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Where Food Comes From (WFCF) Financials

Where Food Comes From logo
$12.88 +0.29 (+2.30%)
Closing price 07/17/2026 03:55 PM Eastern
Extended Trading
$12.77 -0.11 (-0.82%)
As of 07/17/2026 04:04 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Where Food Comes From

Annual Income Statements for Where Food Comes From

This table shows Where Food Comes From's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.53 0.43 0.14 0.80 1.35 1.39 2.96 1.99 2.15 2.12 1.54
Consolidated Net Income / (Loss)		 0.50 0.40 -0.17 0.67 1.02 1.39 2.96 1.99 2.15 2.12 1.54
Net Income / (Loss) Continuing Operations		 0.50 0.40 -0.17 0.67 1.40 1.39 2.96 1.99 2.15 2.12 1.54
Total Pre-Tax Income 		0.79 0.64 0.10 0.98 1.48 1.85 3.62 2.82 3.07 2.98 2.23
Total Operating Income		 0.80 0.63 0.08 0.87 1.55 1.69 2.30 2.65 2.70 2.21 1.21
Total Gross Profit		 4.85 5.41 6.82 7.74 9.08 8.93 9.74 10 11 11 9.51
Total Revenue		 10 12 15 18 21 20 22 25 25 26 25
Operating Revenue		 10 12 15 18 21 20 22 25 25 26 25
Total Cost of Revenue		 5.54 6.20 8.63 10 12 11 12 14 15 15 15
Operating Cost of Revenue		 5.54 6.20 8.63 10 12 11 12 14 15 15 15
Total Operating Expenses		 4.06 4.78 6.74 6.87 7.53 7.24 7.43 7.82 7.83 8.35 8.30
Selling, General & Admin Expense		 4.06 4.78 6.74 6.87 7.53 7.24 7.43 7.82 7.83 8.36 8.30
Total Other Income / (Expense), net		 -0.00 0.00 0.01 0.11 0.31 0.14 1.32 0.16 0.37 0.77 1.02
Interest Expense		 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.00
Interest & Investment Income		 - - - 0.10 0.12 -0.15 0.20 0.25 0.37 0.44 0.12
Other Income / (Expense), net		 0.00 0.00 0.01 0.01 -0.18 0.01 1.12 -0.08 0.00 0.34 0.90
Income Tax Expense		 0.30 0.24 0.27 0.31 0.46 0.46 0.66 0.82 0.91 0.86 0.69
Basic Earnings per Share		 $0.02 $0.02 $0.01 $0.03 $0.22 $0.23 $0.49 $0.34 $0.39 $0.40 $0.30
Weighted Average Basic Shares Outstanding		 23.80M 23.82M 24.67M 24.83M 6.21M 6.16M 6.10M 5.96M 5.49M 5.32M 5.15M
Diluted Earnings per Share		 $0.02 $0.02 $0.01 $0.03 $0.22 $0.22 $0.48 $0.33 $0.39 $0.40 $0.30
Weighted Average Diluted Shares Outstanding		 23.97M 23.96M 24.84M 24.99M 6.26M 6.22M 6.19M 6.04M 5.55M 5.33M 5.17M
Weighted Average Basic & Diluted Shares Outstanding		 23.74M 24.65M 24.66M 24.96M 25.05M 6.14M 5.95M 5.73M 5.49M 5.23M 5.05M

Quarterly Income Statements for Where Food Comes From

This table shows Where Food Comes From's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 0.72 0.78 0.18 0.49 0.49 0.96 0.03 0.56 1.15 -0.20 0.09
Consolidated Net Income / (Loss)		 0.72 0.78 0.18 0.49 0.49 0.96 0.03 0.56 1.15 -0.20 0.09
Net Income / (Loss) Continuing Operations		 0.72 0.78 0.18 0.49 0.49 0.96 0.03 0.56 1.15 -0.20 0.09
Total Pre-Tax Income 		1.01 1.11 0.27 0.69 0.67 1.35 0.07 0.77 1.63 -0.24 0.19
Total Operating Income		 0.95 0.92 0.26 0.58 0.61 0.76 0.14 0.55 0.58 -0.06 0.30
Total Gross Profit		 2.87 3.01 2.33 2.66 2.77 2.80 2.20 2.46 2.69 2.17 2.04
Total Revenue		 7.01 6.73 5.58 6.40 7.11 6.66 5.27 6.56 7.02 6.04 5.37
Operating Revenue		 7.01 6.73 5.58 6.40 7.11 6.66 5.27 6.56 7.02 6.04 5.37
Total Cost of Revenue		 4.15 3.72 3.25 3.74 4.33 3.86 3.08 4.10 4.33 3.88 3.32
Operating Cost of Revenue		 4.15 3.72 3.25 3.74 4.33 3.86 3.08 4.10 4.33 3.88 3.32
Total Operating Expenses		 1.92 2.08 2.07 2.08 2.17 2.05 2.05 1.91 2.11 2.23 1.75
Selling, General & Admin Expense		 1.92 2.08 2.07 2.08 2.17 2.05 2.05 1.91 2.11 2.23 1.75
Total Other Income / (Expense), net		 0.06 0.19 0.00 0.10 0.06 0.60 -0.07 0.22 1.05 -0.18 -0.11
Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest & Investment Income		 0.05 0.22 0.01 0.11 0.07 0.26 0.00 0.06 0.06 0.01 0.01
Other Income / (Expense), net		 0.01 -0.03 -0.00 -0.00 0.00 0.34 -0.08 0.17 0.99 -0.19 -0.12
Income Tax Expense		 0.29 0.33 0.09 0.20 0.18 0.39 0.04 0.21 0.48 -0.04 0.09
Basic Earnings per Share		 $0.13 $0.15 $0.03 $0.09 $0.09 $0.19 $0.01 $0.11 $0.22 ($0.04) $0.02
Weighted Average Basic Shares Outstanding		 5.60M 5.49M 5.48M 5.37M 5.34M 5.32M 5.21M 5.27M 5.28M 5.15M 5.06M
Diluted Earnings per Share		 $0.13 $0.15 $0.03 $0.09 $0.09 $0.19 $0.01 $0.11 $0.22 ($0.04) $0.02
Weighted Average Diluted Shares Outstanding		 5.66M 5.55M 5.50M 5.39M 5.36M 5.33M 5.23M 5.28M 5.30M 5.17M 5.07M
Weighted Average Basic & Diluted Shares Outstanding		 5.54M 5.49M 5.38M 5.36M 5.28M 5.23M 5.21M 5.17M 5.11M 5.05M 5.04M

