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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
Lifeway Foods, Inc. is the larger business by last-quarter revenue ($55.4M vs $43.6M, roughly 1.3× GRAIL, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -227.5%, a 232.1% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs 14.0%). Lifeway Foods, Inc. produced more free cash flow last quarter ($-17.4M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 11.4%).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
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.
GRAL vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $55.4M |
| Net Profit | $-99.2M | $2.5M |
| Gross Margin | — | 27.8% |
| Operating Margin | -285.4% | 6.8% |
| Net Margin | -227.5% | 4.6% |
| Revenue YoY | 14.0% | 18.0% |
| Net Profit YoY | -2.2% | 1688.1% |
| EPS (diluted) | $-2.37 | $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 | $43.6M | $55.4M | ||
| Q3 25 | $36.2M | $57.1M | ||
| Q2 25 | $35.5M | $53.9M | ||
| Q1 25 | $31.8M | $46.1M | ||
| Q4 24 | $38.3M | $46.9M | ||
| Q3 24 | $28.7M | $46.1M | ||
| Q2 24 | $32.0M | $49.2M | ||
| Q1 24 | $26.7M | $44.6M |
| Q4 25 | $-99.2M | $2.5M | ||
| Q3 25 | $-89.0M | $3.5M | ||
| Q2 25 | $-114.0M | $4.2M | ||
| Q1 25 | $-106.2M | $3.5M | ||
| Q4 24 | $-97.1M | $-160.0K | ||
| Q3 24 | $-125.7M | $3.0M | ||
| Q2 24 | $-1.6B | $3.8M | ||
| Q1 24 | $-218.9M | $2.4M |
| Q4 25 | — | 27.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 25.7% | ||
| Q2 24 | — | 27.0% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | -285.4% | 6.8% | ||
| Q3 25 | -346.2% | 8.8% | ||
| Q2 25 | -446.9% | 10.8% | ||
| Q1 25 | -482.5% | 3.4% | ||
| Q4 24 | -358.0% | 1.5% | ||
| Q3 24 | -640.5% | 9.1% | ||
| Q2 24 | -5133.8% | 11.0% | ||
| Q1 24 | -851.1% | 8.0% |
| Q4 25 | -227.5% | 4.6% | ||
| Q3 25 | -245.8% | 6.2% | ||
| Q2 25 | -320.7% | 7.9% | ||
| Q1 25 | -333.6% | 7.7% | ||
| Q4 24 | -253.8% | -0.3% | ||
| Q3 24 | -438.7% | 6.5% | ||
| Q2 24 | -4958.8% | 7.7% | ||
| Q1 24 | -819.3% | 5.4% |
| Q4 25 | $-2.37 | $0.15 | ||
| Q3 25 | $-2.46 | $0.23 | ||
| Q2 25 | $-3.18 | $0.28 | ||
| Q1 25 | $-3.10 | $0.23 | ||
| Q4 24 | $-1.49 | $0.00 | ||
| Q3 24 | $-3.94 | $0.19 | ||
| Q2 24 | $-51.06 | $0.25 | ||
| Q1 24 | $-7.05 | $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 | $249.7M | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $85.8M |
| Total Assets | $2.9B | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $5.6M | ||
| Q3 25 | $126.9M | $23.0M | ||
| Q2 25 | $127.4M | $21.2M | ||
| Q1 25 | $133.9M | $19.4M | ||
| Q4 24 | $214.2M | $16.7M | ||
| Q3 24 | $853.6M | $20.6M | ||
| Q2 24 | $958.8M | $14.6M | ||
| Q1 24 | $199.7M | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $2.6B | $85.8M | ||
| Q3 25 | $2.2B | $82.8M | ||
| Q2 25 | $2.3B | $78.7M | ||
| Q1 25 | $2.4B | $74.2M | ||
| Q4 24 | $2.5B | $71.9M | ||
| Q3 24 | $2.6B | $71.5M | ||
| Q2 24 | $2.7B | $68.0M | ||
| Q1 24 | — | $63.5M |
| Q4 25 | $2.9B | $105.6M | ||
| Q3 25 | $2.6B | $109.5M | ||
| Q2 25 | $2.7B | $98.3M | ||
| Q1 25 | $2.8B | $93.7M | ||
| Q4 24 | $3.0B | $90.5M | ||
| Q3 24 | $3.1B | $91.3M | ||
| Q2 24 | $3.3B | $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 | $-63.8M | $267.0K |
| Free Cash FlowOCF − Capex | $-63.9M | $-17.4M |
| FCF MarginFCF / Revenue | -146.5% | -31.5% |
| Capex IntensityCapex / Revenue | 0.2% | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $267.0K | ||
| Q3 25 | $-63.2M | $6.9M | ||
| Q2 25 | $-77.0M | $3.9M | ||
| Q1 25 | $-95.0M | $-150.0K | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | $-104.6M | $7.5M | ||
| Q2 24 | $-171.8M | $6.5M | ||
| Q1 24 | $-207.3M | $1.5M |
| Q4 25 | $-63.9M | $-17.4M | ||
| Q3 25 | $-63.6M | $1.8M | ||
| Q2 25 | $-77.3M | $1.6M | ||
| Q1 25 | $-95.1M | $-2.4M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | $-105.6M | $5.9M | ||
| Q2 24 | $-173.2M | $5.1M | ||
| Q1 24 | $-209.8M | $-923.0K |
| Q4 25 | -146.5% | -31.5% | ||
| Q3 25 | -175.8% | 3.1% | ||
| Q2 25 | -217.6% | 3.0% | ||
| Q1 25 | -298.6% | -5.1% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | -368.4% | 12.8% | ||
| Q2 24 | -541.7% | 10.4% | ||
| Q1 24 | -785.3% | -2.1% |
| Q4 25 | 0.2% | 31.9% | ||
| Q3 25 | 1.1% | 9.0% | ||
| Q2 25 | 1.0% | 4.3% | ||
| Q1 25 | 0.2% | 4.8% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 3.4% | 3.3% | ||
| Q2 24 | 4.3% | 2.9% | ||
| Q1 24 | 9.5% | 5.5% |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 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
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
