Zevia PBC

ZVIA

Consumer DefensiveBeverages - Non-AlcoholicNYSE

$1.45

Market Cap: $97.86M

Zevia PBC (ZVIA) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.08 – $7.20	$0.15	-87.7%
Revenue DCF 10Y	$0.39 – $7.81	$0.51	-57.8%
▸ Trading Multiples
EV/Revenue	$2.49 – $4.52	$2.78	+131.4%

Valuation History

DCF Analysis

Zevia PBC (ZVIA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$1.45

Upside / Downside

-64.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6.0% to a target of 7.6% over 5 years, discounted at a WACC of 7.0%, Zevia PBC (ZVIA) has an intrinsic value of $0.51 per share (range: $0.39 – $7.81).

Key Assumptions

Current Operating Margin

-6.0%

Target Operating Margin

7.6%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	171	5.9%	-3.3%	-6	-6	1	(3)	10	-17	-16
2027	182	6.6%	-0.5%	-1	-1	2	(4)	2	-5	-4
2028	197	8.1%	2.2%	4	3	2	(5)	2	-2	-2
2029	205	3.9%	4.9%	10	8	2	(6)	1	2	2
2030	213	3.9%	7.6%	16	13	2	(7)	1	6	4
2031	221	3.8%	7.6%	17	13	2	(9)	1	5	4
2032	229	3.6%	7.6%	17	14	2	(10)	1	4	3
2033	237	3.5%	7.6%	18	14	2	(12)	1	3	2
2034	244	3.3%	7.6%	19	15	2	(13)	1	2	1
2035	252	3.2%	7.6%	19	15	2	(15)	1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)28

PV of Terminal Value15

Enterprise Value9

(–) Net Debt-25

Equity Value33

(÷) Shares Outstanding66

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.0%	$-1	$-0	$1	$4	$8
6.0%	$-1	$-0	$1	$3	$5
7.0%	$-1	$-0	$1	$2	$4
8.0%	$-1	$-0	$0	$2	$3
9.0%	$-1	$-0	$0	$1	$3

Current price: $1.45. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Zevia PBC (ZVIA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.15

Market Price

$1.45

Upside / Downside

-89.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6.0% to a target of 7.6% over 5 years, discounted at a WACC of 7.0%, Zevia PBC (ZVIA) has an intrinsic value of $0.15 per share (range: $0.08 – $7.20).

Key Assumptions

Current Operating Margin

-6.0%

Target Operating Margin

7.6%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	171	5.9%	-3.3%	-6	-6	1	(3)	10	-18	-17
2027	182	6.6%	-0.5%	-1	-1	2	(6)	2	-7	-6
2028	197	8.1%	2.2%	4	3	2	(8)	2	-5	-4
2029	205	3.9%	4.9%	10	8	2	(10)	1	-2	-1
2030	213	3.9%	7.6%	16	13	2	(13)	1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-28

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value13

Enterprise Value-15

(–) Net Debt-25

Equity Value10

(÷) Shares Outstanding66

Fair Value per Share$0.15

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.0%	$-0	$-0	$0	$4	$7
6.0%	$-0	$-0	$0	$2	$5
7.0%	$-0	$-0	$0	$2	$3
8.0%	$-0	$-0	$0	$1	$3
9.0%	$-0	$-0	$0	$1	$2

Current price: $1.45. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.78

Market Price

$1.45

Upside / Downside

+91.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Zevia PBC (ZVIA) has a fair value of $2.78 based on 7 comparable companies in the Beverages - Non-Alcoholic industry.

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zevia PBCZVIA	96	0.4x	0.5x
Acme United CorporationACU	169	1.0x	1.0x
The Beauty Health CompanySKIN	114	0.9x	0.8x
HF Foods Group Inc.HFFG	107	0.3x	0.3x
FitLife Brands, Inc.FTLF	95	1.7x	1.6x
Barfresh Food Group, Inc.BRFH	46	4.3x	5.2x
Skillsoft Corp.SKIL	39	1.0x	1.0x
Epsium Enterprise Limited Ordinary SharesEPSM	18	1.5x	—
Industry Median		1.0x	1.0x
(*) Revenue		161	155
= Enterprise Value		162	155
(-) Net Debt		-25	-25
Equity Value		187	180
(/) Outstanding shares		66	66
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$2.78

+91.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.08 – $7.20

$0.15

-87.7%

Revenue DCF 10Y

$0.39 – $7.81

$0.51

-57.8%

▸ Trading Multiples

EV/Revenue

$2.49 – $4.52

$2.78

+131.4%

DCF Analysis

Zevia PBC (ZVIA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$1.45

Upside / Downside

-64.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.0%

Target Operating Margin

7.6%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	171	5.9%	-3.3%	-6	-6	1	(3)	10	-17	-16
2027	182	6.6%	-0.5%	-1	-1	2	(4)	2	-5	-4
2028	197	8.1%	2.2%	4	3	2	(5)	2	-2	-2
2029	205	3.9%	4.9%	10	8	2	(6)	1	2	2
2030	213	3.9%	7.6%	16	13	2	(7)	1	6	4
2031	221	3.8%	7.6%	17	13	2	(9)	1	5	4
2032	229	3.6%	7.6%	17	14	2	(10)	1	4	3
2033	237	3.5%	7.6%	18	14	2	(12)	1	3	2
2034	244	3.3%	7.6%	19	15	2	(13)	1	2	1
2035	252	3.2%	7.6%	19	15	2	(15)	1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)28

PV of Terminal Value15

Enterprise Value9

(–) Net Debt-25

Equity Value33

(÷) Shares Outstanding66

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.0%	$-1	$-0	$1	$4	$8
6.0%	$-1	$-0	$1	$3	$5
7.0%	$-1	$-0	$1	$2	$4
8.0%	$-1	$-0	$0	$2	$3
9.0%	$-1	$-0	$0	$1	$3

Current price: $1.45. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.78

Market Price

$1.45

Upside / Downside

+91.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Zevia PBC (ZVIA) has a fair value of $2.78 based on 7 comparable companies in the Beverages - Non-Alcoholic industry.

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zevia PBCZVIA	96	0.4x	0.5x
Acme United CorporationACU	169	1.0x	1.0x
The Beauty Health CompanySKIN	114	0.9x	0.8x
HF Foods Group Inc.HFFG	107	0.3x	0.3x
FitLife Brands, Inc.FTLF	95	1.7x	1.6x
Barfresh Food Group, Inc.BRFH	46	4.3x	5.2x
Skillsoft Corp.SKIL	39	1.0x	1.0x
Epsium Enterprise Limited Ordinary SharesEPSM	18	1.5x	—
Industry Median		1.0x	1.0x
(*) Revenue		161	155
= Enterprise Value		162	155
(-) Net Debt		-25	-25
Equity Value		187	180
(/) Outstanding shares		66	66
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$2.78

+91.5%