Lendway, Inc. (LDWY) 10-Year Financial Performance & Capital Metrics

LDWY • • Industrial / General

Communication ServicesAdvertising & MarketingPromotional & Event MarketingPromotional Products & Services

AboutLendway, Inc. provides in-store advertising solutions to consumer-packaged goods manufacturers, retailers, shopper marketing agencies, and brokerages in the United States. It offers in-store signage solutions, which provides point-of-purchase services, brand equity signs, tear pads, and display marketing solutions; display solutions, such as a range of fully customized temporary, semi-permanent, and permanent displays; merchandising solutions; and on-pack solutions, which include BoxTalk, coupons, recipes, and cross-promotions. The company also operates a non-bank lending marketplace. The company was formerly known as Insignia Systems, Inc. and changed its name to Lendway, Inc. in August 2023. The company was incorporated in 1990 and is headquartered in Minneapolis, Minnesota.Show more

Revenue $71M
EBITDA $11M +418.9%
Net Income $3M +23.9%
EPS (Diluted) -3.24 -945.2%
Gross Margin 26.05%
EBITDA Margin 15.72%
Operating Margin 11%
Net Margin 4.2%
ROE 21.82% +30.8%
ROIC 13.8%
Debt/Equity 6.35 +1408238.4%
Interest Coverage 2.64

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 53.2%
✓Strong 5Y sales CAGR of 27.0%
✓Trading at only 0.6x book value

✗Weaknesses

✗High debt to equity ratio of 6.4x
✗Negative free cash flow
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.48%

