Latest Ratios: P/E Ratio 33.3x · EV/EBITDA 22.2x · ROE 17.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $453M | $377M | $379M | $203M | $87M | $73M | $85M | $31M | $31M | $129M | $186M |
| Enterprise Value | $448M | $371M | $362M | $192M | $89M | $71M | $80M | $31M | $34M | $130M | $184M |
| P/E Ratio → | 33.30 | 27.22 | 42.03 | 17.88 | 94.39 | 21.90 | 25.76 | 69.34 | — | — | 52.32 |
| P/S Ratio | 2.13 | 1.77 | 2.03 | 1.26 | 0.62 | 0.61 | 0.84 | 0.34 | 0.30 | 1.08 | 1.50 |
| P/B Ratio | 5.37 | 4.39 | 5.26 | 3.35 | 1.83 | 1.48 | 1.82 | 0.73 | 0.72 | 2.77 | 3.85 |
| P/FCF | — | — | 60.43 | 16.09 | 162.15 | 19.92 | 19.00 | 11.94 | — | — | 99.63 |
| P/OCF | 41.37 | 34.39 | 29.21 | 11.96 | 21.88 | 13.04 | 13.36 | 8.25 | 12.69 | 33.83 | 36.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.75 | 1.94 | 1.20 | 0.63 | 0.59 | 0.79 | 0.33 | 0.33 | 1.09 | 1.49 |
| EV / EBITDA | 22.22 | 18.43 | 21.00 | 9.54 | 16.81 | 8.09 | 9.86 | 22.16 | 91.76 | 50.33 | 20.24 |
| EV / EBIT | 27.69 | 22.97 | 25.72 | 11.29 | 42.44 | 12.35 | 16.27 | 20.98 | — | — | 31.47 |
| EV / FCF | — | — | 57.78 | 15.27 | 166.30 | 19.44 | 17.92 | 11.82 | — | — | 98.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.4% | 27.4% | 26.0% | 26.5% | 18.9% | 24.1% | 26.4% | 23.6% | 25.0% | 25.8% | 28.3% |
| Operating Margin | 7.6% | 7.6% | 7.4% | 10.6% | 1.7% | 4.9% | 4.8% | -2.1% | -3.0% | -0.4% | 4.9% |
| Net Profit Margin | 6.5% | 6.5% | 4.8% | 7.1% | 0.7% | 2.8% | 3.2% | 0.5% | -3.0% | -0.3% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.6% | 17.6% | 13.6% | 21.0% | 1.9% | 6.9% | 7.2% | 1.1% | -6.9% | -0.7% | 7.4% |
| ROA | 14.1% | 14.1% | 10.4% | 15.0% | 1.3% | 5.0% | 5.4% | 0.8% | -5.1% | -0.5% | 5.3% |
| ROIC | 17.8% | 17.8% | 19.7% | 25.5% | 3.6% | 9.9% | 8.7% | -3.3% | -5.0% | -0.8% | 9.7% |
| ROCE | 19.7% | 19.7% | 19.6% | 27.9% | 4.1% | 10.4% | 9.6% | -3.9% | -6.2% | -1.0% | 11.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.05 | 0.14 | 0.15 | 0.07 | 0.08 | 0.14 | 0.13 | 0.15 |
| Debt / EBITDA | 0.02 | 0.02 | 0.01 | 0.15 | 1.26 | 0.85 | 0.38 | 2.50 | 16.34 | 2.43 | 0.78 |
| Net Debt / Equity | — | -0.06 | -0.23 | -0.17 | 0.05 | -0.04 | -0.10 | -0.01 | 0.07 | 0.03 | -0.04 |
| Net Debt / EBITDA | -0.25 | -0.25 | -0.96 | -0.51 | 0.42 | -0.20 | -0.59 | -0.23 | 8.17 | 0.50 | -0.19 |
| Debt / FCF | — | — | -2.65 | -0.82 | 4.15 | -0.49 | -1.07 | -0.12 | — | — | -0.91 |
| Interest Coverage | 210.03 | 210.03 | 134.04 | 44.36 | 7.90 | 49.41 | 41.92 | 5.96 | -11.22 | -2.32 | 26.62 |
Net cash position: cash ($6M) exceeds total debt ($466000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.23 | 2.23 | 2.81 | 2.30 | 2.07 | 2.41 | 2.85 | 2.02 | 2.54 | 1.87 | 3.01 |
| Quick Ratio | 1.51 | 1.51 | 2.25 | 1.75 | 1.33 | 1.72 | 2.03 | 1.34 | 1.76 | 1.29 | 2.15 |
| Cash Ratio | 0.33 | 0.33 | 1.08 | 0.79 | 0.34 | 0.77 | 0.94 | 0.40 | 0.40 | 0.38 | 0.94 |
| Asset Turnover | — | 2.01 | 2.06 | 1.94 | 2.05 | 1.66 | 1.64 | 1.60 | 1.82 | 1.84 | 1.88 |
| Inventory Turnover | 12.98 | 12.98 | 15.93 | 12.93 | 11.92 | 10.91 | 10.84 | 11.19 | 13.32 | 11.46 | 11.05 |
| Days Sales Outstanding | — | 28.59 | 31.37 | 31.63 | 29.43 | 31.50 | 28.74 | 28.73 | 31.87 | 33.84 | 29.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.7% | 2.4% | 5.6% | 1.1% | 4.6% | 3.9% | 1.4% | — | — | 1.9% |
| FCF Yield | — | — | 1.7% | 6.2% | 0.6% | 5.0% | 5.3% | 8.4% | — | — | 1.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 4.6% | 2.2% | 0.5% | 1.7% | 4.5% | 1.2% | 0.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 4.6% | 2.2% | 0.5% | 1.7% | 4.5% | 1.2% | 0.4% |
| Shares Outstanding | — | $16M | $15M | $15M | $16M | $16M | $16M | $16M | $16M | $16M | $16M |
Commodity cost volatility exposure
Based on current market data, LWAY trades at a TTM P/E of 33.02, which appears to incorporate a significant premium for potential acquisition activity rather than purely reflecting the underlying earnings growth trajectory observed in recent quarterly filings.
