Where Food Comes From, Inc. (WFCF) 10-Year Financial Performance & Capital Metrics

WFCF • • Industrial / General

TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms

AboutWhere Food Comes From, Inc., together with its subsidiaries, provides verification and certification solutions for the agriculture, livestock, and food industries in the United States. The company operates through Verification and Certification, and Software Sales and Related Consulting segments. It conducts on-site and desk audits to verify that claims made about livestock, crops, and other food products are accurate, as well as offers Where Food Comes From Source Verified retail and restaurant labeling program, which connects consumers directly to the source of the food they purchase through product labeling, and web-based information sharing and education. The company also offers sustainability programs, compliance management, and software-as-a-service; maintenance, support, and software-related consulting services; and web-hosting services, as well as sells hardware. It serves beef and pork packers, organic producers and processors, and specialty retail chains. The company was formerly known as Integrated Management Information, Inc. and changed its name to Where Food Comes From, Inc. in December 2012. Where Food Comes From, Inc. was founded in 1996 and is headquartered in Castle Rock, Colorado.Show more

Revenue $26M +2.4%
EBITDA $3M -14.3%
Net Income $2M -1.5%
EPS (Diluted) 0.40 +2.6%
Gross Margin 41.02% -2.0%
EBITDA Margin 11.09% -16.4%
Operating Margin 8.57% -20.1%
Net Margin 8.23% -3.8%
ROE 20.43% +10.6%
ROIC 15.44% -15.2%
Debt/Equity 0.26 -1.0%
Interest Coverage 551.75 +2.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.0%
✓Share count reduced 3.9% through buybacks
✓Efficient asset utilization: 1.7x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.38%

5Y4.38%

3Y5.49%

TTM-1.17%

Profit (Net Income) CAGR

10Y24.92%

5Y9.53%

3Y-10.54%

TTM39.53%

EPS CAGR

10Y25.89%

5Y20.11%

3Y-5.9%

TTM45.32%

ROCE

10Y Avg11.35%

5Y Avg15.46%

3Y Avg17.6%

Latest17.35%

Peer Comparison

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LYFTLyft, Inc.	7.54B	18.88	342.65	31.39%	2.4%	26.3%	10.16%	1.64
DDOGDatadog, Inc.	39.33B	120.86	236.98	26.12%	3.32%	3.1%	2.13%	0.68
PEGAPegasystems Inc.	9B	53.00	96.36	4.51%	16.05%	46.57%	3.76%	0.94
SAPSAP SE	274.66B	235.84	89.00	9.51%	19.41%	13.94%	1.61%	0.23
TYLTyler Technologies, Inc.	19.2B	446.15	73.74	9.53%	13.72%	8.75%	3.15%	0.19
FICOFair Isaac Corporation	37.49B	1581.19	59.58	15.91%	32.75%		2.05%
DSGXThe Descartes Systems Group Inc.	7.62B	88.57	54.01	13.63%	22.1%	10%	2.79%	0.01
MANHManhattan Associates, Inc.	10.58B	175.57	50.02	12.23%	20.25%	69.86%	2.71%	0.16

