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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Lifeway Foods, Inc. is the larger business by last-quarter revenue ($55.4M vs $33.9M, roughly 1.6× Spok Holdings, Inc). Spok Holdings, Inc runs the higher net margin — 8.7% vs 4.6%, a 4.1% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
LWAY vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $33.9M |
| Net Profit | $2.5M | $2.9M |
| Gross Margin | 27.8% | 76.7% |
| Operating Margin | 6.8% | 11.6% |
| Net Margin | 4.6% | 8.7% |
| Revenue YoY | 18.0% | -0.1% |
| Net Profit YoY | 1688.1% | -19.6% |
| EPS (diluted) | $0.15 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $57.1M | $33.9M | ||
| Q2 25 | $53.9M | $35.7M | ||
| Q1 25 | $46.1M | $36.3M | ||
| Q4 24 | $46.9M | $33.9M | ||
| Q3 24 | $46.1M | $34.9M | ||
| Q2 24 | $49.2M | $34.0M | ||
| Q1 24 | $44.6M | $34.9M |
| Q4 25 | $2.5M | $2.9M | ||
| Q3 25 | $3.5M | $3.2M | ||
| Q2 25 | $4.2M | $4.6M | ||
| Q1 25 | $3.5M | $5.2M | ||
| Q4 24 | $-160.0K | $3.6M | ||
| Q3 24 | $3.0M | $3.7M | ||
| Q2 24 | $3.8M | $3.4M | ||
| Q1 24 | $2.4M | $4.2M |
| Q4 25 | 27.8% | 76.7% | ||
| Q3 25 | 28.7% | 78.3% | ||
| Q2 25 | 28.6% | 79.5% | ||
| Q1 25 | 23.9% | 80.1% | ||
| Q4 24 | 25.3% | 78.5% | ||
| Q3 24 | 25.7% | 79.5% | ||
| Q2 24 | 27.0% | 78.9% | ||
| Q1 24 | 25.8% | 79.5% |
| Q4 25 | 6.8% | 11.6% | ||
| Q3 25 | 8.8% | 12.9% | ||
| Q2 25 | 10.8% | 15.1% | ||
| Q1 25 | 3.4% | 16.6% | ||
| Q4 24 | 1.5% | 13.7% | ||
| Q3 24 | 9.1% | 14.2% | ||
| Q2 24 | 11.0% | 13.2% | ||
| Q1 24 | 8.0% | 14.0% |
| Q4 25 | 4.6% | 8.7% | ||
| Q3 25 | 6.2% | 9.5% | ||
| Q2 25 | 7.9% | 12.8% | ||
| Q1 25 | 7.7% | 14.3% | ||
| Q4 24 | -0.3% | 10.8% | ||
| Q3 24 | 6.5% | 10.5% | ||
| Q2 24 | 7.7% | 10.1% | ||
| Q1 24 | 5.4% | 12.1% |
| Q4 25 | $0.15 | $0.13 | ||
| Q3 25 | $0.23 | $0.15 | ||
| Q2 25 | $0.28 | $0.22 | ||
| Q1 25 | $0.23 | $0.25 | ||
| Q4 24 | $0.00 | $0.17 | ||
| Q3 24 | $0.19 | $0.18 | ||
| Q2 24 | $0.25 | $0.17 | ||
| Q1 24 | $0.16 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $85.8M | $146.4M |
| Total Assets | $105.6M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $25.3M | ||
| Q3 25 | $23.0M | $21.4M | ||
| Q2 25 | $21.2M | $20.2M | ||
| Q1 25 | $19.4M | $19.9M | ||
| Q4 24 | $16.7M | $29.1M | ||
| Q3 24 | $20.6M | $27.8M | ||
| Q2 24 | $14.6M | $23.9M | ||
| Q1 24 | $12.0M | $23.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $85.8M | $146.4M | ||
| Q3 25 | $82.8M | $148.7M | ||
| Q2 25 | $78.7M | $150.9M | ||
| Q1 25 | $74.2M | $151.7M | ||
| Q4 24 | $71.9M | $154.7M | ||
| Q3 24 | $71.5M | $156.3M | ||
| Q2 24 | $68.0M | $158.2M | ||
| Q1 24 | $63.5M | $160.2M |
| Q4 25 | $105.6M | $206.1M | ||
| Q3 25 | $109.5M | $209.7M | ||
| Q2 25 | $98.3M | $208.7M | ||
| Q1 25 | $93.7M | $204.5M | ||
| Q4 24 | $90.5M | $217.1M | ||
| Q3 24 | $91.3M | $216.8M | ||
| Q2 24 | $84.9M | $216.4M | ||
| Q1 24 | $82.8M | $215.0M |
| 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 | $11.5M |
| Free Cash FlowOCF − Capex | $-17.4M | $10.1M |
| FCF MarginFCF / Revenue | -31.5% | 29.9% |
| Capex IntensityCapex / Revenue | 31.9% | 4.1% |
| Cash ConversionOCF / Net Profit | 0.11× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $11.5M | ||
| Q3 25 | $6.9M | $8.1M | ||
| Q2 25 | $3.9M | $7.0M | ||
| Q1 25 | $-150.0K | $2.3M | ||
| Q4 24 | $-2.6M | $8.4M | ||
| Q3 24 | $7.5M | $11.1M | ||
| Q2 24 | $6.5M | $7.4M | ||
| Q1 24 | $1.5M | $2.0M |
| Q4 25 | $-17.4M | $10.1M | ||
| Q3 25 | $1.8M | $7.6M | ||
| Q2 25 | $1.6M | $6.0M | ||
| Q1 25 | $-2.4M | $1.5M | ||
| Q4 24 | $-3.8M | $7.5M | ||
| Q3 24 | $5.9M | $10.3M | ||
| Q2 24 | $5.1M | $6.8M | ||
| Q1 24 | $-923.0K | $1.1M |
| Q4 25 | -31.5% | 29.9% | ||
| Q3 25 | 3.1% | 22.4% | ||
| Q2 25 | 3.0% | 16.8% | ||
| Q1 25 | -5.1% | 4.2% | ||
| Q4 24 | -8.2% | 22.3% | ||
| Q3 24 | 12.8% | 29.4% | ||
| Q2 24 | 10.4% | 20.0% | ||
| Q1 24 | -2.1% | 3.2% |
| Q4 25 | 31.9% | 4.1% | ||
| Q3 25 | 9.0% | 1.6% | ||
| Q2 25 | 4.3% | 2.9% | ||
| Q1 25 | 4.8% | 2.1% | ||
| Q4 24 | 2.7% | 2.5% | ||
| Q3 24 | 3.3% | 2.4% | ||
| Q2 24 | 2.9% | 1.9% | ||
| Q1 24 | 5.5% | 2.5% |
| Q4 25 | 0.11× | 3.93× | ||
| Q3 25 | 1.96× | 2.54× | ||
| Q2 25 | 0.92× | 1.55× | ||
| Q1 25 | -0.04× | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 2.50× | 3.03× | ||
| Q2 24 | 1.73× | 2.17× | ||
| Q1 24 | 0.64× | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
