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Where Food Comes From, Inc. (WFCF) stock

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NASDAQ: WFCF Nasdaq Agricultural Products & Services Next results ~November 12, 2026

B+ Fundamentals grade

Where Food Comes From, Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$7.9

Cash-flow model

Base case. Range ~$6.1–$10 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 51% below it.

Price used: $16.24, November 2, 2026

Where Food Comes From, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds5 adding, 6 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Where Food Comes From files

10-Q filed August 6: Where Food Comes From

Revenue for the twelve months to June 2026 was $25m, down 2.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 4.0% from 9.9% a year earlier. Operating margin narrowed to 5.9% from 8.0%. The diluted share count is down 3.4% on a year earlier, which lifts each remaining share. Our model value is little changed at $7.80 a share, against a share price of $16.21. The rating stays Sell. At that price, our model says the market is pricing in about 15.8% a year of cash-flow growth for five years, faster than the 2.7% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Where Food Comes From stands after its latest 10-Q/A

Revenue for the twelve months to March 2026 was $25m, down 2.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 4.0% from 9.9% a year earlier. Operating margin narrowed to 5.9% from 8.0%. The diluted share count is down 3.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $7.80 a share, against a share price of $16.64. At that price, our model says the market is pricing in about 16.3% a year of cash-flow growth for five years, faster than the 2.7% a year revenue growth it has delivered.

10-Q/A on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Where Food Comes From, Inc.'s trailing-twelve-month revenue fell 2.2% year on year, with a free-cash-flow margin of 4.0%. Where it stands out: change in share count of -3.4% ranks 1 of 17 agricultural products & services companies we cover.

Our discounted-cash-flow model values the business at ~$7.9 per share in the base case (~$6.1–$10 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 60.4% while net income fell 29.2%: a 31pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 13 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $16.24 is 51% above our value per share of $8.
  • Revenue shrinking. Revenue fell 2.2% over the last 12 months.
  • High earnings multiple. The shares trade at 57 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 87% and a beta of 0.2 against the S&P 500.
  • Weak cash conversion. Free cash flow was 70% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.14 against an average estimate of $0.16: missed by 15.3%
Revenue
$7m, up 0.7% on a year earlier
Share reaction
-3.3% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 12, 2026

Where Food Comes From's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.2%
  • 1 week+10.1%
  • 1 month+27.6%
  • This year+41.3%
  • 1 year+29.0%
  • 5 years+27.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25M
Operating margin
5.9%
Net margin
5.8%
EPS (TTM, diluted)
$0.29

Growth

Revenue growth
−2.2%
Change in growth rate
−0.4 pts
Share count change
−3.4%

Cash

Free cash flow (TTM)
$1M
FCF margin
4.0%

Earnings

Last results
August 10, 2026
Next results (est.)
November 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Where Food Comes From, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 15.2% a year of cash-flow growth for five years.That is faster than the 2.7% a year revenue growth Where Food Comes From has delivered.

  • Priced in15.2%
  • Last 12 months-2.2%
  • 3 years a year0.4%
  • 5 years a year2.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($15.84, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$7.9
Price used
$15.84close November 3, 2026
Implied change
▼ 50%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Where Food Comes From, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($2.2M, FY2026 Q2 TTM), growing 2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$6.1–~$10 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Where Food Comes From, Inc.'s free cash flow after stock-based pay ( $2.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Where Food Comes From, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.44 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$7.9 ~$6.1–$10 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$4.0 ~$3.7–$4.5 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$8.1 ~$5.2–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.7 ~$5.3–$8.9 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$6.9 ~$4.0–$8.1 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Where Food Comes From, Inc. with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −21%
  • Revenue growth 5 points higher ▲ +27%
  • Free-cash-flow margin 1 point lower ▼ −21%
  • Last year's free-cash-flow margin change, if it persists ▼ −55%
  • Discount rate 1 point higher ▼ −12%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $7$9$12$16$21$28
8.5% $5$7$9$12$16$20
10% $5$6$7$10$12$16

