Exploring Zevia PBC (ZVIA) Investor Profile: Who’s Buying and Why?

You're looking at Zevia PBC (ZVIA) and wondering why major institutional money is still holding a significant stake-around 55% of the business-despite the company navigating a challenging path to profitability. The simple answer is a long-term bet on the 'better-for-you' beverage trend, but the near-term financials show a classic growth-at-a-cost scenario. For the 2025 fiscal year, Zevia PBC raised its net sales guidance to a range of $162 million to $164 million, a clear signal that distribution wins-like the expanded presence in Walmart and Albertsons-are driving top-line growth. But still, the price of that growth is visible in the updated 2025 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss, which is projected to be between $5 million and $5.5 million, even as it improves from prior estimates. So, who are the key players doubling down on this strategy? Firms like Caisse de dépôt et placement du Québec, BlackRock, Inc., and Vanguard Group Inc. are among the largest institutional holders, betting that the brand's clean-label differentiation will eventually convert sales momentum into sustainable earnings, but you defintely need to see the full list of who's buying, selling, and why their conviction remains high at a stock price near $2.50/share.

Who Invests in Zevia PBC (ZVIA) and Why?

You're looking at Zevia PBC (ZVIA) and trying to figure out if the big money is buying in, and honestly, the ownership structure tells a clear story: it's a high-conviction, growth-focused stock. The largest chunk of Zevia PBC is held by institutional investors, but the company's mission-driven focus also attracts a distinct group of retail and private equity players. It's a mix of patient capital and growth-seekers.

Key Investor Types: The Ownership Breakdown

Zevia PBC's shareholder base is dominated by large financial institutions, but it's not a purely institutional trade. As of late 2025, institutional investors own approximately 53.21% of the company's stock, making their trading actions highly influential on the stock price. This group includes major asset managers like BlackRock, Inc. and The Vanguard Group, Inc., which often hold shares passively for their index and mutual funds, plus more active institutional funds.

The largest single institutional holder is Caisse de dépôt et placement du Québec, with a substantial stake of about 25.30% of the company's shares as of September 2025. That's a huge commitment.

Here's the quick math on the major ownership groups:

Retail investors-the general public-still hold a significant portion, around 25%, which is higher than many established consumer packaged goods (CPG) companies. This suggests a strong, defintely passionate, following for the brand's mission. Plus, you see a notable 40.70% insider ownership, meaning management and founders have serious skin in the game, which is a great sign for long-term alignment.

Investment Motivations: Betting on Clean-Label Growth

The primary driver for buying Zevia PBC stock is its position in the rapidly expanding 'better-for-you' beverage category. Investors aren't looking for dividends here-the focus is entirely on growth and the path to profitability. The company is a Certified B Corp, which appeals to Environmental, Social, and Governance (ESG) mandates for many large funds.

• Growth Prospects: The company raised its full-year 2025 net sales guidance to a range of $162 million to $164 million, signaling strong execution with expanded distribution at key retailers like Walmart and new product launches.
• Path to Profitability: Management has been clear, targeting positive Adjusted EBITDA by 2026. This focus on financial discipline is key for institutional buyers. The full-year 2025 Adjusted EBITDA loss is now expected to be between $5 million and $5.5 million, a significant improvement from prior estimates.
• Market Position: Zevia PBC is differentiated by its zero-sugar, zero-calorie, naturally sweetened, and clean-label platform, positioning it as a direct alternative to legacy soda giants. This thematic investment in health and wellness is a big draw for long-term holders. You can read more about the company's background and mission here: Zevia PBC (ZVIA): History, Ownership, Mission, How It Works & Makes Money.

Investment Strategies: Growth at a Reasonable Price (GARP)

Given the company's financial profile-high growth but not yet profitable-the dominant investment strategy is a mix of growth and a kind of patient value approach, often called Growth at a Reasonable Price (GARP). This isn't a short-term trade for most of the big players.

• Long-Term Holding: Major institutional holders like BlackRock and Vanguard are typically long-term holders, accumulating shares for their index and passive funds, banking on Zevia PBC's continued market penetration over years.
• Value Investing (Thematic): The private equity and active institutional investors are essentially betting on value creation. They see the current market capitalization as undervalued compared to the potential size of the 'better-for-you' market. They are looking for the stock price to re-rate once the company consistently delivers positive earnings, especially as the gross profit margin hit a high of 50.1% in Q1 2025.
• Momentum Trading: You do see short-term trading, especially around earnings. For example, the stock surged over 12% following the Q3 2025 earnings call after the sales guidance was raised. This is typical for a small-cap growth stock that beats expectations, but it's not the core strategy of the largest owners.

The takeaway is that the smart money is treating Zevia PBC as a multi-year growth story, focused on the 2026 profitability target and its unique brand positioning.

Institutional Ownership and Major Shareholders of Zevia PBC (ZVIA)

You're looking at Zevia PBC (ZVIA) and wondering who the major players are, and honestly, institutional money is the dominant force here. The direct takeaway is that institutions hold a significant majority, making the stock highly sensitive to their collective trading decisions, but the recent activity shows a fascinating split between large holders.

