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Side-by-side financial comparison of ImmunityBio, Inc. (IBRX) 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 $38.3M, roughly 1.4× ImmunityBio, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -161.8%, a 166.4% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 18.0%). Lifeway Foods, Inc. produced more free cash flow last quarter ($-17.4M vs $-71.3M).
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
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.
IBRX vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.3M | $55.4M |
| Net Profit | $-61.9M | $2.5M |
| Gross Margin | 99.0% | 27.8% |
| Operating Margin | -169.0% | 6.8% |
| Net Margin | -161.8% | 4.6% |
| Revenue YoY | 407.0% | 18.0% |
| Net Profit YoY | -4.7% | 1688.1% |
| EPS (diluted) | $-0.06 | $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 | $38.3M | $55.4M | ||
| Q3 25 | $32.1M | $57.1M | ||
| Q2 25 | $26.4M | $53.9M | ||
| Q1 25 | $16.5M | $46.1M | ||
| Q4 24 | $7.6M | $46.9M | ||
| Q3 24 | $6.1M | $46.1M | ||
| Q2 24 | — | $49.2M | ||
| Q1 24 | — | $44.6M |
| Q4 25 | $-61.9M | $2.5M | ||
| Q3 25 | $-67.3M | $3.5M | ||
| Q2 25 | $-92.6M | $4.2M | ||
| Q1 25 | $-129.6M | $3.5M | ||
| Q4 24 | $-59.2M | $-160.0K | ||
| Q3 24 | $-85.7M | $3.0M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | — | $2.4M |
| Q4 25 | 99.0% | 27.8% | ||
| Q3 25 | 99.4% | 28.7% | ||
| Q2 25 | 99.5% | 28.6% | ||
| Q1 25 | 99.6% | 23.9% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 25.7% | ||
| Q2 24 | — | 27.0% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | -169.0% | 6.8% | ||
| Q3 25 | -173.5% | 8.8% | ||
| Q2 25 | -269.8% | 10.8% | ||
| Q1 25 | -390.1% | 3.4% | ||
| Q4 24 | -919.0% | 1.5% | ||
| Q3 24 | -1314.3% | 9.1% | ||
| Q2 24 | — | 11.0% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | -161.8% | 4.6% | ||
| Q3 25 | -209.8% | 6.2% | ||
| Q2 25 | -350.3% | 7.9% | ||
| Q1 25 | -784.9% | 7.7% | ||
| Q4 24 | -783.4% | -0.3% | ||
| Q3 24 | -1404.0% | 6.5% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | $-0.06 | $0.15 | ||
| Q3 25 | $-0.07 | $0.23 | ||
| Q2 25 | $-0.10 | $0.28 | ||
| Q1 25 | $-0.15 | $0.23 | ||
| Q4 24 | $-0.08 | $0.00 | ||
| Q3 24 | $-0.14 | $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 | $242.8M | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-500.5M | $85.8M |
| Total Assets | $501.9M | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.8M | $5.6M | ||
| Q3 25 | $257.8M | $23.0M | ||
| Q2 25 | $153.7M | $21.2M | ||
| Q1 25 | $61.6M | $19.4M | ||
| Q4 24 | $149.8M | $16.7M | ||
| Q3 24 | $130.4M | $20.6M | ||
| Q2 24 | — | $14.6M | ||
| Q1 24 | — | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $-500.5M | $85.8M | ||
| Q3 25 | $-524.3M | $82.8M | ||
| Q2 25 | $-570.7M | $78.7M | ||
| Q1 25 | $-591.4M | $74.2M | ||
| Q4 24 | $-489.1M | $71.9M | ||
| Q3 24 | $-745.1M | $71.5M | ||
| Q2 24 | — | $68.0M | ||
| Q1 24 | — | $63.5M |
| Q4 25 | $501.9M | $105.6M | ||
| Q3 25 | $519.0M | $109.5M | ||
| Q2 25 | $402.1M | $98.3M | ||
| Q1 25 | $303.8M | $93.7M | ||
| Q4 24 | $382.9M | $90.5M | ||
| Q3 24 | $364.6M | $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 | $-70.4M | $267.0K |
| Free Cash FlowOCF − Capex | $-71.3M | $-17.4M |
| FCF MarginFCF / Revenue | -186.2% | -31.5% |
| Capex IntensityCapex / Revenue | 2.4% | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-308.8M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-70.4M | $267.0K | ||
| Q3 25 | $-68.9M | $6.9M | ||
| Q2 25 | $-79.7M | $3.9M | ||
| Q1 25 | $-85.9M | $-150.0K | ||
| Q4 24 | $-85.1M | $-2.6M | ||
| Q3 24 | $-98.8M | $7.5M | ||
| Q2 24 | — | $6.5M | ||
| Q1 24 | — | $1.5M |
| Q4 25 | $-71.3M | $-17.4M | ||
| Q3 25 | $-69.6M | $1.8M | ||
| Q2 25 | $-80.8M | $1.6M | ||
| Q1 25 | $-87.0M | $-2.4M | ||
| Q4 24 | $-87.3M | $-3.8M | ||
| Q3 24 | $-101.6M | $5.9M | ||
| Q2 24 | — | $5.1M | ||
| Q1 24 | — | $-923.0K |
| Q4 25 | -186.2% | -31.5% | ||
| Q3 25 | -217.2% | 3.1% | ||
| Q2 25 | -305.9% | 3.0% | ||
| Q1 25 | -526.9% | -5.1% | ||
| Q4 24 | -1155.4% | -8.2% | ||
| Q3 24 | -1663.2% | 12.8% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | -2.1% |
| Q4 25 | 2.4% | 31.9% | ||
| Q3 25 | 2.3% | 9.0% | ||
| Q2 25 | 4.1% | 4.3% | ||
| Q1 25 | 6.8% | 4.8% | ||
| Q4 24 | 28.0% | 2.7% | ||
| Q3 24 | 45.7% | 3.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 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
IBRX
Segment breakdown not available.
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
