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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $55.4M, roughly 1.5× Lifeway Foods, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 4.6%, a 7.1% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
LWAY vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $81.0M |
| Net Profit | $2.5M | $9.5M |
| Gross Margin | 27.8% | — |
| Operating Margin | 6.8% | 31.9% |
| Net Margin | 4.6% | 11.7% |
| Revenue YoY | 18.0% | -4.7% |
| Net Profit YoY | 1688.1% | 79.0% |
| EPS (diluted) | $0.15 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $57.1M | $75.9M | ||
| Q2 25 | $53.9M | $72.7M | ||
| Q1 25 | $46.1M | $67.7M | ||
| Q4 24 | $46.9M | $85.0M | ||
| Q3 24 | $46.1M | $74.2M | ||
| Q2 24 | $49.2M | $71.1M | ||
| Q1 24 | $44.6M | $66.1M |
| Q4 25 | $2.5M | $9.5M | ||
| Q3 25 | $3.5M | $2.1M | ||
| Q2 25 | $4.2M | $3.4M | ||
| Q1 25 | $3.5M | $4.5M | ||
| Q4 24 | $-160.0K | $5.3M | ||
| Q3 24 | $3.0M | $1.4M | ||
| Q2 24 | $3.8M | $7.0M | ||
| Q1 24 | $2.4M | $5.0M |
| 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 | 6.8% | 31.9% | ||
| Q3 25 | 8.8% | 14.1% | ||
| Q2 25 | 10.8% | 24.4% | ||
| Q1 25 | 3.4% | 16.6% | ||
| Q4 24 | 1.5% | 26.9% | ||
| Q3 24 | 9.1% | 11.9% | ||
| Q2 24 | 11.0% | 23.7% | ||
| Q1 24 | 8.0% | 18.3% |
| Q4 25 | 4.6% | 11.7% | ||
| Q3 25 | 6.2% | 2.8% | ||
| Q2 25 | 7.9% | 4.7% | ||
| Q1 25 | 7.7% | 6.7% | ||
| Q4 24 | -0.3% | 6.2% | ||
| Q3 24 | 6.5% | 1.9% | ||
| Q2 24 | 7.7% | 9.8% | ||
| Q1 24 | 5.4% | 7.6% |
| Q4 25 | $0.15 | $0.08 | ||
| Q3 25 | $0.23 | $0.02 | ||
| Q2 25 | $0.28 | $0.03 | ||
| Q1 25 | $0.23 | $0.04 | ||
| Q4 24 | $0.00 | $0.05 | ||
| Q3 24 | $0.19 | $0.01 | ||
| Q2 24 | $0.25 | $0.06 | ||
| Q1 24 | $0.16 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $85.8M | $403.5M |
| Total Assets | $105.6M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $28.2M | ||
| Q3 25 | $23.0M | $40.0M | ||
| Q2 25 | $21.2M | $33.4M | ||
| Q1 25 | $19.4M | $74.4M | ||
| Q4 24 | $16.7M | $67.5M | ||
| Q3 24 | $20.6M | $61.5M | ||
| Q2 24 | $14.6M | $31.2M | ||
| Q1 24 | $12.0M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | $2.5M | $314.0M |
| Q4 25 | $85.8M | $403.5M | ||
| Q3 25 | $82.8M | $396.8M | ||
| Q2 25 | $78.7M | $388.9M | ||
| Q1 25 | $74.2M | $374.3M | ||
| Q4 24 | $71.9M | $386.9M | ||
| Q3 24 | $71.5M | $394.1M | ||
| Q2 24 | $68.0M | $396.9M | ||
| Q1 24 | $63.5M | $400.1M |
| Q4 25 | $105.6M | $928.3M | ||
| Q3 25 | $109.5M | $936.0M | ||
| Q2 25 | $98.3M | $932.2M | ||
| Q1 25 | $93.7M | $877.4M | ||
| Q4 24 | $90.5M | $869.3M | ||
| Q3 24 | $91.3M | $857.0M | ||
| Q2 24 | $84.9M | $823.2M | ||
| Q1 24 | $82.8M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | 0.04× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-17.4M | $18.1M |
| FCF MarginFCF / Revenue | -31.5% | 22.3% |
| Capex IntensityCapex / Revenue | 31.9% | 6.0% |
| Cash ConversionOCF / Net Profit | 0.11× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $23.0M | ||
| Q3 25 | $6.9M | $-8.6M | ||
| Q2 25 | $3.9M | $13.4M | ||
| Q1 25 | $-150.0K | $-4.7M | ||
| Q4 24 | $-2.6M | $101.0M | ||
| Q3 24 | $7.5M | $27.5M | ||
| Q2 24 | $6.5M | $34.8M | ||
| Q1 24 | $1.5M | $11.0M |
| Q4 25 | $-17.4M | $18.1M | ||
| Q3 25 | $1.8M | $-9.5M | ||
| Q2 25 | $1.6M | $11.6M | ||
| Q1 25 | $-2.4M | $-6.0M | ||
| Q4 24 | $-3.8M | $96.6M | ||
| Q3 24 | $5.9M | $25.2M | ||
| Q2 24 | $5.1M | $33.9M | ||
| Q1 24 | $-923.0K | $10.7M |
| Q4 25 | -31.5% | 22.3% | ||
| Q3 25 | 3.1% | -12.6% | ||
| Q2 25 | 3.0% | 15.9% | ||
| Q1 25 | -5.1% | -8.9% | ||
| Q4 24 | -8.2% | 113.6% | ||
| Q3 24 | 12.8% | 34.0% | ||
| Q2 24 | 10.4% | 47.7% | ||
| Q1 24 | -2.1% | 16.2% |
| Q4 25 | 31.9% | 6.0% | ||
| Q3 25 | 9.0% | 1.2% | ||
| Q2 25 | 4.3% | 2.5% | ||
| Q1 25 | 4.8% | 1.9% | ||
| Q4 24 | 2.7% | 5.2% | ||
| Q3 24 | 3.3% | 3.0% | ||
| Q2 24 | 2.9% | 1.3% | ||
| Q1 24 | 5.5% | 0.4% |
| Q4 25 | 0.11× | 2.43× | ||
| Q3 25 | 1.96× | -4.01× | ||
| Q2 25 | 0.92× | 3.96× | ||
| Q1 25 | -0.04× | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | 2.50× | 19.54× | ||
| Q2 24 | 1.73× | 4.98× | ||
| Q1 24 | 0.64× | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
