Lifeway Foods, Inc. (LWAY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.27	$0.01	-96.3%	—	$66.9M	—
Q1 26	$0.3	$0.3	0.0%	—	$63M	—
Q4 25	$0.29	$0.16	-44.8%	—	$55.4M	—
Q3 25	$0.28	$0.23	-17.9%	—	$57.1M	—
Q2 25	$0.18	$0.28	+55.6%	—	—	—
Q1 25	$0.19	$0.23	+21.1%	—	—	—
Q4 24	$0.21	-$0.01	-104.8%	—	$46.9M	—
Q3 24	$0.27	$0.19	-29.6%	—	—	—
Q2 24	$0.2	$0.25	+25.0%	—	—	—
Q1 24	$0.24	$0.16	-33.3%	—	—	—
Q4 23	$0.21	$0.26	+23.8%	—	$42.1M	—
Q3 23	$0.16	$0.23	+43.8%	—	—	—
Q2 23	$0.06	$0.21	+250.0%	—	$39.2M	—
Q1 23	$0.08	$0.06	-25.0%	—	$37.9M	—
Q4 22	$0.07	$0.05	-28.6%	—	$35.8M	—
Q3 22	$0.01	$0.06	+500.0%	—	$38.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.91	—	—	$212.5M	—
FY24	—	$0.61	—	—	$186.8M	—
FY23	—	$0.77	—	—	$160.1M	—
FY22	—	$0.06	—	—	$141.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$123.9M	$118.9M	$103.3M	$93.7M	$102M	$119.1M	$141.6M	$160.1M	$186.8M	$212.5M
YoY change	+4.46%	-4.02%	-13.1%	-9.37%	+8.93%	+16.7%	+18.9%	+13.1%	+16.7%	+13.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	123.9M	118.9M	103.3M	93.7M	102M	119.1M	141.6M	160.1M	186.8M	212.5M
Cost of revenue	88.8M	88.2M	77.5M	71.5M	75.1M	90.4M	114.8M	117.7M	138.2M	154.3M
Gross profit	35M	30.7M	25.9M	22.1M	26.9M	28.7M	26.8M	42.4M	48.6M	58.2M
Gross margin	28.3%	25.8%	25%	23.6%	26.4%	24.1%	18.9%	26.5%	26%	27.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	28.3M	30.6M	27.1M	23.9M	21.9M	22.7M	23.9M	24.9M	34.2M	41.5M
Operating expenses	28.3M	30.6M	27.1M	23.9M	21.9M	22.7M	23.9M	24.9M	34.2M	41.5M
Operating income	6.1M	-526K	-1.9M	-1.9M	4.9M	5.9M	2.3M	17M	13.9M	16.2M
Operating margin	4.91%	-0.44%	-1.81%	-2.06%	4.83%	4.94%	1.66%	10.6%	7.41%	7.61%
Non-operating income, net	-228K	-36K	-1.2M	3.4M	23K	-148K	-241K	38K	222K	3.6M
Pretax income	5.6M	-804K	-3.3M	1.2M	4.8M	5.6M	1.8M	16.6M	14M	19.7M
Income tax	2.2M	-458K	-225K	782K	1.6M	2.3M	917K	5.3M	4.9M	5.8M
Net income	3.5M	-346K	-3.1M	453K	3.2M	3.3M	924K	11.4M	9M	13.9M
Net margin	2.81%	-0.29%	-2.99%	0.48%	3.17%	2.78%	0.65%	7.1%	4.83%	6.52%
EBITDA	9.2M	2.6M	1.6M	1.5M	8.2M	8.7M	5.3M	20.2M	17.5M	20.4M
EPS	0.22	-0.02	-0.19	0.03	0.21	0.21	0.06	0.77	0.61	0.91
Diluted EPS	0.22	-0.02	-0.19	0.03	0.21	0.21	0.06	0.75	0.6	0.89