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	10.4M	11.62M	15.45M	17.8M	20.77M	20.08M	21.93M	24.84M	25.14M	25.75M
Revenue Growth %	0.19%	0.12%	0.33%	0.15%	0.17%	-0.03%	0.09%	0.13%	0.01%	0.02%
Cost of Goods Sold+	5.54M	6.2M	8.63M	10.06M	11.7M	11.15M	12.2M	14.38M	14.61M	15.18M
COGS % of Revenue	0.53%	0.53%	0.56%	0.57%	0.56%	0.56%	0.56%	0.58%	0.58%	0.59%
Gross Profit+	4.85M	5.41M	6.82M	7.74M	9.08M	8.93M	9.74M	10.47M	10.52M	10.56M
Gross Margin %	0.47%	0.47%	0.44%	0.43%	0.44%	0.44%	0.44%	0.42%	0.42%	0.41%
Gross Profit Growth %	0.29%	0.11%	0.26%	0.14%	0.17%	-0.02%	0.09%	0.08%	0.01%	0%
Operating Expenses+	4.06M	4.78M	6.74M	6.87M	7.53M	7.24M	7.43M	7.82M	7.83M	8.36M
OpEx % of Revenue	0.39%	0.41%	0.44%	0.39%	0.36%	0.36%	0.34%	0.31%	0.31%	0.32%
Selling, General & Admin	4.06M	4.78M	6.74M	6.87M	7.53M	7.24M	7.43M	7.82M	7.83M	8.36M
SG&A % of Revenue	0.39%	0.41%	0.44%	0.39%	0.36%	0.36%	0.34%	0.31%	0.31%	0.32%
Research & Development	43K	43K	186K	222K	0	70K	0	0	0	0
R&D % of Revenue	0%	0%	0.01%	0.01%	-	0%	-	-	-	-
Other Operating Expenses	770	4.13K	14.58K	14.27K	0	-70K	0	0	0	0
Operating Income+	795.23K	634.5K	82.18K	874.55K	1.55M	1.69M	2.3M	2.65M	2.7M	2.21M
Operating Margin %	0.08%	0.05%	0.01%	0.05%	0.07%	0.08%	0.11%	0.11%	0.11%	0.09%
Operating Income Growth %	1.31%	-0.2%	-0.87%	9.64%	0.77%	0.09%	0.37%	0.15%	0.02%	-0.18%
EBITDA+	1.05M	902.14K	936.36K	1.82M	2.65M	2.68M	3.1M	3.36M	3.33M	2.85M
EBITDA Margin %	0.1%	0.08%	0.06%	0.1%	0.13%	0.13%	0.14%	0.14%	0.13%	0.11%
EBITDA Growth %	0.84%	-0.14%	0.04%	0.94%	0.46%	0.01%	0.16%	0.08%	-0.01%	-0.14%
D&A (Non-Cash Add-back)	256.27K	267.64K	854.18K	942.42K	1.1M	997K	799K	710K	634K	647K
EBIT	795.23K	634.5K	82.18K	874.55K	1.49M	1.86M	3.63M	2.82M	2.7M	2.98M
Net Interest Income+	-1.58K	-1.52K	-1.59K	-4.84K	-10K	-13K	-6K	-3K	-5K	31K
Interest Income	0	0	0	0	0	0	0	0	0	35K
Interest Expense	1.58K	1.52K	1.59K	4.84K	10K	13K	6K	3K	5K	4K
Other Income/Expense	-815	2.61K	12.99K	109.43K	-69K	160K	1.32M	164K	368K	772K
Pretax Income+	794.42K	637.11K	95.17K	983.99K	1.48M	1.85M	3.62M	2.82M	3.06M	2.98M
Pretax Margin %	0.08%	0.05%	0.01%	0.06%	0.07%	0.09%	0.17%	0.11%	0.12%	0.12%
Income Tax+	298.15K	235.55K	266.23K	309.01K	460K	462K	659K	822K	913K	859K
Effective Tax Rate %	0.67%	0.68%	1.5%	0.81%	0.91%	0.75%	0.82%	0.71%	0.7%	0.71%
Net Income+	533.92K	433.17K	142.31K	800.74K	1.34M	1.39M	2.96M	1.99M	2.15M	2.12M
Net Margin %	0.05%	0.04%	0.01%	0.04%	0.06%	0.07%	0.14%	0.08%	0.09%	0.08%
Net Income Growth %	1.33%	-0.19%	-0.67%	4.63%	0.68%	0.03%	1.14%	-0.33%	0.08%	-0.01%
Net Income (Continuing)	496.27K	401.57K	-171.06K	674.98K	1.02M	1.39M	2.96M	1.99M	2.15M	2.12M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	936.37K	1.89M	1.57M	1.45M	0	0	0	0	0	0
EPS (Diluted)+	0.08	0.08	0.04	0.13	0.16	0.22	0.48	0.33	0.39	0.40
EPS Growth %	1%	0%	-0.5%	2.25%	0.23%	0.38%	1.18%	-0.31%	0.18%	0.03%
EPS (Basic)	0.08	0.08	0.04	0.13	0.16	0.22	0.49	0.33	0.39	0.40
Diluted Shares Outstanding	5.99M	5.99M	6.21M	6.25M	6.26M	6.22M	6.18M	6.04M	5.55M	5.33M
Basic Shares Outstanding	5.95M	5.95M	6.17M	6.21M	6.21M	6.16M	6.1M	5.96M	5.49M	5.32M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.05M	4.77M	5.59M	4.37M	5.86M	7.47M	8.68M	7.89M	6.21M	5.54M
Cash & Short-Term Investments	3.78M	3.22M	3.45M	1.73M	2.9M	4.37M	5.41M	4.37M	2.64M	2.01M
Cash Only	3.78M	2.49M	2.71M	1.48M	2.64M	4.37M	5.41M	4.37M	2.64M	2.01M
Short-Term Investments	0	733.1K	743.21K	245.6K	258.1K	0	0	0	0	0
Accounts Receivable	1.11M	1.34M	1.9M	2.21M	2.52M	2.51M	2.18M	2.17M	2.13M	1.83M
Days Sales Outstanding	38.98	42.26	44.86	45.21	44.19	45.6	36.25	31.91	30.9	25.89
Inventory	0	0	0	0	0	0	767K	888K	1.11M	1M
Days Inventory Outstanding	-	-	-	-	-	-	22.96	22.54	27.7	24.09
Other Current Assets	154.91K	203.74K	245.07K	439.42K	450.35K	0	0	463K	335K	705K
Total Non-Current Assets+	3.43M	8.11M	7.75M	10.09M	12.38M	11.97M	11.1M	10.4M	10.07M	9.76M
Property, Plant & Equipment	157.95K	1.23M	1.07M	1.68M	4.81M	4.65M	4.12M	3.6M	3.14M	2.8M
Fixed Asset Turnover	65.81x	9.45x	14.46x	10.63x	4.32x	4.32x	5.33x	6.89x	8.00x	9.18x
Goodwill	1.28M	2.65M	2.65M	3.14M	2.95M	2.95M	2.95M	2.95M	2.95M	2.95M
Intangible Assets	1.75M	4.23M	3.95M	3.85M	3.23M	2.95M	2.58M	2.34M	2.28M	1.81M
Long-Term Investments	0	0	-13.54K	1.24M	991.12K	991K	991K	991K	1.19M	1.19M
Other Non-Current Assets	13.54K	0	13.54K	0	20.33K	0	0	0	23K	654K
Total Assets+	8.48M	12.88M	13.34M	14.46M	18.24M	19.45M	19.78M	18.3M	16.29M	15.31M
Asset Turnover	1.23x	0.90x	1.16x	1.23x	1.14x	1.03x	1.11x	1.36x	1.54x	1.68x
Asset Growth %	0.07%	0.52%	0.04%	0.08%	0.26%	0.07%	0.02%	-0.08%	-0.11%	-0.06%
Total Current Liabilities+	794.76K	1.34M	1.88M	1.7M	2.74M	3.12M	3M	3.04M	2.98M	3.18M
Accounts Payable	417.84K	333.78K	457.31K	533.92K	1.02M	649K	447K	640K	567K	468K
Days Payables Outstanding	27.53	19.64	19.35	19.37	31.92	21.25	13.38	16.25	14.16	11.25
Short-Term Debt	12.48K	0	16.97K	21.48K	247.84K	463K	185K	0	312K	0
Deferred Revenue (Current)	271.87K	524.4K	851.18K	727.85K	797.03K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	189.45K	636.23K	399.19K	481.07K	301.9K	0	-109K	429K	212K	0
Current Ratio	6.35x	3.55x	2.97x	2.57x	2.14x	2.39x	2.90x	2.60x	2.09x	1.74x
Quick Ratio	6.35x	3.55x	2.97x	2.57x	2.14x	2.39x	2.64x	2.31x	1.71x	1.43x
Cash Conversion Cycle	-	-	-	-	-	-	45.82	38.21	44.44	38.72
Total Non-Current Liabilities+	946.51K	2.11M	1.79M	2M	3.55M	3.86M	3.04M	2.78M	2.49M	2.19M
Long-Term Debt	8.37K	0	215.06K	32.22K	0	572K	0	0	0	0
Capital Lease Obligations	1.78K	173.76K	172.61K	394.83K	3.55M	3.29M	3.04M	2.78M	2.49M	2.19M
Deferred Tax Liabilities	0	49.44K	0	119.19K	0	0	0	0	0	0
Other Non-Current Liabilities	936.37K	1.89M	1.4M	1.57M	0	0	0	0	0	0
Total Liabilities	1.74M	3.45M	3.67M	3.7M	6.29M	6.98M	6.04M	5.82M	5.47M	5.37M
Total Debt+	22.62K	177.83K	232.03K	448.54K	3.79M	4.6M	3.55M	3.13M	2.8M	2.55M
