Lifeway Foods, Inc. LWAY

Consumer staples SIC 2020 - Dairy Products NAICS Manufacturing › Food Manufacturing › Dairy Product Manufacturing › Dairy Product (except Frozen) Manufacturing derived Nasdaq

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.

Last close 22.46 2026-10-23
Market cap $339.3M 2026-06-30 share count
52-week range 17.31 - 32.71

Valuation FY2025 figures against the last close

P/S1.6x
P/E25.2x
P/FCF—
EV/EBITDA16.8x
Dividend yield—
Diluted EPS0.89

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.910.610.770.060.210.210.03-0.19-0.020.22
EPS, diluted 0.890.600.750.060.210.210.03-0.19-0.020.22
Shares, diluted (wtd. avg.) 15.5M15.1M15.1M15.7M15.8M15.8M15.8M16.3M16.1M16.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 123.9M Gross profit, FY2016: 35M Net income, FY2016: 3.5M Revenue, FY2017: 118.9M Gross profit, FY2017: 30.7M Net income, FY2017: -346K Revenue, FY2018: 103.3M Gross profit, FY2018: 25.9M Net income, FY2018: -3.1M Revenue, FY2019: 93.7M Gross profit, FY2019: 22.1M Net income, FY2019: 453K Revenue, FY2020: 102M Gross profit, FY2020: 26.9M Net income, FY2020: 3.2M Revenue, FY2021: 119.1M Gross profit, FY2021: 28.7M Net income, FY2021: 3.3M Revenue, FY2022: 141.6M Gross profit, FY2022: 26.8M Net income, FY2022: 924K Revenue, FY2023: 160.1M Gross profit, FY2023: 42.4M Net income, FY2023: 11.4M Revenue, FY2024: 186.8M Gross profit, FY2024: 48.6M Net income, FY2024: 9M Revenue, FY2025: 212.5M Gross profit, FY2025: 58.2M Net income, FY2025: 13.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $123.9M $118.9M $103.3M $93.7M $102.0M $119.1M $141.6M $160.1M $186.8M $212.5M
Gross profit $35.0M $30.7M $25.9M $22.1M $26.9M $28.7M $26.8M $42.4M $48.6M $58.2M
Net income $3.5M -$346.0K -$3.1M $453.0K $3.2M $3.3M $924.0K $11.4M $9.0M $13.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.