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	42.1M	—	—	—	46.9M	—	—	57.1M	55.4M	63M	66.9M
Cost of revenue	—	30.3M	—	—	—	35M	—	—	40.7M	40M	45.7M	53.9M
Gross profit	—	11.8M	—	—	—	11.9M	—	—	16.4M	15.4M	17.4M	13M
Gross margin	—	28%	—	—	—	25.3%	—	—	28.7%	27.8%	27.5%	19.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	5.9M	—	—	—	11M	—	—	11.2M	11.5M	10.9M	12.3M
Operating expenses	—	5.9M	—	—	—	11M	—	—	11.2M	11.5M	10.9M	12.3M
Operating income	—	5.8M	—	—	—	713K	—	—	5M	3.8M	6.3M	600K
Operating margin	—	13.7%	—	—	—	1.52%	—	—	8.82%	6.8%	10%	0.9%
Non-operating income, net	—	6K	—	—	—	66K	—	—	73K	-25K	—	22K
Pretax income	—	5.7M	—	—	—	776K	—	—	5.1M	3.7M	6.3M	407K
Income tax	—	1.7M	—	—	—	936K	—	—	1.6M	1.2M	1.6M	280K
Net income	—	4M	—	—	—	-160K	—	—	3.5M	2.5M	4.7M	127K
Net margin	—	9.43%	—	—	—	-0.34%	—	—	6.18%	4.59%	7.42%	0.19%
EBITDA	—	6.6M	—	—	—	1.7M	—	—	6.2M	4.8M	7.4M	1.8M
EPS	0.23	—	0.17	0.26	0.2	—	0.23	0.28	0.23	0.17	0.31	0.01
Diluted EPS	0.23	—	0.16	0.25	0.19	—	0.23	0.28	0.23	0.16	0.3	0.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	185.9M	128.8M	29.8M	31.3M	84.4M	71.5M	85.4M	196.7M	366.3M	368.3M	322.7M
Enterprise value	184.3M	130.1M	32.8M	31M	79.6M	69.7M	87.7M	186.4M	349.7M	363.2M	343.8M
Shares outstanding	16.2M	16.1M	15.9M	15.7M	15.6M	15.5M	15.4M	14.7M	14.8M	15.2M	15.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	53.4	—	—	69.2	26.1	21.6	92.5	17.3	40.6	26.6	31
P/S	1.5	1.08	0.29	0.33	0.83	0.6	0.6	1.23	1.96	1.73	1.33
P/B	3.84	2.77	0.7	0.72	1.8	1.45	1.8	3.25	5.09	4.29	3.81
EV/EBITDA	20.1	50.3	20.2	20.8	9.69	8.02	16.5	9.25	20	17.8	17.2
EV/Sales	1.49	1.09	0.32	0.33	0.78	0.59	0.62	1.16	1.87	1.71	1.42
Earnings yield	1.87%	—	—	1.45%	3.83%	4.63%	1.08%	5.78%	2.46%	3.76%	3.23%
FCF yield	1%	-1.19%	-1.36%	8.4%	5.32%	5.1%	0.63%	6.4%	1.71%	-4.46%	-9.96%
PEG	—	—	—	—	—	—	—	—	—	—	-0.32

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.3%	25.8%	25%	23.6%	26.4%	24.1%	18.9%	26.5%	26%	27.4%	19.5%
Operating margin	4.91%	-0.44%	-1.81%	-2.06%	4.83%	4.94%	1.66%	10.6%	7.41%	7.61%	0.9%
Net margin	2.81%	-0.29%	-2.99%	0.48%	3.17%	2.78%	0.65%	7.1%	4.83%	6.52%	4.49%
ROE	7.19%	-0.74%	-7.28%	1.05%	6.9%	6.74%	1.94%	18.8%	12.6%	16.1%	13.3%
ROA	5.33%	-0.54%	-5.43%	0.79%	5.28%	4.67%	1.34%	13.9%	9.97%	13.1%	8.52%
ROIC	8.05%	-1.1%	-4.11%	-1.65%	7.84%	7.32%	2.37%	23.1%	16.2%	14.1%	11.1%
Return on tangible assets	10.3%	-1%	-10.1%	1.46%	9.72%	10.5%	3.01%	25.6%	16.6%	19.6%	11.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.94	1.87	2.54	2.02	2.85	2.41	2.07	2.3	2.81	2.23	2.09
Quick ratio	2.08	1.29	1.76	1.34	2.03	1.72	1.33	1.75	2.25	1.51	1.47
Debt / equity	0.15	0.13	0.14	0.08	0.07	0.15	0.14	0.05	0	0.01	0.27
Debt / assets	0.11	0.1	0.11	0.06	0.05	0.11	0.1	0.04	0	0	0.17
Net debt / EBITDA	-0.18	0.5	1.84	-0.21	-0.59	-0.2	0.42	-0.51	-0.95	-0.25	0.76
Interest coverage	26.6	-2.32	-11.2	5.96	41.9	49.4	7.9	44.4	134	256.7	48.6
Effective tax rate	38.3%	0%	0%	63.3%	33.1%	41%	49.8%	31.7%	35.4%	29.6%	29.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.67	7.38	6.51	5.95	6.54	7.66	9.2	10.9	12.6	14	15.9
EPS (basic)	0.22	-0.02	-0.19	0.03	0.21	0.21	0.06	0.77	0.61	0.91	0.91
EPS (diluted)	0.22	-0.02	-0.19	0.03	0.21	0.21	0.06	0.75	0.6	0.89	0.69
Book value per share	2.99	2.89	2.67	2.75	3	3.16	3.09	4.12	4.87	5.65	5.6
FCF per share	0.12	-0.1	-0.03	0.17	0.29	0.23	0.03	0.86	0.42	-1.08	-2.04
Cash per share	0.55	0.31	0.19	0.24	0.51	0.59	0.29	0.9	1.13	0.37	0.47
Capex per share	0.19	0.33	0.17	0.04	0.12	0.12	0.22	0.29	0.45	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.47%	4.45%	2.63%	0.7%	1.85%	1.61%	2.44%	2.69%	3.58%	—	—
Capex / operating cash flow	80.4%	445%	212.5%	9.53%	25.7%	38.5%	81.6%	27%	50.1%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.08