Annual Cash Flow Statements for Where Food Comes From

This table details how cash moves in and out of Where Food Comes From's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.95 -1.04 0.22 -1.22 1.16 1.74 1.04 -1.05 -1.73 -0.63 1.19
Net Cash From Operating Activities		 0.86 0.99 0.66 1.15 2.88 2.45 3.02 2.65 2.82 2.73 1.61
Net Cash From Continuing Operating Activities		 0.86 0.99 0.66 1.15 2.88 2.45 3.02 2.65 2.82 2.73 1.61
Net Income / (Loss) Continuing Operations		 0.50 0.40 -0.17 0.67 1.02 1.39 2.96 1.99 2.15 2.12 1.54
Consolidated Net Income / (Loss)		 0.50 0.40 -0.17 0.67 1.02 1.39 2.96 1.99 2.15 2.12 1.54
Depreciation Expense		 0.26 0.27 0.85 0.94 1.10 1.00 0.80 0.77 0.63 0.65 0.65
Non-Cash Adjustments To Reconcile Net Income		 0.13 0.21 0.20 0.23 0.28 0.20 -0.84 0.23 0.12 -0.26 -0.83
Changes in Operating Assets and Liabilities, net		 -0.02 0.10 -0.23 -0.81 0.48 -0.13 0.10 -0.34 -0.08 0.23 0.25
Net Cash From Investing Activities		 -0.03 -1.72 -0.24 -1.97 -1.12 -0.73 -0.00 -0.27 -0.65 -0.16 1.68
Net Cash From Continuing Investing Activities		 -0.03 -1.72 -0.24 -1.97 -1.12 -0.73 -0.00 -0.27 -0.65 -0.16 1.68
Purchase of Property, Plant & Equipment		 -0.03 -0.45 -0.09 -0.37 -0.37 -0.46 -0.21 -0.09 -0.15 -0.16 -0.16
Other Investing Activities, net		 - - - - - - - 0.00 -0.30 0.00 1.84
Net Cash From Financing Activities		 0.11 -0.31 -0.20 -0.40 -0.60 0.01 -1.98 -3.43 -3.90 -3.20 -2.10
Net Cash From Continuing Financing Activities		 0.11 -0.31 -0.20 -0.40 -0.60 0.01 -1.98 -3.43 -3.90 -3.20 -2.10
Repayment of Debt		 -0.01 -0.03 -0.01 -0.01 -0.04 -0.01 -0.01 -0.01 -0.01 -0.01 -0.02
Repurchase of Common Equity		 -0.18 -0.35 -0.20 -0.38 -0.56 -1.04 -1.11 -3.46 -3.96 -3.27 -2.17
Other Financing Activities, net		 0.05 0.07 0.01 -0.01 -0.01 0.03 0.05 0.04 0.07 0.08 0.08

Quarterly Cash Flow Statements for Where Food Comes From

This table details how cash moves in and out of Where Food Comes From's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.40 -1.17 -0.76 0.72 0.16 -0.75 0.23 0.96 1.56 -1.56 0.08
Net Cash From Operating Activities		 1.32 0.21 0.70 1.17 0.91 -0.05 0.63 1.18 0.50 -0.71 0.52
Net Cash From Continuing Operating Activities		 1.32 0.21 0.70 1.17 0.91 -0.05 0.63 1.18 0.50 -0.71 0.52
Net Income / (Loss) Continuing Operations		 0.72 0.78 0.18 0.49 0.49 0.96 0.03 0.56 1.15 -0.20 0.09
Consolidated Net Income / (Loss)		 0.72 0.78 0.18 0.49 0.49 0.96 0.03 0.56 1.15 -0.20 0.09
Depreciation Expense		 0.15 0.15 0.16 0.16 0.16 0.18 0.17 0.16 0.15 0.17 0.15
Non-Cash Adjustments To Reconcile Net Income		 0.08 0.04 0.02 0.03 0.02 -0.33 0.09 -0.19 -0.94 0.21 0.20
Changes in Operating Assets and Liabilities, net		 0.36 -0.76 0.35 0.49 0.25 -0.87 0.34 0.65 0.15 -0.88 0.08
Net Cash From Investing Activities		 -0.06 -0.36 -0.02 -0.07 -0.03 -0.04 -0.03 -0.03 1.78 -0.03 -0.15
Net Cash From Continuing Investing Activities		 -0.06 -0.36 -0.02 -0.07 -0.03 -0.04 -0.03 -0.03 1.78 -0.03 -0.15
Purchase of Property, Plant & Equipment		 -0.06 -0.06 -0.02 -0.07 -0.04 -0.03 -0.03 -0.03 -0.06 -0.03 -0.15
Net Cash From Financing Activities		 -0.86 -1.02 -1.44 -0.38 -0.73 -0.66 -0.38 -0.18 -0.72 -0.82 -0.29
Net Cash From Continuing Financing Activities		 -0.86 -1.02 -1.44 -0.38 -0.73 -0.66 -0.38 -0.18 -0.72 -0.82 -0.29
Repayment of Debt		 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00
Repurchase of Common Equity		 -0.86 -1.04 -1.50 -0.39 -0.73 -0.65 -0.38 -0.25 -0.72 -0.81 -0.29
Other Financing Activities, net		 0.00 0.02 0.06 0.01 0.01 - 0.01 0.07 - - 0.00

Annual Balance Sheets for Where Food Comes From

This table presents Where Food Comes From's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 8.48 13 13 14 18 19 20 18 16 15 13
Total Current Assets		 5.05 4.77 5.59 4.37 5.86 7.47 8.68 7.89 6.21 5.55 6.28
Cash & Equivalents		 3.53 2.49 2.71 1.48 2.64 4.37 5.41 4.37 2.64 2.01 3.20
Accounts Receivable		 1.11 1.34 1.90 2.21 2.52 2.51 2.18 2.17 2.13 1.83 1.68
Inventories, net		 - - - - - - 0.77 0.89 1.11 1.00 0.79
Prepaid Expenses		 0.15 0.20 0.25 0.44 0.45 0.59 0.33 0.46 0.34 0.71 0.61
Plant, Property, & Equipment, net		 0.16 1.23 1.07 1.68 1.55 1.62 1.30 1.00 0.84 0.74 0.65
Total Noncurrent Assets		 3.27 6.88 6.68 8.42 11 10 6.98 9.41 9.23 9.02 5.98
Long-Term Investments		 - - - 1.24 0.99 0.99 0.99 0.99 1.19 1.19 0.20
Goodwill		 1.28 2.65 2.65 3.14 2.95 2.95 2.95 2.95 2.95 2.95 2.95
Intangible Assets		 1.76 4.23 3.95 3.85 3.25 2.95 2.58 2.34 2.19 1.81 1.42
Noncurrent Deferred & Refundable Income Taxes		 0.23 0.00 0.08 0.18 0.38 0.44 0.46 0.52 0.49 0.36 0.30
Other Noncurrent Operating Assets		 - - - - 3.27 3.03 - 2.61 2.41 2.72 1.11
Total Liabilities & Shareholders' Equity		 8.48 13 13 14 18 19 20 18 16 15 13
Total Liabilities		 0.80 1.57 2.10 2.25 6.29 6.98 6.04 5.82 5.47 5.37 3.59
Total Current Liabilities		 0.79 1.34 1.88 1.70 2.74 3.12 3.00 3.04 2.98 3.18 3.09
Accounts Payable		 0.42 0.33 0.46 0.53 1.02 0.65 0.45 0.64 0.57 0.47 0.45
Accrued Expenses		 0.09 0.48 0.56 0.49 0.67 0.60 0.71 0.77 0.62 0.61 0.66
Current Deferred Revenue		 0.19 0.52 0.85 0.65 0.80 1.13 1.51 1.28 1.49 1.75 1.55
Other Current Liabilities		 - - - 0.01 0.25 0.28 0.33 0.01 0.01 0.02 0.43
Total Noncurrent Liabilities		 0.01 0.22 0.22 0.55 3.55 3.86 3.04 2.78 2.49 2.19 0.51
Capital Lease Obligations		 0.00 0.17 0.17 0.03 3.55 3.29 - 2.78 2.49 2.19 0.01
Other Noncurrent Operating Liabilities		 - - - 0.36 - - 3.04 - - - 0.50
Commitments & Contingencies		 - 0.00 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6.73 9.43 9.67 11 12 12 14 12 11 9.93 9.31
Total Preferred & Common Equity		 6.73 9.43 9.67 11 12 12 14 12 11 9.93 9.31
Preferred Stock		 - 0.00 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 6.73 9.43 9.67 11 12 12 14 12 11 9.93 9.31
Common Stock		 7.47 10 10 11 11 12 12 12 12 11 0.03
Retained Earnings		 -0.56 -0.12 0.02 0.82 2.16 3.55 5.60 7.59 9.74 12 11
Treasury Stock		 -0.18 -0.52 -0.72 -1.11 -1.67 -2.70 -3.81 -7.26 -11 -13 -1.78

