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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Lifeway Foods, Inc. is the larger business by last-quarter revenue ($55.4M vs $28.1M, roughly 2.0× ARS Pharmaceuticals, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -147.1%, a 151.7% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
LWAY vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $28.1M |
| Net Profit | $2.5M | $-41.3M |
| Gross Margin | 27.8% | — |
| Operating Margin | 6.8% | -147.6% |
| Net Margin | 4.6% | -147.1% |
| Revenue YoY | 18.0% | -67.6% |
| Net Profit YoY | 1688.1% | -182.8% |
| EPS (diluted) | $0.15 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $57.1M | $32.5M | ||
| Q2 25 | $53.9M | $15.7M | ||
| Q1 25 | $46.1M | $8.0M | ||
| Q4 24 | $46.9M | $86.6M | ||
| Q3 24 | $46.1M | $2.1M | ||
| Q2 24 | $49.2M | $500.0K | ||
| Q1 24 | $44.6M | $0 |
| Q4 25 | $2.5M | $-41.3M | ||
| Q3 25 | $3.5M | $-51.2M | ||
| Q2 25 | $4.2M | $-44.9M | ||
| Q1 25 | $3.5M | $-33.9M | ||
| Q4 24 | $-160.0K | $49.9M | ||
| Q3 24 | $3.0M | $-19.1M | ||
| Q2 24 | $3.8M | $-12.5M | ||
| Q1 24 | $2.4M | $-10.3M |
| 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% | -147.6% | ||
| Q3 25 | 8.8% | -163.7% | ||
| Q2 25 | 10.8% | -302.9% | ||
| Q1 25 | 3.4% | -466.3% | ||
| Q4 24 | 1.5% | 54.5% | ||
| Q3 24 | 9.1% | -1051.6% | ||
| Q2 24 | 11.0% | -3068.0% | ||
| Q1 24 | 8.0% | — |
| Q4 25 | 4.6% | -147.1% | ||
| Q3 25 | 6.2% | -157.4% | ||
| Q2 25 | 7.9% | -285.6% | ||
| Q1 25 | 7.7% | -425.7% | ||
| Q4 24 | -0.3% | 57.7% | ||
| Q3 24 | 6.5% | -925.0% | ||
| Q2 24 | 7.7% | -2503.2% | ||
| Q1 24 | 5.4% | — |
| Q4 25 | $0.15 | $-0.41 | ||
| Q3 25 | $0.23 | $-0.52 | ||
| Q2 25 | $0.28 | $-0.46 | ||
| Q1 25 | $0.23 | $-0.35 | ||
| Q4 24 | $0.00 | $0.52 | ||
| Q3 24 | $0.19 | $-0.20 | ||
| Q2 24 | $0.25 | $-0.13 | ||
| Q1 24 | $0.16 | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $85.8M | $114.3M |
| Total Assets | $105.6M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $245.0M | ||
| Q3 25 | $23.0M | $288.2M | ||
| Q2 25 | $21.2M | $240.1M | ||
| Q1 25 | $19.4M | $275.7M | ||
| Q4 24 | $16.7M | $314.0M | ||
| Q3 24 | $20.6M | $204.6M | ||
| Q2 24 | $14.6M | $218.7M | ||
| Q1 24 | $12.0M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $85.8M | $114.3M | ||
| Q3 25 | $82.8M | $147.7M | ||
| Q2 25 | $78.7M | $192.3M | ||
| Q1 25 | $74.2M | $229.0M | ||
| Q4 24 | $71.9M | $256.8M | ||
| Q3 24 | $71.5M | $201.0M | ||
| Q2 24 | $68.0M | $215.2M | ||
| Q1 24 | $63.5M | $223.9M |
| Q4 25 | $105.6M | $327.7M | ||
| Q3 25 | $109.5M | $372.8M | ||
| Q2 25 | $98.3M | $313.5M | ||
| Q1 25 | $93.7M | $327.3M | ||
| Q4 24 | $90.5M | $351.2M | ||
| Q3 24 | $91.3M | $217.6M | ||
| Q2 24 | $84.9M | $222.0M | ||
| Q1 24 | $82.8M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| 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 | $-43.5M |
| Free Cash FlowOCF − Capex | $-17.4M | — |
| FCF MarginFCF / Revenue | -31.5% | — |
| Capex IntensityCapex / Revenue | 31.9% | 0.0% |
| 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 | $-43.5M | ||
| Q3 25 | $6.9M | $-47.0M | ||
| Q2 25 | $3.9M | $-39.6M | ||
| Q1 25 | $-150.0K | $-40.7M | ||
| Q4 24 | $-2.6M | $42.0M | ||
| Q3 24 | $7.5M | $-14.5M | ||
| Q2 24 | $6.5M | $-7.3M | ||
| Q1 24 | $1.5M | $-6.7M |
| Q4 25 | $-17.4M | — | ||
| Q3 25 | $1.8M | $-47.2M | ||
| Q2 25 | $1.6M | $-39.6M | ||
| Q1 25 | $-2.4M | $-40.8M | ||
| Q4 24 | $-3.8M | $41.7M | ||
| Q3 24 | $5.9M | $-14.6M | ||
| Q2 24 | $5.1M | $-7.3M | ||
| Q1 24 | $-923.0K | $-6.8M |
| Q4 25 | -31.5% | — | ||
| Q3 25 | 3.1% | -145.4% | ||
| Q2 25 | 3.0% | -252.2% | ||
| Q1 25 | -5.1% | -512.1% | ||
| Q4 24 | -8.2% | 48.2% | ||
| Q3 24 | 12.8% | -706.3% | ||
| Q2 24 | 10.4% | -1463.4% | ||
| Q1 24 | -2.1% | — |
| Q4 25 | 31.9% | 0.0% | ||
| Q3 25 | 9.0% | 0.6% | ||
| Q2 25 | 4.3% | 0.3% | ||
| Q1 25 | 4.8% | 1.1% | ||
| Q4 24 | 2.7% | 0.3% | ||
| Q3 24 | 3.3% | 6.8% | ||
| Q2 24 | 2.9% | 7.6% | ||
| Q1 24 | 5.5% | — |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 1.96× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | -0.04× | — | ||
| Q4 24 | — | 0.84× | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