ex-dividend May 29, 2013

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 29, 2013	$0.08

Split history

Date	Ratio
Aug 16, 2006	2:1
Mar 9, 2004	2:1

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	$42.1M	—	—	—	$46.9M	—	—	$57.1M	$55.4M	$63M	$66.9M
YoY change	—	+17.5%	—	—	—	+11.5%	—	—	—	+18%	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.8M	5M	3M	3.8M	7.9M	9.2M	4.4M	13.2M	16.7M	5.6M
Receivables	9.6M	8.7M	6.3M	6.7M	8M	9.9M	11.4M	13.9M	15.4M	16.6M
Inventory	8M	7.7M	5.8M	6.4M	6.9M	8.3M	9.6M	9.1M	8.7M	11.9M
Total current assets	27.5M	24.7M	18.9M	19.2M	24.1M	29M	27M	38.2M	43.6M	37.1M
Property, plant & equipment	5.4M	7.4M	7.1M	5.7M	3.6M	2.4M	1.7M	1.3M	3.5M	24.3M
Goodwill & intangibles	31.4M	30.1M	26.3M	26M	28M	39.4M	38.3M	37.2M	36.1M	35M
Total assets	65.2M	64.5M	56.8M	57M	61.2M	70.9M	69M	81.7M	90.5M	105.6M
Accounts payable	5.7M	6.8M	4.6M	5.3M	5.6M	6.6M	8M	10M	10.4M	11M
Short-term debt	840K	3.2M	—	285K	179K	1.1M	1.3M	1.3M	47K	106K
Total current liabilities	9.4M	13.2M	7.5M	9.5M	8.4M	12.1M	13M	16.6M	15.5M	16.6M
Long-term debt	6.3M	3.1M	6M	3.2M	2.9M	6.3M	5.4M	1.6M	70K	360K
Total liabilities	16.9M	17.9M	14.4M	13.7M	14.4M	21.7M	21.4M	21.2M	18.6M	19.8M
Shareholders' equity	48.4M	46.6M	42.4M	43.3M	46.9M	49.1M	47.6M	60.4M	71.9M	85.8M
Total debt	7.1M	6.3M	6M	3.5M	3.1M	7.5M	6.7M	2.9M	117K	466K
Net debt	-1.7M	1.3M	3M	-318K	-4.8M	-1.8M	2.2M	-10.3M	-16.6M	-5.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.6M	13.2M	12M	14.6M	20.6M	16.7M	19.4M	21.2M	23M	5.6M	5.6M	7.1M
Receivables	13.1M	13.9M	15.1M	14.5M	13.5M	15.4M	16.7M	16.1M	17.4M	16.6M	23M	22.9M
Inventory	9.3M	9.1M	8.1M	8.5M	8.4M	8.7M	9.2M	10.2M	11.1M	11.9M	11.5M	14M
Total current assets	36.9M	38.2M	37.6M	39.3M	44.8M	43.6M	47.4M	49.3M	53.8M	37.1M	42.7M	47.2M
Property, plant & equipment	3M	1.3M	2.9M	3.3M	3.8M	3.5M	4.5M	6.9M	12.4M	24.3M	33.9M	33.9M
Goodwill & intangibles	37.5M	37.2M	36.9M	36.7M	36.4M	36.1M	35.9M	35.6M	35.3M	35M	34.8M	34.5M
Total assets	80.1M	81.7M	82.8M	84.9M	91.3M	90.5M	93.7M	98.3M	109.5M	105.6M	120.5M	132.4M
Accounts payable	9.1M	10M	10M	9.4M	11.1M	10.4M	11.6M	11.9M	17.5M	11M	13.8M	17.5M
Short-term debt	1.3M	1.3M	1.3M	66K	57K	47K	41K	58K	69K	106K	127K	128K
