Lifeway Foods, Inc. LWAY
ten years after he and his family emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce
kefir to the U.S. consumer on a commercial scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway
has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based
products and natural, "better for you" foods.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $212.5M | $186.8M | $160.1M | $141.6M | $119.1M | $102.0M | $93.7M | $103.3M | $118.9M | $123.9M |
| Cost of revenue | $154.3M | $138.2M | $117.7M | $114.8M | $90.4M | $75.1M | $71.5M | $77.5M | $88.2M | $88.8M |
| Gross profit | $58.2M | $48.6M | $42.4M | $26.8M | $28.7M | $26.9M | $22.1M | $25.9M | $30.7M | $35.0M |
| SG&A | $21.6M | $19.4M | $13.1M | $12.6M | $11.6M | $11.7M | $12.8M | $13.6M | $14.0M | $13.8M |
| Total operating expenses | $42.0M | $34.7M | $25.4M | $24.4M | $22.8M | $22.0M | $24.1M | $29.0M | $31.2M | $28.9M |
| Operating income | $16.2M | $13.9M | $17.0M | $2.3M | $5.9M | $4.9M | -$1.9M | -$3.1M | -$526.0K | $6.1M |
| Interest expense | $77.0K | $105.0K | $384.0K | $267.0K | $116.0K | $118.0K | $249.0K | $271.0K | $242.0K | $220.0K |
| Pre-tax income | $19.7M | $14.0M | $16.6M | $1.8M | $5.6M | $4.8M | $1.2M | -$3.3M | -$804.0K | $5.6M |
| Income tax | $5.8M | $4.9M | $5.3M | $917.0K | $2.3M | $1.6M | $782.0K | $225.0K | $458.0K | $2.2M |
| Net income | $13.9M | $9.0M | $11.4M | $924.0K | $3.3M | $3.2M | $453.0K | -$3.1M | -$346.0K | $3.5M |
| EPS, basic | 0.91 | 0.61 | 0.77 | 0.06 | 0.21 | 0.21 | 0.03 | -0.19 | -0.02 | 0.22 |
| EPS, diluted | 0.89 | 0.60 | 0.75 | 0.06 | 0.21 | 0.21 | 0.03 | -0.19 | -0.02 | 0.22 |
| Shares, diluted (wtd. avg.) | $15.5M | $15.1M | $15.1M | $15.7M | $15.8M | $15.8M | $15.8M | $16.3M | $16.1M | $16.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.6M | $16.7M | $13.2M | $4.4M | $9.2M | $7.9M | $3.8M | $3.0M | $5.0M | $8.8M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $16.6M | $15.4M | $13.9M | $11.4M | $9.9M | $8.0M | $6.7M | $6.3M | $8.7M | $9.6M |
| Inventory | $11.9M | $8.7M | $9.1M | $9.6M | $8.3M | $6.9M | $6.4M | $5.8M | $7.7M | $8.0M |
| Total current assets | $37.1M | $43.6M | $38.2M | $27.0M | $29.0M | $24.1M | $19.2M | $18.9M | $24.7M | $27.5M |
| Property, plant and equipment | $48.3M | $26.9M | $22.8M | $20.9M | $20.1M | $21.0M | $22.3M | $24.6M | $24.6M | $21.8M |
| Goodwill | $11.7M | $11.7M | $11.7M | $11.7M | $11.7M | $12.9M | $9.1M | $9.1M | $10.4M | $10.4M |
| Other intangibles | $5.8M | $6.4M | $6.9M | $7.4M | $8.0M | $0 | $152.0K | $344.0K | $975.0K | $1.6M |
| Total assets | $105.6M | $90.5M | $81.7M | $69.0M | $70.9M | $61.2M | $57.0M | $56.8M | $64.5M | $65.2M |
| Accounts payable | $11.0M | $10.4M | $10.0M | $8.0M | $6.6M | $5.6M | $5.3M | $4.6M | $6.8M | $5.7M |
| Short-term debt | — | — | — | $1.2M | $1.0M | $0 | — | — | — | — |
| Total current liabilities | $16.6M | $15.5M | $16.6M | $13.0M | $12.1M | $8.4M | $9.5M | $7.5M | $13.2M | $9.4M |
| Long-term debt | — | — | $2.8M | $2.5M | $3.5M | $0 | — | — | $6.3M | $7.1M |
| Total liabilities | $19.8M | $18.6M | $21.2M | $21.4M | $21.7M | $14.4M | $13.7M | $14.4M | $17.9M | $16.9M |
| Retained earnings | $88.7M | $74.8M | $65.8M | $54.4M | $53.5M | $50.2M | $47.0M | $46.6M | $49.6M | $50.0M |
| Total equity | $85.8M | $71.9M | $60.4M | $47.6M | $49.1M | $46.9M | $43.3M | $42.4M | $46.6M | $48.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.9M | $13.0M | $16.9M | $4.0M | $5.6M | $6.4M | $3.8M | $2.4M | $3.8M | $5.1M |
| Depreciation and amortisation | $4.0M | $3.4M | $3.2M | $3.0M | $2.9M | $3.2M | $3.3M | $3.5M | $3.1M | $3.0M |
| Stock-based compensation | $1.9M | $2.4M | $1.5M | $1.1M | $1.1M | $393.0K | $838.0K | $802.0K | $596.0K | $326.0K |
| Capital expenditure | $27.4M | $6.7M | $4.4M | $3.4M | $1.9M | $1.9M | $1.2M | $2.8M | $5.3M | $3.2M |
| Investing cash flow | -$22.0M | -$6.7M | -$4.4M | -$4.0M | -$7.1M | -$1.9M | $838.0K | -$2.7M | -$5.3M | -$360.0K |
| Financing cash flow | -$65.0K | -$2.8M | -$3.8M | -$4.7M | $2.9M | -$405.0K | -$3.8M | -$1.7M | -$2.3M | -$1.6M |
| Buybacks | — | — | $0 | $4.0M | $1.6M | $405.0K | $538.0K | $1.4M | $1.5M | $738.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001683168-26-003375.