Lifeway Food Financials
This page shows Lifeway Food (LWAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Lifeway Food has an operating margin of 7.4%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is down from 10.6% the prior year.
Lifeway Food's revenue surged 16.7% year-over-year to $186.8M, reflecting rapid business expansion. This strong growth earns a score of 76/100.
Lifeway Food carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.81, Lifeway Food holds $2.81 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Lifeway Food's free cash flow margin of 3.4% results in a low score of 17/100. Capital expenditures of $6.7M absorb a large share of operating cash flow.
Lifeway Food's ROE of 12.6% shows moderate profitability relative to equity, earning a score of 50/100. This is down from 18.8% the prior year.
Lifeway Food scores 14.90, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($335.6M) relative to total liabilities ($18.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Lifeway Food passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Lifeway Food generates $1.44 in operating cash flow ($13.0M OCF vs $9.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Lifeway Food earns $131.9 in operating income for every $1 of interest expense ($13.9M vs $105K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Lifeway Food generated $186.8M in revenue in fiscal year 2024. This represents an increase of 16.7% from the prior year.
Lifeway Food's EBITDA was $17.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.5% from the prior year.
Lifeway Food generated $6.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 50.2% from the prior year.
Lifeway Food reported $9.0M in net income in fiscal year 2024. This represents a decrease of 20.6% from the prior year.
Lifeway Food earned $0.60 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 20.0% from the prior year.
Lifeway Food held $16.7M in cash against $0 in long-term debt as of fiscal year 2024.
Lifeway Food had 15M shares outstanding in fiscal year 2024. This represents an increase of 2.8% from the prior year.
Lifeway Food's gross margin was 26.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
Lifeway Food's operating margin was 7.4% in fiscal year 2024, reflecting core business profitability. This is down 3.2 percentage points from the prior year.
Lifeway Food's net profit margin was 4.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.3 percentage points from the prior year.
Lifeway Food's ROE was 12.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 6.3 percentage points from the prior year.
Lifeway Food invested $6.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 53.9% from the prior year.
LWAY Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $57.1M+6.0% | $53.9M+16.9% | $46.1M-1.8% | $46.9M-4.5% | $49.2M+10.1% | $44.6M+6.0% | $42.1M+2.9% | $40.9M |
| Cost of Revenue | $40.7M+5.8% | $38.5M+9.8% | $35.1M+0.1% | $35.0M-2.4% | $35.9M+8.4% | $33.1M+9.2% | $30.3M+1.8% | $29.8M |
| Gross Profit | $16.4M+6.5% | $15.4M+39.6% | $11.0M-7.2% | $11.9M-10.4% | $13.3M+15.1% | $11.5M-2.2% | $11.8M+5.8% | $11.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.2M+30.2% | $4.8M+2.7% | $4.6M-38.8% | $7.6M+81.0% | $4.2M+1.0% | $4.1M+33.3% | $3.1M+0.6% | $3.1M |
| Operating Income | $5.0M-13.0% | $5.8M+268.2% | $1.6M+120.8% | $713K-86.8% | $5.4M+51.1% | $3.6M-38.0% | $5.8M+14.2% | $5.0M |