Quarterly Balance Sheets for Where Food Comes From

This table presents Where Food Comes From's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 18 15 17 17 15 17 17 13
Total Current Assets		 7.72 5.45 7.03 7.39 5.73 7.12 8.53 6.83
Cash & Equivalents		 3.81 1.88 2.60 2.76 2.24 3.20 4.76 3.28
Accounts Receivable		 2.29 2.08 2.22 2.23 1.84 2.06 2.37 2.06
Inventories, net		 1.12 1.12 1.16 1.09 0.93 1.11 0.89 0.84
Prepaid Expenses		 0.50 0.38 1.05 1.31 0.72 0.74 0.51 0.65
Plant, Property, & Equipment, net		 0.85 0.81 0.79 0.76 0.70 0.68 0.69 0.74
Total Noncurrent Assets		 9.12 9.14 8.96 8.80 8.79 8.83 7.64 5.66
Long-Term Investments		 1.19 1.19 1.19 1.19 1.19 1.19 0.20 0.20
Goodwill		 2.95 2.95 2.95 2.95 2.95 2.95 2.95 2.95
Intangible Assets		 2.10 2.22 2.13 2.04 1.71 1.61 1.52 1.33
Noncurrent Deferred & Refundable Income Taxes		 0.51 0.48 0.48 0.48 0.37 0.31 0.24 0.27
Other Noncurrent Operating Assets		 2.38 2.30 2.22 2.14 2.57 2.77 2.74 0.92
Total Liabilities & Shareholders' Equity		 18 15 17 17 15 17 17 13
Total Liabilities		 6.67 5.82 7.10 7.49 5.62 6.65 6.56 4.03
Total Current Liabilities		 4.10 3.36 4.73 5.21 3.52 4.55 4.54 3.62
Accounts Payable		 0.72 0.68 0.70 0.87 0.55 0.75 0.74 0.57
Accrued Expenses		 1.35 0.89 1.35 1.84 0.87 1.05 1.40 1.09
Current Deferred Revenue		 1.71 1.46 2.34 2.15 1.74 2.37 2.03 1.53
Other Current Liabilities		 0.01 0.34 0.01 0.02 0.02 0.37 0.38 0.43
Total Noncurrent Liabilities		 2.57 2.46 2.37 2.28 2.11 2.11 2.02 0.40
Capital Lease Obligations		 2.57 0.04 2.37 2.28 2.11 0.02 0.02 0.01
Other Noncurrent Operating Liabilities		 - 2.42 - - - 2.09 2.00 0.39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 11 9.58 9.69 9.45 9.59 9.97 10 9.20
Total Preferred & Common Equity		 11 9.58 9.69 9.45 9.59 9.97 10 9.20
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 11 9.58 9.69 9.45 9.59 9.97 10 9.20
Common Stock		 12 11 11 11 11 0.07 0.01 0.12
Retained Earnings		 8.97 9.92 10 11 12 10 11 11
Treasury Stock		 -10 -12 -12 -13 -14 -0.25 -0.97 -2.08