5Y27.04%

3Y54.01%

TTM49.38%

Profit (Net Income) CAGR

10Y30.37%

5Y-

3Y-

TTM-28.03%

EPS CAGR

10Y-

5Y-

3Y-

TTM-27.23%

ROCE

10Y Avg-20.3%

5Y Avg-33.32%

3Y Avg-12.44%

Latest14.54%

Peer Comparison

Promotional Products & Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CMPRCimpress plc	1.98B	80.18	138.24	3.38%	1.02%		7.33%
DLXDeluxe Corporation	1.1B	24.35	20.64	-3.22%	3.91%	12.46%	9.11%	2.52
LDWYLendway, Inc.	7.41M	4.19	-1.29		-9.15%	-37.32%		6.35
SWAGStran & Company, Inc.	36.39M	1.99	-9.05	8.76%	-1.38%	-5.22%	5.93%	0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	28.21M	24.91M	26.43M	33.24M	21.53M	17.48M	19.5M	0	0	71.24M
Revenue Growth %	0.07%	-0.12%	0.06%	0.26%	-0.35%	-0.19%	0.12%	-1%	-	-
Cost of Goods Sold+	15.54M	17.77M	18.03M	20.68M	17.19M	14.63M	16.27M	0	0	52.68M
COGS % of Revenue	0.55%	0.71%	0.68%	0.62%	0.8%	0.84%	0.83%	-	-	0.74%
Gross Profit+	12.67M	7.15M	8.4M	12.56M	4.33M	2.86M	3.23M	0	0	18.56M
Gross Margin %	0.45%	0.29%	0.32%	0.38%	0.2%	0.16%	0.17%	-	-	0.26%
Gross Profit Growth %	0.08%	-0.44%	0.18%	0.5%	-0.65%	-0.34%	0.13%	-1%	-	-
Operating Expenses+	10.21M	9.06M	9.31M	10.73M	10.44M	7.7M	8.02M	2.44M	3.52M	10.73M
OpEx % of Revenue	0.36%	0.36%	0.35%	0.32%	0.48%	0.44%	0.41%	-	-	0.15%
Selling, General & Admin	10.21M	9.06M	9.31M	10.73M	8.43M	7.89M	8.02M	2.44M	3.52M	10.68M
SG&A % of Revenue	0.36%	0.36%	0.35%	0.32%	0.39%	0.45%	0.41%	-	-	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	2.01M	-195K	0	0	0	48K
Operating Income+	2.46M	-2.08M	-908K	1.83M	-6.11M	-4.84M	-4.79M	-2.44M	-3.52M	7.83M
Operating Margin %	0.09%	-0.08%	-0.03%	0.06%	-0.28%	-0.28%	-0.25%	-	-	0.11%
Operating Income Growth %	4.28%	-1.84%	0.56%	3.02%	-4.33%	0.21%	0.01%	0.49%	-0.44%	3.23%
EBITDA+	3.62M	-626K	440K	3M	-4.46M	-4.36M	-4.73M	-2.38M	-3.51M	11.2M
EBITDA Margin %	0.13%	-0.03%	0.02%	0.09%	-0.21%	-0.25%	-0.24%	-	-	0.16%
EBITDA Growth %	1.2%	-1.17%	1.7%	5.82%	-2.49%	0.02%	-0.08%	0.5%	-0.47%	4.19%
D&A (Non-Cash Add-back)	1.16M	1.45M	1.35M	1.17M	1.65M	477K	60K	59K	7K	3.37M
EBIT	2.46M	-2.1M	-908K	1.88M	-4.09M	-4.77M	-3.46M	-2.44M	-3.52M	7.88M
Net Interest Income+	0	0	0	0	0	-32K	-36K	0	518K	-2.97M
Interest Income	0	0	0	0	0	0	0	0	518K	0
Interest Expense	0	0	0	0	0	32K	36K	0	0	2.97M
Other Income/Expense	76K	-24K	-1K	51K	105K	33K	1.3M	154K	518K	-3.34M
Pretax Income+	2.54M	-2.1M	-909K	1.88M	-6M	-4.81M	-3.49M	-2.29M	-3M	4.5M
Pretax Margin %	0.09%	-0.08%	-0.03%	0.06%	-0.28%	-0.27%	-0.18%	-	-	0.06%
Income Tax+	1.01M	-814K	-270K	484K	-424K	-191K	42K	6K	20K	626K
Effective Tax Rate %	0.6%	0.61%	0.7%	0.74%	0.93%	0.96%	1.01%	-4.39%	-0.8%	0.67%
Net Income+	1.53M	-1.29M	-639K	1.4M	-5.58M	-4.62M	-3.53M	10.05M	2.41M	2.99M
Net Margin %	0.05%	-0.05%	-0.02%	0.04%	-0.26%	-0.26%	-0.18%	-	-	0.04%
Net Income Growth %	6.27%	-1.84%	0.5%	3.19%	-4.99%	0.17%	0.23%	3.84%	-0.76%	0.24%
Net Income (Continuing)	1.53M	-1.29M	-639K	1.4M	-5.58M	-4.62M	-3.53M	-2.29M	-3.02M	3.87M
Discontinued Operations	0	0	0	0	0	0	0	12.34M	5.43M	66K
Minority Interest	0	0	0	0	0	0	0	0	0	2.05M
EPS (Diluted)+	0.91	-0.77	-0.38	0.82	-3.27	-2.48	-2.01	5.61	-0.31	-3.24
EPS Growth %	5.5%	-1.85%	0.51%	3.16%	-4.99%	0.24%	0.19%	3.79%	-1.06%	-9.45%
EPS (Basic)	0.91	-0.77	-0.38	0.83	-3.27	-2.48	-2.01	5.61	-0.31	-3.24
Diluted Shares Outstanding	1.75M	1.66M	1.67M	1.72M	1.71M	1.73M	1.76M	1.79M	1.78M	1.77M
Basic Shares Outstanding	1.72M	1.66M	1.67M	1.68M	1.71M	1.73M	1.76M	1.79M	1.78M	1.77M