As of late 2025, institutional investors-think mutual funds, pension funds, and asset managers like BlackRock-hold roughly 65.71% of Zevia PBC's shares outstanding, excluding 13D/G filings, which is a huge block of control. This high concentration means you need to pay close attention to their moves, because when they sell, the price defintely feels it. The top three shareholders alone control about 52% of the business, so they have a lot of say in the company's strategic direction.

Top Institutional Investors and Their Stakes

The largest single shareholder is not a typical mutual fund but a massive pension fund, which speaks to a long-term, foundational belief in the zero-sugar beverage category. Here's the quick math on the biggest holders, based on the most recent filings from the end of the third quarter of 2025 (September 30, 2025):

Caisse de dépôt et placement du Québec (CDPQ) is the clear anchor investor. Plus, you see the usual suspects like BlackRock, Inc. and The Vanguard Group, Inc., whose passive index funds buy shares simply because Zevia PBC is in an index, but they still represent millions of shares.

Recent Shifts in Institutional Ownership

The overall institutional share count has been on the rise, increasing by a net 9.38% quarter-over-quarter (MRQ) in the lead-up to the end of 2025, which signals a growing interest in the name. However, looking at the individual players, the story gets more nuanced. It's not a clean, one-way accumulation.

• Caisse de dépôt et placement du Québec, the largest holder, actually decreased its stake by 2,971,664 shares as of September 30, 2025.
• Divisadero Street Capital Management, LP took the opposite tack, significantly increasing its position by 2,928,382 shares, essentially absorbing the CDPQ sell-off.
• Major passive managers like BlackRock, Inc. and The Vanguard Group, Inc. added shares, increasing their holdings by 118,134 and 89,810 shares, respectively.

What this estimate hides is the motivation. The big sell from CDPQ could be portfolio rebalancing, but the nearly equal buy from Divisadero Street Capital Management, LP suggests a strong conviction play from a different institutional bucket. Also, it's worth noting that company insiders have been selling lately, including a sale worth $528,780 in November 2025, which is a data point to watch.

Impact on Stock Price and Strategy

These large investors are more than just names on a ledger; they directly influence Zevia PBC's stock price and corporate strategy, especially when the top three investors hold more than half the company. Their combined buying power creates momentum, and their selling can trigger a sharp decline. It's a classic supply-and-demand dynamic.

The institutional backing provides credibility, especially after Zevia PBC reported strong Q3 2025 results, beating expectations with revenue of $40.8 million and an EPS loss of only -$0.04 compared to a forecasted -$0.06. That beat drove the stock up by over 5% post-announcement. Moreover, the company's decision to raise its full-year net sales guidance to $162-$164 million for the 2025 fiscal year is the kind of clear, actionable performance data that keeps institutional money invested and happy. Large investors often push for clearer paths to profitability and robust corporate governance, aligning with the core values outlined in the company's Mission Statement, Vision, & Core Values of Zevia PBC (ZVIA).

The presence of private equity firms, holding an approximate 8.6% stake, also means there's a strong voice pushing for strategies that maximize market value, which often involves aggressive growth or cost-cutting to improve margins.

Next Step: Track the next 13F filings (due 45 days after the quarter end) to see if Divisadero Street Capital Management, LP continues its aggressive accumulation.

Key Investors and Their Impact on Zevia PBC (ZVIA)

You're looking at Zevia PBC (ZVIA) and trying to figure out who's really driving the bus, and honestly, the answer is a mix of a massive Canadian pension fund and a handful of specialized institutional managers. The biggest takeaway is that institutional investors hold the majority of the stock-about 55% of the company-meaning their collective decisions are what move the needle, not retail traders.

The company's ownership structure is a classic case of a high-conviction, concentrated institutional base. This isn't a stock swayed easily by the general public, which holds about 25% ownership. When you see that much institutional money, you know the stock price is hyper-sensitive to their trading actions, so tracking their 13F filings is defintely a must-do.

The Anchor Investor: Caisse de dépôt et placement du Québec (CDPQ)

The single most influential investor is Caisse de dépôt et placement du Québec (CDPQ), a major Canadian pension fund. Their stake is enormous, representing the largest single block of shares. As of the 2025 fiscal year data, CDPQ's institutional holding alone was reported at 17,050,428 shares, which translates to about 25.30% of the total shares outstanding. This kind of concentration gives CDPQ a powerful voice in the boardroom and on strategic decisions, essentially acting as a structural anchor for the stock.

This is not a passive investment; a shareholder holding a quarter of the company can sway votes on everything from capital allocation to major corporate transactions. You can't make a big move at Zevia PBC without CDPQ's nod. For a deeper dive into the company's background and business model, you should check out Zevia PBC (ZVIA): History, Ownership, Mission, How It Works & Makes Money.