Annual Metrics And Ratios for Where Food Comes From

This table displays calculated financial ratios and metrics derived from Where Food Comes From's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 23,813,295.00 23,846,950.00 24,703,535.00 25,087,946.00 24,733,302.00 24,685,704.00 6,109,844.00 5,832,108.00 5,543,871.00 5,277,436.00 5,111,945.00
DEI Adjusted Shares Outstanding		 23,813,295.00 23,846,950.00 24,703,535.00 25,087,946.00 24,733,302.00 24,685,704.00 6,109,844.00 5,832,108.00 5,543,871.00 5,277,436.00 5,111,945.00
DEI Earnings Per Adjusted Shares Outstanding		 0.02 0.02 0.01 0.03 0.05 0.06 0.48 0.34 0.39 0.40 0.30
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.60% 11.73% 33.00% 15.24% 16.68% -3.36% 9.24% 13.28% 1.17% 2.43% -3.32%
EBITDA Growth		 83.46% -13.87% 4.93% 105.11% 26.64% 8.87% 57.12% -21.09% -0.06% -4.14% -13.65%
EBIT Growth		 128.78% -19.77% -84.85% 818.59% 54.47% 23.23% 102.48% -25.01% 5.02% -5.60% -17.24%
NOPAT Growth		 147.04% -19.50% -136.94% 506.13% 78.46% 18.16% 48.91% -0.31% 0.84% -17.06% -47.09%
Net Income Growth		 151.61% -19.08% -142.60% 494.59% 51.56% 35.39% 113.79% -32.66% 7.92% -1.49% -27.55%
EPS Growth		 100.00% 0.00% -50.00% 200.00% 633.33% 0.00% 118.18% -31.25% 18.18% 2.56% -25.00%
Operating Cash Flow Growth		 46.12% 14.38% -33.35% 75.61% 149.10% -14.71% 23.16% -12.12% 6.33% -3.26% -41.14%
Free Cash Flow Firm Growth		 2,331.36% -507.96% 102.38% -832.10% -77.08% 218.96% 505.00% -143.74% 161.47% -11.81% 56.35%
Invested Capital Growth		 -10.80% 111.41% -2.92% 16.06% 24.59% -1.61% -60.42% 126.52% -4.57% -5.24% -26.19%
Revenue Q/Q Growth		 0.02% 2.14% 7.76% 2.78% 5.48% -0.73% 1.18% 1.17% 2.60% -0.27% -2.43%
EBITDA Q/Q Growth		 62.70% -8.89% -0.54% 27.89% 35.92% -3.10% 5.47% -7.26% 7.04% 8.27% -32.96%
EBIT Q/Q Growth		 23.08% -35.80% -61.88% 58.09% 68.33% -2.98% 8.97% -8.71% 10.44% 8.99% -38.95%
NOPAT Q/Q Growth		 26.63% -37.33% -216.97% 305.99% 64.93% -4.47% 5.93% -8.43% 12.95% -6.56% -41.81%
Net Income Q/Q Growth		 26.38% -37.11% -229.17% 266.33% 42.96% 7.70% 7.13% -11.22% 15.33% 9.56% -43.11%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 633.33% -33.33% 9.09% -10.81% 21.88% 11.11% -43.40%
Operating Cash Flow Q/Q Growth		 -40.63% 45.55% -51.23% 61.32% 53.68% -9.72% -8.73% -11.33% 24.81% -8.67% -29.02%
Free Cash Flow Firm Q/Q Growth		 28.35% -737.05% 102.62% 71.86% 34.58% -51.76% 48.89% -555.35% 10.64% -14.99% -22.37%
Invested Capital Q/Q Growth		 6.69% 124.53% 8.39% -6.87% -7.27% 5.43% -32.64% 9.54% 9.92% 14.02% 27.63%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 46.70% 46.60% 44.15% 43.50% 43.70% 44.47% 44.40% 42.13% 41.86% 41.02% 38.20%
EBITDA Margin		 10.12% 7.80% 6.16% 10.96% 11.89% 13.39% 19.26% 13.42% 13.26% 12.41% 11.08%
Operating Margin		 7.65% 5.46% 0.53% 4.91% 7.47% 8.40% 10.50% 10.67% 10.73% 8.57% 4.84%
EBIT Margin		 7.66% 5.50% 0.63% 4.99% 6.61% 8.43% 15.62% 10.34% 10.73% 9.89% 8.47%
Profit (Net Income) Margin		 4.77% 3.46% -1.11% 3.79% 4.92% 6.90% 13.50% 8.03% 8.56% 8.23% 6.17%
Tax Burden Percent		 62.47% 63.03% -179.74% 68.60% 68.98% 74.99% 81.80% 70.81% 70.21% 71.16% 68.91%
Interest Burden Percent		 99.80% 99.76% 98.36% 110.71% 108.01% 109.16% 105.66% 109.61% 113.60% 116.96% 105.74%
Effective Tax Rate		 37.53% 36.97% 279.74% 31.40% 31.02% 25.01% 18.20% 29.19% 29.79% 28.84% 31.09%
Return on Invested Capital (ROIC)		 11.97% 6.57% -1.81% 6.92% 10.23% 10.99% 23.63% 25.44% 18.92% 16.50% 10.33%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.99% 6.52% -1.07% 4.46% 13.17% -6.38% 2.65% 23.42% 3.18% -47.45% -34.56%
Return on Net Nonoperating Assets (RNNOA)		 -5.29% -2.34% 0.30% -1.16% -1.76% 0.36% -1.04% -10.24% -0.45% 3.93% 5.64%
Return on Equity (ROE)		 6.68% 4.23% -1.52% 5.75% 8.47% 11.35% 22.59% 15.21% 18.48% 20.43% 15.97%
Cash Return on Invested Capital (CROIC)		 23.39% -64.99% 1.16% -7.95% -11.66% 12.61% 110.20% -52.05% 23.60% 21.88% 40.46%
Operating Return on Assets (OROA)		 9.70% 5.98% 0.74% 6.39% 8.40% 8.98% 17.47% 13.49% 15.60% 16.12% 14.95%
Return on Assets (ROA)		 6.05% 3.76% -1.30% 4.86% 6.26% 7.35% 15.09% 10.47% 12.45% 13.42% 10.89%
Return on Common Equity (ROCE)		 5.82% 3.60% -1.28% 5.01% 7.96% 11.35% 22.59% 15.21% 18.48% 20.43% 15.97%
Return on Equity Simple (ROE_SIMPLE)		 7.37% 4.26% -1.77% 6.27% 8.56% 11.11% 21.54% 15.98% 19.89% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.50 0.40 -0.15 0.60 1.07 1.27 1.88 1.88 1.89 1.57 0.83
NOPAT Margin		 4.78% 3.44% -0.96% 3.37% 5.15% 6.30% 8.59% 7.56% 7.53% 6.10% 3.34%
Net Nonoperating Expense Percent (NNEP)		 -0.02% 0.05% -0.75% 2.46% -2.94% 17.36% 20.98% 2.03% 15.75% 63.96% 44.89%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 13.92% 12.60% 8.12%
Cost of Revenue to Revenue		 53.30% 53.40% 55.85% 56.50% 56.30% 55.53% 55.60% 57.87% 58.14% 58.98% 61.80%
SG&A Expenses to Revenue		 39.05% 41.14% 43.62% 38.58% 36.23% 36.07% 33.90% 31.46% 31.13% 32.45% 33.35%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 39.05% 41.14% 43.62% 38.58% 36.23% 36.07% 33.90% 31.46% 31.13% 32.45% 33.35%
Earnings before Interest and Taxes (EBIT)		 0.80 0.64 0.10 0.89 1.37 1.69 3.43 2.57 2.70 2.55 2.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1.05 0.91 0.95 1.95 2.47 2.69 4.23 3.33 3.33 3.19 2.76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.28 6.64 6.70 4.66 3.52 3.51 6.45 6.53 6.94 7.03 6.31
Price to Tangible Book Value (P/TBV)		 16.91 24.56 21.11 13.31 7.32 6.66 10.78 11.33 13.21 13.50 11.89
Price to Revenue (P/Rev)		 6.01 5.39 4.20 2.82 2.03 2.18 4.04 3.28 2.99 2.71 2.36
Price to Earnings (P/E)		 117.01 144.43 455.41 62.66 31.31 31.59 29.94 40.86 34.91 32.96 38.24
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.03% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.85% 0.69% 0.22% 1.60% 3.19% 3.17% 3.34% 2.45% 2.86% 3.03% 2.62%
Enterprise Value to Invested Capital (EV/IC)		 15.25 7.42 7.87 5.23 3.60 3.74 18.19 7.74 7.58 7.47 8.23
Enterprise Value to Revenue (EV/Rev)		 5.74 5.29 4.09 2.74 2.01 2.13 3.75 3.19 2.95 2.69 2.26
Enterprise Value to EBITDA (EV/EBITDA)		 56.69 67.76 66.43 24.98 16.91 15.88 19.47 23.77 22.23 21.67 20.40
Enterprise Value to EBIT (EV/EBIT)		 74.94 96.15 652.84 54.82 30.43 25.24 24.01 30.84 27.46 27.17 26.69
Enterprise Value to NOPAT (EV/NOPAT)		 120.08 153.55 0.00 81.22 39.02 33.76 43.66 42.20 39.12 44.06 67.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 69.19 62.28 96.12 42.22 14.53 17.42 27.23 29.86 26.25 25.35 35.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 61.48 0.00 670.96 0.00 0.00 29.41 9.36 0.00 31.37 33.23 17.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.02 0.02 0.01 0.30 0.35 0.00 0.25 0.26 0.25 0.10