Dividend Payout Ratio	-	-	-	0.01%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.29M	23.93M	17.64M	19.71M	15.89M	14.02M	10.35M	20.75M	16.62M	18.84M
Cash & Short-Term Investments	18.01M	12.27M	4.7M	10.16M	7.51M	7.13M	3.85M	14.44M	16.08M	1.76M
Cash Only	8.52M	12.27M	4.7M	10.16M	7.51M	7.13M	3.85M	14.44M	16.08M	1.76M
Short-Term Investments	9.49M	0	0	0	0	0	0	0	0	0
Accounts Receivable	8.39M	10.65M	12.22M	8.89M	7.68M	6.1M	5.25M	28K	200K	2.24M
Days Sales Outstanding	108.59	156.1	168.81	97.63	130.3	127.32	98.27	-	-	11.49
Inventory	391K	325K	301K	353K	322K	85K	19K	29K	0	13.37M
Days Inventory Outstanding	9.18	6.68	6.09	6.23	6.84	2.12	0.43	-	-	92.63
Other Current Assets	0	0	0	0	0	376K	366K	6.18M	292K	0
Total Non-Current Assets+	4.42M	4.29M	4.36M	4.44M	1.1M	267K	296K	215K	52K	81.15M
Property, Plant & Equipment	1.58M	2.43M	2.67M	3.27M	726K	112K	296K	0	42K	44.32M
Fixed Asset Turnover	17.81x	10.25x	9.90x	10.17x	29.65x	156.09x	65.89x	-	-	1.61x
Goodwill	0	0	0	0	0	0	0	0	0	10.71M
Intangible Assets	0	0	12.22M	8.89M	317K	0	0	0	0	25.57M
Long-Term Investments	0	0	0	0	-317K	0	0	0	0	191K
Other Non-Current Assets	2.84M	1.86M	1.38M	976K	265K	155K	0	215K	10K	360K
Total Assets+	31.71M	28.23M	21.99M	24.15M	16.99M	14.29M	10.65M	20.97M	16.67M	99.98M
Asset Turnover	0.89x	0.88x	1.20x	1.38x	1.27x	1.22x	1.83x	-	-	0.71x
Asset Growth %	0.04%	-0.11%	-0.22%	0.1%	-0.3%	-0.16%	-0.25%	0.97%	-0.2%	5%
Total Current Liabilities+	5.99M	12.09M	5.8M	6.36M	5.21M	6.35M	6.64M	7.37M	1.1M	7.81M
Accounts Payable	3.35M	2.53M	3.23M	3.33M	3.04M	3.15M	2.54M	138K	32K	3.02M
Days Payables Outstanding	78.8	51.98	65.43	58.86	64.45	78.56	56.95	-	-	20.92
Short-Term Debt	0	0	0	0	0	464K	0	0	0	1.82M
Deferred Revenue (Current)	164K	62K	372K	302K	140K	180K	842K	1000K	0	0
Other Current Liabilities	1.49M	762K	667K	701K	1.28M	424K	2.72M	4.5M	892K	523K
Current Ratio	4.55x	1.98x	3.04x	3.10x	3.05x	2.21x	1.56x	2.81x	15.17x	2.41x
Quick Ratio	4.49x	1.95x	2.99x	3.04x	2.99x	2.19x	1.56x	2.81x	15.17x	0.70x
Cash Conversion Cycle	38.97	110.8	109.48	45	72.68	50.88	41.75	-	-	83.2
Total Non-Current Liabilities+	1M	1.03M	1.04M	1.27M	699K	1.27M	819K	193K	45K	80.28M
Long-Term Debt	0	0	0	0	0	590K	0	0	0	40.18M
Capital Lease Obligations	0	0	0	0	56K	0	108K	0	3K	32.46M
Deferred Tax Liabilities	199K	205K	550K	702K	107K	0	0	0	0	7.64M
Other Non-Current Liabilities	803K	829K	800K	771K	643K	677K	711K	193K	42K	0
Total Liabilities	6.99M	13.12M	7.15M	7.83M	5.91M	7.62M	7.46M	7.57M	1.14M	88.09M
Total Debt+	0	0	0	0	268K	1.11M	184K	0	7K	75.55M
Net Debt	-8.52M	-12.27M	-4.7M	-10.16M	-7.24M	-6.02M	-3.67M	-14.44M	-16.07M	73.79M
Debt / Equity	-	-	-	-	0.02x	0.17x	0.06x	-	0.00x	6.35x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	6.75x
Net Debt / EBITDA	-2.35x	-	-10.67x	-3.39x	-	-	-	-	-	6.59x
Interest Coverage	-	-	-	-	-	-151.22x	-133.08x	-	-	2.64x
Total Equity+	24.72M	15.11M	14.84M	16.32M	11.08M	6.67M	3.19M	13.4M	15.53M	11.89M
Equity Growth %	0.01%	-0.39%	-0.02%	0.1%	-0.32%	-0.4%	-0.52%	3.2%	0.16%	-0.23%
Book Value per Share	14.17	9.09	8.87	9.51	6.50	3.85	1.81	7.48	8.72	6.72
Total Shareholders' Equity	24.72M	15.11M	14.84M	16.32M	11.08M	6.67M	3.19M	13.4M	15.53M	9.84M
Common Stock	116K	118K	119K	118K	121K	17K	18K	18K	17K	17K
Retained Earnings	6.8M	0	-639K	760K	-4.97M	-9.59M	-13.12M	-3.08M	-661K	-6.4M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-11K	0	0	0	0	0	0	0	0	-9K