• CDPQ's Power: Holds enough shares to block special resolutions or push for specific management changes.
• BlackRock's Role: BlackRock, Inc. is another top institutional holder, owning over 2.1 million shares as of September 2025, valued at over $5.28 million.
• Vanguard's Stability: The Vanguard Group, Inc. is also a key player, holding nearly 2 million shares, often providing a stable, long-term passive investment base.

Recent Investor Moves and the 2025 Financial Picture

The most telling recent activity in the 2025 fiscal year has been net selling from both the largest institutional holders and company insiders. This is where the rubber meets the road: positive operational news is often offset by large-scale selling, which can cap the stock's upside.

Here's the quick math: Despite Zevia PBC raising its full-year 2025 net sales guidance to a range of $162 million to $164 million and improving its Adjusted EBITDA loss outlook to between $5 million and $5.5 million, major shareholders were still taking chips off the table. The market reacted positively to the Q3 2025 beat, which saw revenue hit $40.8 million, but you have to watch the big money's actions, not just the headlines.

The table below shows some of the most notable selling activity from key stakeholders in 2025, signaling a cautious approach from those who know the company best.

The insider selling, particularly the Non-Executive Chair's sale of 200,000 shares in November 2025, is a yellow flag. While insider selling can have many reasons-tax planning, diversification-a consistent pattern of selling, with no corresponding insider buying over the last year, suggests a lack of high-conviction confidence in the near-term stock price at current levels. Your action item: Track the next 13F and 4 filings closely for any change in this net-selling trend; that's your real signal.

Market Impact and Investor Sentiment

You're looking for a clear read on Zevia PBC (ZVIA) right now, and the investor sentiment is a study in cautious optimism, largely driven by the company's recent operational improvements. The market's current feeling is 'wait and see,' but with a positive tilt, especially after the strong Q3 2025 financial results. This isn't a speculative frenzy; it's a measured response to tangible execution.

The core sentiment among major shareholders is positive, tied to the company's clear path toward profitability in 2026. Management's focus on cost-saving initiatives and expanded distribution, particularly with key partners like Walmart, is resonating. Honestly, the raised full-year guidance for 2025 is the single biggest driver of this improved mood.

For the full 2025 fiscal year, Zevia PBC raised its net sales guidance to a range of $162 million to $164 million, up from the prior range of $158 million to $163 million. This is a defintely encouraging sign of momentum. Also, the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss is now expected to narrow significantly, falling between $5.0 million and $5.5 million, a marked improvement from the earlier guidance of $7 million to $9 million.

• Net Sales Guidance: Up to $164 million.
• Adjusted EBITDA Loss: Narrowed to $5.0M-$5.5M.
• Cash Position (Q3 2025): $26.0 million.

Recent Market Reactions to Ownership Shifts

The stock market has been quick to reward Zevia PBC's operational wins, though it remains sensitive to large investor activity. Following the Q3 2025 earnings release on November 5, 2025, the stock price reacted immediately, seeing a total increase of over 5% across regular and aftermarket trading, with one report noting a surge of 12.39% after the earnings call. This is a classic example of the market validating execution-when a company beats expectations, the stock moves.

Institutional investors hold a commanding position, owning approximately 55% of the company's shares. This high institutional ownership means the stock price is highly sensitive to their collective trading actions, which can lead to volatility. The largest single shareholder is Caisse de dépôt et placement du Québec, which holds over 56% of the company's shares. Other major institutional players include Blackrock Inc. and Vanguard Group Inc.

However, it's important to note the insider activity: Insiders have been net sellers over the last year, with one notable sale by the Non-Executive Chair of the Board for $203,000 worth of shares in the last year. While insider selling doesn't always signal a lack of confidence-people sell for many reasons-it's a data point that gives long-term investors pause. You need to weigh the institutional conviction against the insider sales, but the institutional money is clearly committed for now.

Analyst Perspectives and Key Investor Impact

Wall Street analysts are generally constructive on Zevia PBC, with a consensus rating that leans toward 'Buy' or 'Hold.' The average 12-month price target from analysts is in the range of $4.61 to $4.90, suggesting a significant upside from the stock's price of $2.36 as of October 31, 2025. The spread of estimates is broad, with the most bullish target at $6.00 and the most bearish at $2.70.

The impact of key investors, particularly the large institutional holders, is two-fold. First, their significant stake provides a measure of stability and credibility for a smaller-cap company. Second, their presence reinforces the company's strategic direction: a focus on the 'better-for-you' beverage category and a commitment to operational discipline to achieve profitability. The analysts' perspective is that the company is forecast to grow revenue at a reasonable rate while significantly reducing its loss per share in the near future.

Here's a quick look at the analyst consensus and key financial metrics for 2025:

The narrative is clear: Zevia PBC is executing its strategy to convert top-line growth into bottom-line improvement. For a deeper dive into the company's long-term strategic vision, you should review their Mission Statement, Vision, & Core Values of Zevia PBC (ZVIA).

Finance: Track Q4 2025 net sales against the $39 million to $41 million guidance range to confirm the continued execution.