NASDAQ : LWAY
Lifeway Foods, Inc. — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 22.93 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 346.40M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Lifeway Foods, Inc. (LWAY) reported revenue of 242.41M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 242.41M | 212.50M | 186.82M | 160.12M | 141.57M | 119.06M |
| Cost of Revenue | 176.53M | 150.85M | 135.40M | 115.06M | 112.35M | 87.60M |
| Gross Profit | 65.88M | 61.65M | 51.42M | 45.06M | 29.22M | 31.46M |
| Selling, General & Admin | 45.88M | 41.49M | 34.18M | 24.91M | 23.90M | 22.71M |
| Amortization of Goodwill & Intangibles | 540.00K | 540.00K | 540.00K | 540.00K | 540.00K | 122.00K |
| Operating Expenses | 50.15M | 45.47M | 37.57M | 28.07M | 26.87M | 25.58M |
| Operating Income | 15.73M | 16.17M | 13.85M | 17.00M | 2.35M | 5.88M |
| Interest Expense | -325.00K | -77.00K | -105.00K | -384.00K | -267.00K | -116.00K |
| Other Non Operating Income (Expenses) | 145.00K | 279.00K | 230.00K | 4.00K | -62.00K | |
| EBT Excluding Unusual Items | 15.55M | 16.37M | 13.98M | 16.61M | 2.08M | 5.70M |
| Gain (Loss) on Sale of Investments | -75.00K | 3.31M | 2.00K | |||
| Gain (Loss) on Sale of Assets | -8.00K | 34.00K | -241.00K | -88.00K | ||
| Pretax Income | 15.47M | 19.69M | 13.97M | 16.65M | 1.84M | 5.62M |
| Income Tax Expense | 4.60M | 5.83M | 4.94M | 5.28M | 917.00K | 2.31M |
| Net Income | 10.87M | 13.86M | 9.03M | 11.37M | 924.00K | 3.31M |
| Net Income to Common | 10.87M | 13.86M | 9.03M | 11.37M | 924.00K | 3.31M |
| Shares Outstanding (Basic) | 15.22M | 15.20M | 14.77M | 14.67M | 15.40M | 15.54M |
| Shares Outstanding (Diluted) | 15.53M | 15.54M | 15.13M | 15.10M | 15.72M | 15.77M |
| EPS (Basic) | 0.71 | 0.91 | 0.61 | 0.78 | 0.06 | 0.21 |
| EPS (Diluted) | 0.69 | 0.89 | 0.60 | 0.75 | 0.06 | 0.21 |
| Free Cash Flow | -31.11M | -16.41M | 6.26M | 12.59M | 538.00K | 3.64M |
| Free Cash Flow Per Share | -2.00 | -1.06 | 0.41 | 0.83 | 0.03 | 0.23 |
| Gross Margin | 27.18% | 29.01% | 27.52% | 28.14% | 20.64% | 26.42% |
| Operating Margin | 6.49% | 7.61% | 7.41% | 10.61% | 1.66% | 4.94% |
| Profit Margin | 4.49% | 6.52% | 4.83% | 7.10% | 0.65% | 2.78% |
| Free Cash Flow Margin | -12.84% | -7.72% | 3.35% | 7.86% | 0.38% | 3.06% |
| EBITDA | 20.00M | 20.15M | 17.24M | 20.16M | 5.32M | 8.75M |
| EBITDA Margin | 8.25% | 9.48% | 9.23% | 12.59% | 3.76% | 7.35% |
| D&A For EBITDA | 4.27M | 3.98M | 3.39M | 3.16M | 2.97M | 2.87M |
| EBIT | 15.73M | 16.17M | 13.85M | 17.00M | 2.35M | 5.88M |
| EBIT Margin | 6.49% | 7.61% | 7.41% | 10.61% | 1.66% | 4.94% |
| Effective Tax Rate | 29.74% | 29.60% | 35.39% | 31.73% | 49.81% | 41.04% |
