The company maintains a conservative capital structure, evidenced by a debt-to-equity ratio of 0.09 as of 2026Q1, though goodwill remains a significant 22% of total assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 6.83M | 6.28M | 5.54M | 6.21M | 7.89M | 8.68M | 7.47M | 5.86M | 4.37M | 5.59M | 4.77M | 5.05M | 4.11M | 2.09M | 2.1M | 1.74M | 770.14K | 484.62K | 660.18K | 426.87K | 456.32K | 935.91K | 123.56K | 28.04M | 31.6M | 13.17M | 12.8M | 13.3M |
| Cash & Short-Term Investments | 3.28M | 3.2M | 2.01M | 2.64M | 4.37M | 5.41M | 4.37M | 2.9M | 1.73M | 3.45M | 3.22M | 3.78M | 2.58M | 1.07M | 1.4M | 1.25M | 513.08K | 214.33K | 154.04K | 170.88K | 230.54K | 684.83K | 12 | 13.11M | 20.1M | 5.19M | 4.7M | 1.9M |
| Cash Only | 3.28M | 3.2M | 2.01M | 2.64M | 4.37M | 5.41M | 4.37M | 2.64M | 1.48M | 2.71M | 2.49M | 3.78M | 2.58M | 1.07M | 1.4M | 969.02K | 513.08K | 214.33K | 154.04K | 170.88K | 230.54K | 684.83K | 12 | 13.11M | 20.1M | 5.19M | 4.7M | 1.9M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 258.1K | 245.6K | 743.21K | 733.1K | 0 | 0 | 0 | 0 | 283.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.06M | 1.68M | 1.83M | 2.13M | 2.17M | 2.18M | 2.51M | 2.52M | 2.21M | 1.9M | 1.34M | 1.11M | 979.53K | 683.8K | 377.07K | 226.76K | 222.48K | 204.6K | 458.71K | 193.74K | 178.16K | 241.3K | 67.63K | 12.57M | 10.62M | 6.13M | 6.5M | 9.4M |
| Days Sales Outstanding | 29.82 | 24.61 | 25.89 | 30.9 | 31.91 | 36.25 | 45.6 | 44.19 | 45.21 | 44.86 | 42.26 | 38.98 | 40.79 | 45.1 | 26.16 | 19.55 | 24.8 | 28.07 | 69.68 | 30.64 | 42.23 | 91.95 | 54.7 | 142.18 | 67.86 | 35.55 | 33.27 | 53.78 |
| Inventory | 842K | 792K | 1M | 1.11M | 888K | 767K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.35K | 18.76K | 14.19K | 9.77K | 0 | 893.44K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 21.25 | 18.79 | 24.09 | 27.7 | 22.54 | 22.96 | - | - | - | - | - | - | - | - | - | - | - | - | 4.88 | 7.07 | 6.63 | 6.68 | - | 12.14 | - | - | - | - |
| Other Current Assets | 648K | 605K | 705K | 335K | 463K | 0 | 0 | 450.35K | 439.42K | 245.07K | 203.74K | 154.91K | 250K | 333.76K | 323.13K | 224.35K | 34.58K | 65.69K | 33.07K | 43.49K | 0 | 0 | 0 | 1.47M | 0 | 0 | 1.6M | 2M |
| Total Non-Current Assets | 6.4M | 6.62M | 9.76M | 10.07M | 10.4M | 11.1M | 11.97M | 12.38M | 10.09M | 7.75M | 8.11M | 3.43M | 3.83M | 3.73M | 1.26M | 66.56K | 129.27K | 134.69K | 79.37K | 500.74K | 546.46K | 991.21K | 35.36K | 6.95M | 9.4M | 27.6M | 26.7M | 26.6M |