Net Debt	-3.76M	-2.31M	-2.47M	-1.03M	1.16M	230K	-1.86M	-1.24M	159K	534K
Debt / Equity	0.00x	0.02x	0.02x	0.04x	0.32x	0.37x	0.26x	0.25x	0.26x	0.26x
Debt / EBITDA	0.02x	0.20x	0.25x	0.25x	1.43x	1.72x	1.14x	0.93x	0.84x	0.89x
Net Debt / EBITDA	-3.57x	-2.56x	-2.64x	-0.57x	0.44x	0.09x	-0.60x	-0.37x	0.05x	0.19x
Interest Coverage	501.72x	418.26x	51.65x	180.80x	155.20x	129.77x	383.83x	884.00x	539.40x	551.75x
Total Equity+	7.67M	11.32M	11.25M	12.21M	11.95M	12.46M	13.75M	12.48M	10.82M	9.93M
Equity Growth %	0.07%	0.48%	-0.01%	0.09%	-0.02%	0.04%	0.1%	-0.09%	-0.13%	-0.08%
Book Value per Share	1.28	1.89	1.81	1.96	1.91	2.00	2.22	2.07	1.95	1.86
Total Shareholders' Equity	6.73M	9.43M	9.67M	10.77M	11.95M	12.46M	13.75M	12.48M	10.82M	9.93M
Common Stock	23.82K	24.89K	24.97K	25.47K	25.8K	6K	6K	6K	7K	7K
Retained Earnings	-558.09K	-124.92K	17.4K	818.13K	2.16M	3.55M	5.59M	7.59M	9.74M	12.01M
Treasury Stock	-177.92K	-524.89K	-724.53K	-1.11M	-1.66M	-2.7M	-3.81M	-7.26M	-11.22M	-13.46M
Accumulated OCI	-641.19K	-665.3K	-977.85K	-1.34M	0	0	0	0	0	0
Minority Interest	936.37K	1.89M	1.57M	1.45M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.11M	986.06K	657.22K	1.15M	2.87M	2.45M	3.02M	2.65M	2.82M	2.73M
Operating CF Margin %	0.11%	0.08%	0.04%	0.06%	0.14%	0.12%	0.14%	0.11%	0.11%	0.11%
Operating CF Growth %	0.89%	-0.11%	-0.33%	0.76%	1.49%	-0.15%	0.23%	-0.12%	0.06%	-0.03%
Net Income	496.27K	401.57K	-171.06K	674.98K	1.02M	1.39M	2.96M	1.99M	2.15M	2.12M
Depreciation & Amortization	256.27K	267.64K	854.18K	942.42K	1.1M	997K	799K	765K	634K	647K
Stock-Based Compensation	117.7K	121.87K	169.13K	161.13K	162.41K	121K	291K	154K	78K	34K
Deferred Taxes	298.15K	169.99K	-129.06K	-96.3K	-97.64K	-65K	-21K	-59K	30K	90K
Other Non-Cash Items	7.74K	91.58K	31.69K	190.32K	215.97K	76K	-1.13M	76K	37K	-298K
Working Capital Changes	-62.29K	-66.6K	-97.67K	-718.38K	474.77K	-62K	122K	-276K	-109K	137K
Change in Receivables	-240.76K	50.75K	-571.63K	-336.41K	-337.38K	-46K	330K	-20K	0	254K
Change in Inventory	43.9K	-147.26K	23.65K	-335.25K	157.75K	41K	-767K	-121K	-221K	107K
Change in Payables	16.7K	-222.61K	123.52K	76.62K	488.91K	-374K	-202K	193K	-73K	-99K
Cash from Investing+	-26.31K	-1.72M	-242.8K	-1.97M	-1.12M	-730K	-3K	-267K	-648K	-159K
Capital Expenditures	-26.31K	-445.85K	-83.76K	-366.69K	-369.2K	-464K	-213K	-267K	-148K	-159K
CapEx % of Revenue	0%	0.04%	0.01%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	11.99K	-9.04K	-8.13K	999	34K	0	0	-200K	0
Cash from Financing+	110.82K	-307.2K	-198.63K	-402.74K	-604.46K	14K	-1.98M	-3.43M	-3.9M	-3.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-914K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	300.59K	65.04K	8.17K	0	-27	5K	52K	36K	68K	84K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.09M	540.21K	573.46K	787.48K	2.51M	1.99M	2.81M	2.39M	2.67M	2.57M
FCF Margin %	0.1%	0.05%	0.04%	0.04%	0.12%	0.1%	0.13%	0.1%	0.11%	0.1%