| Advertising Expenses | 9.84M | 5.45M | 3.73M | 3.35M | 3.27M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.09M | 5.57M | 16.73M | 13.20M | 4.44M | 9.23M |
| Cash & Short-Term Investments | 7.09M | 5.57M | 16.73M | 13.20M | 4.44M | 9.23M |
| Accounts Receivable | 22.86M | 16.64M | 15.42M | 13.88M | 11.41M | 9.93M |
| Other Receivables | 728.00K | 325.00K | 631.00K | 44.00K | 344.00K | |
| Receivables | 23.59M | 16.97M | 16.05M | 13.88M | 11.46M | 10.27M |
| Inventory | 13.99M | 11.89M | 8.68M | 9.10M | 9.63M | 8.29M |
| Prepaid Expenses | 1.70M | 2.63M | 2.14M | 2.02M | 1.45M | 1.25M |
| Total Current Assets | 47.19M | 37.06M | 43.60M | 38.20M | 26.98M | 29.05M |
| Property, Plant & Equipment | 66.12M | 48.75M | 26.98M | 22.96M | 21.08M | 20.35M |
| Long-Term Investments | 1.80M | 1.80M | 1.80M | |||
| Goodwill | 11.70M | 11.70M | 11.70M | 11.70M | 11.70M | 11.70M |
| Other Intangible Assets | 5.55M | 5.82M | 6.36M | 6.90M | 7.44M | 7.98M |
| Other Long-Term Assets | 1.84M | 2.29M | 1.90M | 100.00K | ||
| Total Assets | 132.40M | 105.61M | 90.55M | 81.65M | 69.00M | 70.87M |
| Accounts Payable | 17.48M | 11.01M | 10.40M | 9.98M | 7.98M | 6.61M |
| Accrued Expenses | 4.62M | 5.31M | 5.06M | 4.84M | 3.74M | 3.59M |
| Current Portion of Long-Term Debt | 1.25M | 1.25M | 1.00M | |||
| Current Portion of Leases | 128.00K | 106.00K | 47.00K | 74.00K | 70.00K | 131.00K |
| Current Income Taxes Payable | 304.00K | 218.00K | 474.00K | 725.00K | ||
| Total Current Liabilities | 22.53M | 16.64M | 15.50M | 16.62M | 13.04M | 12.06M |
| Long-Term Debt | 21.95M | 1.48M | 5.25M | 6.25M | ||
| Long-Term Leases | 393.00K | 360.00K | 70.00K | 118.00K | 104.00K | 85.00K |
| Long-Term Deferred Tax Liabilities | 2.79M | 2.79M | 3.06M | 3.00M | 3.03M | 3.20M |
| Other Long-Term Liabilities | 163.00K | 147.00K | ||||
| Total Liabilities | 47.83M | 19.79M | 18.64M | 21.22M | 21.43M | 21.74M |
| Common Stock | 6.51M | 6.51M | 6.51M | 6.51M | 6.51M | 6.51M |
| Additional Paid-In Capital | 1.80M | 3.84M | 4.63M | 4.83M | 3.62M | 2.55M |
| Retained Earnings | 93.48M | 88.68M | 74.82M | 65.80M | 54.43M | 53.51M |
| Treasury Stock | -17.22M | -13.21M | -14.05M | -16.70M | -16.99M | -13.44M |
| Shareholders' Equity | 84.57M | 85.82M | 71.91M | 60.44M | 47.57M | 49.13M |
| Total Liabilities & Equity | 132.40M | 105.61M | 90.55M | 81.65M | 69.00M | 70.87M |
| Total Debt | 22.47M | 466.00K | 117.00K | 2.92M | 6.68M | 7.46M |
| Net Cash (Debt) | -15.38M | 5.11M | 16.61M | 10.27M | -2.23M | 1.77M |
| Net Cash Per Share | -0.99 | 0.33 | 1.10 | 0.68 | -0.14 | 0.11 |
| Filing Date Shares Outstanding | 15.11M | 15.15M | 15.20M | 14.69M | 14.64M | 15.47M |