Long-Term Debt to Equity		 0.00 0.02 0.02 0.01 0.30 0.31 0.00 0.22 0.23 0.22 0.05
Financial Leverage		 -0.44 -0.36 -0.28 -0.26 -0.13 -0.06 -0.39 -0.44 -0.14 -0.08 -0.16
Leverage Ratio		 1.10 1.12 1.16 1.19 1.35 1.54 1.50 1.45 1.48 1.52 1.47
Compound Leverage Factor		 1.10 1.12 1.14 1.31 1.46 1.69 1.58 1.59 1.69 1.78 1.55
Debt to Total Capital		 0.29% 1.55% 2.02% 0.61% 22.89% 25.75% 0.00% 20.02% 20.48% 20.31% 9.10%
Short-Term Debt to Total Capital		 0.16% 0.04% 0.15% 0.08% 0.00% 2.76% 0.00% 2.19% 2.19% 2.70% 4.12%
Long-Term Debt to Total Capital		 0.13% 1.51% 1.87% 0.53% 22.89% 22.99% 0.00% 17.83% 18.29% 17.60% 4.97%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 12.17% 16.43% 13.72% 11.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 87.54% 82.03% 84.26% 87.60% 77.11% 74.25% 100.00% 79.98% 79.52% 79.69% 90.90%
Debt to EBITDA		 0.02 0.20 0.24 0.04 1.44 1.61 0.00 0.94 0.84 0.79 0.34
Net Debt to EBITDA		 -3.57 -3.36 -3.38 -1.49 -0.14 -0.39 0.00 -0.67 -0.31 -0.21 -0.90
Long-Term Debt to EBITDA		 0.01 0.19 0.23 0.03 1.44 1.44 0.00 0.83 0.75 0.69 0.18
Debt to NOPAT		 0.05 0.44 -1.57 0.13 3.31 3.42 0.00 1.66 1.47 1.61 1.12
Net Debt to NOPAT		 -7.57 -7.61 21.78 -4.83 -0.32 -0.82 0.00 -1.19 -0.55 -0.43 -2.97
Long-Term Debt to NOPAT		 0.02 0.43 -1.46 0.11 3.31 3.05 0.00 1.48 1.31 1.40 0.61
Altman Z-Score		 48.62 25.35 20.07 15.12 5.78 5.60 11.23 11.12 11.41 11.32 13.77
Noncontrolling Interest Sharing Ratio		 12.86% 14.88% 15.35% 12.89% 6.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.35 3.55 2.97 2.57 2.14 2.39 2.90 2.60 2.09 1.74 2.03
Quick Ratio		 6.15 3.40 2.84 2.31 1.97 2.20 2.53 2.15 1.60 1.21 1.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.97 -3.96 0.09 -0.69 -1.22 1.45 8.78 -3.84 2.36 2.08 3.26
Operating Cash Flow to CapEx		 3,276.52% 227.28% 708.21% 307.92% 781.25% 570.23% 100,666.67% 2,982.02% 1,906.76% 1,716.98% 1,036.77%
Free Cash Flow to Firm to Interest Expense		 612.20 -2,609.48 59.18 -142.50 -122.05 111.69 1,464.13 -1,280.71 472.32 520.65 1,085.35
Operating Cash Flow to Interest Expense		 543.92 650.00 413.09 238.61 287.50 188.62 503.33 884.67 564.40 682.50 535.67
Operating Cash Flow Less CapEx to Interest Expense		 527.32 364.01 354.76 161.12 250.70 155.54 502.83 855.00 534.80 642.75 484.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.27 1.09 1.18 1.28 1.27 1.07 1.12 1.30 1.45 1.63 1.77
Accounts Receivable Turnover		 9.95 9.46 9.53 8.68 8.80 7.99 9.36 11.42 11.69 13.02 14.21
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.37 14.64 14.39 17.15
Fixed Asset Turnover		 53.33 16.74 13.45 12.98 12.90 12.70 15.07 21.67 27.29 32.57 35.95
Accounts Payable Turnover		 13.53 16.50 21.81 20.30 15.02 13.33 22.25 26.45 24.21 29.34 33.48
Days Sales Outstanding (DSO)		 36.68 38.57 38.32 42.07 41.47 45.66 38.99 31.95 31.22 28.03 25.69
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.01 24.94 25.37 21.28
Days Payable Outstanding (DPO)		 26.98 22.12 16.73 17.98 24.30 27.37 16.40 13.80 15.07 12.44 10.90
Cash Conversion Cycle (CCC)		 9.71 16.45 21.58 24.09 17.17 18.29 22.59 39.16 41.09 40.96 36.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3.91 8.27 8.03 9.32 12 11 4.52 10 9.77 9.26 6.84
Invested Capital Turnover		 2.51 1.91 1.90 2.05 1.99 1.74 2.75 3.37 2.51 2.71 3.09
Increase / (Decrease) in Invested Capital		 -0.47 4.36 -0.24 1.29 2.29 -0.19 -6.90 5.72 -0.47 -0.51 -2.43
Enterprise Value (EV)		 60 61 63 49 42 43 82 79 74 69 56
Market Capitalization		 62 63 65 50 42 44 89 81 75 70 59
Book Value per Share		 $0.28 $0.40 $0.39 $0.43 $0.48 $0.50 $2.25 $2.14 $1.95 $1.88 $1.82
Tangible Book Value per Share		 $0.16 $0.11 $0.12 $0.15 $0.23 $0.27 $1.35 $1.23 $1.03 $0.98 $0.97
Total Capital		 7.69 11 11 12 15 17 14 16 14 12 10
Total Debt		 0.02 0.18 0.23 0.08 3.55 4.32 0.00 3.12 2.79 2.53 0.93
Total Long-Term Debt		 0.01 0.17 0.22 0.06 3.55 3.86 0.00 2.78 2.49 2.19 0.51
Net Debt		 -3.76 -3.05 -3.22 -2.90 -0.34 -1.04 -6.41 -2.24 -1.05 -0.67 -2.47
Capital Expenditures (CapEx)		 0.03 0.43 0.09 0.37 0.37 0.43 0.00 0.09 0.15 0.16 0.16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.48 0.21 0.28 0.95 0.22 0.44 0.27 0.83 0.89 0.69 0.41
Debt-free Net Working Capital (DFNWC)		 4.26 3.43 3.73 2.68 3.12 4.81 5.69 5.20 3.53 2.70 3.61
Net Working Capital (NWC)		 4.25 3.43 3.71 2.67 3.12 4.35 5.69 4.85 3.23 2.37 3.19
Net Nonoperating Expense (NNE)		 0.00 -0.00 0.02 -0.08 0.05 -0.12 -1.08 -0.12 -0.26 -0.55 -0.70
Net Nonoperating Obligations (NNO)		 -3.76 -3.05 -3.22 -2.90 -0.34 -1.04 -9.23 -2.24 -1.05 -0.67 -2.47
Total Depreciation and Amortization (D&A)		 0.26 0.27 0.85 1.06 1.10 1.00 0.80 0.77 0.63 0.65 0.65
Debt-free, Cash-free Net Working Capital to Revenue		 4.64% 1.81% 1.81% 5.35% 1.08% 2.19% 1.25% 3.33% 3.54% 2.68% 1.66%
Debt-free Net Working Capital to Revenue		 41.02% 29.56% 24.14% 15.05% 15.02% 23.97% 25.93% 20.91% 14.05% 10.50% 14.51%
Net Working Capital to Revenue		 40.90% 29.52% 24.03% 15.00% 15.02% 21.67% 25.93% 19.54% 12.87% 9.19% 12.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.02 $0.02 $0.01 $0.03 $0.05 $0.23 $0.49 $0.34 $0.39 $0.40 $0.30
Adjusted Weighted Average Basic Shares Outstanding		 23.80M 23.82M 24.67M 24.83M 24.85M 6.16M 6.10M 5.96M 5.49M 5.32M 5.15M
Adjusted Diluted Earnings per Share		 $0.02 $0.02 $0.01 $0.03 $0.05 $0.22 $0.48 $0.33 $0.39 $0.40 $0.30
Adjusted Weighted Average Diluted Shares Outstanding		 23.97M 23.96M 24.84M 24.99M 25.03M 6.22M 6.19M 6.04M 5.55M 5.33M 5.17M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.74M 24.65M 24.66M 24.96M 25.05M 6.14M 5.95M 5.73M 5.49M 5.23M 5.05M
Normalized Net Operating Profit after Tax (NOPAT)		 0.50 0.40 0.06 0.60 1.07 1.27 1.88 1.88 1.89 1.57 0.83
Normalized NOPAT Margin		 4.78% 3.44% 0.37% 3.37% 5.15% 6.30% 8.59% 7.56% 7.53% 6.10% 3.34%
Pre Tax Income Margin		 7.64% 5.49% 0.62% 5.53% 7.14% 9.20% 16.51% 11.33% 12.19% 11.57% 8.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 502.21 420.98 60.82 183.76 137.30 130.15 571.00 856.33 539.60 636.75 702.67
NOPAT to Interest Expense		 313.42 263.62 -92.84 124.03 107.06 97.31 313.96 625.96 378.72 392.65 277.02
EBIT Less CapEx to Interest Expense		 485.61 134.99 2.49 106.26 100.50 97.08 570.50 826.67 510.00 597.00 651.00
NOPAT Less CapEx to Interest Expense		 296.82 -22.37 -151.17 46.53 70.26 64.23 313.46 596.29 349.12 352.90 225.35
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.87% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 35.85% 86.41% -116.71% 56.97% 54.25% 74.87% 68.19% 173.32% 183.83% 154.25% 141.02%