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$38.02$32.00$46.89$31.52$27.25$13.86$14.51$13.97$13.55$13.24$11.49$16.24
Market value$228m$192m$291m$197m$170m$86m$90m$84m$75m$71m$59m$82m
+ Net debt (− = net cash)−$4m−$2m−$3m−$1m−$3m−$3m−$5m−$4m−$3m−$2m−$3m−$3m
Enterprise value$224m$189m$289m$195m$168m$83m$84m$80m$73m$69m$56m$79m
Multiples
Price / sales 21.9x16.5x18.8x11.1x8.2x4.3x4.1x3.4x3.0x2.7x2.4x3.3x
Price / earnings n/mn/mn/mn/m126.7x62.3x30.3x42.3x34.9x33.3x38.6x56.8x
Price / free cash flow n/mn/mn/mn/m68.0x43.4x32.0x32.9x28.1x27.5x40.9x81.6x
EV / EBITDA n/mn/mn/m107.6x63.4x31.1x27.2x23.4x21.8x24.0x30.3x37.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Where Food Comes From's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 10.0% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 42.7%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 7.9%; its worst year was 1.2%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 18.4% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Where Food Comes From, Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2022 $0.16 $0.14 −15.3%
Jun 2022 $0.09 $0.04 −55.6%
Mar 2022 $0.05 $0.08 +60.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
0.21
at average volume
Short interest, 1 month
+102%
to October 15, 2026
Held by institutions
25%
of shares
Held by insiders
53.3%
of shares
Employees
86
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +29.0%

$12.59 on October 31, 2025 to $16.24

ThenNowEffect
Revenue (last 12 months) $26m $25m −2.2%
Net margin 8.0% 5.8% −27.6%
P/E multiple 32.2x 56.8x +76.1%
Share count 5m 5m +3.5%

Biggest factor: p/e multiple.

