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National Beverage vs Zevia PBC: FIZZ and ZVIA compared
National Beverage is the larger company: $331M of revenue in its latest quarter (Q1 FY27) against $48.3M for Zevia PBC (Q3 2026). Zevia PBC is growing faster (+18% against 0% a year earlier). National Beverage is more profitable, with an operating margin of 17.7% against -4.5%.
Where the money goes: FIZZ and ZVIA
National Beverage (FIZZ) · Q1 FY27
National Beverage, Q1 FY27: revenue $331M (0% year over year), operating margin 17.7%, net earnings $47.0M, operating cash flow $64.8M. The chart follows the revenue to costs, profit and cash.
Zevia PBC (ZVIA) · Q3 2026
Zevia PBC, Q3 2026: revenue $48.3M (+18% year over year), operating margin -4.5%, net loss $2.2M, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.
| National Beverage (FIZZ) | Zevia PBC (ZVIA) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $331M | $48.3M |
| Revenue growth, Y/Y | 0% | +18% |
| Gross margin | 35.0% | — |
| Operating margin | 17.7% | -4.5% |
| Net earnings | $47.0M | −$2.2M |
| Net margin | 14.2% | -4.5% |
| Operating cash flow | $64.8M | $1.5M |
| Free cash flow | $61.8M | $1.3M |
| Market value | $3.3B | — |
| P/E | 18.9× | — |
| Analysts’ mean target | $31.00 | — |
Questions
Which is bigger, National Beverage or Zevia PBC?
National Beverage is the larger company: $331M of revenue in its latest quarter (Q1 FY27) against $48.3M for Zevia PBC (Q3 2026).
Is National Beverage or Zevia PBC growing faster?
Zevia PBC is growing faster (+18% against 0% a year earlier).
Which is more profitable, National Beverage or Zevia PBC?
National Beverage is more profitable, with an operating margin of 17.7% against -4.5%.
More: National Beverage earnings · how National Beverage makes money · Zevia PBC earnings · how Zevia PBC makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 10, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.