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$356M

Current Price$28.02as of Jun 23, 2026

P/E Ratio25.66

P/B Ratio4.14

EV / EBITDA14.76

EV / Sales1.65

Profitability

Operating Margin7.6%

Net Profit Margin6.5%

EBITDA Margin11.2%

Returns

ROE16.1%

ROCE18.2%

ROIC %17.2%

ROA13.1%

Solvency

Current Ratio2.23

Debt / Equity0.01

Debt / Assets0.00

CFO / Net Profit0.79

Price History▲ 14.83% 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▲ 36.0%

Net Profit$14M▲ 53.6%

Cash from Ops (CFO)$11M▼ 15.5%

Free Cash Flow (FCF)$-16M▼ 362.0%

Revenue CAGR 3Y14.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y146.6%

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%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	141.57	160.12	186.82	212.50
Operating 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
Selling General And Administration	-	23.90	24.91	34.18	41.49
Total Expenses	-	139.22	143.13	172.97	196.32
Operating Income	-	2.35	17	13.85	16.17
Total Operating Income As Reported	-	2.35	17	13.85	16.17
EBITDA	-	5.08	20.20	17.46	23.74
Normalized EBITDA	-	5.32	20.16	17.47	20.43
EBIT	-	2.11	17.03	14.07	19.76
Interest Expense	-	0.27	0.38	0.10	0.08
Net Interest Income	-	-0.27	-0.38	-0.10	-0.08
Other Non Operating Income Expenses	-0.06	-	0	0.23	0.28
Other Income Expense	-	-0.24	0.04	0.22	3.59
Interest Expense Non Operating	-	0.27	0.38	0.10	0.08
Net Non Operating Interest Income Expense	-	-0.27	-0.38	-0.10	-0.08
Pretax Income	-	1.84	16.65	13.97	19.69
Tax Provision	-	0.92	5.28	4.94	5.83
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-0.05	0.01	0	0.98
Net Income Continuous Operations	-	0.92	11.37	9.02	13.86
Net Income From Continuing And Discontinued Operation	-	0.92	11.37	9.02	13.86
Net Income From Continuing Operation Net Minority Interest	-	0.92	11.37	9.02	13.86
Net Income	-	0.92	11.37	9.02	13.86
Net Income Common Stockholders	-	0.92	11.37	9.02	13.86
Net Income Including Noncontrolling Interests	-	0.92	11.37	9.02	13.86
Normalized Income	-	1.11	11.34	9.03	11.53
Diluted NI Availto Com Stockholders	-	0.92	11.37	9.02	13.86
Basic Average Shares	-	15.40	14.67	14.77	15.20
Diluted Average Shares	-	15.72	15.10	15.13	15.54
Reconciled Depreciation	-	2.97	3.16	3.39	3.98
Reconciled Cost Of Revenue	-	112.35	115.06	135.40	150.85
Total Unusual Items	-	-0.24	0.03	-0.01	3.31
Total Unusual Items Excluding Goodwill	-	-0.24	0.03	-0.01	3.31
Special Income Charges	-	-0.24	0.03	-0.01	0
Gain On Sale Of Security	0	-	-	-	3.31
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
General And Administrative Expense	-	12.59	13.13	19.44	21.60
Other Gand A	-	12.59	13.13	19.44	21.60
Gain On Sale Of Ppe	-	-0.24	0.03	-0.01	0
Selling And Marketing Expense	-	11.30	11.78	14.74	19.89
Amortization	-	0.54	0.54	0.54	0.54
Amortization Of Intangibles Income Statement	-	0.54	0.54	0.54	0.54

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	$356M	25.66↑ premium	4.14	16.1%	14.76
Magnera Corporation	MAGN	$408M	-5.16	1.59	-30.8%	21.50
Beyond Meat, Inc.	BYND	$405M	2.28	-406.28	-17854.8%	2.67
The Honest Company, Inc.	HNST	$362M	-23.09	2.13	-9.2%	-60.30
MGP Ingredients, Inc.	MGPI	$348M

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 Stock Market Risks

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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%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

141.57

160.12

186.82

212.50

Operating 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

Selling General And Administration

23.90

24.91

34.18

41.49

Total Expenses

139.22

143.13

172.97

196.32

Operating Income

2.35

13.85

16.17

Total Operating Income As Reported

2.35

13.85

16.17

EBITDA

5.08

20.20

17.46

23.74

Normalized EBITDA

5.32

20.16

17.47

20.43

EBIT

2.11

17.03

14.07

19.76

Interest Expense

0.27

0.38

0.10

0.08

Net Interest Income

-0.27

-0.38

-0.10

-0.08

Other Non Operating Income Expenses

-0.06

0.23

0.28

Other Income Expense

-0.24

0.04

0.22

3.59

Interest Expense Non Operating

0.27

0.38

0.10

0.08

Net Non Operating Interest Income Expense

-0.27

-0.38

-0.10

-0.08

Pretax Income

1.84

16.65

13.97

19.69

Tax Provision

0.92

5.28

4.94

5.83

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.05

0.01

0.98

Net Income Continuous Operations

0.92

11.37

9.02

13.86

Net Income From Continuing And Discontinued Operation

0.92

11.37

9.02

13.86

Net Income From Continuing Operation Net Minority Interest

0.92

11.37

9.02

13.86

Net Income

0.92

11.37

9.02

13.86

Net Income Common Stockholders

0.92

11.37

9.02

13.86

Net Income Including Noncontrolling Interests

0.92

11.37

9.02

13.86

Normalized Income

1.11

11.34

9.03

11.53

Diluted NI Availto Com Stockholders

0.92

11.37

9.02

13.86

Basic Average Shares

15.40

14.67

14.77

15.20

Diluted Average Shares

15.72

15.10

15.13

15.54

Reconciled Depreciation

2.97

3.16

3.39

3.98

Reconciled Cost Of Revenue

112.35

115.06

135.40

150.85

Total Unusual Items

-0.24

0.03

-0.01

3.31

Total Unusual Items Excluding Goodwill

-0.24

0.03

-0.01

3.31

Special Income Charges

-0.24

0.03

-0.01

Gain On Sale Of Security

3.31

Depreciation Amortization Depletion Income Statement

0.54

Depreciation And Amortization In Income Statement

0.54

General And Administrative Expense

12.59

13.13

19.44

21.60

Other Gand A

12.59

13.13

19.44

21.60

Gain On Sale Of Ppe

-0.24

0.03

-0.01

Selling And Marketing Expense

11.30

11.78

14.74

19.89

Amortization

0.54

Amortization Of Intangibles Income Statement

0.54

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Lifeway Foods, Inc.this co.

LWAY

$356M

25.66↑ premium

4.14

16.1%

14.76

Magnera Corporation

MAGN

$408M

-5.16

1.59

-30.8%

21.50

Beyond Meat, Inc.

BYND

$405M

2.28

-406.28

-17854.8%

2.67

The Honest Company, Inc.

HNST

$362M

-23.09

2.13

-9.2%

-60.30

MGP Ingredients, Inc.

MGPI

$348M

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