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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $55.4M, roughly 1.8× Lifeway Foods, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -7.0%, a 11.6% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
LWAY vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $100.0M |
| Net Profit | $2.5M | $-7.0M |
| Gross Margin | 27.8% | 28.0% |
| Operating Margin | 6.8% | -10.7% |
| Net Margin | 4.6% | -7.0% |
| Revenue YoY | 18.0% | 14.5% |
| Net Profit YoY | 1688.1% | 76.0% |
| EPS (diluted) | $0.15 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $57.1M | $161.9M | ||
| Q2 25 | $53.9M | $172.6M | ||
| Q1 25 | $46.1M | $111.4M | ||
| Q4 24 | $46.9M | $87.3M | ||
| Q3 24 | $46.1M | $150.5M | ||
| Q2 24 | $49.2M | $160.1M | ||
| Q1 24 | $44.6M | $110.6M |
| Q4 25 | $2.5M | $-7.0M | ||
| Q3 25 | $3.5M | $8.1M | ||
| Q2 25 | $4.2M | $16.0M | ||
| Q1 25 | $3.5M | $-6.0M | ||
| Q4 24 | $-160.0K | $-29.2M | ||
| Q3 24 | $3.0M | $5.9M | ||
| Q2 24 | $3.8M | $13.3M | ||
| Q1 24 | $2.4M | $-7.9M |
| Q4 25 | 27.8% | 28.0% | ||
| Q3 25 | 28.7% | 35.4% | ||
| Q2 25 | 28.6% | 37.1% | ||
| Q1 25 | 23.9% | 29.5% | ||
| Q4 24 | 25.3% | 24.6% | ||
| Q3 24 | 25.7% | 32.4% | ||
| Q2 24 | 27.0% | 33.1% | ||
| Q1 24 | 25.8% | 27.7% |
| Q4 25 | 6.8% | -10.7% | ||
| Q3 25 | 8.8% | 13.3% | ||
| Q2 25 | 10.8% | 14.3% | ||
| Q1 25 | 3.4% | -4.4% | ||
| Q4 24 | 1.5% | -14.9% | ||
| Q3 24 | 9.1% | 8.9% | ||
| Q2 24 | 11.0% | 12.5% | ||
| Q1 24 | 8.0% | -1.9% |
| Q4 25 | 4.6% | -7.0% | ||
| Q3 25 | 6.2% | 5.0% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | 7.7% | -5.4% | ||
| Q4 24 | -0.3% | -33.4% | ||
| Q3 24 | 6.5% | 3.9% | ||
| Q2 24 | 7.7% | 8.3% | ||
| Q1 24 | 5.4% | -7.1% |
| Q4 25 | $0.15 | $-0.06 | ||
| Q3 25 | $0.23 | $0.07 | ||
| Q2 25 | $0.28 | $0.13 | ||
| Q1 25 | $0.23 | $-0.05 | ||
| Q4 24 | $0.00 | $-0.24 | ||
| Q3 24 | $0.19 | $0.05 | ||
| Q2 24 | $0.25 | $0.11 | ||
| Q1 24 | $0.16 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $85.8M | $405.9M |
| Total Assets | $105.6M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | — | ||
| Q3 25 | $23.0M | — | ||
| Q2 25 | $21.2M | — | ||
| Q1 25 | $19.4M | — | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $20.6M | — | ||
| Q2 24 | $14.6M | — | ||
| Q1 24 | $12.0M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | $2.5M | $282.8M |
| Q4 25 | $85.8M | $405.9M | ||
| Q3 25 | $82.8M | $408.4M | ||
| Q2 25 | $78.7M | $398.4M | ||
| Q1 25 | $74.2M | $381.1M | ||
| Q4 24 | $71.9M | $387.2M | ||
| Q3 24 | $71.5M | $416.6M | ||
| Q2 24 | $68.0M | $408.1M | ||
| Q1 24 | $63.5M | $391.8M |
| Q4 25 | $105.6M | $823.2M | ||
| Q3 25 | $109.5M | $844.4M | ||
| Q2 25 | $98.3M | $822.1M | ||
| Q1 25 | $93.7M | $824.6M | ||
| Q4 24 | $90.5M | $794.2M | ||
| Q3 24 | $91.3M | $853.4M | ||
| Q2 24 | $84.9M | $830.0M | ||
| Q1 24 | $82.8M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | 0.04× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-17.4M | $14.1M |
| FCF MarginFCF / Revenue | -31.5% | 14.1% |
| Capex IntensityCapex / Revenue | 31.9% | 9.2% |
| Cash ConversionOCF / Net Profit | 0.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.4M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $267.0K | $23.3M | ||
| Q3 25 | $6.9M | $51.0M | ||
| Q2 25 | $3.9M | $36.0M | ||
| Q1 25 | $-150.0K | $-46.9M | ||
| Q4 24 | $-2.6M | $6.2M | ||
| Q3 24 | $7.5M | $37.2M | ||
| Q2 24 | $6.5M | $52.4M | ||
| Q1 24 | $1.5M | $-34.5M |
| Q4 25 | $-17.4M | $14.1M | ||
| Q3 25 | $1.8M | $45.2M | ||
| Q2 25 | $1.6M | $29.1M | ||
| Q1 25 | $-2.4M | $-50.3M | ||
| Q4 24 | $-3.8M | $-98.0K | ||
| Q3 24 | $5.9M | $33.2M | ||
| Q2 24 | $5.1M | $47.9M | ||
| Q1 24 | $-923.0K | $-39.9M |
| Q4 25 | -31.5% | 14.1% | ||
| Q3 25 | 3.1% | 27.9% | ||
| Q2 25 | 3.0% | 16.8% | ||
| Q1 25 | -5.1% | -45.2% | ||
| Q4 24 | -8.2% | -0.1% | ||
| Q3 24 | 12.8% | 22.1% | ||
| Q2 24 | 10.4% | 29.9% | ||
| Q1 24 | -2.1% | -36.0% |
| Q4 25 | 31.9% | 9.2% | ||
| Q3 25 | 9.0% | 3.6% | ||
| Q2 25 | 4.3% | 4.0% | ||
| Q1 25 | 4.8% | 3.1% | ||
| Q4 24 | 2.7% | 7.2% | ||
| Q3 24 | 3.3% | 2.7% | ||
| Q2 24 | 2.9% | 2.8% | ||
| Q1 24 | 5.5% | 4.8% |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 1.96× | 6.29× | ||
| Q2 25 | 0.92× | 2.25× | ||
| Q1 25 | -0.04× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.50× | 6.32× | ||
| Q2 24 | 1.73× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
