Lifeway Foods, Inc. (LWAY) intrinsic value & 10-year financials
Lifeway Foods, Inc. (LWAY) has a Graham intrinsic value of $29.56 per share. At $22.09 on Oct 17, 2026, the stock trades 25% below that value. Over the last 10 fiscal years revenue grew 6.2% a year to $212.5M, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $29.56
- Share price (Oct 17, 2026)
- $22.09
- Price vs Graham value
- 25% below
- Market cap
- $343.3M
- Revenue (FY2025)
- $212.5M
- Revenue growth (10-yr CAGR)
- 6.2%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- -$16.4M
LWAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $212.5M | $13.9M | $0.89 | -$16.4M | 7.6% | 16.8% |
| FY2024 | $186.8M | $9.0M | $0.60 | $6.3M | 7.4% | 17.0% |
| FY2023 | $160.1M | $11.4M | $0.75 | $12.6M | 10.6% | 23.9% |
| FY2022 | $141.6M | $924.0K | $0.06 | $538.0K | 1.7% | 2.6% |
| FY2021 | $119.1M | $3.3M | $0.21 | $3.6M | 4.9% | 8.3% |
| FY2020 | $102.0M | $3.2M | $0.21 | $4.5M | 4.8% | 8.3% |
| FY2019 | $93.7M | $453.0K | $0.03 | $2.6M | -2.1% | -2.4% |
| FY2018 | $103.3M | -$3.1M | -$0.19 | -$407.0K | -3.0% | -6.6% |
| FY2017 | $118.9M | -$346.0K | -$0.02 | -$1.5M | -0.4% | -0.6% |
| FY2016 | $123.9M | $3.5M | $0.22 | $1.9M | 4.9% | 8.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lifeway Foods, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.2% annually over the past decade.
Lifeway Foods, Inc. has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
Lifeway Foods, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lifeway Foods, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.56 per share.