Quarterly Metrics And Ratios for Where Food Comes From

This table displays calculated financial ratios and metrics derived from Where Food Comes From's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 5,608,548.00 5,543,871.00 5,543,871.00 5,375,767.00 5,356,973.00 5,277,436.00 5,233,142.00 5,212,387.00 5,168,176.00 5,111,945.00 5,048,251.00
DEI Adjusted Shares Outstanding		 5,608,548.00 5,543,871.00 5,543,871.00 5,375,767.00 5,356,973.00 5,277,436.00 5,233,142.00 5,212,387.00 5,168,176.00 5,111,945.00 5,048,251.00
DEI Earnings Per Adjusted Shares Outstanding		 0.13 0.14 0.03 0.09 0.09 0.18 0.01 0.11 0.22 -0.04 0.02
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.50% 10.47% 5.98% 4.39% 1.37% -1.03% -5.54% 2.61% -1.29% -9.31% 1.74%
EBITDA Growth		 -9.07% 26.84% 23.95% -13.29% -31.36% 23.57% -42.27% 19.00% 124.87% -105.94% 39.75%
EBIT Growth		 -7.07% 40.22% 59.88% -15.43% -36.67% 23.62% -74.52% 23.58% 158.06% -122.29% 172.73%
NOPAT Growth		 -12.93% 50.49% 97.23% -14.70% -34.43% -17.03% -63.61% -3.69% -8.82% -107.84% 132.29%
Net Income Growth		 -7.90% 58.37% 47.11% -8.08% -31.95% 23.84% -82.58% 14.93% 132.93% -121.12% 196.77%
EPS Growth		 0.00% 87.50% 50.00% 0.00% -30.77% 26.67% -66.67% 22.22% 144.44% -121.05% 100.00%
Operating Cash Flow Growth		 79.08% 159.38% 47.99% 42.09% -30.80% -123.92% -9.71% 1.11% -45.07% -1,314.00% -17.25%
Free Cash Flow Firm Growth		 161.12% 121.05% -87.33% 298.83% 6.83% -5.92% -568.79% 156.09% 161.34% 127.42% 251.07%
Invested Capital Growth		 -4.90% -4.57% -3.71% -9.58% -8.65% -5.24% 31.61% -34.86% -34.06% -26.19% -33.44%
Revenue Q/Q Growth		 14.45% -3.99% -17.07% 14.56% 11.13% -6.26% -20.85% 24.45% 6.90% -13.87% -11.20%
EBITDA Q/Q Growth		 30.94% -7.01% -60.00% 78.02% 3.66% 67.41% -81.31% 266.95% 95.90% -104.42% 539.47%
EBIT Q/Q Growth		 39.74% -7.40% -70.87% 124.32% 4.65% 80.76% -93.99% 987.88% 118.52% -115.62% 173.47%
NOPAT Q/Q Growth		 39.34% -4.72% -72.86% 136.70% 7.11% 20.56% -88.09% 526.46% 1.40% -110.36% 452.84%
Net Income Q/Q Growth		 35.90% 7.33% -77.06% 174.72% 0.61% 95.33% -96.77% 1,712.90% 103.91% -117.71% 145.32%
EPS Q/Q Growth		 44.44% 15.38% -80.00% 200.00% 0.00% 111.11% -94.74% 1,000.00% 100.00% -118.18% 150.00%
Operating Cash Flow Q/Q Growth		 60.34% -84.14% 234.93% 66.86% -21.92% -105.48% 1,364.00% 86.87% -57.58% -241.12% 173.97%
Free Cash Flow Firm Q/Q Growth		 241.65% -1.94% -61.64% 210.30% -8.48% -13.65% -291.17% 269.51% -6.61% -24.86% 26.99%
Invested Capital Q/Q Growth		 -6.46% 9.92% -33.08% 31.41% -5.49% 14.02% -7.06% -34.96% -4.32% 27.63% -16.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.88% 44.67% 41.72% 41.56% 39.03% 42.04% 41.63% 37.49% 38.29% 35.87% 38.08%
EBITDA Margin		 15.88% 15.38% 7.42% 11.52% 10.75% 19.20% 4.53% 13.36% 24.49% -1.26% 6.23%
Operating Margin		 13.49% 13.71% 4.68% 9.12% 8.55% 11.33% 2.69% 8.37% 8.20% -0.99% 5.55%
EBIT Margin		 13.69% 13.21% 4.64% 9.09% 8.55% 16.50% 1.25% 10.94% 22.37% -4.05% 3.36%
Profit (Net Income) Margin		 10.31% 11.53% 3.19% 7.65% 6.92% 14.43% 0.59% 8.56% 16.34% -3.36% 1.71%
Tax Burden Percent		 71.66% 69.97% 67.17% 71.18% 73.11% 70.97% 44.93% 72.80% 70.48% 85.29% 49.73%
Interest Burden Percent		 105.10% 124.75% 102.32% 118.24% 110.69% 123.20% 104.55% 107.52% 103.63% 97.14% 102.78%
Effective Tax Rate		 28.34% 30.03% 32.83% 28.82% 26.89% 29.03% 55.07% 27.20% 29.52% 0.00% 50.27%
Return on Invested Capital (ROIC)		 25.97% 24.10% 11.99% 18.44% 18.98% 21.76% 4.06% 21.98% 21.87% -2.15% 9.63%
ROIC Less NNEP Spread (ROIC-NNEP)		 24.45% 16.17% 11.92% 13.02% 16.23% -27.73% 5.70% 16.04% -1.74% 8.10% 12.15%
Return on Net Nonoperating Assets (RNNOA)		 -6.01% -2.28% -4.34% -1.71% -2.74% 2.30% -1.19% -4.46% 0.55% -1.32% -2.88%
Return on Equity (ROE)		 19.96% 21.82% 7.65% 16.74% 16.24% 24.06% 2.87% 17.52% 22.42% -3.47% 6.75%
Cash Return on Invested Capital (CROIC)		 23.41% 23.60% 33.56% 31.22% 28.80% 21.88% -7.75% 62.87% 62.24% 40.46% 53.09%
Operating Return on Assets (OROA)		 17.19% 19.20% 7.22% 13.56% 12.75% 26.89% 2.08% 16.77% 33.76% -7.16% 5.90%
Return on Assets (ROA)		 12.95% 16.76% 4.96% 11.41% 10.32% 23.51% 0.98% 13.13% 24.66% -5.93% 3.01%
Return on Common Equity (ROCE)		 19.96% 21.82% 7.65% 16.74% 16.24% 24.06% 2.87% 17.52% 22.42% -3.47% 6.75%
Return on Equity Simple (ROE_SIMPLE)		 16.93% 0.00% 23.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.68 0.65 0.18 0.41 0.44 0.54 0.06 0.40 0.41 -0.04 0.15
NOPAT Margin		 9.67% 9.60% 3.14% 6.49% 6.25% 8.04% 1.21% 6.09% 5.78% -0.70% 2.76%
Net Nonoperating Expense Percent (NNEP)		 1.52% 7.93% 0.07% 5.43% 2.75% 49.49% -1.63% 5.94% 23.61% -10.25% -2.52%
Return On Investment Capital (ROIC_SIMPLE)		 - 4.75% 1.82% 3.35% 3.68% 4.30% 0.53% 4.00% 3.93% -0.41% 1.61%
Cost of Revenue to Revenue		 59.12% 55.33% 58.28% 58.44% 60.97% 57.96% 58.37% 62.51% 61.71% 64.13% 61.92%
SG&A Expenses to Revenue		 27.39% 30.96% 37.05% 32.45% 30.48% 30.71% 38.93% 29.12% 30.09% 36.86% 32.53%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.39% 30.96% 37.05% 32.45% 30.46% 30.71% 38.93% 29.12% 30.09% 36.86% 32.53%
Earnings before Interest and Taxes (EBIT)		 0.96 0.89 0.26 0.58 0.61 1.10 0.07 0.72 1.57 -0.25 0.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1.11 1.04 0.41 0.74 0.76 1.28 0.24 0.88 1.72 -0.08 0.33
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.12 6.94 6.09 6.72 6.11 7.03 6.04 5.78 6.65 6.31 7.30
Price to Tangible Book Value (P/TBV)		 13.12 13.21 13.23 14.11 12.91 13.50 11.75 10.65 11.73 11.89 13.65
Price to Revenue (P/Rev)		 3.20 2.99 2.29 2.53 2.24 2.71 2.28 2.25 2.68 2.36 2.69
Price to Earnings (P/E)		 42.02 34.91 26.40 30.06 29.84 32.96 29.36 28.18 25.36 38.24 42.07
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.38% 2.86% 3.79% 3.33% 3.35% 3.03% 3.41% 3.55% 3.94% 2.62% 2.38%
Enterprise Value to Invested Capital (EV/IC)		 8.58 7.58 8.45 7.45 6.95 7.47 6.62 9.52 11.86 8.23 11.12
Enterprise Value to Revenue (EV/Rev)		 3.11 2.95 2.17 2.49 2.19 2.69 2.24 2.08 2.49 2.26 2.55
Enterprise Value to EBITDA (EV/EBITDA)		 24.50 22.23 16.20 19.40 19.12 21.67 18.86 16.86 15.44 20.40 22.33
Enterprise Value to EBIT (EV/EBIT)		 31.22 27.46 19.78 23.80 24.14 27.17 24.19 21.38 18.40 26.69 28.68
Enterprise Value to NOPAT (EV/NOPAT)		 45.50 39.12 27.85 33.44 33.56 44.06 38.47 36.36 44.49 67.71 68.70
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.74 26.25 18.13 18.85 18.87 25.35 21.39 19.92 28.06 35.01 42.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 35.74 31.37 24.71 22.66 23.03 33.23 0.00 11.94 15.15 17.28 16.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.26 0.26 0.00 0.28 0.28 0.25 0.25 0.00 0.00 0.10 0.00