Total current liabilities	16.4M	16.6M	14.9M	13.9M	16.7M	15.5M	16.4M	16.3M	23.4M	16.6M	20M	22.5M
Long-term debt	4.6M	1.6M	1.3M	88K	79K	70K	68K	220K	289K	360K	7.4M	22.3M
Total liabilities	24.1M	21.2M	19.2M	16.9M	19.8M	18.6M	19.5M	19.6M	26.8M	19.8M	30.2M	47.8M
Shareholders' equity	56M	60.4M	63.5M	68M	71.5M	71.9M	74.2M	78.7M	82.8M	85.8M	90.3M	84.6M
Total debt	6M	2.9M	2.7M	154K	136K	117K	109K	278K	358K	466K	7.5M	22.5M
Net debt	-6.7M	-10.3M	-9.4M	-14.5M	-20.4M	-16.6M	-19.3M	-20.9M	-22.6M	-5.1M	1.9M	15.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.5M	-346K	-3.1M	453K	3.2M	3.3M	924K	11.4M	9M	13.9M
Depreciation & amortization	3M	3.1M	3.5M	3.3M	3.2M	2.9M	3M	3.2M	3.4M	4M
Stock-based compensation	326K	596K	802K	838K	393K	1.1M	1.1M	1.5M	2.4M	1.9M
Change in working capital	-2.7M	-2.2M	621K	1.8M	-233K	-2.6M	-583K	-33K	-1.6M	-3.9M
Operating cash flow	3.8M	1.2M	1.3M	6.9M	7.4M	5M	4.2M	16M	13.3M	10.9M
Capital expenditure	-3.1M	-5.3M	-2.7M	-656K	-1.9M	-1.9M	-3.4M	-4.3M	-6.7M	—
Investing cash flow	153K	-5.3M	-2.7M	838K	-1.9M	-7.1M	-4M	-4.4M	-6.7M	5.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-738K	-1.5M	-1.4M	-538K	-405K	-1.6M	-4M	0	—	—
Financing cash flow	-1.6M	-2.3M	-1.7M	-7.1M	-405K	2.9M	-4.7M	-3.8M	-2.8M	-65K
Net change in cash	2.4M	-6.5M	-3.1M	639K	5.1M	732K	-4.5M	7.8M	3.9M	16.1M
Free cash flow	1.9M	-1.5M	-407K	2.6M	4.5M	3.6M	538K	12.6M	6.3M	-16.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.4M	4M	2.4M	3.8M	3M	-160K	—	—	3.5M	2.5M	4.7M	127K
Depreciation & amortization	789K	804K	796K	836K	855K	899K	—	—	1M	1M	1.1M	1.1M
Stock-based compensation	423K	419K	673K	623K	602K	548K	—	—	539K	481K	548K	535K
Change in working capital	1.8M	628K	-599K	-156K	2.4M	-3.2M	—	—	507K	-3.3M	-2.2M	333K
Operating cash flow	6.4M	5.8M	3.3M	5.1M	6.8M	-1.9M	—	—	6.9M	267K	4.4M	-339K
Capital expenditure	-1.2M	-1.2M	-2.5M	-1.4M	-1.5M	-1.3M	—	—	—	—	—	—
Investing cash flow	-1.2M	-1.2M	-2.5M	-1.4M	-1.5M	-1.3M	—	—	0	0	0	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-250K	-3M	-250K	-2.5M	0	0	-65K	0	0	0	5.7M	15M
Net change in cash	5M	1.6M	579K	1.2M	5.3M	-3.2M	-65K	0	6.9M	267K	10.1M	14.7M
Free cash flow	5.5M	3.6M	-923K	5.1M	5.9M	-3.8M	—	—	1.8M	-17.4M	-6.7M	-8.8M

Lifeway Foods, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement