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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $55.4M, roughly 1.6× Lifeway Foods, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs 1.4%, a 3.2% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
LWAY vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $86.0M |
| Net Profit | $2.5M | $1.2M |
| Gross Margin | 27.8% | 13.0% |
| Operating Margin | 6.8% | -3.1% |
| Net Margin | 4.6% | 1.4% |
| Revenue YoY | 18.0% | -5.8% |
| Net Profit YoY | 1688.1% | -68.5% |
| EPS (diluted) | $0.15 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $57.1M | $92.8M | ||
| Q2 25 | $53.9M | $85.8M | ||
| Q1 25 | $46.1M | $65.6M | ||
| Q4 24 | $46.9M | $91.4M | ||
| Q3 24 | $46.1M | $63.2M | ||
| Q2 24 | $49.2M | $73.8M | ||
| Q1 24 | $44.6M | $83.1M |
| Q4 25 | $2.5M | $1.2M | ||
| Q3 25 | $3.5M | $3.0M | ||
| Q2 25 | $4.2M | $21.4M | ||
| Q1 25 | $3.5M | $-24.2M | ||
| Q4 24 | $-160.0K | $3.7M | ||
| Q3 24 | $3.0M | $-98.0K | ||
| Q2 24 | $3.8M | $-430.0K | ||
| Q1 24 | $2.4M | $-216.0K |
| Q4 25 | 27.8% | 13.0% | ||
| Q3 25 | 28.7% | 16.1% | ||
| Q2 25 | 28.6% | 10.4% | ||
| Q1 25 | 23.9% | 4.2% | ||
| Q4 24 | 25.3% | 14.7% | ||
| Q3 24 | 25.7% | 10.3% | ||
| Q2 24 | 27.0% | 17.7% | ||
| Q1 24 | 25.8% | 14.2% |
| Q4 25 | 6.8% | -3.1% | ||
| Q3 25 | 8.8% | 5.8% | ||
| Q2 25 | 10.8% | -0.1% | ||
| Q1 25 | 3.4% | -10.8% | ||
| Q4 24 | 1.5% | 3.9% | ||
| Q3 24 | 9.1% | -7.8% | ||
| Q2 24 | 11.0% | 4.8% | ||
| Q1 24 | 8.0% | 0.9% |
| Q4 25 | 4.6% | 1.4% | ||
| Q3 25 | 6.2% | 3.2% | ||
| Q2 25 | 7.9% | 24.9% | ||
| Q1 25 | 7.7% | -37.0% | ||
| Q4 24 | -0.3% | 4.1% | ||
| Q3 24 | 6.5% | -0.2% | ||
| Q2 24 | 7.7% | -0.6% | ||
| Q1 24 | 5.4% | -0.3% |
| Q4 25 | $0.15 | $0.03 | ||
| Q3 25 | $0.23 | $0.08 | ||
| Q2 25 | $0.28 | $0.54 | ||
| Q1 25 | $0.23 | $-0.62 | ||
| Q4 24 | $0.00 | $0.10 | ||
| Q3 24 | $0.19 | $0.00 | ||
| Q2 24 | $0.25 | $-0.01 | ||
| Q1 24 | $0.16 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $85.8M | $239.7M |
| Total Assets | $105.6M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $22.6M | ||
| Q3 25 | $23.0M | $5.1M | ||
| Q2 25 | $21.2M | $4.3M | ||
| Q1 25 | $19.4M | $5.1M | ||
| Q4 24 | $16.7M | $1.6M | ||
| Q3 24 | $20.6M | $7.2M | ||
| Q2 24 | $14.6M | $6.3M | ||
| Q1 24 | $12.0M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | $2.5M | $25.5M |
| Q4 25 | $85.8M | $239.7M | ||
| Q3 25 | $82.8M | $239.9M | ||
| Q2 25 | $78.7M | $240.5M | ||
| Q1 25 | $74.2M | $219.9M | ||
| Q4 24 | $71.9M | $243.8M | ||
| Q3 24 | $71.5M | $243.6M | ||
| Q2 24 | $68.0M | $242.9M | ||
| Q1 24 | $63.5M | $242.5M |
| Q4 25 | $105.6M | $340.0M | ||
| Q3 25 | $109.5M | $343.1M | ||
| Q2 25 | $98.3M | $345.8M | ||
| Q1 25 | $93.7M | $326.9M | ||
| Q4 24 | $90.5M | $341.5M | ||
| Q3 24 | $91.3M | $335.8M | ||
| Q2 24 | $84.9M | $341.8M | ||
| Q1 24 | $82.8M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | 0.04× | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-17.4M | $20.4M |
| FCF MarginFCF / Revenue | -31.5% | 23.7% |
| Capex IntensityCapex / Revenue | 31.9% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.11× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $22.4M | ||
| Q3 25 | $6.9M | $18.2M | ||
| Q2 25 | $3.9M | $-5.1M | ||
| Q1 25 | $-150.0K | $8.7M | ||
| Q4 24 | $-2.6M | $1.0M | ||
| Q3 24 | $7.5M | $5.8M | ||
| Q2 24 | $6.5M | $14.9M | ||
| Q1 24 | $1.5M | $-3.9M |
| Q4 25 | $-17.4M | $20.4M | ||
| Q3 25 | $1.8M | $14.8M | ||
| Q2 25 | $1.6M | $-7.8M | ||
| Q1 25 | $-2.4M | $5.2M | ||
| Q4 24 | $-3.8M | $-840.0K | ||
| Q3 24 | $5.9M | $3.7M | ||
| Q2 24 | $5.1M | $13.5M | ||
| Q1 24 | $-923.0K | $-5.5M |
| Q4 25 | -31.5% | 23.7% | ||
| Q3 25 | 3.1% | 15.9% | ||
| Q2 25 | 3.0% | -9.1% | ||
| Q1 25 | -5.1% | 7.9% | ||
| Q4 24 | -8.2% | -0.9% | ||
| Q3 24 | 12.8% | 5.8% | ||
| Q2 24 | 10.4% | 18.3% | ||
| Q1 24 | -2.1% | -6.6% |
| Q4 25 | 31.9% | 2.3% | ||
| Q3 25 | 9.0% | 3.6% | ||
| Q2 25 | 4.3% | 3.1% | ||
| Q1 25 | 4.8% | 5.4% | ||
| Q4 24 | 2.7% | 2.1% | ||
| Q3 24 | 3.3% | 3.4% | ||
| Q2 24 | 2.9% | 1.8% | ||
| Q1 24 | 5.5% | 2.0% |
| Q4 25 | 0.11× | 18.99× | ||
| Q3 25 | 1.96× | 6.05× | ||
| Q2 25 | 0.92× | -0.24× | ||
| Q1 25 | -0.04× | — | ||
| Q4 24 | — | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