Last 3 years +20.6%

$13.47 on November 3, 2023 to $16.24

ThenNowEffect
Revenue (last 12 months) $25m $25m +1.1%
Net margin 7.8% 5.8% −25.7%
P/E multiple 40.9x 56.8x +38.7%
Share count 6m 5m +15.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WFCF+5%−4%−3%−2%−13%+41%
Industry peers (median)+1%−26%−19%+1%+3%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WFCF50%50%50%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WFCF−37%−45%−12%−29%−31%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 95% from January 12, 2018 to December 7, 2020. Getting back needed a 1771% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.23 – $18.13
From 52-week high
−10.4%
vs 50-day average
+20.9%
vs 200-day average
+29.4%
Volatility (1 year)
87%
Beta vs S&P 500
0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.4%
After a week
5 up, 7 down
typical move ±4.7%
After a month
6 up, 6 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −3.3% −0.3% −5.0% −2.2%
May 15, 2026 +13.0% −1.3% +22.1% +9.1%
February 27, 2026 +2.9% −0.4% −0.5% +9.9%
November 14, 2025 +1.1% −0.9% +1.5% +0.9%
August 11, 2025 −1.6% +0.9% −1.3% +10.6%
May 12, 2025 −14.5% +4.0% −9.5% −7.4%
February 24, 2025 +1.7% −1.0% −6.7% −4.7%
November 14, 2024 +2.4% −1.9% +2.7% +13.2%
August 12, 2024 −5.4% +1.7% +1.0% −1.6%
May 2, 2024 −3.1% +2.2% −2.7% +1.6%
February 16, 2024 +3.3% −1.0% +1.3% −7.0%
November 13, 2023 +0.4% +1.8% −1.5% −1.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Where Food Comes From, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Where Food Comes From, Inc.
$24M $24.5M $25M $25.5M $26M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $24.5M Revenue (TTM), FY23 Q4: $25.1M Revenue (TTM), FY24 Q1: $25.5M Revenue (TTM), FY24 Q2: $25.7M Revenue (TTM), FY24 Q3: $25.8M Revenue (TTM), FY24 Q4: $25.7M Revenue (TTM), FY25 Q1: $25.4M Revenue (TTM), FY25 Q2: $25.6M Revenue (TTM), FY25 Q3: $25.5M Revenue (TTM), FY25 Q4: $24.9M Revenue (TTM), FY26 Q1: $25M Revenue (TTM), FY26 Q2: $25M $25M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $24.5M
FY23 Q4 $25.1M
FY24 Q1 $25.5M
FY24 Q2 $25.7M
FY24 Q3 $25.8M
FY24 Q4 $25.7M
FY25 Q1 $25.4M
FY25 Q2 $25.6M
FY25 Q3 $25.5M
FY25 Q4 $24.9M
FY26 Q1 $25M
FY26 Q2 $25M
Revenue growth, TTM YoY Where Food Comes From, Inc.
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -0.2% Revenue growth, TTM YoY, FY23 Q4: 1.2% Revenue growth, TTM YoY, FY24 Q1: 6.2% Revenue growth, TTM YoY, FY24 Q2: 3.9% Revenue growth, TTM YoY, FY24 Q3: 5.4% Revenue growth, TTM YoY, FY24 Q4: 2.4% Revenue growth, TTM YoY, FY25 Q1: -0.1% Revenue growth, TTM YoY, FY25 Q2: -0.4% Revenue growth, TTM YoY, FY25 Q3: -1.2% Revenue growth, TTM YoY, FY25 Q4: -3.3% Revenue growth, TTM YoY, FY26 Q1: -1.8% Revenue growth, TTM YoY, FY26 Q2: -2.2% -2.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -0.2%
FY23 Q4 1.2%
FY24 Q1 6.2%
FY24 Q2 3.9%
FY24 Q3 5.4%
FY24 Q4 2.4%
FY25 Q1 -0.1%
FY25 Q2 -0.4%
FY25 Q3 -1.2%
FY25 Q4 -3.3%
FY26 Q1 -1.8%
FY26 Q2 -2.2%
Operating margin (TTM) Where Food Comes From, Inc.
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.9% Operating margin (TTM), FY23 Q4: 10.7% Operating margin (TTM), FY24 Q1: 11.0% Operating margin (TTM), FY24 Q2: 10.5% Operating margin (TTM), FY24 Q3: 9.2% Operating margin (TTM), FY24 Q4: 8.6% Operating margin (TTM), FY25 Q1: 8.2% Operating margin (TTM), FY25 Q2: 8.0% Operating margin (TTM), FY25 Q3: 7.9% Operating margin (TTM), FY25 Q4: 4.8% Operating margin (TTM), FY26 Q1: 5.5% Operating margin (TTM), FY26 Q2: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.9%
FY23 Q4 10.7%
FY24 Q1 11.0%
FY24 Q2 10.5%
FY24 Q3 9.2%
FY24 Q4 8.6%
FY25 Q1 8.2%
FY25 Q2 8.0%
FY25 Q3 7.9%
FY25 Q4 4.8%
FY26 Q1 5.5%
FY26 Q2 5.9%
FCF margin (TTM) Where Food Comes From, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.7% FCF margin (TTM), FY23 Q4: 10.6% FCF margin (TTM), FY24 Q1: 11.3% FCF margin (TTM), FY24 Q2: 12.4% FCF margin (TTM), FY24 Q3: 10.8% FCF margin (TTM), FY24 Q4: 10.0% FCF margin (TTM), FY25 Q1: 9.8% FCF margin (TTM), FY25 Q2: 9.9% FCF margin (TTM), FY25 Q3: 8.3% FCF margin (TTM), FY25 Q4: 5.8% FCF margin (TTM), FY26 Q1: 4.9% FCF margin (TTM), FY26 Q2: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.7%
FY23 Q4 10.6%
FY24 Q1 11.3%
FY24 Q2 12.4%
FY24 Q3 10.8%
FY24 Q4 10.0%
FY25 Q1 9.8%
FY25 Q2 9.9%
FY25 Q3 8.3%
FY25 Q4 5.8%
FY26 Q1 4.9%
FY26 Q2 4.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Where Food Comes From took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $24.9M
  2. Other income $1M · 4.1%
  3. Cost of revenue $15.4M · 61.8%
  4. Gross profit $9.5M · 38.2%
  5. Selling, general and admin $8.3M · 33.4%
  6. Operating income $1.2M · 4.8%
  7. Income tax $693,000 · 2.8%
  8. Net income $1.5M · 6.2%