Minority Interest	0	0	0	0	0	0	0	0	0	2.05M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.22M	-3.99M	1.78M	7.11M	-2.31M	-1.58M	-3M	10.66M	518K	-4.05M
Operating CF Margin %	0.11%	-0.16%	0.07%	0.21%	-0.11%	-0.09%	-0.15%	-	-	-0.06%
Operating CF Growth %	2.95%	-2.24%	1.45%	2.99%	-1.32%	0.32%	-0.9%	4.55%	-0.95%	-8.82%
Net Income	1.53M	-1.29M	-639K	1.4M	-5.58M	-4.62M	-3.53M	-2.29M	-3.02M	-6.68M
Depreciation & Amortization	1.16M	1.45M	1.35M	1.17M	1.65M	477K	60K	0	7K	2.64M
Stock-Based Compensation	353K	204K	387K	410K	422K	172K	232K	0	44K	60K
Deferred Taxes	29K	-35K	40K	259K	-462K	0	0	0	0	-3.08M
Other Non-Cash Items	-40K	-18K	72K	-226K	2.06M	202K	-981K	13.62M	3.42M	3M
Working Capital Changes	186K	-4.3M	572K	4.1M	-398K	2.18M	1.22M	-666K	65K	8K
Change in Receivables	-604K	-2.32M	-1.64M	3.52M	1.16M	1.56M	760K	-24K	-186K	1.08M
Change in Inventory	132K	66K	24K	-52K	31K	135K	66K	-10K	0	-877K
Change in Payables	-73K	-885K	697K	95K	-224K	115K	-572K	52K	-106K	1.26M
Cash from Investing+	-206K	8.04M	-1.16M	-1.3M	-398K	139K	-90K	-29K	1.51M	-35.15M
Capital Expenditures	-444K	-1.47M	-1.16M	-1.34M	-398K	-61K	-106K	0	-39K	-1.17M
CapEx % of Revenue	0.02%	0.06%	0.04%	0.04%	0.02%	0%	0.01%	-	-	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	30K	0	0	0	0	0	16K	-29K	-34K	200K
Cash from Financing+	-1.73M	-307K	-8.19M	-344K	59K	1.06M	-187K	39K	-473K	24.88M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-8.18M	-14K	-14K	-14K	-14K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-12K	-41K	0	0	-35K	-1K	-200K	0	0	-513K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.77M	-5.46M	621K	5.77M	-2.71M	-1.64M	-3.11M	10.66M	479K	-5.22M
FCF Margin %	0.1%	-0.22%	0.02%	0.17%	-0.13%	-0.09%	-0.16%	-	-	-0.07%
FCF Growth %	2.06%	-2.97%	1.11%	8.3%	-1.47%	0.39%	-0.89%	4.43%	-0.96%	-11.9%
FCF per Share	1.59	-3.28	0.37	3.37	-1.59	-0.95	-1.76	5.95	0.27	-2.95
FCF Conversion (FCF/Net Income)	2.10x	3.10x	-2.79x	5.08x	0.41x	0.34x	0.85x	1.06x	0.21x	-1.35x
Interest Paid	0	0	0	0	0	0	0	0	0	1.63M
Taxes Paid	653K	238K	743K	39K	8K	112K	230K	0	88K	694K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.23%	-6.46%	-4.27%	8.98%	-40.7%	-52%	-71.68%	121.08%	16.69%	21.82%
Return on Invested Capital (ROIC)	11.03%	-16.36%	-10.49%	16.85%	-91.58%	-161.62%	-4083.24%	-	-	13.8%
Gross Margin	44.92%	28.68%	31.79%	37.79%	20.14%	16.34%	16.56%	-	-	26.05%
Net Margin	5.44%	-5.16%	-2.42%	4.21%	-25.91%	-26.4%	-18.12%	-	-	4.2%
Debt / Equity	-	-	-	-	0.02x	0.17x	0.06x	-	0.00x	6.35x
Interest Coverage	-	-	-	-	-	-151.22x	-133.08x	-	-	2.64x
FCF Conversion	2.10x	3.10x	-2.79x	5.08x	0.41x	0.34x	0.85x	1.06x	0.21x	-1.35x
Revenue Growth	7.25%	-11.69%	6.09%	25.75%	-35.23%	-18.79%	11.56%	-100%	-	-

Frequently Asked Questions

Growth & Financials

Lendway, Inc. (LDWY) reported $47.0M in revenue for fiscal year 2024. This represents a 173% increase from $17.2M in 2011.

Lendway, Inc. (LDWY) grew revenue by 0.0% over the past year. Growth has been modest.

Lendway, Inc. (LDWY) reported a net loss of $4.3M for fiscal year 2024.

Dividend & Returns

Lendway, Inc. (LDWY) has a return on equity (ROE) of 21.8%. This is excellent, indicating efficient use of shareholder capital.

Lendway, Inc. (LDWY) had negative free cash flow of $4.2M in fiscal year 2024, likely due to heavy capital investments.

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