LWAYNasdaqDairy ProductsFiscal year ends December 31
Lifeway Foods, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$22.16+0.07 (+0.32%)
Close on Oct 19, 2026
- Market cap
- $338.80M
- P/E (TTM)
- 31.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
27.4%+1.0 pts over 5 years
Operating margin
7.6%+2.8 pts over 5 years
Net margin
6.5%+3.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.7% | +14.5% | +15.8% | +6.0% | |
| Gross profit | +19.8% | +29.5% | +16.7% | +6.9% | |
| Operating income | +16.7% | +90.2% | +26.9% | +13.9% | |
| Net income | +53.6% | +146.6% | +33.8% | +21.5% | |
| EPS, diluted | +48.3% | +145.7% | +33.5% | +22.2% | |
| Free cash flow | +28.9% | +146.7% | +12.5% | +5.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 7.4% | 7.2% | 17.6% | |
| Return on assets | 5.3% | 5.5% | 14.1% | |
| Current ratio | 2.94 | 2.85 | 2.23 | |
| Debt to equity | 0.13 | 0.00 | – | |
| Net debt to EBITDA | -0.28× | -0.97× | – | |
| Interest coverage | 27.7× | 41.7× | 210.0× | |
| Inventory turnover | 11.3× | 11.3× | 15.0× | |
| Capex to revenue | 2.6% | 1.9% | 1.4% | |
| Diluted shares | 16M | 16M | 16M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lifeway Foods generated $50.40M from operations and spent $24.87M on capital expenditure, dividends and share buybacks. 78% of that went back into the business.
Generated
$50.40M
Used
$24.87M
Capital expenditure$19.29M78%Dividends$00%Share buybacks$5.58M22%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.5%
×Asset turnover2.17×
×Equity multiplier1.24×
=Return on equity, FY202517.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.5% | 2.17× | 1.24× | 17.6% |
| FY2024 | 4.8% | 2.17× | 1.30× | 13.6% |
| FY2023 | 7.1% | 2.13× | 1.39× | 21.0% |
| FY2022 | 0.7% | 2.02× | 1.45× | 1.9% |
| FY2021 | 2.8% | 1.80× | 1.38× | 6.9% |
| FY2020 | 3.2% | 1.73× | 1.31× | 7.2% |
| FY2019 | 0.5% | 1.65× | 1.33× | 1.1% |
| FY2018 | -3.0% | 1.70× | 1.36× | -6.9% |
| FY2017 | -0.3% | 1.83× | 1.37× | -0.7% |
| FY2016 | 2.8% | 1.90× | 1.39× | 7.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$13.86M
- Cash generatingOperating cash flow above zero$10.95M
- Return on assets improvedROA up on the prior year11.1% → 15.3%
- Earnings backed by cashOperating cash flow above net income$10.95M vs $13.86M
- Less leverageLong-term debt to assets fell0.0% → –
- Better liquidityCurrent ratio rose2.81 → 2.23
- No dilutionShare count did not rise15M → 16M
- Gross margin improvedGross margin up on the prior year26.00% → 27.39%
- More efficientAsset turnover rose2.29 → 2.35