| Interest Expense | $21K0.0% | $21K+50.0% | $14K+366.7% | $3K-93.6% | $47K-7.8% | $51K-17.7% | $62K-43.1% | $109K |
| Income Tax | $1.6M-6.0% | $1.7M+16.5% | $1.4M+52.4% | $936K-40.6% | $1.6M+45.7% | $1.1M-37.4% | $1.7M+13.9% | $1.5M |
| Net Income | $3.5M-16.9% | $4.2M+20.0% | $3.5M+2312.5% | -$160K-104.2% | $3.8M+55.9% | $2.4M-38.9% | $4.0M+16.3% | $3.4M |
| EPS (Diluted) | $0.23-17.9% | $0.28+21.7% | $0.23 | $0.00-100.0% | $0.25+56.3% | $0.16-36.0% | $0.25+8.7% | $0.23 |
LWAY Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $109.5M+11.5% | $98.3M+4.9% | $93.7M+3.4% | $90.5M+6.6% | $84.9M+2.6% | $82.8M+1.3% | $81.7M+2.0% | $80.1M |
| Current Assets | $53.8M+9.1% | $49.3M+4.1% | $47.4M+8.7% | $43.6M+11.0% | $39.3M+4.5% | $37.6M-1.6% | $38.2M+3.4% | $36.9M |
| Cash & Equivalents | $23.0M+8.3% | $21.2M+9.1% | $19.4M+16.2% | $16.7M+14.3% | $14.6M+21.7% | $12.0M-8.9% | $13.2M+4.5% | $12.6M |
| Inventory | $11.1M+8.1% | $10.2M+10.6% | $9.2M+6.5% | $8.7M+2.6% | $8.5M+4.0% | $8.1M-10.7% | $9.1M-2.3% | $9.3M |
| Accounts Receivable | $17.4M+8.4% | $16.1M-3.7% | $16.7M+8.2% | $15.4M+6.2% | $14.5M-3.6% | $15.1M+8.6% | $13.9M+6.0% | $13.1M |
| Goodwill | $11.7M0.0% | $11.7M0.0% | $11.7M0.0% | $11.7M0.0% | $11.7M0.0% | $11.7M0.0% | $11.7M0.0% | $11.7M |
| Total Liabilities | $26.8M+36.7% | $19.6M+0.4% | $19.5M+4.6% | $18.6M+10.0% | $16.9M-11.8% | $19.2M-9.4% | $21.2M-11.9% | $24.1M |
| Current Liabilities | $23.4M+43.7% | $16.3M-0.5% | $16.4M+5.6% | $15.5M+11.9% | $13.9M-6.9% | $14.9M-10.5% | $16.6M+1.3% | $16.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $2.5M-9.1% | $2.8M-8.3% | $3.0M |
| Total Equity | $82.8M+5.2% | $78.7M+6.1% | $74.2M+3.1% | $71.9M+5.8% | $68.0M+7.0% | $63.5M+5.1% | $60.4M+8.0% | $56.0M |
| Retained Earnings | $86.1M+4.3% | $82.6M+5.4% | $78.4M+4.7% | $74.8M+3.9% | $72.0M+5.5% | $68.2M+3.7% | $65.8M+6.4% | $61.8M |
LWAY Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.9M+76.9% | $3.9M+2708.0% | -$150K+94.2% | -$2.6M-139.4% | $6.5M+323.3% | $1.5M-67.8% | $4.8M-28.3% | $6.7M |
| Capital Expenditures | $1.3M-42.1% | $2.3M+4.0% | $2.2M+77.2% | $1.3M-12.8% | $1.4M-41.8% | $2.5M+104.9% | $1.2M+4.2% | $1.2M |
| Free Cash Flow | $5.6M+247.9% | $1.6M+167.8% | -$2.4M+38.2% | -$3.8M-175.0% | $5.1M+653.4% | -$923K-125.7% | $3.6M-35.1% | $5.5M |
| Investing Cash Flow | -$5.1M-140.8% | -$2.1M-172.9% | $2.9M+334.5% | -$1.3M+12.9% | -$1.4M+41.8% | -$2.5M-105.1% | -$1.2M+4.1% | -$1.3M |
| Financing Cash Flow | $0 | $0+100.0% | -$65K | $0+100.0% | -$2.5M-900.0% | -$250K+91.7% | -$3.0M-1110.8% | -$250K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LWAY Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.7%+0.1pp | 28.6%+4.6pp | 23.9%-1.4pp | 25.4%-1.7pp | 27.0%+1.2pp | 25.8%-2.2pp | 28.0%+0.8pp | 27.3% |
| Operating Margin | 8.8%-1.9pp | 10.8%+7.3pp | 3.4%+1.9pp | 1.5%-9.4pp | 11.0%+3.0pp | 8.0%-5.7pp | 13.7%+1.3pp | 12.3% |
| Net Margin | 6.2%-1.7pp | 7.9%+0.2pp | 7.7%+8.0pp | -0.3%-8.0pp | 7.7%+2.3pp | 5.4%-4.0pp | 9.4%+1.1pp | 8.3% |
| Return on Equity | 4.3%-1.1pp | 5.4%+0.6pp | 4.8%+0.6pp | 4.2%-1.4pp | 5.6%+1.7pp | 3.8%-2.7pp | 6.6%+0.5pp | 6.1% |
| Return on Assets | 3.2%-1.1pp | 4.3%+0.5pp | 3.8%+4.0pp | -0.2%-4.6pp | 4.5%+1.5pp | 2.9%-1.9pp | 4.9%+0.6pp | 4.3% |
| Current Ratio | 2.30-0.7 | 3.03+0.1 | 2.89+0.1 | 2.81-0.0 | 2.83+0.3 | 2.53+0.2 | 2.30+0.0 | 2.25 |
