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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $55.4M, roughly 1.7× Lifeway Foods, Inc.). On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 11.4%).
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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
LWAY vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $93.7M |
| Net Profit | $2.5M | — |
| Gross Margin | 27.8% | 39.0% |
| Operating Margin | 6.8% | -1.0% |
| Net Margin | 4.6% | — |
| Revenue YoY | 18.0% | 2.3% |
| Net Profit YoY | 1688.1% | — |
| EPS (diluted) | $0.15 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $57.1M | $83.6M | ||
| Q2 25 | $53.9M | $77.8M | ||
| Q1 25 | $46.1M | $77.6M | ||
| Q4 24 | $46.9M | $91.6M | ||
| Q3 24 | $46.1M | $78.6M | ||
| Q2 24 | $49.2M | $72.8M | ||
| Q1 24 | $44.6M | $72.5M |
| Q4 25 | $2.5M | — | ||
| Q3 25 | $3.5M | $-10.4M | ||
| Q2 25 | $4.2M | $-7.5M | ||
| Q1 25 | $3.5M | $-10.9M | ||
| Q4 24 | $-160.0K | — | ||
| Q3 24 | $3.0M | $-8.1M | ||
| Q2 24 | $3.8M | $5.5M | ||
| Q1 24 | $2.4M | $-8.1M |
| Q4 25 | 27.8% | 39.0% | ||
| Q3 25 | 28.7% | 41.1% | ||
| Q2 25 | 28.6% | 37.1% | ||
| Q1 25 | 23.9% | 39.8% | ||
| Q4 24 | 25.3% | 45.2% | ||
| Q3 24 | 25.7% | 43.8% | ||
| Q2 24 | 27.0% | 43.5% | ||
| Q1 24 | 25.8% | 44.6% |
| Q4 25 | 6.8% | -1.0% | ||
| Q3 25 | 8.8% | -6.8% | ||
| Q2 25 | 10.8% | -12.5% | ||
| Q1 25 | 3.4% | -10.3% | ||
| Q4 24 | 1.5% | 1.5% | ||
| Q3 24 | 9.1% | -5.3% | ||
| Q2 24 | 11.0% | -7.1% | ||
| Q1 24 | 8.0% | -6.6% |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 6.2% | -12.4% | ||
| Q2 25 | 7.9% | -9.6% | ||
| Q1 25 | 7.7% | -14.0% | ||
| Q4 24 | -0.3% | — | ||
| Q3 24 | 6.5% | -10.3% | ||
| Q2 24 | 7.7% | 7.6% | ||
| Q1 24 | 5.4% | -11.2% |
| Q4 25 | $0.15 | $-0.11 | ||
| Q3 25 | $0.23 | $-0.12 | ||
| Q2 25 | $0.28 | $-0.09 | ||
| Q1 25 | $0.23 | $-0.13 | ||
| Q4 24 | $0.00 | $-0.13 | ||
| Q3 24 | $0.19 | $-0.10 | ||
| Q2 24 | $0.25 | $0.07 | ||
| Q1 24 | $0.16 | $-0.10 |
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 | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $85.8M | $534.9M |
| Total Assets | $105.6M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $63.0M | ||
| Q3 25 | $23.0M | $49.9M | ||
| Q2 25 | $21.2M | $49.2M | ||
| Q1 25 | $19.4M | $65.5M | ||
| Q4 24 | $16.7M | $76.1M | ||
| Q3 24 | $20.6M | $69.5M | ||
| Q2 24 | $14.6M | $65.1M | ||
| Q1 24 | $12.0M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | $2.5M | $396.7M |
| Q4 25 | $85.8M | $534.9M | ||
| Q3 25 | $82.8M | $537.8M | ||
| Q2 25 | $78.7M | $539.0M | ||
| Q1 25 | $74.2M | $544.1M | ||
| Q4 24 | $71.9M | $548.1M | ||
| Q3 24 | $71.5M | $564.3M | ||
| Q2 24 | $68.0M | $566.2M | ||
| Q1 24 | $63.5M | $560.0M |
| Q4 25 | $105.6M | $1.1B | ||
| Q3 25 | $109.5M | $1.1B | ||
| Q2 25 | $98.3M | $1.1B | ||
| Q1 25 | $93.7M | $1.1B | ||
| Q4 24 | $90.5M | $1.1B | ||
| Q3 24 | $91.3M | $1.1B | ||
| Q2 24 | $84.9M | $1.1B | ||
| Q1 24 | $82.8M | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | 0.04× | 0.71× |
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 | $19.5M |
| Free Cash FlowOCF − Capex | $-17.4M | — |
| FCF MarginFCF / Revenue | -31.5% | — |
| Capex IntensityCapex / Revenue | 31.9% | — |
| Cash ConversionOCF / Net Profit | 0.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $19.5M | ||
| Q3 25 | $6.9M | $8.5M | ||
| Q2 25 | $3.9M | $-3.6M | ||
| Q1 25 | $-150.0K | $-1.3M | ||
| Q4 24 | $-2.6M | $6.5M | ||
| Q3 24 | $7.5M | $10.1M | ||
| Q2 24 | $6.5M | $19.6M | ||
| Q1 24 | $1.5M | $5.2M |
| 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 24 | $-923.0K | — |
| 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 24 | -2.1% | — |
| 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 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× | 3.56× | ||
| Q1 24 | 0.64× | — |
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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
