Lifeway Foods, Inc.

LWAY

Consumer DefensiveSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Lifeway Foods, Inc. produces and markets probiotic-based products in North America. The company's primary product is drinkable kefir, a cultured dairy product in various organic and non-organic sizes, flavors, and milk types. It offers European-style soft cheeses, including farmer and white cheeses, and sweet kiss; cream and other products; drinkable yogurt; ProBugs, a line of kefir products designed for children; and Fresh Made butter and sour cream. The company sells its products under the Lifeway, Fresh Made, and GlenOaks Farms brand names, as well as under private labels on behalf of customers primarily through direct sales force, brokers, and distributors. Lifeway Foods, Inc. was incorporated in 1986 and is based in Morton Grove, Illinois.

Valuation

Market Cap$410M

Current Price$26.93

P/E Ratio30.26

P/B Ratio4.78

EV / EBITDA19.99

EV / Sales1.90

Profitability

Operating Margin-

Net Profit Margin6.5%

EBITDA Margin11.2%

Returns

ROE16.1%

ROCE-

ROIC %17.2%

ROA13.1%

Solvency

Current Ratio2.23

Debt / Equity0.01

Debt / Assets0.00

CFO / Net Profit0.79

Price History▲ 13.39% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$212M▲ 13.7%

EBITDA$24M

Net Profit$14M▲ 53.6%

Cash from Ops (CFO)$11M

Free Cash Flow (FCF)$-16M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$212M	$24M	$14M	$-16M	16.1%	13.7%	53.6%
2024	$187M	$17M	$9M	$6M	12.6%	16.7%	-20.6%
2023	$160M	$20M	$11M	$13M	18.8%	13.1%	1130.2%
2022	$142M	$5M	$1M	$1M	1.9%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	141.57	160.12	186.82	212.50
Cost Of Revenue	114.78	117.68	138.25	154.29
Gross Profit	26.79	42.44	48.57	58.21
Operating Expense	24.44	25.45	34.72	42.03
Operating Income	2.35	17	13.85	16.17
EBITDA	5.08	20.20	17.46	23.74
EBIT	2.11	17.03	14.07	19.76
Pretax Income	1.84	16.65	13.97	19.69
Tax Provision	0.92	5.28	4.94	5.83
Net Income	0.92	11.37	9.03	13.86
Net Income Common Stockholders	0.92	11.37	9.03	13.86
Total Expenses	139.22	143.13	172.97	196.32
Interest Expense	0.27	0.38	0.10	0.08
Selling General And Administration	23.90	24.91	34.18	41.49
Normalized EBITDA	5.32	20.16	17.47	20.43
Normalized Income	1.11	11.34	9.03	11.53
Basic EPS	0.06	0.77	0.61	0.91
Diluted EPS	0.06	0.75	0.60	0.89
Tax Effect Of Unusual Items	-0.05	0.01	0	0.98
Tax Rate For Calcs	0.21	0.32	0.35	0.30
Total Unusual Items	-0.24	0.03	-0.01	3.31
Total Unusual Items Excluding Goodwill	-0.24	0.03	-0.01	3.31
Net Income From Continuing Operation Net Minority Interest	0.92	11.37	9.03	13.86
Reconciled Depreciation	2.97	3.16	3.39	3.98
Reconciled Cost Of Revenue	112.35	115.06	135.40	150.85
Net Interest Income	-0.27	-0.38	-0.10	-0.08
Net Income From Continuing And Discontinued Operation	0.92	11.37	9.03	13.86
Total Operating Income As Reported	2.35	17	13.85	16.17
Diluted Average Shares	15.72	15.10	15.13	15.54
Basic Average Shares	15.40	14.67	14.77	15.20
Diluted NI Availto Com Stockholders	0.92	11.37	9.03	13.86
Net Income Including Noncontrolling Interests	0.92	11.37	9.03	13.86
Net Income Continuous Operations	0.92	11.37	9.03	13.86
Other Income Expense	-0.24	0.04	0.22	3.59
Other Non Operating Income Expenses	0	0	0.23	0.28
Special Income Charges	-0.24	0.03	-0.01	0
Gain On Sale Of Ppe	-0.24	0.03	-0.01	0
Gain On Sale Of Security	0	0	0	3.31
Net Non Operating Interest Income Expense	-0.27	-0.38	-0.10	-0.08
Interest Expense Non Operating	0.27	0.38	0.10	0.08
Depreciation Amortization Depletion Income Statement	0.54	0.54	0.54	0.54
Depreciation And Amortization In Income Statement	0.54	0.54	0.54	0.54
Amortization	0.54	0.54	0.54	0.54
Amortization Of Intangibles Income Statement	0.54	0.54	0.54	0.54
Selling And Marketing Expense	11.30	11.78	14.74	19.89
General And Administrative Expense	12.59	13.13	19.44	21.60
Other Gand A	12.59	13.13	19.44	21.60
Operating Revenue	141.57	160.12	186.82	212.50

