MAMA: 54% TTM growth, a 0.98 PEG, and the dilution test ahead (2026)

The hard screen

Mama's Creations, Inc. (Nasdaq: MAMA) is this week's candidate. The company is a U.S.-listed packaged-food business, and the available snapshot clears each contractual threshold:

Filter	MAMA reading	Definition and time basis
Market capitalization	$717.53 million	Finviz snapshot at the September 4, 2026 close; below the channel's $10 billion ceiling. 1
TTM revenue growth	53.88%	Trailing twelve months ended July 31, 2026, compared with the preceding twelve months. 2
PEG ratio	0.98	Finviz's displayed PEG field. The same snapshot shows TTM EPS growth of 48.88% and five-year EPS growth of 45.40%; the page does not expose the exact forecast horizon used in its PEG calculation. This is an earnings-growth-based vendor metric, not a PEG calculated from revenue growth. 1
Operating cash flow	$18.98 million	TTM ended July 31, 2026, as reported in StockAnalysis's cash-flow table. 2

The PEG is the fragile part of the screen. Finviz is the only source used here for the sub-1 reading, and the 0.98 figure sits close to the boundary. A refresh or a different forecast convention can move MAMA out of the screen even while the business remains the same.

What Mama's Creations sells

Mama's Creations markets, manufactures, and distributes fresh deli prepared foods. Its portfolio grew from the MamaMancini's Italian-food base into a multi-brand, one-stop deli platform that uses vertical integration and sells through grocery, mass, club, and convenience retailers. The company says its products reach more than 12,000 stores nationally. 3

The model depends on adding more items to retail banners that already carry MAMA products. In the second quarter, the company launched more than a dozen placements, with over 60% using chicken-based products; most were cross-sells into existing banners. Costco selected MAMA for its second-half multi-vendor mailer across all eight regions, and management said Costco sales had grown from roughly $0.5 million four years earlier to more than $25 million in the prior fiscal year. 3

The growth bridge includes both new product placements and acquisition capacity. Management attributed the latest revenue increase primarily to branded items launched with major retailers in the first quarter, item expansion with new and existing customers, and the Bay Shore acquisition. That mix makes the 53.88% TTM growth rate useful as a screen, while leaving organic growth as a question for the next filing. 3

The financial trend and the latest quarter

MAMA's fiscal year ends January 31. The following series uses the complete fiscal years shown by StockAnalysis and then the TTM period ended July 31, 2026; TTM is not a fiscal year.

Period ending	Revenue (<latex inline="true" source="M)	Net income (" />M)
Jan. 31, 2022	47.08	(0.25)
Jan. 31, 2023	93.19	2.27
Jan. 31, 2024	103.28	6.51
Jan. 31, 2025	123.33	3.71
Jan. 31, 2026	171.71	5.29
TTM ended July 31, 2026	208.60	7.39

StockAnalysis reports this continuous fiscal-year and TTM series for MAMA. 2

The latest quarter supplies a more current test of profitability. Q2 FY2027 ended July 31, 2026, and the comparison below uses Q2 FY2026, the same year-ago quarter.

Q2 measure	FY2027	FY2026	Change
Revenue	$54.6M	$35.2M	+55.0%
Gross profit	$13.1M	$8.8M	+49.1%
Gross margin	24.0%	24.9%	-90 basis points
Operating expenses as a share of revenue	18.5%	20.1%	-160 basis points
Net income	$2.6M	$1.3M	+100.9%
Adjusted EBITDA	$5.5M	$3.3M	+68.9%

Nasdaq's reproduction of Mama's Creations' release supplies the Q2 FY2027 comparison. 3

Gross margin fell year over year in Q2 even as operating expenses consumed a smaller share of sales. Management said gross margin improved from 23.6% in Q1 FY2027 as packaging and protein formats from the first-quarter launches moved toward steady-state production, and the company remains aimed at a mid-to-high-20% corporate gross margin. 3

Operating cash flow also improved in the first half of the fiscal year. Net cash provided by operations was $11.9 million for the six months ended July 31, 2026, versus $4.3 million in the prior-year period. That cash flow is separate from the $108.6 million of net proceeds from the July common-stock offering. 3

Valuation and the balance sheet

The September 4, 2026 closing price was $15.16. StockAnalysis reported a $714.76 million market cap, 3.43 price-to-sales ratio, 89.15 trailing P/E, 54.30 forward P/E, and 34.65 EV/EBITDA. Finviz's market-cap reading differs slightly at $717.53 million, so the table uses StockAnalysis only for the valuation comparison below. 4