Shares of revenue. Source: Where Food Comes From's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 4 5 6 9 10 12 15 18 21 20 22 25 25 26 25 25
Gross profit 2 2 3 3 4 5 5 7 8 9 9 10 10 11 11 10 10
EBITDA 0 1 1 0 1 1 1 1 2 3 3 3 3 3 3 2 2
Operating income 0 1 0 0 0 1 1 0 1 2 2 2 3 3 2 1 1
Net income 0 1 1 −0 0 1 0 0 1 1 1 3 2 2 2 2 1
Diluted EPS $0.08 $0.16 $0.16 — $0.04 $0.08 $0.08 $0.04 $0.12 $0.22 $0.22 $0.48 $0.33 $0.39 $0.40 $0.30 $0.29
Growth (year on year)
Revenue — +29.3% +24.3% +10.2% +51.2% +18.6% +11.7% +33.0% +15.2% +16.7% −3.4% +9.2% +13.3% +1.2% +2.4% −3.3% −2.2%
EBITDA — +70.3% −22.5% −74.8% +288.0% +84.4% −14.2% +3.8% +94.0% +45.8% +1.3% +15.6% +10.2% −2.5% −14.3% −35.0% −21.8%
Operating income — +88.2% −27.8% −94.4% — +130.7% −20.2% −87.0% — +77.5% +8.7% +36.5% +15.2% +1.7% −18.2% −45.4% −28.0%
Net income — +163.7% +0.7% −103.9% — +133.1% −18.9% −67.1% — +68.0% +3.0% +113.8% −32.7% +7.9% −1.5% −27.5% −29.2%
Diluted EPS — +100.0% 0.0% — — +100.0% 0.0% −50.0% — +83.3% 0.0% +118.2% −31.3% +18.2% +2.6% −25.0% −26.7%
Margins
Gross margin 55.0% 55.5% 53.8% 46.7% 42.9% 46.7% 46.6% 44.2% 43.5% 43.7% 44.5% 44.4% 42.1% 41.9% 41.0% 38.2% 38.3%
EBITDA margin 13.5% 17.8% 11.1% 2.5% 6.5% 10.1% 7.8% 6.1% 10.2% 12.8% 13.4% 14.1% 13.8% 13.3% 11.1% 7.5% 8.5%
Operating margin 11.0% 16.0% 9.3% 0.5% 3.9% 7.6% 5.5% 0.5% 4.9% 7.5% 8.4% 10.5% 10.7% 10.7% 8.6% 4.8% 5.9%
Net margin 10.0% 20.4% 16.5% −0.6% 2.6% 5.1% 3.7% 0.9% 4.5% 6.5% 6.9% 13.5% 8.0% 8.6% 8.2% 6.2% 5.8%
Free-cash-flow margin 11.4% 16.7% 5.0% 3.1% 5.9% 8.0% 4.7% 3.7% 4.4% 12.1% 9.9% 12.8% 10.3% 10.6% 10.0% 5.8% 4.0%
Cash flow
Cash from operations 0 1 0 0 1 1 1 1 1 3 2 3 3 3 3 2 1
Capital spending 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free cash flow 0 1 0 0 1 1 1 1 1 3 2 3 3 3 3 1 1
Stock-based pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 —
Free cash flow after stock pay 0 1 0 0 0 1 0 0 1 2 2 3 2 3 3 1 —
Balance sheet
Cash 1 1 1 1 3 4 2 3 1 3 4 5 4 3 2 3 3
Total debt 0 0 0 0 0 0 0 0 0 0 1 — 0 0 0 0 0
Net debt (negative = net cash) −1 −0 −1 −1 −3 −4 −2 −3 −1 −3 −3 −5 −4 −3 −2 −3 −3
Diluted shares 5m 5m 5m 5m 6m 6m 6m 6m 6m 6m 6m 6m 6m 6m 5m 5m 5m
Returned to shareholders
Dividends — — — — — — — — — — — 1 — — — — —
Buybacks 0 0 0 0 — 0 0 0 0 1 1 1 3 4 2 2 3
Total returned 0 0 0 0 — 0 0 0 0 1 1 2 3 4 2 2 3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $14m
Short-term assets $7mLonger-term assets $6m
What it owes, and who funded it · $14m
Short-term liabilities $4mLonger-term liabilities $0mShareholders' equity $9m
  • Short-term assets cover short-term liabilities $7m of assets due within a year against $4m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7m short-term assets against $294,000 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $1m against $2,000 of interest.

