Zevia PBC — Earnings Quality Grade F
ZVIA · Consumer Defensive
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 25 days, change -0 days YoY
AR growth 2.9% vs revenue growth 4.0%
Revenue 4.0%, CFFO -361.5%. Cash follows revenue
Expense Quality
Inventory 9.5% vs COGS 0.9%. Normal
CapEx growth 8.5% vs revenue 4.0%. Normal
SG&A/Gross Profit = 111.3%, exceeds 70%
Gross margin 48.0%, change +1.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -8.2%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 6% of equity. Manageable
Debt/EBITDA = -0.1x. Healthy
Other assets grew 68.8% vs revenue 4.0%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.86 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25