| Property, Plant & Equipment | 1.18M | 1.15M | 2.8M | 3.14M | 3.6M | 4.12M | 4.65M | 4.81M | 1.68M | 1.07M | 1.23M | 157.95K | 231.89K | 253.21K | 146.56K | 57.35K | 114.54K | 134.03K | 78.28K | 54.13K | 31.62K | 33.77K | 35.36K | 2.28M | 3.94M | 9.12M | 7.2M | 8.5M |
| Fixed Asset Turnover | 13.07x | 21.72x | 9.18x | 8.00x | 6.89x | 5.33x | 4.32x | 4.32x | 10.63x | 14.46x | 9.45x | 65.81x | 37.80x | 21.85x | 35.90x | 73.80x | 28.59x | 19.85x | 30.70x | 42.63x | 48.71x | 28.36x | 12.76x | 14.17x | 14.49x | 6.91x | 9.90x | 7.51x |
| Goodwill | 2.95M | 2.95M | 2.95M | 2.95M | 2.95M | 2.95M | 2.95M | 2.95M | 3.14M | 2.65M | 2.65M | 1.28M | 1.28M | 1.28M | 533K | 0 | 0 | 0 | 0 | 418.21K | 418.21K | 418.21K | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.01M | 1.81M | 2.28M | 2.34M | 2.58M | 2.95M | 3.23M | 3.85M | 3.95M | 4.23M | 1.75M | 1.95M | 1.72M | 303.81K | 9.21K | 14.72K | 655 | 1.09K | 28.39K | 46.63K | 67.56K | 0 | 2.25M | 2.25M | 15.35M | 16.3M | 14.5M |
| Long-Term Investments | 1.79M | 200K | 1.19M | 1.19M | 991K | 991K | 991K | 991.12K | 1.24M | -13.54K | 0 | 0 | -50K | -290.11K | -34.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -478.71K | -429.33K | 0 | 0 | 0 |
| Other Non-Current Assets | 1.81M | 20K | 654K | 23K | 0 | 0 | 0 | 20.33K | 0 | 13.54K | 0 | 13.54K | 50K | 290.11K | 34.23K | 0 | 0 | 0 | 0 | 0 | 50K | 471.66K | 0 | 2.42M | 3.21M | 3.13M | 3.2M | 3.6M |
| Total Assets | 13.23M | 12.9M | 15.31M | 16.29M | 18.3M | 19.78M | 19.45M | 18.24M | 14.46M | 13.34M | 12.88M | 8.48M | 7.93M | 5.81M | 3.36M | 1.81M | 899.4K | 619.31K | 739.55K | 927.61K | 1M | 1.93M | 158.92K | 34.99M | 41M | 40.77M | 39.5M | 39.9M |
| Asset Turnover | 1.68x | 1.93x | 1.68x | 1.54x | 1.36x | 1.11x | 1.03x | 1.14x | 1.23x | 1.16x | 0.90x | 1.23x | 1.10x | 0.95x | 1.56x | 2.34x | 3.64x | 4.30x | 3.25x | 2.49x | 1.54x | 0.50x | 2.84x | 0.92x | 1.39x | 1.55x | 1.81x | 1.60x |
| Asset Growth % | -30.28% | -15.73% | -6.02% | -10.99% | -7.52% | 1.73% | 6.64% | 26.09% | 8.41% | 3.57% | 51.98% | 6.84% | 36.44% | 72.83% | 86.18% | 100.91% | 45.23% | -16.26% | -20.27% | -7.5% | -47.97% | 1112.63% | -99.55% | -14.65% | 0.57% | 3.2% | -1% | - |
| Total Current Liabilities | 3.62M | 3.08M | 3.18M | 2.98M | 3.04M | 3M | 3.12M | 2.74M | 1.7M | 1.88M | 1.34M | 794.76K | 726.62K | 551.47K | 388.6K | 216.99K | 215.06K | 220.63K | 272.28K | 725.26K | 382.19K | 336.59K | 190.99K | 3.59M | 6.59M | 6.85M | 5.7M | 17.6M |
| Accounts Payable | 569K | 451K | 468K | 567K | 640K | 447K | 649K | 1.02M | 533.92K | 457.31K | 333.78K | 417.84K | 401.13K | 277.63K | 134.91K | 148.38K | 172.32K | 161.05K | 218.84K | 259.1K | 206.47K | 178.85K | 12.62K | 625.86K | 1.27M | 2.91M | 1M | 800K |
