC (ZVIA) Altman Z-score
Zevia PBC's Altman Z-score for fiscal 2025 is 2.88, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.88 | (2.31) |
| FY2024 | 5.20 | 3.15 |
| FY2023 | 2.04 | (3.97) |
| FY2022 | 6.01 | (0.33) |
| FY2021 | 6.34 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.47 | — | 0.57 | |
| Retained earnings / total assets | (2.06) | — | −2.89 | |
| EBIT / total assets | (0.19) | — | −0.61 | |
| Market value of equity / total liabilities | 5.47 | — | 3.28 | |
| Sales / total assets | 2.53 | — | 2.53 | |
| Altman Z-score | Grey zone | 2.88 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.52 | ||
Z and Z″ put Zevia PBC in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| COCO Vita Coco Company, Inc. compare | 17.4× |
| FIZZ National Beverage Corp. compare | 12.8× |
| KOF Coca Cola Femsa S.A.B. de C.V. compare | 3.3× |
| AKO.B Embotelladora Andina S.A. compare | 3.1× |
| AKO.A Embotelladora Andina S.A. compare | 2.9× |
| ZVIA Zevia PBC | 2.9× |
| BRFH Barfresh Food Group Inc. compare | −5.2× |
| REED Reeds, Inc. compare | −9.6× |
| BUDA Buda Juice Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets