Lifeway Foods (LWAY)
Market Price (9/6/2026): $25.01 | Market Cap: $379.2 MilSector: Consumer Staples | Industry: Packaged Foods & Meats
Lifeway Foods (LWAY)
Market Price (9/6/2026): $25.01Market Cap: $379.2 MilSector: Consumer StaplesIndustry: Packaged Foods & Meats
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products. | Weak multi-year price returns2Y Excs Rtn is -6.3% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 34x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% Key risksLWAY key risks include [1] significant governance scrutiny and internal disputes related to a prolonged proxy battle with the founding family and [2] a contentious takeover fight with major shareholder Danone. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products. |
| Weak multi-year price returns2Y Excs Rtn is -6.3% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 34x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| Key risksLWAY key risks include [1] significant governance scrutiny and internal disputes related to a prolonged proxy battle with the founding family and [2] a contentious takeover fight with major shareholder Danone. |
Qualitative Assessment
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Updated on 9/1/2026
Lifeway Foods (LWAY) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Lifeway Foods achieved record net sales for fiscal Q2 2026, which ended on June 30, 2026, reaching $66.9 million, a 24.1% increase year-over-year. This marked the company's 27th consecutive quarter of year-over-year net sales growth, with first-half 2026 net sales also hitting a record $129.9 million, up 29.9% year-over-year.
2. The robust sales growth was primarily driven by higher volumes of the company's flagship Lifeway Kefir and high-protein Lifeway Farmer Cheese products. This performance capitalized on strong consumer trends towards protein and digestive health, indicating sustained demand for Lifeway's core offerings.
Show more
Lifeway Foods (LWAY) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Lifeway Foods achieved record net sales for fiscal Q2 2026, which ended on June 30, 2026, reaching $66.9 million, a 24.1% increase year-over-year. This marked the company's 27th consecutive quarter of year-over-year net sales growth, with first-half 2026 net sales also hitting a record $129.9 million, up 29.9% year-over-year.
2. The robust sales growth was primarily driven by higher volumes of the company's flagship Lifeway Kefir and high-protein Lifeway Farmer Cheese products. This performance capitalized on strong consumer trends towards protein and digestive health, indicating sustained demand for Lifeway's core offerings.
Show more
Updated on 9/1/2026
Lifeway Foods (LWAY) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Lifeway Foods achieved record net sales for fiscal Q2 2026, which ended on June 30, 2026, reaching $66.9 million, a 24.1% increase year-over-year. This marked the company's 27th consecutive quarter of year-over-year net sales growth, with first-half 2026 net sales also hitting a record $129.9 million, up 29.9% year-over-year.
2. The robust sales growth was primarily driven by higher volumes of the company's flagship Lifeway Kefir and high-protein Lifeway Farmer Cheese products. This performance capitalized on strong consumer trends towards protein and digestive health, indicating sustained demand for Lifeway's core offerings.
3. Lifeway Foods received positive analyst sentiment, including upgrades to "strong-buy" ratings from BTIG Research on August 21, 2026, and Freedom Capital on August 14, 2026. The consensus rating for the stock is "Buy," with an average price target of $34.00, suggesting a significant potential upside for investors.
4. The company is making strategic investments in its manufacturing capabilities, with a $50.5 million project to expand and modernize its Waukesha, Wisconsin plant. This expansion is expected to double manufacturing capacity and enhance packaging efficiency by early 2027, signaling future operational improvements and growth potential.
Show less
Lifeway Foods (LWAY) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Lifeway Foods achieved record net sales for fiscal Q2 2026, which ended on June 30, 2026, reaching $66.9 million, a 24.1% increase year-over-year. This marked the company's 27th consecutive quarter of year-over-year net sales growth, with first-half 2026 net sales also hitting a record $129.9 million, up 29.9% year-over-year.
2. The robust sales growth was primarily driven by higher volumes of the company's flagship Lifeway Kefir and high-protein Lifeway Farmer Cheese products. This performance capitalized on strong consumer trends towards protein and digestive health, indicating sustained demand for Lifeway's core offerings.
3. Lifeway Foods received positive analyst sentiment, including upgrades to "strong-buy" ratings from BTIG Research on August 21, 2026, and Freedom Capital on August 14, 2026. The consensus rating for the stock is "Buy," with an average price target of $34.00, suggesting a significant potential upside for investors.
4. The company is making strategic investments in its manufacturing capabilities, with a $50.5 million project to expand and modernize its Waukesha, Wisconsin plant. This expansion is expected to double manufacturing capacity and enhance packaging efficiency by early 2027, signaling future operational improvements and growth potential.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 5.0% change in LWAY stock from 5/31/2026 to 9/5/2026 was primarily driven by a 43.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.83 | 25.01 | 5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 229 | 242 | 5.7% |
| Net Income Margin (%) | 6.5% | 4.5% | -31.4% |
| P/E Multiple | 24.2 | 34.9 | 43.8% |
| Shares Outstanding (Mil) | 15 | 15 | 0.6% |
| Cumulative Contribution | 5.0% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| LWAY | 5.0% | |
| Market (SPY) | 1.8% | -20.9% |
| Sector (XLP) | 2.0% | 13.1% |
Fundamental Drivers
The 12.9% change in LWAY stock from 2/28/2026 to 9/5/2026 was primarily driven by a 18.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.16 | 25.01 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 204 | 242 | 18.8% |
| Net Income Margin (%) | 5.5% | 4.5% | -18.0% |
| P/E Multiple | 30.2 | 34.9 | 15.3% |
| Shares Outstanding (Mil) | 15 | 15 | 0.4% |
| Cumulative Contribution | 12.9% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| LWAY | 12.9% | |
| Market (SPY) | 12.6% | 7.4% |
| Sector (XLP) | -5.5% | 14.9% |
Fundamental Drivers
The -17.9% change in LWAY stock from 8/31/2025 to 9/5/2026 was primarily driven by a -20.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.47 | 25.01 | -17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 193 | 242 | 25.6% |
| Net Income Margin (%) | 5.5% | 4.5% | -18.4% |
| P/E Multiple | 43.7 | 34.9 | -20.2% |
| Shares Outstanding (Mil) | 15 | 15 | 0.3% |
| Cumulative Contribution | -17.9% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| LWAY | -17.9% | |
| Market (SPY) | 20.4% | 8.9% |
| Sector (XLP) | 6.9% | 16.4% |
Fundamental Drivers
The 132.7% change in LWAY stock from 8/31/2023 to 9/5/2026 was primarily driven by a 60.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.75 | 25.01 | 132.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 151 | 242 | 60.4% |
| Net Income Margin (%) | 3.8% | 4.5% | 19.2% |
| P/E Multiple | 27.8 | 34.9 | 25.3% |
| Shares Outstanding (Mil) | 15 | 15 | -2.9% |
| Cumulative Contribution | 132.7% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| LWAY | 132.7% | |
| Market (SPY) | 77.1% | 15.8% |
| Sector (XLP) | 25.2% | 11.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LWAY Return | -15% | 21% | 142% | 85% | -2% | 6% | 374% |
| Peers Return | 13% | -24% | -10% | -23% | -32% | -10% | -64% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| LWAY Win Rate | 33% | 58% | 50% | 50% | 42% | 33% | |
| Peers Win Rate | 56% | 40% | 52% | 40% | 44% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| LWAY Max Drawdown | -35% | -46% | -30% | -60% | -36% | -27% | |
| Peers Max Drawdown | -22% | -41% | -38% | -32% | -43% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAIN, BGS, KHC, PEP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | LWAY | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -41.0% | -33.7% |
| % Gain to Breakeven | 69.4% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.6% | -19.2% |
| % Gain to Breakeven | 46.3% | 23.8% |
| Time to Breakeven | 169 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -43.0% | -3.7% |
| % Gain to Breakeven | 75.3% | 3.9% |
| Time to Breakeven | 2362 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.7% | -12.2% |
| % Gain to Breakeven | 46.4% | 13.9% |
| Time to Breakeven | 310 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.3% | -6.8% |
| % Gain to Breakeven | 37.6% | 7.3% |
| Time to Breakeven | 308 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -12.9% | -15.4% |
| % Gain to Breakeven | 14.8% | 18.2% |
| Time to Breakeven | 48 days | 125 days |
In The Past
Lifeway Foods's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.7% gain to breakeven.
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Asset Allocation
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| Event | LWAY | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -41.0% | -33.7% |
| % Gain to Breakeven | 69.4% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.6% | -19.2% |
| % Gain to Breakeven | 46.3% | 23.8% |
| Time to Breakeven | 169 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -43.0% | -3.7% |
| % Gain to Breakeven | 75.3% | 3.9% |
| Time to Breakeven | 2362 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.7% | -12.2% |
| % Gain to Breakeven | 46.4% | 13.9% |
| Time to Breakeven | 310 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.3% | -6.8% |
| % Gain to Breakeven | 37.6% | 7.3% |
| Time to Breakeven | 308 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.7% | -53.4% |
| % Gain to Breakeven | 111.6% | 114.4% |
| Time to Breakeven | 198 days | 1085 days |
In The Past
Lifeway Foods's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Lifeway Foods (LWAY)
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Lifeway Foods, Inc. (LWAY) is a food company focused on producing and marketing probiotic-based products. Its flagship offering is drinkable kefir, a cultured dairy beverage. This primary product comes in a wide variety of options, including organic and non-organic versions, different fat levels such as low-fat, non-fat, and whole milk, and specialized types like protein-enhanced and BioKefir. These are available in various sizes and flavors to cater to diverse consumer preferences.
Beyond its core drinkable kefir line, Lifeway Foods diversifies its product portfolio with several other dairy-based items. This includes European-style soft cheeses, cream products, and a range of specifically targeted offerings like ProBugs, which is kefir designed for children. The company also provides different formats such as cupped kefir, Icelandic Skyr (a strained kefir and yogurt product), and frozen kefir available in both soft serve and pint-size containers.
Lifeway Foods distributes its comprehensive product range under its own Lifeway and Fresh Made brand names, and additionally produces private label goods for other customers. The company primarily sells its products through a direct sales force, brokers, and distributors, serving a broad market across the United States and internationally.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Lifeway Foods (LWAY):
- Like the Chobani or Fage of kefir.
- A smaller Dannon (Danone), but specializing in probiotic kefir.
AI Analysis | Feedback
- Drinkable Kefir: A cultured dairy product offered in various organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir.
- European-Style Soft Cheeses: A line of soft cheeses made in the European tradition.
- Cream: Dairy cream products.
- ProBugs: A specific line of kefir products tailored for children.
- Cupped Kefir and Icelandic Skyr: Strained kefir and yogurt products available in single-serving cups.
- Frozen Kefir: Kefir products offered in both soft-serve and pint-size frozen formats.
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Lifeway Foods (LWAY) Management Team:
Julie Smolyansky
President, Chief Executive Officer, Secretary and DirectorJulie Smolyansky became the youngest female CEO of a publicly held firm when she took over Lifeway Foods at the age of 27 in 2002, following the passing of her father, Michael Smolyansky, who founded the company in 1986. Under her leadership, Lifeway's annual revenue has grown significantly, from $12 million in 2002 to a projected $185-$186.5 million in 2024, and reached $210 million in 2025. She has expanded the company's distribution across the United States, Mexico, France, Ireland, and parts of Central and South America and the Caribbean. Smolyansky is also a co-founder of Test400k, a non-profit dedicated to ending the backlog of untested rape kits in the U.S.
Eric Hanson
Chief Financial and Accounting Officer and TreasurerEric Hanson is Lifeway's Chief Financial and Accounting Officer and Treasurer. He joined Lifeway as Controller in July 2016 and was promoted to Chief Accounting Officer in May 2018. Prior to Lifeway, Eric was Director of External Reporting for CPG International from 2014 through 2016 and an Audit Manager for Deloitte and Touche from 2012 to 2014. He also held various audit positions with Crowe Horwath from 2003 through 2012, bringing over 20 years of accounting and financial reporting experience. He holds a Bachelor of Science in Finance from the University of Illinois.
Joe Walker
Executive Vice President and Chief Operating OfficerJoe Walker is the Executive Vice President and Chief Operating Officer of Lifeway. He previously served as Chief Financial Officer for seven years and has held various financial positions at Lifeway since 1986. He oversees all areas of operations and works with the executive leadership team. Walker is a CPA and holds a bachelor's degree with a major in accounting from the University of Tennessee, Martin.
Amy Feldman
Senior Executive Vice President of SalesAmy Feldman was appointed Lifeway's Senior Executive Vice President of Sales in October 2018. She has over 20 years of experience in the food industry, focusing on building businesses, brands, and teams, particularly in the Fresh and Natural Foods sector. Her background includes experience as a retailer, broker, distributor, and working with high-growth food brands across various sales channels.
Ludmila Smolyansky
Chairperson of the BoardLudmila Smolyansky co-founded Lifeway Foods in 1986 with her husband, Michael Smolyansky. They immigrated to the U.S. from the Soviet Union in 1976. After discovering kefir at a German food show in 1985, they were inspired to produce it in the United States, starting the company with an initial capital of $250,000. She currently serves as the Chairperson of the Board.
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The key risks to Lifeway Foods (LWAY) are:
- Corporate Governance Issues and Internal Disputes: Lifeway Foods faces significant governance scrutiny, particularly regarding the CEO's spouse's role, executive compensation practices, and a prolonged proxy battle involving members of the founding family. The company has also been engaged in a contentious battle against a potential takeover by French dairy giant Danone, a major shareholder, with accusations that Danone has attempted to undermine Lifeway's business and control. This internal discord and external pressure from a large shareholder could lead to management distraction, instability, and impact strategic decision-making and investor confidence.
- Intense Market Competition: The cultured dairy and functional food sectors in which Lifeway operates are highly competitive. Lifeway faces strong competition from larger consumer packaged goods (CPG) companies such as Danone, General Mills, and Chobani, which possess extensive marketing budgets and distribution capabilities. This intense competition can challenge Lifeway's market share and pricing power.
- Volatility in Raw Material Prices: As a producer of dairy-based products, Lifeway Foods is susceptible to significant fluctuations in the prices of raw materials, particularly milk. Volatile commodity prices can directly impact the company's cost of goods sold, subsequently affecting its profitability and financial performance.
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The rapid and increasing consumer shift towards plant-based diets and alternatives, including fermented plant-based beverages, poses a threat to Lifeway Foods, whose primary products are dairy-based. As consumers seek non-dairy options for health, ethical, or environmental reasons, the market for traditional dairy kefir may shrink or grow more slowly than the plant-based segment, potentially eroding Lifeway's market share or growth opportunities if they do not adequately diversify their product offerings.
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Lifeway Foods (LWAY) operates within several addressable markets related to probiotic-based dairy products, including kefir, Icelandic Skyr, soft cheeses, and cream products. These markets show significant growth potential, particularly in the United States and globally.
Kefir Products (Drinkable, Cupped, ProBugs, Frozen Kefir)
- The global kefir market was valued at approximately USD 2.16 billion in 2024 and is projected to reach about USD 3.68 billion by 2033.
- In North America, the kefir market was valued at USD 275.61 million in 2024 and is expected to reach USD 435.32 million by 2033. The U.S. kefir market alone is projected to reach USD 296.13 million by 2032.
- More broadly, the U.S. yogurt and probiotic drink market was estimated at USD 8.43 billion in 2022 and is expected to continue growing through 2030. The global probiotic drinks market was valued at USD 24.85 billion in 2024 and is projected to grow to approximately USD 56.19 billion by 2034. North America was the dominant region in the probiotic drinks market in 2024.
Icelandic Skyr
- The global Skyr yogurt market size was valued at USD 2.1 billion in 2024 and is anticipated to reach USD 4.2 billion by 2033.
- North America represents a fast-growing regional market for Skyr yogurt, with sales reaching USD 650 million in 2024. Skyr is also a component of the broader U.S. yogurt market, which was estimated at USD 12.87 billion in 2026 and is projected to reach USD 16.08 billion by 2031.
European-Style Soft Cheeses
- The global soft cheese market was valued at USD 10.57 billion by the end of 2025 and is projected to reach USD 15.50 billion by 2033.
- North America accounts for approximately 28.25% of the global soft cheese market revenue in 2025. The U.S. cheese market overall is forecast to increase by USD 12.2 billion between 2024 and 2029.
Cream and Other Products
- The U.S. cream cheese market was valued at USD 5.8 billion in 2024 and is estimated to reach USD 12.6 billion by 2034.
- The broader U.S. dairy products market, which encompasses cream and other dairy items, was valued at USD 120.7 billion in 2024 and is projected to reach USD 167.9 billion by 2032.
AI Analysis | Feedback
Lifeway Foods (LWAY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Sustained Volume-Led Growth of Core Kefir Products: Lifeway Foods anticipates continued strong performance from its flagship Lifeway branded drinkable kefir. The company has consistently reported double-digit volume-led growth in this category, with 21 consecutive quarters of year-over-year net sales growth by the end of 2024, and continued strong volume-led growth into 2025.
- Expansion of Product Portfolio and Innovation: The company is actively diversifying its product offerings beyond traditional kefir. This includes the launch of new products such as kefir butter (expected in 2026), Muscle Mates, and collagen smoothies. Lifeway aims to generate 30% of its revenue from non-traditional products by the end of 2026.
- Increased Manufacturing Capacity: To support growing demand, Lifeway is investing in expanding its production capabilities. The Waukesha facility expansion is slated to double capacity by the end of 2026 and significantly increase bottling speeds.
- Strategic Sales and Marketing Investments: Lifeway plans to continue investing in sales and marketing initiatives to drive product trial, accelerate product velocities, and attract new customers. These efforts leverage the increasing consumer demand for health and wellness products, particularly those offering probiotics, high protein, and functional benefits. The company is also focusing on distribution by expanding products like its Lifeway Farmer Cheese line into major retail channels.
- Market Expansion through International Growth and Strategic Acquisitions: Lifeway Foods is pursuing growth in new markets. Its international expansion strategy targets a 25% year-over-year sales increase in the EMEA and APAC regions. Additionally, the company is open to strategic acquisitions, having recently acquired a plant-based yogurt maker and aiming to evaluate 3-5 acquisition targets annually through 2027 to further diversify its portfolio.
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Share Repurchases
- On June 28, 2025, Lifeway Foods' Board of Directors approved a new share repurchase program authorizing the company to repurchase up to 250,000 shares within a two-year period.
- This share repurchase program is intended to be funded using available cash generated through operations.
- No purchases of equity securities by the issuer were reported in fiscal years 2024 or 2023.
Share Issuance
- As of April 25, 2025, and March 14, 2025, Lifeway Foods had 15,203,241 shares of common stock outstanding.
- On March 20, 2023, the company reported 14,644,762 shares of common stock outstanding.
- As of December 31, 2022, shares outstanding were approximately 16 million.
Inbound Investments
- A Cooperation Agreement with Danone was detailed in an 8-K filing on September 30, 2025, which includes provisions for board refreshment, voting commitments, and registration rights for Danone's holdings.
- Lifeway Foods has 119 institutional owners and shareholders, including firms like Divisadero Street Capital Management, Cresset Asset Management, Renaissance Technologies, Vanguard Group, and BlackRock, holding a total of 4,956,013 shares.
Outbound Investments
- In August 2021, Lifeway Foods acquired the Glen Oaks Farms drinkable yogurt product line.
Capital Expenditures
- Lifeway Foods reported capital expenditures of $10.9 million for September 2025 and $5.1 million in Q3 2025.
- Annual capital expenditures were $6.7 million for fiscal year 2024.
- Year-to-date capital expenditures for 2025 were $9 million, primarily allocated to the expansion of its Waukesha facility to double capacity by the end of 2026 and triple bottling speeds.
Peer Outperformance in Packaged Foods & Meats
LWAY has outperformed 98% of its 46 Packaged Foods & Meats peers over 5Y. Packaged Foods & Meats ranks 10th of 12 industries in Consumer Staples by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Packaged Foods & Meats constituents that LWAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
56%
of 52 industry peers · -19.6% return
3Y
90%
of 50 industry peers · 116.9% return
5Y
98%
of 46 industry peers · 363.1% return
No Packaged Foods & Meats peer with a comparable growth profile has beaten LWAY by more than 20pp over 5Y.
Median price return by industry across the Consumer Staples sector, ranked by 5Y. Packaged Foods & Meats is LWAY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Consumer Staples Merchandise Retail | 12 | 13.1% | 45.6% | 49.5% | NGVC 179% · VLGEA 135% · WMT 129% |
| Tobacco | 6 | -26.6% | 18.6% | 35.8% | PM 117% · MO 99% · TPB 50% |
| Food Retail | 6 | -11.6% | 73.8% | 30.0% | CASY 276% · SFM 232% · KR 40% |
| Food Distributors | 9 | -0.2% | 40.9% | 18.1% | CHEF 294% · USFD 214% · ANDE 151% |
| Soft Drinks & Non-alcoholic Beverages | 12 | -6.5% | -12.2% | 5.3% | COKE 398% · BRFH 202% · CCHGY 109% |
| Brewers | 3 | -16.0% | -27.3% | 1.7% | BUD 44% · TAP 2% · SAM -70% |
| Agricultural Products & Services | 11 | 3.8% | 6.6% | -11.5% | BG 75% · ADM 62% · INGR 32% |
| Household Products | 19 | 0.6% | -6.1% | -23.3% | IPAR 76% · ACU 69% · CL 28% |
| Personal Care Products | 4 | -5.8% | -18.0% | -25.8% | ELF 258% · PG 16% · EL -67% |
| Packaged Foods & Meats ← | 47 | -23.5% | -31.3% | -39.5% | MAMA 466% · LWAY 363% · SENEA 302% |
| Distillers & Vintners | 5 | -42.3% | -58.4% | -74.9% | STZ -34% · BF-B -58% · MGPI -75% |
| Drug Retail | 3 | -40.7% | -83.9% | -92.7% | HITI -66% · PETS -93% · SCNX -99% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Lifeway Foods Earnings Notes | 12/16/2025 | |
| Can Lifeway Foods Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.85 |
| Mkt Cap | 0.4 |
| Rev LTM | 1,771 |
| Op Inc LTM | 173 |
| FCF LTM | 64 |
| FCF 3Y Avg | 107 |
| CFO LTM | 89 |
| CFO 3Y Avg | 135 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.6% |
| Rev Chg 3Y Avg | -2.8% |
| Rev Chg Q | -1.4% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | -6.5% |
| Op Inc Chg 3Y Avg | -4.1% |
| Op Mgn LTM | 9.8% |
| Op Mgn 3Y Avg | 10.3% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 5.0% |
| CFO/Rev 3Y Avg | 7.1% |
| FCF/Rev LTM | 3.6% |
| FCF/Rev 3Y Avg | 5.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Drinkable Kefir other than ProBugs | 181 | 153 | 128 | 110 | 96 |
| Cheese | 17 | 15 | 14 | 13 | 13 |
| Cream and other | 9 | 8 | 7 | 7 | 4 |
| Drinkable Yogurt | 2 | 6 | 6 | 6 | 2 |
| ProBugs Kefir | 2 | 3 | 3 | 3 | 3 |
| Other dairy | 1 | 1 | 2 | 2 | 2 |
| Total | 212 | 187 | 160 | 142 | 119 |
| $ Mil | 1997 | 1996 | 1995 |
|---|---|---|---|
| Dairy Products | 1 | 1 | 1 |
| Restaurant | 0 | ||
| Corporate & Other | -0 | ||
| Total | 1 | 1 | 0 |
| $ Mil | 1997 | 1996 | 1995 |
|---|---|---|---|
| Dairy Products | 6 | 5 | 3 |
| Corporate & Other | 0 | 0 | 0 |
| Restaurant | 0 | 0 | 1 |
| Total | 6 | 5 | 4 |
Price Behavior
Price Behavior
| Market Price | $25.01 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 08/18/1995 | |
| Distance from 52W High | -26.0% | |
| 50 Days | 200 Days | |
| DMA Price | $28.95 | $24.69 |
| DMA Trend | up | up |
| Distance from DMA | -13.6% | 1.3% |
| 3M | 1YR | |
| Volatility | 51.7% | 48.1% |
| Downside Capture | -136.85 | 13.70 |
| Upside Capture | -81.93 | -14.61 |
| Correlation (SPY) | -21.2% | 8.4% |
LWAY Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.02 | -1.38 | -0.82 | 0.29 | 0.35 | 0.76 |
| Up Beta | -0.56 | -1.09 | 0.28 | 1.10 | 1.20 | 1.07 |
| Down Beta | -3.31 | -0.75 | -0.72 | 0.04 | 0.35 | 0.31 |
| Up Capture | -285% | -164% | -82% | 16% | -6% | 63% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 37 | 62 | 122 | 363 |
| Down Capture | -207% | -147% | -197% | -21% | 15% | 86% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 27 | 63 | 127 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LWAY | |
|---|---|---|---|---|
| LWAY | -19.1% | 48.0% | -0.28 | - |
| Sector ETF (XLP) | 7.1% | 14.4% | 0.25 | 16.5% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 8.6% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 6.4% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -12.7% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 16.6% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 3.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LWAY | |
|---|---|---|---|---|
| LWAY | 36.0% | 66.6% | 0.73 | - |
| Sector ETF (XLP) | 6.0% | 13.7% | 0.22 | 11.6% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 18.6% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 4.6% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | -2.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 16.1% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LWAY | |
|---|---|---|---|---|
| LWAY | 8.6% | 68.7% | 0.41 | - |
| Sector ETF (XLP) | 7.2% | 14.9% | 0.35 | 9.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 16.4% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 4.4% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 4.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 14.1% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -15.5% | -14.3% | |
| 5/14/2026 | -4.6% | -6.3% | -8.0% |
| 3/17/2026 | -7.2% | -9.7% | 18.7% |
| 1/8/2026 | 0.4% | -2.4% | -4.3% |
| 11/12/2025 | -2.5% | -6.8% | -0.9% |
| 8/12/2025 | 6.8% | 10.5% | 16.9% |
| 3/5/2025 | -1.2% | -2.6% | 16.9% |
| 1/6/2025 | -3.3% | -7.7% | -6.0% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 3 |
| # Negative | 6 | 7 | 4 |
| Median Positive | 3.6% | 10.5% | 16.9% |
| Median Negative | -3.9% | -6.8% | -5.1% |
| Max Positive | 6.8% | 10.5% | 18.7% |
| Max Negative | -15.5% | -14.3% | -8.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -15.5% | -14.3% | |
| 5/14/2026 | -4.6% | -6.3% | -8.0% |
| 3/17/2026 | -7.2% | -9.7% | 18.7% |
| 1/8/2026 | 0.4% | -2.4% | -4.3% |
| 11/12/2025 | -2.5% | -6.8% | -0.9% |
| 8/12/2025 | 6.8% | 10.5% | 16.9% |
| 3/5/2025 | -1.2% | -2.6% | 16.9% |
| 1/6/2025 | -3.3% | -7.7% | -6.0% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 3 |
| # Negative | 6 | 7 | 4 |
| Median Positive | 3.6% | 10.5% | 16.9% |
| Median Negative | -3.9% | -6.8% | -5.1% |
| Max Positive | 6.8% | 10.5% | 18.7% |
| Max Negative | -15.5% | -14.3% | -8.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/26/2022 | 10-Q |
| 03/31/2022 | 08/26/2022 | 10-Q |
| 12/31/2021 | 07/21/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 06/26/2020 | 10-Q |
| 12/31/2019 | 04/14/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Gross Margin | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Adjusted EBITDA | Reported | 45.00 Mil | 47.50 Mil | 50.00 Mil | 0 | Affirmed | Guidance: 47.50 Mil for 2027 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smolyansky, Julie | CEO, President and Secretary | Direct | Buy | 8192026 | 25.26 | 2,000 | 50,520 | 55,928,040 | Form |
| 2 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.78 | 35,952 | 890,923 | 58,188,230 | Form | |
| 3 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.69 | 15,000 | 370,352 | 57,087,363 | Form | |
| 4 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.87 | 195,616 | 4,865,537 | 57,136,931 | Form | |
| 5 | Smolyansky, Edward | See footnote | Sell | 8142026 | 25.45 | 75,000 | 1,908,685 | 22,771,709 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smolyansky, Julie | CEO, President and Secretary | Direct | Buy | 8192026 | 25.26 | 2,000 | 50,520 | 55,928,040 | Form |
| 2 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.78 | 35,952 | 890,923 | 58,188,230 | Form | |
| 3 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.69 | 15,000 | 370,352 | 57,087,363 | Form | |
| 4 | Divisadero, Street Capital Management, LP | See footnote | Buy | 8172026 | 24.87 | 195,616 | 4,865,537 | 57,136,931 | Form | |
| 5 | Smolyansky, Edward | See footnote | Sell | 8142026 | 25.45 | 75,000 | 1,908,685 | 22,771,709 | Form | |
| 6 | Smolyansky, Edward | See footnote | Sell | 8142026 | 28.74 | 35,000 | 1,005,900 | 27,871,851 | Form | |
| 7 | Smolyansky, Ludmila | See footnote | Sell | 7232026 | 30.11 | 100,000 | 3,011,400 | 15,274,032 | Form | |
| 8 | Smolyansky, Edward | See footnote | Sell | 7162026 | 32.02 | 66,916 | 2,142,756 | 32,175,062 | Form | |
| 9 | Smolyansky, Edward | See footnote | Sell | 7092026 | 29.41 | 39,098 | 1,149,872 | 31,518,962 | Form | |
| 10 | Smolyansky, Edward | See footnote | Sell | 7092026 | 29.79 | 7,984 | 237,843 | 33,090,941 | Form | |
| 11 | Smolyansky, Edward | Direct | Sell | 7022026 | 29.56 | 50,000 | 1,478,000 | 25,204,098 | Form | |
| 12 | Smolyansky, Edward | See Footnote | Sell | 7022026 | 30.12 | 14,542 | 438,005 | 35,203,985 | Form | |
| 13 | Smolyansky, Edward | Direct | Sell | 7022026 | 29.26 | 111,548 | 3,263,361 | 26,406,991 | Form | |
| 14 | Smolyansky, Ludmila | See footnote | Sell | 6262026 | 29.65 | 45,616 | 1,352,514 | 18,003,688 | Form | |
| 15 | Smolyansky, Ludmila | See footnote | Sell | 6262026 | 30.12 | 40,000 | 1,204,800 | 19,663,029 | Form | |
| 16 | Smolyansky, Edward | Direct | Sell | 6262026 | 29.85 | 38,452 | 1,147,894 | 30,276,250 | Form | |
| 17 | Smolyansky, Edward | See footnote | Sell | 6222026 | 26.20 | 50,000 | 1,310,000 | 31,003,325 | Form | |
| 18 | Smolyansky, Ludmila | See footnote | Sell | 6112026 | 24.02 | 20,000 | 480,400 | 16,641,608 | Form | |
| 19 | Danone, S.a. | Direct | Sell | 5202026 | 19.50 | 3,454,756 | Form | |||
| 20 | Divisadero, Street Capital Management, LP | See Footnote | Buy | 5182026 | 25.27 | 33,174 | 838,290 | 53,104,865 | Form | |
| 21 | Smolyansky, Edward | Direct | Sell | 5182026 | 24.87 | 24,000 | 596,805 | 26,175,917 | Form | |
| 22 | Divisadero, Street Capital Management, LP | See Footnote | Buy | 5182026 | 25.50 | 131,871 | 3,362,678 | 52,742,821 | Form | |
| 23 | Smolyansky, Edward | Direct | Sell | 5182026 | 25.34 | 25,000 | 633,497 | 27,281,999 | Form | |
| 24 | Smolyansky, Ludmila | See footnote | Sell | 4212026 | 26.50 | 15,000 | 397,500 | 19,419,810 | Form | |
| 25 | Smolyansky, Edward | Direct | Sell | 3182026 | 20.10 | 22,313 | 448,491 | 22,431,500 | Form | |
| 26 | Smolyansky, Edward | Direct | Sell | 3182026 | 20.60 | 13,334 | 274,680 | 23,449,145 | Form | |
| 27 | Smolyansky, Ludmila | See footnote | Sell | 12292025 | 24.42 | 26,431 | 645,351 | 18,503,344 | Form | |
| 28 | Smolyansky, Ludmila | See footnote | Sell | 12122025 | 23.17 | 20,000 | 463,400 | 18,171,165 | Form | |
| 29 | Smolyansky, Ludmila | See footnote | Sell | 12102025 | 23.41 | 13,569 | 317,650 | 18,827,586 | Form | |
| 30 | Smolyansky, Ludmila | See footnote | Sell | 12102025 | 23.56 | 15,000 | 353,400 | 19,267,910 | Form | |
| 31 | Smolyansky, Ludmila | See footnote | Sell | 10092025 | 26.44 | 10,000 | 264,400 | 22,019,840 | Form | |
| 32 | Smolyansky, Ludmila | See footnote | Sell | 10092025 | 26.32 | 5,000 | 131,600 | 22,183,101 | Form | |
| 33 | Smolyansky, Edward | Direct | Sell | 10032025 | 25.91 | 83,643 | 2,166,926 | 29,835,406 | Form | |
| 34 | Smolyansky, Edward | Direct | Sell | 9252025 | 26.69 | 10,000 | 266,900 | 32,969,757 | Form | |
| 35 | Smolyansky, Edward | Direct | Sell | 9252025 | 26.53 | 6,357 | 168,651 | 33,037,411 | Form |
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Packaged Foods & Meats Resources |
| USDA Data |
| Food Processing |
| Meat+Poultry |
| Just Food |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/5/2026