Where Food Comes From, Inc.
WFCF Nasdaq Services-Prepackaged Software Financials FY2016βFY2025
What Where Food Comes From, Inc. does
No business description yet.
- Legal name
- Where Food Comes From, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K Β· Feb 26, 2026
- Accession Β· CIK
- 0001493152-26-008155
0001360565
Revenue and margins
Where Food Comes From, Inc. had $24.9M of revenue in fiscal 2025, down 3.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 35.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5M in fiscal 2025, 5.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Where Food Comes From, Inc. returned $2.2M to shareholders in fiscal 2025, 149% of free cash flow. The diluted share count fell 3.2%.
Balance sheet
Cash, debt and the ratios that show how comfortably Where Food Comes From, Inc. can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.4M | $4.4M | $2.6M | $2.0M | $3.2M |
| Interest coverage | 383.8x | 884.0x | 539.4x | 551.8x | 402.0x |
| Current ratio | 2.9x | 2.6x | 2.1x | 1.7x | 2.0x |
| Quick ratio | 2.6x | 2.3x | 1.7x | 1.4x | 1.8x |
| Total assets | $19.8M | $18.3M | $16.3M | $15.3M | $12.9M |
| Total liabilities | $6.0M | $5.8M | $5.5M | $5.4M | $3.6M |
| Shareholders' equity | $13.7M | $12.5M | $10.8M | $9.9M | $9.3M |
| Net debt (β = net cash) | β | β | β | β | β |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 5 / 8 | 6 / 8 | 6 / 8 | 7 / 8 | 5 / 8 | 6 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | β4.3% | β3.9% | β2.5% | β9.4% | β5.7% | β0.3% | β3.5% | β3.9% | β3.9% | β0.5% |
| Altman Z'' | 8.37 | 6.72 | 6.83 | 4.08 | 4.52 | 5.98 | 6.32 | 6.44 | 6.48 | 7.76 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $11.6M | $15.4M | $17.8M | $20.8M | $20.1M | $21.9M | $24.8M | $25.1M | $25.7M | $24.9M |
| Gross profit | $5.4M | $6.8M | $7.7M | $9.1M | $8.9M | $9.7M | $10.5M | $10.5M | $10.6M | $9.5M |
| Operating income | $0.6M | $0.1M | $0.9M | $1.6M | $1.7M | $2.3M | $2.7M | $2.7M | $2.2M | $1.2M |
| Interest expense | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | $0.6M | $0.1M | $1.0M | $1.5M | $1.8M | $3.6M | $2.8M | $3.1M | $3.0M | $2.2M |
| Income tax | $0.2M | $0.3M | $0.3M | $0.5M | $0.5M | $0.7M | $0.8M | $0.9M | $0.9M | $0.7M |
| Net income | $0.4M | $0.1M | $0.8M | $1.3M | $1.4M | $3.0M | $2.0M | $2.2M | $2.1M | $1.5M |
| Diluted EPS | $0.02 | $0.01 | $0.03 | $0.22 | $0.22 | $0.48 | $0.33 | $0.39 | $0.40 | $0.30 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $1.0M | $0.7M | $1.2M | $2.9M | $2.5M | $3.0M | $2.7M | $2.8M | $2.7M | $1.6M |
| Capital expenditure | $0.4M | $0.1M | $0.4M | $0.4M | $0.5M | $0.2M | $0.1M | $0.1M | $0.2M | $0.2M |
| Free cash flow | $0.5M | $0.6M | $0.8M | $2.5M | $2.0M | $2.8M | $2.6M | $2.7M | $2.6M | $1.5M |
| Depreciation and amortization | $0.3M | $0.9M | $0.9M | $1.1M | $1.0M | $0.8M | $0.8M | $0.6M | $0.6M | $0.7M |
| Stock-based compensation | $0.1M | $0.2M | $0.2M | $0.2M | $0.1M | $0.3M | $0.2M | $0.1M | $0.0M | $0.0M |
| Acquisitions | $1.1M | β | $0.5M | β | β | β | β | β | β | β |
| Share buybacks | $0.3M | $0.2M | $0.4M | $0.6M | $1.0M | $1.1M | $3.5M | $4.0M | $2.2M | $2.2M |
| Dividends paid | β | β | β | β | β | $0.9M | β | β | β | β |
| Dividends and buybacks | $0.3M | $0.2M | $0.4M | $0.6M | $1.0M | $2.0M | $3.5M | $4.0M | $2.2M | $2.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.2M | $3.4M | $1.7M | $2.9M | $4.4M | $5.4M | $4.4M | $2.6M | $2.0M | $3.2M |
| Total debt | β | β | β | β | $1.0M | β | β | β | β | β |
| Finance lease liabilities | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M |