Peer Comparison

Consumer Defensive sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Lifeway Foods, Inc.this co.	LWAY	$410M	30.26↑ premium	4.78	16.1%	19.99
Calavo Growers, Inc.	CVGW	$502M	31.19	2.44	9.5%	18.10
Nature's Sunshine Products, Inc.	NATR	$473M	25.50	2.93	12.1%	10.32
KinderCare Learning Companies, Inc.	KLC	$450M	-	0.60	-14.9%	10.13
B&G Foods, Inc.	BGS

Learn while you research

Hand-picked academy chapters to deepen your understanding of Lifeway Foods, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$212M

$24M

$14M

$-16M

16.1%

13.7%

53.6%

2024

$187M

$17M

$9M

$6M

12.6%

16.7%

-20.6%

2023

$160M

$20M

$11M

$13M

18.8%

13.1%

1130.2%

2022

$142M

$5M

$1M

1.9%

Metric

2022

2023

2024

2025

Total Revenue

141.57

160.12

186.82

212.50

Cost Of Revenue

114.78

117.68

138.25

154.29

Gross Profit

26.79

42.44

48.57

58.21

Operating Expense

24.44

25.45

34.72

42.03

Operating Income

2.35

13.85

16.17

EBITDA

5.08

20.20

17.46

23.74

EBIT

2.11

17.03

14.07

19.76

Pretax Income

1.84

16.65

13.97

19.69

Tax Provision

0.92

5.28

4.94

5.83

Net Income

0.92

11.37

9.03

13.86

Net Income Common Stockholders

0.92

11.37

9.03

13.86

Total Expenses

139.22

143.13

172.97

196.32

Interest Expense

0.27

0.38

0.10

0.08

Selling General And Administration

23.90

24.91

34.18

41.49

Normalized EBITDA

5.32

20.16

17.47

20.43

Normalized Income

1.11

11.34

9.03

11.53

Basic EPS

0.06

0.77

0.61

0.91

Diluted EPS

0.06

0.75

0.60

0.89

Tax Effect Of Unusual Items

-0.05

0.01

0.98

Tax Rate For Calcs

0.21

0.32

0.35

0.30

Total Unusual Items

-0.24

0.03

-0.01

3.31

Total Unusual Items Excluding Goodwill

-0.24

0.03

-0.01

3.31

Net Income From Continuing Operation Net Minority Interest

0.92

11.37

9.03

13.86

Reconciled Depreciation

2.97

3.16

3.39

3.98

Reconciled Cost Of Revenue

112.35

115.06

135.40

150.85

Net Interest Income

-0.27

-0.38

-0.10

-0.08

Net Income From Continuing And Discontinued Operation

0.92

11.37

9.03

13.86

Total Operating Income As Reported

2.35

13.85

16.17

Diluted Average Shares

15.72

15.10

15.13

15.54

Basic Average Shares

15.40

14.67

14.77

15.20

Diluted NI Availto Com Stockholders

0.92

11.37

9.03

13.86

Net Income Including Noncontrolling Interests

0.92

11.37

9.03

13.86

Net Income Continuous Operations

0.92

11.37

9.03

13.86

Other Income Expense

-0.24

0.04

0.22

3.59

Other Non Operating Income Expenses

0.23

0.28

Special Income Charges

-0.24

0.03

-0.01

Gain On Sale Of Ppe

-0.24

0.03

-0.01

Gain On Sale Of Security

3.31

Net Non Operating Interest Income Expense

-0.27

-0.38

-0.10

-0.08

Interest Expense Non Operating

0.27

0.38

0.10

0.08

Depreciation Amortization Depletion Income Statement

0.54

Depreciation And Amortization In Income Statement

0.54

Amortization

0.54

Amortization Of Intangibles Income Statement

0.54

Selling And Marketing Expense

11.30

11.78

14.74

19.89

General And Administrative Expense

12.59

13.13

19.44

21.60

Other Gand A

12.59

13.13

19.44

21.60

Operating Revenue

141.57

160.12

186.82

212.50

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Lifeway Foods, Inc.this co.

LWAY

$410M

30.26↑ premium

4.78

16.1%

19.99

Calavo Growers, Inc.

CVGW

$502M

31.19

2.44

9.5%

18.10

Nature's Sunshine Products, Inc.

NATR

$473M

25.50

2.93

12.1%

10.32

KinderCare Learning Companies, Inc.

KLC

$450M

0.60

-14.9%

10.13

B&G Foods, Inc.

BGS

Lifeway Foods, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Lifeway Foods, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on