| Total Common Shares Outstanding | 15.11M | 15.23M | 15.10M | 14.69M | 14.64M | 15.44M |
| Working Capital | 24.66M | 20.42M | 28.10M | 21.58M | 13.94M | 16.98M |
| Book Value Per Share | 5.60 | 5.63 | 4.76 | 4.11 | 3.25 | 3.18 |
| Tangible Book Value | 67.32M | 68.30M | 53.85M | 41.83M | 28.43M | 29.45M |
| Tangible Book Value Per Share | 4.46 | 4.48 | 3.57 | 2.85 | 1.94 | 1.91 |
| Land | 1.56M | 1.56M | 1.56M | 1.56M | 1.56M | 1.56M |
| Buildings | 32.21M | 24.50M | 23.52M | 21.66M | 19.34M | 17.92M |
| Machinery | 44.89M | 44.60M | 39.42M | 35.35M | 34.41M | 33.61M |
| Construction In Progress | 30.90M | 19.80M | 2.16M | 2.15M | 1.18M | 417.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.87M | 13.86M | 9.03M | 11.37M | 924.00K | 3.31M |
| Depreciation & Amortization | 4.27M | 3.98M | 3.39M | 3.16M | 2.97M | 2.87M |
| Loss (Gain) From Sale of Assets | -19.00K | -115.00K | 8.00K | -34.00K | 241.00K | 88.00K |
| Loss (Gain) From Sale of Investments | 76.00K | -3.31M | ||||
| Stock-Based Compensation | 2.10M | 1.95M | 2.45M | 1.50M | 1.11M | 1.14M |
| Provision & Write-off of Bad Debts | 87.00K | 2.00K | 2.00K | |||
| Other Operating Activities | -249.00K | -251.00K | 78.00K | -22.00K | -194.00K | 239.00K |
| Change in Accounts Receivable | -6.88M | -1.22M | -1.55M | -2.46M | -1.48M | -1.93M |
| Change in Inventory | -3.76M | -3.21M | 426.00K | 527.00K | -1.34M | -1.36M |
| Change in Accounts Payable | 6.48M | 238.00K | 156.00K | 1.86M | 1.95M | 1.02M |
| Change in Income Taxes | -425.00K | 524.00K | -1.10M | 518.00K | -425.00K | -241.00K |
| Change in Other Net Operating Assets | -1.32M | -1.49M | 92.00K | 528.00K | 243.00K | 413.00K |
| Operating Cash Flow | 11.22M | 10.95M | 12.96M | 16.94M | 3.99M | 5.56M |
| Capital Expenditures | -42.34M | -27.36M | -6.70M | -4.35M | -3.45M | -1.92M |
| Sale of Property, Plant & Equipment | 223.00K | 115.00K | 15.00K | 41.00K | ||
| Cash Acquisitions | -580.00K | -5.22M | ||||
| Investment in Securities | 5.21M | -100.00K | ||||
| Investing Cash Flow | -42.12M | -22.04M | -6.68M | -4.41M | -4.03M | -7.14M |
| Long-Term Debt Issued | 5.00M | |||||
| Long-Term Debt Repaid | -2.75M | -3.78M | -750.00K | -500.00K | ||
| Net Debt Issued (Repaid) | 22.00M | -2.75M | -3.78M | -750.00K | 4.50M | |
| Repurchase of Common Stock | -4.94M | -4.00M | -1.58M | |||
| Other Financing Activities | -304.00K | -65.00K | -32.00K | |||
| Financing Cash Flow | 16.76M | -65.00K | -2.75M | -3.78M | -4.75M | 2.88M |
| Net Cash Flow | -14.13M | -11.16M | 3.53M | 8.75M | -4.79M | 1.31M |
| Free Cash Flow | -31.11M | -16.41M | 6.26M | 12.59M | 538.00K | 3.64M |
| Free Cash Flow Margin | -12.84% | -7.72% | 3.35% | 7.86% | 0.38% | 3.06% |
