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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Orion Properties Inc. (ONL). Click either name above to swap in a different company.
Lifeway Foods, Inc. is the larger business by last-quarter revenue ($55.4M vs $36.3M, roughly 1.5× Orion Properties Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -37.4%, a 42.0% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -4.6%). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs -4.9%).
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.
LWAY vs ONL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $36.3M |
| Net Profit | $2.5M | $-13.6M |
| Gross Margin | 27.8% | — |
| Operating Margin | 6.8% | -9.3% |
| Net Margin | 4.6% | -37.4% |
| Revenue YoY | 18.0% | -4.6% |
| Net Profit YoY | 1688.1% | -45.0% |
| EPS (diluted) | $0.15 | $-0.24 |
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.
| Q1 26 | — | $36.3M | ||
| Q4 25 | $55.4M | $35.2M | ||
| Q3 25 | $57.1M | $37.1M | ||
| Q2 25 | $53.9M | $37.3M | ||
| Q1 25 | $46.1M | $38.0M | ||
| Q4 24 | $46.9M | $38.4M | ||
| Q3 24 | $46.1M | $39.2M | ||
| Q2 24 | $49.2M | $40.1M |
| Q1 26 | — | $-13.6M | ||
| Q4 25 | $2.5M | $-35.8M | ||
| Q3 25 | $3.5M | $-69.0M | ||
| Q2 25 | $4.2M | $-25.1M | ||
| Q1 25 | $3.5M | $-9.4M | ||
| Q4 24 | $-160.0K | $-32.8M | ||
| Q3 24 | $3.0M | $-10.2M | ||
| Q2 24 | $3.8M | $-33.8M |
| Q1 26 | — | — | ||
| 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 26 | — | -9.3% | ||
| Q4 25 | 6.8% | -101.5% | ||
| Q3 25 | 8.8% | -185.8% | ||
| Q2 25 | 10.8% | -67.1% | ||
| Q1 25 | 3.4% | -24.4% | ||
| Q4 24 | 1.5% | -85.4% | ||
| Q3 24 | 9.1% | -25.9% | ||
| Q2 24 | 11.0% | -84.1% |
| Q1 26 | — | -37.4% | ||
| Q4 25 | 4.6% | -101.7% | ||
| Q3 25 | 6.2% | -186.0% | ||
| Q2 25 | 7.9% | -67.3% | ||
| Q1 25 | 7.7% | -24.6% | ||
| Q4 24 | -0.3% | -85.4% | ||
| Q3 24 | 6.5% | -26.1% | ||
| Q2 24 | 7.7% | -84.2% |
| Q1 26 | — | $-0.24 | ||
| Q4 25 | $0.15 | $-0.63 | ||
| Q3 25 | $0.23 | $-1.23 | ||
| Q2 25 | $0.28 | $-0.45 | ||
| Q1 25 | $0.23 | $-0.17 | ||
| Q4 24 | $0.00 | $-0.59 | ||
| Q3 24 | $0.19 | $-0.18 | ||
| Q2 24 | $0.25 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.6M | $10.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $85.8M | $608.5M |
| Total Assets | $105.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $10.3M | ||
| Q4 25 | $5.6M | $22.4M | ||
| Q3 25 | $23.0M | $32.6M | ||
| Q2 25 | $21.2M | $17.4M | ||
| Q1 25 | $19.4M | $9.4M | ||
| Q4 24 | $16.7M | $15.6M | ||
| Q3 24 | $20.6M | $16.6M | ||
| Q2 24 | $14.6M | $24.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $465.0M | ||
| Q3 25 | — | $483.0M | ||
| Q2 25 | — | $483.0M | ||
| Q1 25 | — | $505.0M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $462.0M |
| Q1 26 | — | $608.5M | ||
| Q4 25 | $85.8M | $623.2M | ||
| Q3 25 | $82.8M | $658.8M | ||
| Q2 25 | $78.7M | $728.0M | ||
| Q1 25 | $74.2M | $753.5M | ||
| Q4 24 | $71.9M | $763.9M | ||
| Q3 24 | $71.5M | $800.9M | ||
| Q2 24 | $68.0M | $816.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $105.6M | $1.2B | ||
| Q3 25 | $109.5M | $1.2B | ||
| Q2 25 | $98.3M | $1.3B | ||
| Q1 25 | $93.7M | $1.3B | ||
| Q4 24 | $90.5M | $1.3B | ||
| Q3 24 | $91.3M | $1.4B | ||
| Q2 24 | $84.9M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.61× | ||
| Q2 24 | — | 0.57× |
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 | $267.0K | — |
| Free Cash FlowOCF − Capex | $-17.4M | — |
| FCF MarginFCF / Revenue | -31.5% | — |
| Capex IntensityCapex / Revenue | 31.9% | 51.4% |
| Cash ConversionOCF / Net Profit | 0.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $267.0K | $23.6M | ||
| Q3 25 | $6.9M | $5.7M | ||
| Q2 25 | $3.9M | $11.6M | ||
| Q1 25 | $-150.0K | $-2.2M | ||
| Q4 24 | $-2.6M | $54.3M | ||
| Q3 24 | $7.5M | $13.8M | ||
| Q2 24 | $6.5M | $17.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-17.4M | — | ||
| Q3 25 | $1.8M | — | ||
| Q2 25 | $1.6M | — | ||
| Q1 25 | $-2.4M | — | ||
| Q4 24 | $-3.8M | — | ||
| Q3 24 | $5.9M | — | ||
| Q2 24 | $5.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | -31.5% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | -5.1% | — | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | 12.8% | — | ||
| Q2 24 | 10.4% | — |
| Q1 26 | — | 51.4% | ||
| Q4 25 | 31.9% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.9% | — |
| Q1 26 | — | — | ||
| 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× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
ONL
| Rental | $36.1M | 100% |
| Fee income from unconsolidated joint venture | $137.0K | 0% |