| Days Payables Outstanding | 14.64 | 10.7 | 11.25 | 14.16 | 16.25 | 13.38 | 21.25 | 31.92 | 19.37 | 19.35 | 19.64 | 27.53 | 29.27 | 35.84 | 20.25 | 28.74 | 42.65 | 44.71 | 74.42 | 97.65 | 96.43 | 122.21 | 28.65 | 8.5 | 11.09 | 23.93 | 8.02 | 7.55 |
| Short-Term Debt | 434K | 434K | 0 | 312K | 0 | 185K | 463K | 247.84K | 21.48K | 16.97K | 0 | 12.48K | 11.82K | 28.95K | 28.38K | 25.64K | 9.13K | 8.47K | 0 | 420K | 156.62K | 100K | 172.67K | 0 | 0 | 185.29K | 500K | 12.2M |
| Deferred Revenue (Current) | 7.63M | 1.54M | 1.8M | 1.49M | 1.28M | 1.51M | 1.16M | 797.03K | 727.85K | 851.18K | 524.4K | 271.87K | 247.81K | 188.79K | 166.5K | 0 | 0 | 0 | 0 | 5.75K | 10.82K | 46.56K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.09M | 188K | 0 | 212K | 429K | -109K | 0 | 301.9K | 481.07K | 399.19K | 636.23K | 189.45K | 64.69K | 34.96K | 21.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.42M | 406.98K | 4.2M | 4.6M |
| Current Ratio | 1.88x | 2.03x | 1.74x | 2.09x | 2.60x | 2.90x | 2.39x | 2.14x | 2.57x | 2.97x | 3.55x | 6.35x | 5.65x | 3.78x | 5.41x | 8.02x | 3.58x | 2.20x | 2.42x | 0.59x | 1.19x | 2.78x | 0.65x | 7.81x | 4.79x | 1.92x | 2.25x | 0.76x |
| Quick Ratio | 1.65x | 1.78x | 1.43x | 1.71x | 2.31x | 2.64x | 2.39x | 2.14x | 2.57x | 2.97x | 3.55x | 6.35x | 5.65x | 3.78x | 5.41x | 8.02x | 3.58x | 2.20x | 2.37x | 0.56x | 1.16x | 2.75x | 0.65x | 7.56x | 4.79x | 1.92x | 2.25x | 0.76x |
| Cash Conversion Cycle | 36.43 | 32.7 | 38.72 | 44.44 | 38.21 | 45.82 | - | - | - | - | - | - | - | - | - | - | - | - | 0.14 | -59.94 | -47.58 | -23.59 | - | 145.81 | - | - | - | - |
| Total Non-Current Liabilities | 403K | 509K | 2.19M | 2.49M | 2.78M | 3.04M | 3.86M | 3.55M | 2M | 1.79M | 2.11M | 946.51K | 996.67K | 1.19M | 406.09K | 426.2K | 331.69K | 360.87K | 300K | 300K | 350K | 350K | 0 | 0 | 0 | 0 | 200K | 13M |
| Long-Term Debt | 0 | 496K | 0 | 0 | 0 | 0 | 572K | 0 | 32.22K | 215.06K | 0 | 8.37K | 16.25K | 165.75K | 391.11K | 426.2K | 331.69K | 360.87K | 300K | 300K | 350K | 350K | 0 | 0 | 0 | 0 | 200K | 13M |
| Capital Lease Obligations | 5.03M | 509K | 2.19M | 2.49M | 2.78M | 3.04M | 3.29M | 3.55M | 394.83K | 172.61K | 173.76K | 1.78K | 6.41K | 10.81K | 14.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119.19K | 0 | 49.44K | 0 | 361.8K | 480.29K | 277.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -496K | 0 | 0 | 0 | 0 | 0 | 0 | 1.57M | 1.4M | 1.89M | 936.37K | 974.02K | 538.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -13M |