Long-Term Debt to Equity		 0.23 0.23 0.00 0.24 0.24 0.22 0.22 0.00 0.00 0.05 0.00
Financial Leverage		 -0.25 -0.14 -0.36 -0.13 -0.17 -0.08 -0.21 -0.28 -0.32 -0.16 -0.24
Leverage Ratio		 1.61 1.48 1.56 1.65 1.69 1.52 1.60 1.70 1.71 1.47 1.51
Compound Leverage Factor		 1.70 1.85 1.60 1.96 1.87 1.88 1.67 1.83 1.77 1.42 1.56
Debt to Total Capital		 20.70% 20.48% 0.38% 21.79% 21.67% 20.31% 20.31% 0.19% 0.16% 9.10% 0.11%
Short-Term Debt to Total Capital		 2.23% 2.19% 0.00% 2.66% 2.78% 2.70% 2.82% 0.00% 0.00% 4.12% 0.00%
Long-Term Debt to Total Capital		 18.47% 18.29% 0.38% 19.14% 18.90% 17.60% 17.50% 0.19% 0.16% 4.97% 0.11%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 79.30% 79.52% 99.62% 78.21% 78.33% 79.69% 79.69% 99.81% 99.84% 90.90% 99.89%
Debt to EBITDA		 0.92 0.84 0.01 0.82 0.89 0.79 0.81 0.01 0.00 0.34 0.00
Net Debt to EBITDA		 -0.68 -0.31 -0.89 -0.33 -0.45 -0.21 -0.33 -1.38 -1.20 -0.90 -1.22
Long-Term Debt to EBITDA		 0.82 0.75 0.01 0.72 0.77 0.69 0.70 0.01 0.00 0.18 0.00
Debt to NOPAT		 1.72 1.47 0.02 1.41 1.56 1.61 1.65 0.01 0.01 1.12 0.01
Net Debt to NOPAT		 -1.27 -0.55 -1.53 -0.57 -0.79 -0.43 -0.66 -2.98 -3.46 -2.97 -3.74
Long-Term Debt to NOPAT		 1.53 1.31 0.02 1.24 1.36 1.40 1.42 0.01 0.01 0.61 0.01
Altman Z-Score		 9.57 11.04 8.79 8.18 7.32 11.01 9.15 7.92 9.31 13.17 13.42
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.88 2.09 1.62 1.49 1.42 1.74 1.63 1.56 1.88 2.03 1.88
Quick Ratio		 1.49 1.60 1.18 1.02 0.96 1.21 1.16 1.16 1.57 1.58 1.47
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1.14 1.11 0.43 1.33 1.21 1.05 -2.00 3.40 3.17 2.38 3.03
Operating Cash Flow to CapEx		 2,196.67% 342.62% 2,916.67% 1,743.28% 2,338.46% -172.41% 2,179.31% 3,473.53% 863.79% -2,079.41% 353.38%
Free Cash Flow to Firm to Interest Expense		 1,135.86 556.93 427.31 1,325.97 1,213.48 1,047.86 -2,003.20 3,395.66 0.00 2,383.00 3,026.19
Operating Cash Flow to Interest Expense		 1,318.00 104.50 700.00 1,168.00 912.00 -50.00 632.00 1,181.00 0.00 -707.00 523.00
Operating Cash Flow Less CapEx to Interest Expense		 1,258.00 74.00 676.00 1,101.00 873.00 -79.00 603.00 1,147.00 0.00 -741.00 375.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.26 1.45 1.56 1.49 1.49 1.63 1.66 1.53 1.51 1.77 1.76
Accounts Receivable Turnover		 9.53 11.69 12.29 11.62 11.41 13.02 13.01 11.96 11.08 14.21 12.84
Inventory Turnover		 14.26 14.64 14.11 12.59 13.62 14.39 14.65 13.51 15.50 17.15 17.64
Fixed Asset Turnover		 26.06 27.29 29.56 31.16 32.11 32.57 33.83 34.79 35.24 35.95 34.77
Accounts Payable Turnover		 17.01 24.21 21.94 21.11 18.87 29.34 24.54 21.29 19.07 33.48 28.03
Days Sales Outstanding (DSO)		 38.31 31.22 29.69 31.41 31.99 28.03 28.05 30.51 32.93 25.69 28.42
Days Inventory Outstanding (DIO)		 25.59 24.94 25.86 28.99 26.79 25.37 24.91 27.02 23.55 21.28 20.69
Days Payable Outstanding (DPO)		 21.46 15.07 16.64 17.29 19.35 12.44 14.87 17.14 19.14 10.90 13.02
Cash Conversion Cycle (CCC)		 42.44 41.09 38.91 43.10 39.44 40.96 38.10 40.39 37.34 36.07 36.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8.89 9.77 6.54 8.59 8.12 9.26 8.61 5.60 5.36 6.84 5.73
Invested Capital Turnover		 2.69 2.51 3.82 2.84 3.03 2.71 3.36 3.61 3.79 3.09 3.49
Increase / (Decrease) in Invested Capital		 -0.46 -0.47 -0.25 -0.91 -0.77 -0.51 2.07 -3.00 -2.77 -2.43 -2.88
Enterprise Value (EV)		 76 74 55 64 56 69 57 53 64 56 64
Market Capitalization		 78 75 58 65 58 70 58 58 68 59 67
Book Value per Share		 $1.96 $1.95 $1.75 $1.80 $1.76 $1.88 $1.83 $1.91 $1.99 $1.82 $1.82
Tangible Book Value per Share		 $1.07 $1.03 $0.80 $0.86 $0.84 $0.98 $0.94 $1.04 $1.13 $0.97 $0.98
Total Capital		 14 14 9.61 12 12 12 12 9.99 10 10 9.21
Total Debt		 2.88 2.79 0.04 2.70 2.62 2.53 2.45 0.02 0.02 0.93 0.01
Total Long-Term Debt		 2.57 2.49 0.04 2.37 2.28 2.19 2.11 0.02 0.02 0.51 0.01
Net Debt		 -2.13 -1.05 -3.04 -1.09 -1.33 -0.67 -0.98 -4.37 -4.94 -2.47 -3.47
Capital Expenditures (CapEx)		 0.06 0.06 0.02 0.07 0.04 0.03 0.03 0.03 0.06 0.03 0.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.11 0.89 0.21 0.03 -0.24 0.69 0.31 -0.63 -0.77 0.41 -0.08
Debt-free Net Working Capital (DFNWC)		 3.93 3.53 2.09 2.63 2.51 2.70 2.55 2.57 3.99 3.61 3.20
Net Working Capital (NWC)		 3.62 3.23 2.09 2.30 2.18 2.37 2.21 2.57 3.99 3.19 3.20
Net Nonoperating Expense (NNE)		 -0.05 -0.13 -0.00 -0.07 -0.05 -0.43 0.03 -0.16 -0.74 0.16 0.06
Net Nonoperating Obligations (NNO)		 -2.13 -1.05 -3.04 -1.09 -1.33 -0.67 -0.98 -4.37 -4.94 -2.47 -3.47
Total Depreciation and Amortization (D&A)		 0.15 0.15 0.16 0.16 0.16 0.18 0.17 0.16 0.15 0.17 0.15
Debt-free, Cash-free Net Working Capital to Revenue		 0.46% 3.54% 0.83% 0.13% -0.95% 2.68% 1.23% -2.47% -3.01% 1.66% -0.31%
Debt-free Net Working Capital to Revenue		 16.03% 14.05% 8.22% 10.24% 9.73% 10.50% 10.03% 10.03% 15.64% 14.51% 12.82%
Net Working Capital to Revenue		 14.76% 12.87% 8.22% 8.96% 8.44% 9.19% 8.70% 10.03% 15.64% 12.82% 12.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.13 $0.15 $0.03 $0.09 $0.09 $0.19 $0.01 $0.11 $0.22 ($0.04) $0.02
Adjusted Weighted Average Basic Shares Outstanding		 5.60M 5.49M 5.48M 5.37M 5.34M 5.32M 5.21M 5.27M 5.28M 5.15M 5.06M
Adjusted Diluted Earnings per Share		 $0.13 $0.15 $0.03 $0.09 $0.09 $0.19 $0.01 $0.11 $0.22 ($0.04) $0.02
Adjusted Weighted Average Diluted Shares Outstanding		 5.66M 5.55M 5.50M 5.39M 5.36M 5.33M 5.23M 5.28M 5.30M 5.17M 5.07M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.54M 5.49M 5.38M 5.36M 5.28M 5.23M 5.21M 5.17M 5.11M 5.05M 5.04M
Normalized Net Operating Profit after Tax (NOPAT)		 0.68 0.65 0.18 0.41 0.44 0.54 0.10 0.40 0.41 -0.04 0.21
Normalized NOPAT Margin		 9.67% 9.60% 3.14% 6.49% 6.24% 8.04% 1.89% 6.09% 5.78% -0.70% 3.89%
Pre Tax Income Margin		 14.39% 16.48% 4.75% 10.74% 9.47% 20.32% 1.31% 11.76% 23.18% -3.94% 3.45%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 960.00 444.50 259.00 581.00 608.00 1,099.00 66.00 718.00 0.00 -245.00 180.00
NOPAT to Interest Expense		 677.86 322.93 175.31 414.97 444.48 535.86 63.80 399.66 0.00 -42.00 148.19
EBIT Less CapEx to Interest Expense		 900.00 414.00 235.00 514.00 569.00 1,070.00 37.00 684.00 0.00 -279.00 32.00
NOPAT Less CapEx to Interest Expense		 617.86 292.43 151.31 347.97 405.48 506.86 34.80 365.66 0.00 -76.00 0.19
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 223.47% 183.83% 191.13% 174.28% 188.84% 154.25% 109.33% 98.68% 74.19% 141.02% 129.99%

