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Lifeway Foods, Inc.

LWAY Consumer Defensive Packaged Foods

Lifeway Foods, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $212.5 million, up 13.7% from fiscal 2024.

Revenue
+24.1%
EPS
−96.4%
Free cash flow
−598.8%

Quarter to June 2026, against a year earlier

22.12 0.18 −0.81%
Market cap
$335.4M
P/E
30.7×
Fwd P/E
43.3×
Dividend yield
—
F-score
5/9
Altman Z
15.09
Beneish M
−2.31
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 16.75
Sold, $m 94.83
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 2 — — 2 — 1 —
Sell 3 — — 3 1 3 5 3 1 — 1 1
Insider Ownership 35.03%

Capital & Financial Ratios $m

Size
Market Cap 335.37
Revenue ttm 242.41
Net income ttm 10.87
Free cash flow ttm (30.89)
Net debt Q 14.86
Valuation
P/E 30.72
Forward P/E 43.30 (above 35: high)
Price / sales 1.38
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.97
Financial health
Current ratio Q 2.09 (at or above 1.5: strong)
Debt / equity Q 0.26 (at or below 0.5: strong)
Interest coverage Q 2.79
Growth
Revenue growth Q +24.10% (above 0%: growing)
Operating income growth Q −89.65% (below 0%: shrinking)
EPS, this year −41.60% (below 0%: weak)
EPS, next year A +145.87% (at or above 15%: strong)
Revenue, next year A +23.58% (at or above 10%: strong)
EPS, past 5 yrs +34.79% (at or above 15%: strong)
EPS, next 5 yrs A +18.74% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 1.0×; over the ten years it ranged from 0.3× in 2018 to 2.3× in 2016.
P/E against its own 10 years 41.65%
10-year low 10-year high
P/S against its own 10 years 70.11%
10-year low 10-year high
P/B against its own 10 years 76.38%
10-year low 10-year high
EV/Sales against its own 10 years 73.78%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 13 17 6 7
Receivables 14 16 17 24
Inventory 9 9 12 14
Other — — — —
38 44 37 47
2023 2024 2025 Q'26
Payables 10 10 11 17
ST’ Debt — — — —
Other — — — —
17 16 17 23

Compound Annual Growth %

10y 5y 3y
Sales 6.01% 15.81% 14.50%
Cash Flow 4.96% 11.39% 40.03%
Earnings 21.53% 33.80% 146.62%
Book Value 6.61% 12.87% 21.74%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY24 Estimate 0.27 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY23 0.21 0.26 Beat by 0.05
Q1 FY24 0.24 0.16 Miss by 0.08
Q2 FY24 0.17 0.25 Beat by 0.08
Q3 FY24 0.27 0.19 Miss by 0.08