| Deposits | β | β | $0.7M | β | β | β | β | β | β | β |
| Current assets | $4.8M | $5.6M | $4.4M | $5.9M | $7.5M | $8.7M | $7.9M | $6.2M | $5.5M | $6.3M |
| Current liabilities | $1.3M | $1.9M | $1.7M | $2.7M | $3.1M | $3.0M | $3.0M | $3.0M | $3.2M | $3.1M |
| Inventory | β | β | β | β | β | $0.8M | $0.9M | $1.1M | $1.0M | $0.8M |
| Property and equipment, net | $1.2M | $1.1M | $1.7M | $1.5M | $1.6M | $1.3M | $1.0M | $0.8M | $0.7M | $0.6M |
| Goodwill | $2.7M | $2.7M | $3.1M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M |
| Intangible assets | $4.2M | $3.9M | $3.8M | $3.2M | $2.9M | $2.6M | $2.3M | $2.2M | $1.8M | $1.4M |
| Total assets | $12.9M | $13.3M | $14.5M | $18.2M | $19.4M | $19.8M | $18.3M | $16.3M | $15.3M | $12.9M |
| Total liabilities | $1.6M | $2.1M | $2.2M | $6.3M | $7.0M | $6.0M | $5.8M | $5.5M | $5.4M | $3.6M |
| Shareholders' equity | $9.4M | $9.7M | $10.8M | $11.9M | $12.5M | $13.7M | $12.5M | $10.8M | $9.9M | $9.3M |
| Margins | ||||||||||
| Gross margin | 46.6% | 44.2% | 43.5% | 43.7% | 44.5% | 44.4% | 42.1% | 41.9% | 41.0% | 38.2% |
| Operating margin | 5.5% | 0.5% | 4.9% | 7.5% | 8.4% | 10.5% | 10.7% | 10.7% | 8.6% | 4.8% |
| EBITDA margin | 7.8% | 6.1% | 10.2% | 12.8% | 13.4% | 14.1% | 13.8% | 13.3% | 11.1% | 7.5% |
| Net margin | 3.7% | 0.9% | 4.5% | 6.5% | 6.9% | 13.5% | 8.0% | 8.6% | 8.2% | 6.2% |
| FCF margin | 4.7% | 3.7% | 4.4% | 12.1% | 9.9% | 12.8% | 10.3% | 10.6% | 10.0% | 5.8% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | 13.9% | β | β | β | β | β |
| Return on capital employed | 5.5% | 0.7% | 6.9% | 10.0% | 10.3% | 13.7% | 17.4% | 20.3% | 18.2% | 12.3% |
| Return on equity | 4.6% | 1.5% | 7.8% | 11.8% | 11.3% | 22.6% | 15.2% | 18.5% | 20.4% | 16.0% |
| Return on assets | 3.4% | 1.1% | 5.8% | 8.2% | 7.4% | 15.1% | 10.5% | 12.4% | 13.4% | 10.9% |
| Return on tangible equity | 17.0% | 4.6% | 21.1% | 23.3% | 21.0% | 36.0% | 27.7% | 37.8% | 41.0% | 31.1% |
| Growth | ||||||||||
| Revenue growth | β | 33.0% | 15.2% | 16.7% | β3.4% | 9.2% | 13.3% | 1.2% | 2.4% | β3.3% |
| Net income growth | β | β67.2% | 462.7% | 68.0% | 3.0% | 113.8% | β32.7% | 7.9% | β1.5% | β27.5% |
| EPS growth | β | β50.0% | 200.0% | 633.3% | 0.0% | 118.2% | β31.3% | 18.2% | 2.6% | β25.0% |
| FCF growth | β | 6.1% | 37.3% | 218.2% | β20.7% | 41.2% | β8.6% | 4.2% | β3.9% | β43.5% |
| Share count change | β | 3.7% | 0.6% | β75.0% | β0.6% | β0.6% | β2.4% | β8.1% | β3.9% | β3.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β1.2x | β | β | β | β | β |
| Debt / equity | β | β | β | β | 0.1x | β | β | β | β | β |
| Interest coverage | 423.0x | 51.4x | 182.2x | 155.2x | 129.8x | 383.8x | 884.0x | 539.4x | 551.8x | 402.0x |
| Current ratio | 3.6x | 3.0x | 2.6x | 2.1x | 2.4x | 2.9x | 2.6x | 2.1x | 1.7x | 2.0x |
| Quick ratio | 3.6x | 3.0x | 2.6x | 2.1x | 2.4x | 2.6x | 2.3x | 1.7x | 1.4x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.8% | 0.5% | 2.1% | 1.8% | 2.3% | 1.0% | 0.4% | 0.6% | 0.6% | 0.6% |
| Stock comp / revenue | 1.0% | 1.1% | 0.9% | 0.8% | 0.6% | 1.3% | 0.6% | 0.3% | 0.1% | 0.1% |
| Payouts / FCF | 64.2% | 34.8% | 48.8% | 22.1% | 52.2% | 71.9% | 134.7% | 147.9% | 87.2% | 149.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 5.0 | 6.0 | 6.0 | 7.0 | 5.0 | 6.0 | 6.0 | 6.0 |
| Altman Z'' | 8.4 | 6.7 | 6.8 | 4.1 | 4.5 | 6.0 | 6.3 | 6.4 | 6.5 | 7.8 |
| Accruals ratio | β4.3% | β3.9% | β2.5% | β9.4% | β5.7% | β0.3% | β3.5% | β3.9% | β3.9% | β0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001360565). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.