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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $55.4M, roughly 1.0× Lifeway Foods, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 18.0%). Lifeway Foods, Inc. produced more free cash flow last quarter ($-17.4M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
LWAY vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $57.6M |
| Net Profit | $2.5M | — |
| Gross Margin | 27.8% | 86.7% |
| Operating Margin | 6.8% | — |
| Net Margin | 4.6% | — |
| Revenue YoY | 18.0% | 94.1% |
| Net Profit YoY | 1688.1% | 71.6% |
| EPS (diluted) | $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 | $57.6M | ||
| Q3 25 | $57.1M | $49.5M | ||
| Q2 25 | $53.9M | $39.5M | ||
| Q1 25 | $46.1M | $28.5M | ||
| Q4 24 | $46.9M | $29.7M | ||
| Q3 24 | $46.1M | $16.4M | ||
| Q2 24 | $49.2M | $7.3M | ||
| Q1 24 | $44.6M | — |
| Q4 25 | $2.5M | — | ||
| Q3 25 | $3.5M | $-30.0M | ||
| Q2 25 | $4.2M | $-75.8M | ||
| Q1 25 | $3.5M | $-94.3M | ||
| Q4 24 | $-160.0K | — | ||
| Q3 24 | $3.0M | $-85.6M | ||
| Q2 24 | $3.8M | $-91.4M | ||
| Q1 24 | $2.4M | — |
| Q4 25 | 27.8% | 86.7% | ||
| Q3 25 | 28.7% | 87.5% | ||
| Q2 25 | 28.6% | 87.2% | ||
| Q1 25 | 23.9% | 86.9% | ||
| Q4 24 | 25.3% | 87.1% | ||
| Q3 24 | 25.7% | 85.6% | ||
| Q2 24 | 27.0% | 81.2% | ||
| Q1 24 | 25.8% | — |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 8.8% | -30.8% | ||
| Q2 25 | 10.8% | -151.7% | ||
| Q1 25 | 3.4% | -276.5% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 9.1% | -433.0% | ||
| Q2 24 | 11.0% | -1055.4% | ||
| Q1 24 | 8.0% | — |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 6.2% | -60.5% | ||
| Q2 25 | 7.9% | -191.9% | ||
| Q1 25 | 7.7% | -330.7% | ||
| Q4 24 | -0.3% | — | ||
| Q3 24 | 6.5% | -523.3% | ||
| Q2 24 | 7.7% | -1248.6% | ||
| Q1 24 | 5.4% | — |
| Q4 25 | $0.15 | — | ||
| Q3 25 | $0.23 | $-0.41 | ||
| Q2 25 | $0.28 | $-1.05 | ||
| Q1 25 | $0.23 | $-1.31 | ||
| Q4 24 | $0.00 | — | ||
| Q3 24 | $0.19 | $-1.32 | ||
| Q2 24 | $0.25 | $-1.56 | ||
| 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 | $5.6M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $85.8M | $-438.2M |
| Total Assets | $105.6M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $130.0M | ||
| Q3 25 | $23.0M | $135.2M | ||
| Q2 25 | $21.2M | $149.6M | ||
| Q1 25 | $19.4M | $212.3M | ||
| Q4 24 | $16.7M | $297.3M | ||
| Q3 24 | $20.6M | $334.7M | ||
| Q2 24 | $14.6M | $276.2M | ||
| Q1 24 | $12.0M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $85.8M | $-438.2M | ||
| Q3 25 | $82.8M | $-422.5M | ||
| Q2 25 | $78.7M | $-405.8M | ||
| Q1 25 | $74.2M | $-338.4M | ||
| Q4 24 | $71.9M | $-253.6M | ||
| Q3 24 | $71.5M | $-187.1M | ||
| Q2 24 | $68.0M | $-233.8M | ||
| Q1 24 | $63.5M | — |
| Q4 25 | $105.6M | $259.1M | ||
| Q3 25 | $109.5M | $240.3M | ||
| Q2 25 | $98.3M | $250.2M | ||
| Q1 25 | $93.7M | $294.2M | ||
| Q4 24 | $90.5M | $378.3M | ||
| Q3 24 | $91.3M | $387.0M | ||
| Q2 24 | $84.9M | $319.4M | ||
| 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 | $267.0K | $-166.8M |
| Free Cash FlowOCF − Capex | $-17.4M | $-167.0M |
| FCF MarginFCF / Revenue | -31.5% | -290.0% |
| Capex IntensityCapex / Revenue | 31.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 0.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $-166.8M | ||
| Q3 25 | $6.9M | $-14.1M | ||
| Q2 25 | $3.9M | $-62.7M | ||
| Q1 25 | $-150.0K | $-84.9M | ||
| Q4 24 | $-2.6M | $-266.8M | ||
| Q3 24 | $7.5M | $-63.6M | ||
| Q2 24 | $6.5M | $-70.7M | ||
| Q1 24 | $1.5M | — |
| Q4 25 | $-17.4M | $-167.0M | ||
| Q3 25 | $1.8M | $-14.1M | ||
| Q2 25 | $1.6M | $-62.8M | ||
| Q1 25 | $-2.4M | $-84.9M | ||
| Q4 24 | $-3.8M | $-266.9M | ||
| Q3 24 | $5.9M | $-63.6M | ||
| Q2 24 | $5.1M | $-70.8M | ||
| Q1 24 | $-923.0K | — |
| Q4 25 | -31.5% | -290.0% | ||
| Q3 25 | 3.1% | -28.6% | ||
| Q2 25 | 3.0% | -159.0% | ||
| Q1 25 | -5.1% | -297.9% | ||
| Q4 24 | -8.2% | -899.8% | ||
| Q3 24 | 12.8% | -389.0% | ||
| Q2 24 | 10.4% | -966.2% | ||
| Q1 24 | -2.1% | — |
| Q4 25 | 31.9% | 0.4% | ||
| Q3 25 | 9.0% | 0.1% | ||
| Q2 25 | 4.3% | 0.2% | ||
| Q1 25 | 4.8% | 0.1% | ||
| Q4 24 | 2.7% | 0.5% | ||
| Q3 24 | 3.3% | 0.3% | ||
| Q2 24 | 2.9% | 0.6% | ||
| 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
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
PHAT
Segment breakdown not available.