FCF Growth %	1.42%	-0.5%	0.06%	0.37%	2.18%	-0.21%	0.41%	-0.15%	0.12%	-0.04%
FCF per Share	0.18	0.09	0.09	0.13	0.40	0.32	0.45	0.40	0.48	0.48
FCF Conversion (FCF/Net Income)	2.09x	2.28x	4.62x	1.44x	2.14x	1.77x	1.02x	1.33x	1.31x	1.29x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	658K	1.08M	802K	1.24M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.19%	4.56%	1.26%	6.83%	11.13%	11.35%	22.59%	15.21%	18.48%	20.43%
Return on Invested Capital (ROIC)	13.96%	7.37%	0.69%	6.57%	9.59%	9.81%	14.05%	17.2%	18.21%	15.44%
Gross Margin	46.7%	46.6%	44.15%	43.5%	43.7%	44.47%	44.4%	42.13%	41.86%	41.02%
Net Margin	5.14%	3.73%	0.92%	4.5%	6.47%	6.9%	13.5%	8.03%	8.56%	8.23%
Debt / Equity	0.00x	0.02x	0.02x	0.04x	0.32x	0.37x	0.26x	0.25x	0.26x	0.26x
Interest Coverage	501.72x	418.26x	51.65x	180.80x	155.20x	129.77x	383.83x	884.00x	539.40x	551.75x
FCF Conversion	2.09x	2.28x	4.62x	1.44x	2.14x	1.77x	1.02x	1.33x	1.31x	1.29x
Revenue Growth	18.6%	11.73%	33%	15.24%	16.68%	-3.36%	9.24%	13.28%	1.17%	2.43%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Verification and Certification Service Revenue	-	15.56M	14.25M	8.4M	-	19.41M	20.55M
Verification and Certification Service Revenue Growth	-	-	-8.42%	-41.06%	-	-	5.87%
Product	-	-	-	-	-	-	3.8M
Product Growth	-	-	-	-	-	-	-
Professional Services	-	-	-	-	-	-	1.39M
Professional Services Growth	-	-	-	-	-	-	-
Verification And Certification Service Revenue	-	-	-	-	9.75M	-	-
Verification And Certification Service Revenue Growth	-	-	-	-	-	-	-
Software-Related Consulting Service Revenue	-	842.66K	1.1M	1.35M	-	-	-
Software-Related Consulting Service Revenue Growth	-	-	30.06%	23.36%	-	-	-
Software License, Maintenance and Support Services Revenue	-	1.07M	867K	-	-	-	-
Software License, Maintenance and Support Services Revenue Growth	-	-	-18.71%	-	-	-	-
Verification and Certification	13.74M	-	-	-	-	-	-
Verification and Certification Growth	-	-	-	-	-	-	-
Software Sales and Related Consulting	800.32K	-	-	-	-	-	-
Software Sales and Related Consulting Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Where Food Comes From, Inc. (WFCF) has a price-to-earnings (P/E) ratio of 28.1x. This suggests investors expect higher future growth.

Growth & Financials

Where Food Comes From, Inc. (WFCF) reported $25.5M in revenue for fiscal year 2024. This represents a 503% increase from $4.2M in 2011.

Where Food Comes From, Inc. (WFCF) grew revenue by 2.4% over the past year. Growth has been modest.

Yes, Where Food Comes From, Inc. (WFCF) is profitable, generating $2.7M in net income for fiscal year 2024 (8.2% net margin).

Dividend & Returns

Where Food Comes From, Inc. (WFCF) has a return on equity (ROE) of 20.4%. This is excellent, indicating efficient use of shareholder capital.

Where Food Comes From, Inc. (WFCF) generated $2.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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