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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $55.4M, roughly 1.5× Lifeway Foods, Inc.). BillionToOne, Inc. runs the higher net margin — 6.8% vs 4.6%, a 2.2% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 18.0%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-17.4M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
BLLN vs LWAY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $55.4M |
| Net Profit | $5.7M | $2.5M |
| Gross Margin | 69.9% | 27.8% |
| Operating Margin | 11.5% | 6.8% |
| Net Margin | 6.8% | 4.6% |
| Revenue YoY | 117.4% | 18.0% |
| Net Profit YoY | 138.3% | 1688.1% |
| EPS (diluted) | $0.10 | $0.15 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $55.4M | ||
| Q3 25 | $83.5M | $57.1M | ||
| Q2 25 | — | $53.9M | ||
| Q1 25 | — | $46.1M | ||
| Q4 24 | — | $46.9M | ||
| Q3 24 | $38.4M | $46.1M | ||
| Q2 24 | — | $49.2M | ||
| Q1 24 | — | $44.6M |
| Q4 25 | — | $2.5M | ||
| Q3 25 | $5.7M | $3.5M | ||
| Q2 25 | — | $4.2M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $-160.0K | ||
| Q3 24 | $-14.9M | $3.0M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | — | $2.4M |
| Q4 25 | — | 27.8% | ||
| Q3 25 | 69.9% | 28.7% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | 52.6% | 25.7% | ||
| Q2 24 | — | 27.0% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | — | 6.8% | ||
| Q3 25 | 11.5% | 8.8% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | -32.9% | 9.1% | ||
| Q2 24 | — | 11.0% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 6.8% | 6.2% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | -0.3% | ||
| Q3 24 | -38.8% | 6.5% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | — | $0.15 | ||
| Q3 25 | $0.10 | $0.23 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.00 | ||
| Q3 24 | $-1.47 | $0.19 | ||
| Q2 24 | — | $0.25 | ||
| Q1 24 | — | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $195.2M | $5.6M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $85.8M |
| Total Assets | $327.5M | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.6M | ||
| Q3 25 | $195.2M | $23.0M | ||
| Q2 25 | — | $21.2M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | — | $20.6M | ||
| Q2 24 | — | $14.6M | ||
| Q1 24 | — | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | — | $85.8M | ||
| Q3 25 | $-239.5M | $82.8M | ||
| Q2 25 | — | $78.7M | ||
| Q1 25 | — | $74.2M | ||
| Q4 24 | — | $71.9M | ||
| Q3 24 | $-242.9M | $71.5M | ||
| Q2 24 | — | $68.0M | ||
| Q1 24 | — | $63.5M |
| Q4 25 | — | $105.6M | ||
| Q3 25 | $327.5M | $109.5M | ||
| Q2 25 | — | $98.3M | ||
| Q1 25 | — | $93.7M | ||
| Q4 24 | — | $90.5M | ||
| Q3 24 | — | $91.3M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | — | $82.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.8M | $267.0K |
| Free Cash FlowOCF − Capex | $6.5M | $-17.4M |
| FCF MarginFCF / Revenue | 7.7% | -31.5% |
| Capex IntensityCapex / Revenue | 8.8% | 31.9% |
| Cash ConversionOCF / Net Profit | 2.42× | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $267.0K | ||
| Q3 25 | $13.8M | $6.9M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | — | $-150.0K | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | — | $7.5M | ||
| Q2 24 | — | $6.5M | ||
| Q1 24 | — | $1.5M |
| Q4 25 | — | $-17.4M | ||
| Q3 25 | $6.5M | $1.8M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | — | $5.9M | ||
| Q2 24 | — | $5.1M | ||
| Q1 24 | — | $-923.0K |
| Q4 25 | — | -31.5% | ||
| Q3 25 | 7.7% | 3.1% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | -5.1% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | -2.1% |
| Q4 25 | — | 31.9% | ||
| Q3 25 | 8.8% | 9.0% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 5.5% |
| Q4 25 | — | 0.11× | ||
| Q3 25 | 2.42× | 1.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