EPS $

Mar Jun Sep Dec Year
’26 0.30 0.01 — — —
’25 0.23 0.28 0.23 0.16 0.89
’24 0.16 0.25 0.19 (0.01) 0.60
’23 0.06 0.21 0.23 0.26 0.75
’22 (0.06) 0.01 0.06 0.05 0.06
’21 0.08 0.10 0.03 (0.01) 0.21
’20 0.01 0.06 0.12 0.02 0.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 63 67 — — —
’25 46 54 57 55 212
’24 45 49 46 47 187
’23 38 39 41 42 160
’22 34 33 38 36 142
’21 29 29 30 31 119
’20 25 25 26 26 102
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4 0 — — —
’25 0 4 7 0 11
’24 2 7 7 (3) 13
’23 3 2 7 5 17
’22 (1) 0 4 0 4
’21 1 2 2 0 6
’20 (1) 3 3 1 6
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) (9) — — —
’25 (2) 2 2 (17) (16)
’24 (1) 5 6 (4) 6
’23 1 2 6 4 13
’22 (1) (1) 3 0 1
’21 1 2 2 (1) 4
’20 (1) 3 3 0 4
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 124 119 103 94 102 119 142 160 187 212 242 +6.2% 263 298 332 +16.0%
Gross margin, % 28.28 25.82 25.02 23.65 26.40 24.11 18.92 26.51 26.00 27.39 25.64 (0.9) pt
EBT 6 (1) (3) 1 5 6 2 17 14 20 15 +14.9%
EBT margin, % 4.55 (0.68) (3.20) 1.32 4.73 4.72 1.30 10.40 7.48 9.26 6.38 +4.7 pt
Net income 3 0 (3) 0 3 3 1 11 9 14 11 +16.6%
Per share, $
Per share, $ Revenue 7.67 7.38 6.51 5.95 6.54 7.66 9.20 10.92 12.65 13.98 15.99 +6.9%
Earnings 0.22 (0.02) (0.19) 0.03 0.21 0.21 0.06 0.77 0.61 0.91 0.72 +17.1%
Cash flow 0.32 0.24 0.15 0.24 0.41 0.36 0.26 1.16 0.88 0.72 0.74 +9.6%
Capex (0.19) (0.33) (0.17) (0.04) (0.12) (0.12) (0.22) (0.29) (0.45) (1.79) (2.78) +28.3%
Free cash flow 0.13 (0.09) (0.02) 0.20 0.29 0.23 0.03 0.86 0.43 (1.07) (2.04) n/m
Book value 2.99 2.89 2.67 2.75 3.00 3.16 3.09 4.12 4.87 5.65 5.58 +7.3%
Shares, m 16 16 16 16 16 16 15 15 15 15 15 (0.7%)
Valuation, ×
Valuation, × P/E 52.09 0.00 0.00 56.21 25.76 22.45 97.23 17.17 40.00 26.63 30.72 33.8
P/S 1.46 1.14 0.29 0.33 0.83 0.60 0.61 1.23 1.96 1.73 1.38 1.0
P/B 3.74 2.90 0.70 0.72 1.80 1.45 1.82 3.25 5.09 4.29 3.97 2.6
EV/Sales 1.44 1.12 0.32 0.33 0.80 0.60 0.64 1.17 1.89 1.73 1.46 1.0
EV/FCF 87.50 (89.96) (108.37) 9.68 18.24 19.56 167.46 14.84 56.30 (22.50) (11.43) 15.3
Cash, $m
Cash, $m Operating cash flow 5 4 2 4 6 6 4 17 13 11 11 +8.8%
Capex (3) (5) (3) (1) (2) (2) (3) (4) (7) (27) (42) +27.5%
Free cash flow 2 (1) 0 3 4 4 1 13 6 (16) (31) n/m
Balance, $m
Balance, $m Working capital 18 11 11 10 16 17 14 22 28 20 25 +1.3%
Net debt (3) (2) 3 (1) (5) (3) 1 (12) (17) (6) 15 +9.2%
Shareholders’ equity 48 47 42 43 47 49 48 60 72 86 85 +6.6%
Returns, %
Returns, % ROA 5.35 (0.53) (5.09) 0.80 5.47 5.01 1.32 15.09 10.48 14.13 9.43 +8.8 pt
ROIC 8.30 (0.74) (4.28) (2.87) 7.38 7.96 3.03 21.80 15.69 12.60 9.89 +4.3 pt
ROE 7.43 (0.73) (6.94) 1.06 7.17 6.90 1.91 21.05 13.64 17.57 13.32 +10.1 pt
People
People Employees 320 340 322 307 316 282 291 289 291 295 — (0.9%)
Revenue/emp, $m 0.39 0.35 0.32 0.31 0.32 0.42 0.49 0.55 0.64 0.72 — +7.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Lifeway Foods, Inc. vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OFRM Once Upon a Farm, PBC $384.2M 9.7× — (loss-making) +68.75% (above 0%: growing) n/m +59.77% (above 0%: growing) 35.89% (6.60%) Compare
LWAY Lifeway Foods, Inc. $335.4M 30.7× 43.3× +24.10% (above 0%: growing) −96.43% (below 0%: shrinking) −598.84% (below 0%: shrinking) 19.47% 0.90%
ENHA Enhanced Group Inc. $323.3M 10.8× — — n/m −483.42% (below 0%: shrinking) 100.00% (349.85%) Compare
PRE Prenetics Global Limited $273.0M — (loss-making) — (loss-making) +288.57% (above 0%: growing) n/m −297.16% (below 0%: shrinking) 64.97% (45.13%) Compare
USNA USANA Health Sciences, Inc. $256.1M — (loss-making) — (loss-making) −3.64% (below 0%: shrinking) n/m +180.61% (above 0%: growing) 76.34% (0.70%) Compare
OTLY Oatly Group AB Sponsored ADR $245.7M — (loss-making) — (loss-making) +9.09% (above 0%: growing) n/m −254.68% (below 0%: shrinking) 34.14% (3.78%) Compare
BRCC BRC Inc. $244.5M — (loss-making) 42.0× +7.27% (above 0%: growing) n/m −141.35% (below 0%: shrinking) 37.14% (6.93%) Compare
BGS B&G Foods, Inc. $200.8M — (loss-making) — (loss-making) −9.70% (below 0%: shrinking) n/m +19.28% (above 0%: growing) 20.78% 9.02% Compare
NATR Nature's Sunshine Products, Inc. $180.5M 12.4× 11.5× −9.14% (below 0%: shrinking) −63.33% (below 0%: shrinking) −45.13% (below 0%: shrinking) 72.86% 4.53% Compare
Median of peers $250.9M 10.8× — +7.27% — −93.24% 51.06% (5.19%)

All 68 Packaged Foods stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.39m 2.91m 97.70
2024 5.37m 10.08m 184.94
2023 3.37m 5.12m 241.62

Ownership

Directors and executive officers, together 18.58%
Danone North America PBC 22.61%
Edward Smolyansky 19.61%
Julie Smolyansky 17.52%
Divisadero Street Capital Management, LP 8.82%
Ludmila Smolyansky C/o Edward Smolyansky 5.29%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lifeway Foods, Inc. (LWAY) Latest News

29 Oct

Impact 3 · · PR Newswire

26 Oct

Impact 4 · · PR Newswire

20 Oct

Impact 4 · · PR Newswire

15 Aug

Impact 3 · transcript

13 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript

24 Jul

Impact 3 ·

9 Jun

Impact 3 · · just-drinks.com

8 Jun

Impact 4 · · PR Newswire

19 May

Impact 4 · · fooddive.com

18 May

Impact 4 · · just-drinks.com
Impact 4 · · just-food.com

14 May

Impact 5 · · PR Newswire
Impact 4 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · PR Newswire

23 Apr

Impact 3 · · PR Newswire

1 Apr

Impact 4 · · PR Newswire

17 Mar

Impact 5 · · PR Newswire
Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 · · Associated Press Finance

27 Feb

Impact 3 · · PR NewswireZacksFood DiveFood Dive

5 Feb

Impact 3 · · PR Newswire

2 Feb

Impact 4 · · Insider Monkey

30 Jan

Impact 3 · · PR NewswireMT NewswiresMT NewswiresAssociated Press FinanceMotley FoolZacksSimply Wall St.

13 Jan

Impact 4 ·

8 Jan

Impact 4 · · PR NewswireMT NewswiresMT Newswires

7 Jan

Impact 4 · · PR Newswire

31 Dec

Impact 4 · · Simply Wall St.
stockrow.com/LWAY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com