Financials Breakdown Chart

Key Financial Trends

Where Food Comes From (NASDAQ: WFCF) started fiscal 2026 with a solid profit quarter, but the underlying trends over the past year suggest a business that is still highly dependent on non-operating items and share repurchases to drive shareholder returns.

In Q1 2026, revenue came in at $5.37 million, down from $6.04 million in Q4 2025 and $5.58 million in Q1 2025. The company still produced $92,000 of net income, but that was a steep drop from $1.15 million in Q3 2025 and also below the stronger quarters seen in 2024. Operating income was only $298,000, showing that profitability remains thin at the core business level.

Cash generation was a bright spot in the latest quarter. WFCF generated $523,000 of operating cash flow in Q1 2026, which was better than the negative $707,000 in Q4 2025 and above Q1 2025’s $632,000. The balance sheet also remained liquid, with $3.28 million in cash and $9.20 million in total equity at quarter-end.

At the same time, the company has been using a meaningful amount of cash on share repurchases. In Q1 2026, WFCF spent $293,000 repurchasing common equity, and that followed $814,000 in buybacks in Q4 2025. That supports EPS, but it also consumes cash that could otherwise be used for growth or balance sheet flexibility.

Looking back over the last four years, the business appears to be relatively stable in revenue, but earnings have been volatile because of swings in other income and operating leverage. For example, Q3 2025 showed unusually strong bottom-line results, while Q4 2025 and Q1 2024 were much weaker. That kind of inconsistency makes it harder to view recent earnings as fully repeatable.

  • Q1 2026 operating cash flow was positive at $523,000, indicating the business still converts earnings into cash.
  • Cash and equivalents rose to $3.28 million at the end of Q1 2026, providing a reasonable liquidity cushion.
  • Net income turned positive again in Q1 2026 after a loss in Q4 2025.
  • Gross profit remained healthy at $2.04 million, showing the core business still has decent margin structure.
  • Revenue is still above $5 million per quarter, suggesting a fairly consistent operating base.
  • Q1 2026 revenue declined sequentially and year over year, which may reflect seasonality or soft demand, but the data alone does not confirm a trend.
  • Q1 2026 earnings were helped by a large amount of non-cash adjustments, so reported profit may overstate recurring performance.
  • The company continues to repurchase shares aggressively, which supports EPS but also reduces cash resources.
  • Operating income was only $298,000 in Q1 2026, leaving limited room for error if revenue softens or expenses rise.
  • Bottom-line results have been volatile across recent quarters, with large swings driven in part by other income and special items.

Bottom line: WFCF remains profitable and cash-generative, but its results are uneven and increasingly influenced by non-operating factors and buybacks. For retail investors, the key question is whether management can turn the company’s steady revenue base into more consistent operating earnings without relying so heavily on financial engineering.

07/18/26 07:37 PM ETAI Generated. May Contain Errors.

Where Food Comes From Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Where Food Comes From's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Where Food Comes From's net income appears to be on an upward trend, with a most recent value of $1.54 million in 2025, rising from $496.27 thousand in 2015. The previous period was $2.12 million in 2024. Find out what analysts predict for Where Food Comes From in the coming months.

Where Food Comes From's total operating income in 2025 was $1.21 million, based on the following breakdown:
  • Total Gross Profit: $9.51 million
  • Total Operating Expenses: $8.30 million

Over the last 10 years, Where Food Comes From's total revenue changed from $10.40 million in 2015 to $24.89 million in 2025, a change of 139.5%.

Where Food Comes From's total liabilities were at $3.59 million at the end of 2025, a 33.1% decrease from 2024, and a 346.5% increase since 2015.

In the past 10 years, Where Food Comes From's cash and equivalents has ranged from $1.48 million in 2018 to $5.41 million in 2021, and is currently $3.20 million as of their latest financial filing in 2025.

Over the last 10 years, Where Food Comes From's book value per share changed from 0.28 in 2015 to 1.82 in 2025, a change of 543.6%.


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Financial statements for NASDAQ:WFCF last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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