| Debt-to-Equity | 0.32+0.1 | 0.25-0.0 | 0.260.0 | 0.260.0 | 0.25+0.2 | 0.040.0 | 0.050.0 | 0.05 |
| FCF Margin | 9.8%+6.8pp | 3.0%+8.1pp | -5.1%+3.0pp | -8.2%-18.6pp | 10.4%+12.5pp | -2.1%-10.6pp | 8.5%-5.0pp | 13.5% |
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Frequently Asked Questions
What is Lifeway Food's annual revenue?
Lifeway Food (LWAY) reported $186.8M in total revenue for fiscal year 2024. This represents a 16.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lifeway Food's revenue growing?
Lifeway Food (LWAY) revenue grew by 16.7% year-over-year, from $160.1M to $186.8M in fiscal year 2024.
Is Lifeway Food profitable?
Yes, Lifeway Food (LWAY) reported a net income of $9.0M in fiscal year 2024, with a net profit margin of 4.8%.
What is Lifeway Food's earnings per share (EPS)?
Lifeway Food (LWAY) reported diluted earnings per share of $0.60 for fiscal year 2024. This represents a -20.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Lifeway Food's EBITDA?
Lifeway Food (LWAY) had EBITDA of $17.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lifeway Food's gross margin?
Lifeway Food (LWAY) had a gross margin of 26.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lifeway Food's operating margin?
Lifeway Food (LWAY) had an operating margin of 7.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Lifeway Food's net profit margin?
Lifeway Food (LWAY) had a net profit margin of 4.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Lifeway Food's return on equity (ROE)?
Lifeway Food (LWAY) has a return on equity of 12.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Lifeway Food's free cash flow?
Lifeway Food (LWAY) generated $6.3M in free cash flow during fiscal year 2024. This represents a -50.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lifeway Food's operating cash flow?
Lifeway Food (LWAY) generated $13.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Lifeway Food's total assets?
Lifeway Food (LWAY) had $90.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Lifeway Food's capital expenditures?
Lifeway Food (LWAY) invested $6.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Lifeway Food have outstanding?
Lifeway Food (LWAY) had 15M shares outstanding as of fiscal year 2024.
What is Lifeway Food's current ratio?
Lifeway Food (LWAY) had a current ratio of 2.81 as of fiscal year 2024, which is generally considered healthy.
What is Lifeway Food's debt-to-equity ratio?
Lifeway Food (LWAY) had a debt-to-equity ratio of 0.26 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lifeway Food's return on assets (ROA)?
Lifeway Food (LWAY) had a return on assets of 10.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Lifeway Food's Altman Z-Score?
Lifeway Food (LWAY) has an Altman Z-Score of 14.90, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lifeway Food's Piotroski F-Score?
Lifeway Food (LWAY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lifeway Food's earnings high quality?
Lifeway Food (LWAY) has an earnings quality ratio of 1.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Lifeway Food cover its interest payments?
Lifeway Food (LWAY) has an interest coverage ratio of 131.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Lifeway Food?
Lifeway Food (LWAY) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.