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Side-by-side financial comparison of Lifeway Foods, Inc. (LWAY) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $55.4M, roughly 1.3× Lifeway Foods, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -20.3%, a 24.9% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 18.0%). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
LWAY vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.4M | $73.5M |
| Net Profit | $2.5M | $-14.9M |
| Gross Margin | 27.8% | 9.6% |
| Operating Margin | 6.8% | -22.9% |
| Net Margin | 4.6% | -20.3% |
| Revenue YoY | 18.0% | 22.0% |
| Net Profit YoY | 1688.1% | -219.1% |
| EPS (diluted) | $0.15 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $57.1M | $91.6M | ||
| Q2 25 | $53.9M | $54.9M | ||
| Q1 25 | $46.1M | $54.9M | ||
| Q4 24 | $46.9M | $60.2M | ||
| Q3 24 | $46.1M | $65.8M | ||
| Q2 24 | $49.2M | $67.5M | ||
| Q1 24 | $44.6M | $72.4M |
| Q4 25 | $2.5M | $-14.9M | ||
| Q3 25 | $3.5M | $-795.0K | ||
| Q2 25 | $4.2M | $-14.9M | ||
| Q1 25 | $3.5M | $-6.5M | ||
| Q4 24 | $-160.0K | $12.5M | ||
| Q3 24 | $3.0M | $20.0M | ||
| Q2 24 | $3.8M | $18.4M | ||
| Q1 24 | $2.4M | $20.4M |
| Q4 25 | 27.8% | 9.6% | ||
| Q3 25 | 28.7% | 19.6% | ||
| Q2 25 | 28.6% | -0.6% | ||
| Q1 25 | 23.9% | 32.7% | ||
| Q4 24 | 25.3% | 61.5% | ||
| Q3 24 | 25.7% | 68.7% | ||
| Q2 24 | 27.0% | 69.4% | ||
| Q1 24 | 25.8% | 67.8% |
| Q4 25 | 6.8% | -22.9% | ||
| Q3 25 | 8.8% | 0.1% | ||
| Q2 25 | 10.8% | -30.8% | ||
| Q1 25 | 3.4% | -2.0% | ||
| Q4 24 | 1.5% | 34.5% | ||
| Q3 24 | 9.1% | 42.5% | ||
| Q2 24 | 11.0% | 43.8% | ||
| Q1 24 | 8.0% | 42.0% |
| Q4 25 | 4.6% | -20.3% | ||
| Q3 25 | 6.2% | -0.9% | ||
| Q2 25 | 7.9% | -27.2% | ||
| Q1 25 | 7.7% | -11.8% | ||
| Q4 24 | -0.3% | 20.8% | ||
| Q3 24 | 6.5% | 30.4% | ||
| Q2 24 | 7.7% | 27.2% | ||
| Q1 24 | 5.4% | 28.2% |
| Q4 25 | $0.15 | $-0.14 | ||
| Q3 25 | $0.23 | $-0.01 | ||
| Q2 25 | $0.28 | $-0.15 | ||
| Q1 25 | $0.23 | $-0.07 | ||
| Q4 24 | $0.00 | $0.12 | ||
| Q3 24 | $0.19 | $0.20 | ||
| Q2 24 | $0.25 | $0.18 | ||
| Q1 24 | $0.16 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $85.8M | $389.3M |
| Total Assets | $105.6M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $8.3M | ||
| Q3 25 | $23.0M | $30.4M | ||
| Q2 25 | $21.2M | $19.2M | ||
| Q1 25 | $19.4M | $34.5M | ||
| Q4 24 | $16.7M | $190.7M | ||
| Q3 24 | $20.6M | $177.7M | ||
| Q2 24 | $14.6M | $154.3M | ||
| Q1 24 | $12.0M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | $2.5M | $179.9M |
| Q4 25 | $85.8M | $389.3M | ||
| Q3 25 | $82.8M | $402.4M | ||
| Q2 25 | $78.7M | $401.3M | ||
| Q1 25 | $74.2M | $415.3M | ||
| Q4 24 | $71.9M | $421.1M | ||
| Q3 24 | $71.5M | $417.6M | ||
| Q2 24 | $68.0M | $397.2M | ||
| Q1 24 | $63.5M | $375.5M |
| Q4 25 | $105.6M | $530.2M | ||
| Q3 25 | $109.5M | $541.2M | ||
| Q2 25 | $98.3M | $533.7M | ||
| Q1 25 | $93.7M | $562.5M | ||
| Q4 24 | $90.5M | $725.8M | ||
| Q3 24 | $91.3M | $709.8M | ||
| Q2 24 | $84.9M | $697.0M | ||
| Q1 24 | $82.8M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 0.04× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-17.4M | — |
| FCF MarginFCF / Revenue | -31.5% | — |
| Capex IntensityCapex / Revenue | 31.9% | — |
| 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 | $5.7M | ||
| Q3 25 | $6.9M | $53.4M | ||
| Q2 25 | $3.9M | $11.1M | ||
| Q1 25 | $-150.0K | $3.9M | ||
| Q4 24 | $-2.6M | $30.6M | ||
| Q3 24 | $7.5M | $31.4M | ||
| Q2 24 | $6.5M | $39.1M | ||
| Q1 24 | $1.5M | $50.6M |
| Q4 25 | $-17.4M | — | ||
| Q3 25 | $1.8M | — | ||
| Q2 25 | $1.6M | — | ||
| Q1 25 | $-2.4M | $-11.6M | ||
| Q4 24 | $-3.8M | — | ||
| Q3 24 | $5.9M | — | ||
| Q2 24 | $5.1M | — | ||
| Q1 24 | $-923.0K | — |
| Q4 25 | -31.5% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | -5.1% | -21.1% | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | 12.8% | — | ||
| Q2 24 | 10.4% | — | ||
| Q1 24 | -2.1% | — |
| Q4 25 | 31.9% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.8% | 28.2% | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 5.5% | — |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 1.96× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | -0.04× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 2.50× | 1.57× | ||
| Q2 24 | 1.73× | 2.13× | ||
| Q1 24 | 0.64× | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