The forward P/E of 26.48 suggests that investors are pricing in an expectation of sustained margin expansion or a liquidity event, potentially driven by the non-binding proposal from Danone. This valuation multiple sits at a notable spread to traditional dairy processors, implying that the market is increasingly viewing Lifeway as a specialized health platform rather than a commodity-exposed manufacturer.
As reported in recent financial statements, ROIC has fluctuated between 1.0% and 8.7% over the last ten quarters, suggesting that the company's aggressive investment in manufacturing infrastructure is currently outpacing its ability to generate incremental returns on that capital.
The decline in ROIC from the 8.7% peak in 2023Q4 to 5.5% in 2026Q1 indicates that the recent capital expenditure cycle is creating a drag on efficiency. Investors should monitor whether these investments in production capacity eventually translate into higher throughput and margin expansion, or if they represent a permanent shift toward a more capital-intensive business model.
According to quarterly data, the cash conversion cycle has remained relatively contained, averaging approximately 24 days over the last ten quarters, which suggests that management maintains effective control over inventory turnover and receivables despite the recent scaling of operations.
The consistency in the CCC indicates that the company is not currently facing significant bottlenecks in its supply chain or distribution network. However, the slight uptick in DIO in recent periods warrants investigation to ensure that the increased production capacity is not leading to an accumulation of perishable inventory that could necessitate future discounting.
As indicated by financial filings, the company maintains a negligible debt-to-equity ratio of 0.08 as of 2026Q1, providing a robust financial foundation that insulates the business from interest rate sensitivity and provides significant flexibility for future capital allocation.
The minimal reliance on external debt is a structural advantage that distinguishes Lifeway from many of its peers in the packaged foods sector. This lack of leverage suggests that the company is well-positioned to navigate periods of commodity price volatility without the pressure of debt service obligations, though it also raises questions regarding the potential for more aggressive capital returns to shareholders.
The most commonly misapplied metric for Lifeway is the traditional EV/EBITDA multiple used for commodity dairy processors, which obscures the company's unique brand equity and the high-margin potential of its specialized probiotic product portfolio.
Applying a standard dairy valuation framework fails to account for the 'category captain' status Lifeway holds in the US kefir market and the proprietary nature of its probiotic strains. Analysts should instead consider a 'better-for-you' consumer goods framework, which better captures the durability of the brand and the potential for margin expansion as the company scales its health-focused platform.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LWAY stock.
Lifeway Foods, Inc.'s current P/E ratio is 33.3x. The historical average is 45.4x. This places it at the 39th percentile of its historical range.
Lifeway Foods, Inc.'s current EV/EBITDA is 22.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.6x.
Lifeway Foods, Inc.'s return on equity (ROE) is 17.6%. The historical average is 10.7%.
Based on historical data, Lifeway Foods, Inc. is trading at a P/E of 33.3x. This is at the 39th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lifeway Foods, Inc. has 27.4% gross margin and 7.6% operating margin.
Lifeway Foods, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.