From Where Food Comes From, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$2.6M
Returned to shareholders
262%
of free cash flow
Buybacks, last 3 fiscal years
$8.4M
Diluted share count
−3.4%
year over year
Total shareholder yield
3.3%
dividends 0.0% + buybacks 3.3% of market value
Sales & admin spending
32.4%
of revenue
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated WFCF FAMI ICCC RYM LOCL HYFM Median
Revenue, last 12 months $25m $28m $31m $51m $52m $106m $149m
Revenue growth, last 12 months −2.2% −56.4% 8.5% >999% 17.8% −34.1% −1.1%
Revenue growth, 3-year average 0.4% — 25.1% 29.0% 24.6% −25.9% −0.1%
Revenue growth, latest quarter 0.7% — 11.5% >999% 14.4% −40.9% 6.8%
Gross margin 38.3% 2.9% 40.3% 75.2% 10.6% 9.4% 17.6%
Operating margin 5.9% −200.6% 12.6% −46.9% −114.4% −253.0% −5.9%
Operating margin, 3-year average 8.2% −60.1% 2.1% 151.3% −196.5% −103.2% 2.8%
Net margin 5.8% −189.8% 2.6% −6.2% −130.5% −267.2% −0.2%
Cash from operations / revenue 5.0% 187.6% 19.2% 2.5% −49.2% −4.4% 3.2%
Free-cash-flow margin 4.0% 187.5% 13.7% 2.5% −54.7% −5.0% 2.3%
Free-cash-flow margin, 3-year average 8.8% 20.0% 5.3% 163.1% −253.7% −3.7% 3.0%
Stock pay / revenue 0.2% 0.0% 1.8% 4.3% 8.4% 0.7% 0.7%
Change in share count −3.4% 210.8% 3.4% 97.8% 59.2% 2.1% 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth -2.2% -0.8% 12 of 20
Change in growth rate Growth -0.4pp -0.5pp 9 of 20
Gross margin Profitability 38.3% 11.4% 3 of 19
Operating margin Profitability 5.9% -5.9% 6 of 17
Net margin Profitability 5.8% 0.1% 4 of 20
Free-cash-flow margin Cash generation 4.0% 2.5% 7 of 20
Change in share count Balance sheet -3.4% 2.4% 1 of 17
Days sales outstanding Balance sheet 36 days 56 days 6 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Verification and Certification Service Revenue $20.1M 80.8% ▼ 2.2%
Products $3.6M 14.5% ▼ 4.9%
Professional Services $1.2M 4.7% ▼ 15.6%

From Where Food Comes From, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.5M
Institutions reporting
15
Shares held vs prior quarter
▼ 4.3%
Positions opened / closed
0 / 4

Top buyers and sellers, Q2 2026: 5 institutions bought and 6 sold ; the biggest buyer was Vanguard Capital Management LLC (+4,554 shares) and the biggest seller Northern Trust Corp (−17K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Sanctuary Advisors, LLC $2.5M 194K 33.6% 0.0%
Vanguard Capital Management LLC $1.9M 153K 25.2% ▲ 3.1%
Bard Associates Inc $760,552 58K 10.1% ▲ 0.7%
Osaic Holdings, Inc. $691,480 53K 9.2% 0.0%
Aristides Capital LLC $424,842 33K 5.7% ▲ 0.3%
Cetera Investment Advisers $331,365 25K 4.4% 0.0%
Geode Capital Management, LLC $295,754 24K 3.9% ▼ 11.2%
Vanguard Fiduciary Trust Co $221,662 18K 2.9% ▼ 6.8%
Rogco, LP $218,737 17K 2.9% 0.0%
Blackrock, Inc. $114,553 9K 1.5% ▲ 25.7%
UBS Group AG $16,041 1K 0.2% ▲ 545.5%
Adirondack Trust Co $9,107 1K 0.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Where Food Comes From, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 15, 2026
  • February 27, 2026
  • November 14, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Where Food Comes From, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Where Food Comes From, Inc. in brief

What does Where Food Comes From, Inc. do?
Where Food Comes From, Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in December.
What is Where Food Comes From, Inc.'s stock ticker?
Where Food Comes From, Inc. trades under the ticker WFCF on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Where Food Comes From, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Where Food Comes From, Inc. reported revenue of $25M, 2.2% lower than a year earlier, according to its SEC filings.
What is Where Food Comes From, Inc.'s free cash flow?
Where Food Comes From, Inc.'s free-cash-flow margin is 4.0% of revenue over the trailing twelve months, ranking 7 of the 20 agricultural products & services companies we cover.
What is Where Food Comes From, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Where Food Comes From, Inc.'s free cash flow after stock-based pay gives ~$7.9 per share in the base case, and ~$6.1–$10 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Where Food Comes From, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Sanctuary Advisors, LLC, Vanguard Capital Management LLC and Bard Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Where Food Comes From, Inc. buying back stock, and does it pay a dividend?
Where Food Comes From, Inc. spent $2.6M on share repurchases over the trailing twelve months, and its diluted share count fell 3.4% over the year.
What is Where Food Comes From, Inc.'s market cap?
On November 2, 2026, Where Food Comes From, Inc.'s market capitalisation was about $82.2M, with a price-to-earnings ratio of 56.8 and net debt of -$3.4M. Market figures come from third-party market data and may be delayed.
Who are Where Food Comes From, Inc.'s competitors?
In our Agricultural Products & Services peer group, the companies closest to Where Food Comes From, Inc. are Farmmi, Inc., Immucell Corp, Rythm, Inc., Local Bounti Corporation and Hydrofarm Holdings Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Where Food Comes From, Inc.'s.
When is Where Food Comes From, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Where Food Comes From, Inc. announces its own schedule.