Lifeway Foods, Inc. (LWAY)

Dairy Products

Latest Price

$24.47

TTM P/E

35.46

Normalized P/E

46.34

Div Yield

Book Value

5.56

P/B Ratio

4.40

Valuation metrics

EPS: $0.89

Book value / share: $5.63

Formula: √(22.5 × EPS × BVPS)

Graham Number

$10.62

57% downside

Norm. op. income: $6M (median of 7yr)

Tax rate: 35%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$2.68

89% downside

Base FCF: $5M (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$1.57

94% downside

EPS: $0.89

Target P/E: 46×

Formula: EPS × P/E

P/E Fair Value

$40.94

+67% upside

53.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Divisadero Street Capital Management, LP	2.10M	$62.0M	13.91%	+692.8K	2026-06-30
CITADEL ADVISORS LLC	930.1K	$27.0M	6.16%	+858.2K	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	585.1K	$17.0M	3.87%	--	2026-06-30
RENAISSANCE TECHNOLOGIES LLC	377.2K	$11.0M	2.50%	+8.5K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	366.8K	$10.0M	2.43%	+104.7K	2026-06-30
BlackRock, Inc.	322.2K	$9.0M	2.13%	+44.4K	2026-06-30
Pillsbury Lake Capital LLC	291.7K	$8.0M	1.93%	--	2026-06-30
DIMENSIONAL FUND ADVISORS LP	258.4K	$7.0M	1.71%	+22.7K	2026-06-30
TWO SIGMA INVESTMENTS, LP	228.1K	$6.0M	1.51%	--	2026-06-30
AWM Investment Company, Inc.	223.0K	$6.0M	1.48%	--	2026-06-30