Where Food Comes From, Inc. key statistics and ratios

In fiscal 2025, Where Food Comes From, Inc. had return on equity of 16.0%, an operating margin of 4.8%, debt equal to 0.0% of equity and a current ratio of 2.03. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Where Food Comes From, Inc.: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
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%
Return on equity	92.9%	114.0%	50.5%	−1.1%	4.5%	8.2%	5.4%	1.5%	7.8%	11.8%	11.3%	22.6%	15.2%	18.5%	20.4%	16.0%	16.0%
Return on assets	36.4%	63.9%	33.7%	−0.7%	3.3%	6.5%	4.1%	1.1%	5.8%	8.2%	7.4%	15.1%	10.5%	12.4%	13.4%	10.9%	10.9%
Asset turnover	3.64	3.13	2.03	1.26	1.28	1.27	1.09	1.18	1.28	1.27	1.07	1.12	1.30	1.45	1.63	1.77	1.89
Current ratio	3.58	8.02	5.41	3.78	5.42	6.35	3.55	2.97	2.57	2.14	2.39	2.90	2.60	2.09	1.74	2.03	1.67
Debt to equity	2.6%	41.0%	19.1%	5.3%	0.5%	0.4%	0.1%	0.5%	0.4%	0.3%	12.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	10.8x	22.9x	18.8x	0.8x	35.1x	—	—	51.7x	180.8x	155.2x	129.8x	—	—	—	—	—	—
Effective tax rate	—	−35.0%	—	—	41.7%	37.5%	37.0%	—	31.4%	31.0%	25.0%	18.2%	29.2%	29.8%	28.8%	31.1%	33.5%
SG&A as % of revenue	44.0%	39.5%	44.5%	46.2%	39.0%	39.1%	41.1%	43.6%	38.6%	36.2%	36.1%	33.9%	31.5%	31.1%	32.5%	33.4%	32.4%
Capital spending as % of revenue	1.8%	0.3%	1.4%	0.6%	0.9%	0.3%	3.8%	0.5%	2.1%	1.8%	2.3%	1.0%	0.4%	0.6%	0.6%	0.6%	1.0%
Free cash flow ÷ net income	113.7%	82.0%	30.0%	—	224.9%	156.5%	124.7%	403.0%	98.3%	186.3%	143.5%	94.8%	128.6%	124.3%	121.3%	94.5%	69.5%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	30.9%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	7.3%	8.7%	4.7%	16.2%	—	21.3%	64.2%	34.8%	48.8%	22.1%	52.2%	71.9%	134.7%	147.9%	87.2%	149.2%	261.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Where Food Comes From, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	39.0%	42.0%	41.6%	37.5%	38.3%	35.9%	38.1%	40.6%
Operating margin	8.6%	11.3%	2.7%	8.4%	8.2%	−1.0%	5.6%	10.1%
Net margin	6.9%	14.4%	0.6%	8.6%	16.3%	−3.4%	1.7%	6.2%
Free-cash-flow margin	12.3%	−1.2%	11.4%	17.5%	6.3%	−12.3%	7.0%	14.1%
Current ratio	1.42	1.74	1.63	1.56	1.88	2.03	1.88	1.67
SG&A as % of revenue	30.5%	30.7%	38.9%	29.1%	30.1%	36.9%	32.5%	30.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Where Food Comes From, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Where Food Comes From, Inc.