Lifeway Foods (Nasdaq: LWAY) is a useful business-model comparator because it sells branded packaged probiotic and cultured foods, including kefir and farmer cheese. Its September 4 snapshot showed a $377.82 million market cap, a 1.56 price-to-sales ratio, and 19.66 EV/EBITDA. Lifeway's TTM revenue was $242.41 million and its TTM operating cash flow was $11.23 million. 5 6 7

Snapshot at September 4, 2026	MAMA	LWAY
Price-to-sales	3.43x	1.56x
EV/EBITDA	34.65x	19.66x
TTM revenue growth	53.88%	25.59%
TTM operating cash flow	$18.98M	$11.23M

StockAnalysis supplies the valuation, growth, and cash-flow fields in this table. 2 4 6 7

MAMA therefore trades at roughly 2.2 times LWAY's P/S multiple and 1.8 times its EV/EBITDA multiple. The higher multiple is the market's price for faster reported growth, while the comparison also leaves less room for a slowdown or margin disappointment. The comparison is a valuation anchor, not a fair-value estimate.

The July financing changed the balance sheet and the per-share math at the same time. Cash reached $138.6 million at July 31, 2026, while the company reported $4.8 million of total debt. The filing shows 47.145 million common shares outstanding at July 31 versus 40.657 million at January 31, an increase of about 16% in six months. StockAnalysis reports $12.92 million in its own total-debt field, so debt figures should be read by definition rather than combined. 3 4

Catalysts and the next test

Kroger launch: The company planned its first Kroger launch for the following month, starting with four items in more than 100 stores in the Louisville division. The next quarterly report can show whether the launch converted into repeat sales rather than a one-time placement. 3
Costco promotion: The second-half multi-vendor mailer covers all eight Costco regions. The monitorable result is Costco-related sell-through and revenue contribution in the next report. 3
Capacity and M&A: The East Rutherford expansion adds freezer and refrigeration storage, while the July offering provides cash for future acquisitions. Management's stated acquisition test is a business that broadens the platform, adds customers or capabilities, and is accretive from day one. The next report should identify any signed transaction, integration cost, or change in cash deployment. 3
Next earnings checkpoint: A structured earnings calendar returned December 7, 2026 for Q3 FY2027, with estimated revenue of about $57.9 million and EPS of $0.0574. The date is a calendar estimate rather than a company announcement opened in this run; the latest company-confirmed report was Q2 FY2027 on September 3. 3

At that checkpoint, four figures deserve priority: TTM revenue growth relative to the 30% screen floor, gross margin relative to the current 24.0% quarter and the mid-to-high-20% target, diluted shares after the July offering, and operating cash flow after the first-half $11.9 million result.

Risks to monitor

Growth quality: Q2 growth includes Bay Shore, new branded items, and item expansion. If the next report puts TTM revenue growth below 30%, MAMA fails the channel's hard growth filter; if management still does not separate organic growth, the acquisition contribution remains a diligence gap. 3
Gross-margin execution: Q2 gross margin was 24.0%, below the mid-to-high-20% target. A Q3 gross margin below 24.0%, or a withdrawal of the target, would show that launch and acquisition leverage has yet to reach the stated operating plan. 3
Retail placement conversion: The company approved more than two dozen placements for Q3 delivery, including Kroger. The next report should show revenue growth of at least 30% year over year and continued positive operating cash flow; a miss on either measure would weaken the placement thesis. 3
Dilution and per-share results: Shares outstanding rose from 40.657 million to 47.145 million between January 31 and July 31, 2026. If diluted shares remain above 47 million in the next filing while diluted EPS growth trails net-income growth, the equity raise is taking a larger share of the operating gains. 3
Valuation compression: MAMA's 3.43x P/S and 34.65x EV/EBITDA exceed LWAY's 1.56x and 19.66x. A Q3 revenue miss against the roughly $57.9 million calendar estimate, or a PEG reading of 1.00 or higher on a refreshed Finviz snapshot, would remove two supports for the current premium. 1 4 6

Watchlist conclusion

MAMA meets the four stated screen thresholds on the cited snapshot, but the result rests on a PEG of 0.98 from one vendor and on headline growth that includes both acquisition contribution and new retail placements. The next report matters more than another screen refresh: it should show whether revenue remains above the 30% TTM floor, gross margin moves toward the mid-to-high-20% target, cash generation continues, and the July share issuance produces enough per-share earnings growth to justify the premium to Lifeway Foods.

That combination makes MAMA a candidate for deeper diligence or a watchlist entry. The figures above leave the buy-or-sell decision with the reader.

This article is for information only and is not investment advice. Financial figures and valuation fields are snapshots that can change after publication.