Zevia PBC (NYSE: ZVIA)

Sector: Consumer Defensive Industry: Beverages - Non-Alcoholic CIK: 0001854139
Market Cap 121.86 Mn
P/B 2.38
P/E -7.32
P/S 0.75
ROIC (Qtr) -30.94
Div Yield % 0.00
Rev 1y % (Qtr) 12.31
Total Debt (Qtr) 830,000.00
Debt/Equity (Qtr) 0.02
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About

Investment thesis

Bull case

  • Healthy cash reserves of 26.03M provide 40.48x coverage of short-term debt 643000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 56.86M provides 68.50x coverage of total debt 830000, indicating robust asset backing and low credit risk.
  • Tangible assets of 56.86M provide robust 6.01x coverage of other current liabilities 9.46M, indicating strong asset backing.
  • Cash reserves of 26.03M provide solid 448.78x coverage of other non-current liabilities 58000, indicating strong liquidity.
  • Cash reserves of 26.03M provide robust 1.09x coverage of current liabilities 23.97M, indicating strong short-term solvency.

Bear case

  • The company's operating cash flow of (6.19M) shows concerning coverage of stock compensation expenses of 3.67M, with a -1.68 ratio indicating potential earnings quality issues.
  • Free cash flow of (6.46M) provides weak coverage of capital expenditures of 271000, with a -23.83 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (6.19M) provides minimal -126.24x coverage of tax expenses of 49000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (16.60M) show weak coverage of depreciation charges of 1.53M, with a -10.87 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of (6.19M) barely covers operating expenses of 7.98M with a -0.78 ratio, suggesting thin operational efficiency margins and limited flexibility.

Peer comparison

Companies in the Beverages - Non-Alcoholic
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 KO Coca Cola Co 359.59 Bn 41.22 7.57 47.42 Bn
2 PEP Pepsico Inc 221.63 Bn 26.90 2.36 49.18 Bn
3 MNST Monster Beverage Corp 80.88 Bn 46.84 10.14 0.11 Bn
4 CCEP COCA-COLA EUROPACIFIC PARTNERS plc 48.53 Bn 20.84 1.97 12.58 Bn
5 COKE Coca-Cola Consolidated, Inc. 15.28 Bn 534.08 9.79 1.92 Bn
6 CELH Celsius Holdings, Inc. 10.33 Bn 399.18 4.86 0.86 Bn
7 KDP Keurig Dr Pepper Inc. 5.72 Bn 8.07 0.94 15.85 Bn
8 FIZZ National Beverage Corp 3.42 Bn 18.34 2.85 0.07 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.61 3.00
EV to Cash from Ops. EV/CFO -15.62 25.34
EV to Debt EV to Debt 116.43 82.79
EV to EBIT EV/EBIT -5.82 35.67
EV to EBITDA EV/EBITDA -6.41 24.62
EV to Free Cash Flow [EV/FCF] EV/FCF -14.97 40.15
EV to Market Cap EV to Market Cap 0.79 2.70
EV to Revenue EV/Rev 0.59 3.95
Price to Book Value [P/B] P/B 2.38 15.38
Price to Earnings [P/E] P/E -7.32 112.66
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -230.19
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -1.98
Dividend per Basic Share Div per Share (Qtr) 0.00 0.88
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 30.31
Interest Coverage Interest Coverage 0.00 3.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -23.74 -59.79
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -20.37 125.83
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -6.02
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 36.33 -5.50
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 37.64 4.45
EBIT Growth (1y) % EBIT 1y % (Qtr) 36.36 70.95
EBT Growth (1y) % EBT 1y % (Qtr) 36.36 3.85
EPS Growth (1y) % EPS 1y % (Qtr) 42.11 5.85
FCF Growth (1y) % FCF 1y % (Qtr) -10.30 19.77
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 15.99 12.14
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 2.71 1.15
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.16
Cash Ratio Cash Ratio (Qtr) 1.09 0.76
Current Ratio Curr Ratio (Qtr) 2.27 1.78
Debt to Equity Ratio Debt/Equity (Qtr) 0.02 1.22
Interest Cover Ratio Interest Cover Ratio 0.00 3.00
Times Interest Earned Times Interest Earned 0.00 3.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -9.30 9.71
EBIT Margin % EBIT Margin % (Qtr) -10.19 6.85
EBT Margin % EBT Margin % (Qtr) -10.19 5.02
Gross Margin % Gross Margin % (Qtr) 48.40 40.60
Net Profit Margin % Net Margin % (Qtr) -10.20 2.49