| Free Cash Flow Per Share | -2.00 | -1.06 | 0.41 | 0.83 | 0.03 | 0.23 |
| Levered Free Cash Flow | -32.15M | -14.91M | 6.01M | 11.80M | 2.25K | 4.68M |
| Unlevered Free Cash Flow | -31.95M | -14.86M | 6.08M | 12.04M | 169.12K | 4.75M |
| Cash Interest Paid | 232.00K | 58.00K | 98.00K | 415.00K | 247.00K | 102.00K |
| Cash Income Tax Paid | 5.31M | 5.59M | 5.99M | 4.79M | 1.12M | 2.29M |
| Change in Working Capital | -5.92M | -5.16M | -1.98M | 969.00K | -1.06M | -2.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 336.50M | 368.99M | 367.45M | 197.01M | 86.00M | 71.00M |
| Enterprise Value | 351.88M | 346.36M | 347.03M | 190.34M | 83.70M | 68.74M |
| Last Close Price | 22.27 | 24.23 | 24.80 | 13.41 | 5.55 | 4.60 |
| PE Ratio | 32.17 | 26.62 | 40.72 | 17.33 | 93.07 | 21.44 |
| Forward PE | 29.50 | 19.08 | 24.43 | 16.06 | 18.20 | 30.05 |
| PS Ratio | 1.39 | 1.74 | 1.97 | 1.23 | 0.61 | 0.60 |
| PB Ratio | 3.98 | 4.30 | 5.11 | 3.26 | 1.81 | 1.45 |
| P/TBV Ratio | 5.00 | 5.40 | 6.82 | 4.71 | 3.02 | 2.41 |
| P/FCF Ratio | 58.65 | 15.65 | 159.85 | 19.50 | ||
| P/OCF Ratio | 29.98 | 33.70 | 28.35 | 11.63 | 21.57 | 12.76 |
| PEG Ratio | 2.34 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| EV/Sales Ratio | 1.45 | 1.63 | 1.86 | 1.19 | 0.59 | 0.58 |
| EV/EBITDA Ratio | 17.59 | 17.19 | 20.13 | 9.44 | 15.73 | 7.85 |
| EV/EBIT Ratio | 22.37 | 21.42 | 25.05 | 11.20 | 35.63 | 11.69 |
| EV/FCF Ratio | 55.39 | 15.12 | 155.58 | 18.87 | ||
| Debt / Equity Ratio | 0.27 | 0.01 | 0.00 | 0.05 | 0.14 | 0.15 |
| Debt / EBITDA Ratio | 1.11 | 0.02 | 0.01 | 0.14 | 1.20 | 0.82 |
| Debt / FCF Ratio | 0.02 | 0.23 | 12.41 | 2.05 | ||
| Net Debt / Equity Ratio | 0.18 | -0.06 | -0.23 | -0.17 | 0.05 | -0.04 |
| Net Debt / EBITDA Ratio | 0.77 | -0.25 | -0.96 | -0.51 | 0.42 | -0.20 |
| Net Debt / FCF Ratio | -0.49 | 0.31 | -2.65 | -0.82 | 4.15 | -0.49 |
| Asset Turnover | 2.10 | 2.17 | 2.17 | 2.13 | 2.02 | 1.80 |
| Inventory Turnover | 14.58 | 14.67 | 15.23 | 12.28 | 12.54 | 11.52 |
| Quick Ratio | 1.36 | 1.35 | 2.11 | 1.63 | 1.22 | 1.62 |
| Current Ratio | 2.09 | 2.23 | 2.81 | 2.30 | 2.07 | 2.41 |
| Return on Equity (ROE) | 13.32% | 17.57% | 13.64% | 21.05% | 1.91% | 6.90% |
| Return on Assets (ROA) | 8.52% | 10.31% | 10.05% | 14.10% | 2.10% | 5.56% |
| Return on Invested Capital (ROIC) | 11.50% | 16.74% | 16.97% | 23.21% | 2.43% | 7.75% |
| Return on Capital Employed (ROCE) | 14.30% | 18.20% | 18.50% | 26.10% | 4.20% | 10.00% |
| Earnings Yield | 3.11% | 3.76% | 2.46% | 5.77% | 1.07% | 4.66% |
| FCF Yield | -9.25% | -4.45% | 1.70% | 6.39% | 0.63% | 5.13% |
| Buyback Yield / Dilution | -2.00% | -2.70% | -0.18% | 3.91% | 0.35% | -0.04% |