Zevia: The Fanbase Nobody Can Find

I rate Zevia PBC a Strong Buy with a $3.00 price target. ZVIA's stagnant household penetration masks robust 20% buy rate growth and strong loyalty, indicating a distribution—not demand—problem. With 49% gross margins, 26.7% contribution margins, no debt, and inelastic demand, ZVIA trades at just 0.49x sales—deeply discounted for its fundamentals.