| Total Liabilities | 4.03M | 3.59M | 5.37M | 5.47M | 5.82M | 6.04M | 6.98M | 6.29M | 3.7M | 3.67M | 3.45M | 1.74M | 1.72M | 1.75M | 794.69K | 643.19K | 546.75K | 581.5K | 572.28K | 1.03M | 732.2K | 686.59K | 190.99K | 3.59M | 6.59M | 7.65M | 6.6M | 31.2M |
| Total Debt | 837K | 1.44M | 2.55M | 2.8M | 3.13M | 3.55M | 4.6M | 3.79M | 448.54K | 232.03K | 177.83K | 22.62K | 34.48K | 205.52K | 434.47K | 451.85K | 340.82K | 369.34K | 300K | 720K | 506.62K | 450K | 172.67K | 0 | 0 | 219.86K | 700K | 25.2M |
| Net Debt | -2.44M | -1.76M | 534K | 159K | -1.24M | -1.86M | 230K | 1.16M | -1.03M | -2.47M | -2.31M | -3.76M | -2.55M | -862.02K | -969.02K | -517.17K | -172.26K | 155.01K | 145.96K | 549.12K | 276.08K | -234.83K | 172.66K | -13.11M | -20.1M | -4.97M | -4M | 23.3M |
| Debt / Equity | 0.09x | 0.15x | 0.26x | 0.26x | 0.25x | 0.26x | 0.37x | 0.32x | 0.04x | 0.02x | 0.02x | 0.00x | 0.00x | 0.05x | 0.17x | 0.39x | 0.97x | 9.77x | 1.79x | - | 1.87x | 0.36x | - | - | - | 0.01x | 0.02x | 2.90x |
| Debt / EBITDA | 0.46x | 0.78x | 0.89x | 0.84x | 0.93x | 1.14x | 1.72x | 1.43x | 0.25x | 0.25x | 0.20x | 0.02x | 0.06x | 1.40x | 0.75x | 0.60x | 0.77x | - | 1.03x | - | - | - | 2.63x | - | - | - | 1.17x | 4.58x |
| Net Debt / EBITDA | -1.33x | -0.95x | 0.19x | 0.05x | -0.37x | -0.60x | 0.09x | 0.44x | -0.57x | -2.64x | -2.56x | -3.57x | -4.47x | -5.86x | -1.66x | -0.69x | -0.39x | - | 0.50x | - | - | - | 2.63x | - | -20.50x | - | -6.67x | 4.24x |
| Interest Coverage | 454.00x | 402.00x | 745.75x | 539.40x | 939.67x | 604.33x | 143.08x | 149.30x | 180.80x | 51.65x | 418.26x | 501.72x | 35.44x | 0.86x | 19.58x | 22.67x | 10.82x | -3.31x | 7.57x | -20.04x | - | - | - | - | - | - | - | - |
| Total Equity | 9.2M | 9.3M | 9.93M | 10.82M | 12.48M | 13.75M | 12.46M | 11.95M | 12.21M | 11.25M | 11.32M | 7.67M | 7.18M | 4.07M | 2.57M | 1.16M | 352.65K | 37.81K | 167.27K | -97.65K | 270.58K | 1.24M | -32.07K | 31.4M | 34.41M | 33.11M | 32.9M | 8.7M |
| Equity Growth % | 1.48% | -6.32% | -8.19% | -13.29% | -9.25% | 10.31% | 4.31% | -2.18% | 8.62% | -0.62% | 47.52% | 6.77% | 76.6% | 58.32% | 120.79% | 230.01% | 832.75% | -77.4% | 271.29% | -136.09% | -78.19% | 3968.57% | -100.1% | -8.75% | 3.92% | 0.65% | 278.16% | - |
| Book Value per Share | 1.81 | 1.80 | 1.86 | 1.95 | 2.07 | 2.22 | 2.00 | 1.91 | 1.96 | 1.81 | 1.89 | 1.28 | 1.23 | 0.74 | 0.47 | 0.22 | 0.07 | 0.01 | 0.03 | -0.02 | 0.06 | 0.21 | -0.01 | 10.23 | 10.76 | 10.35 | 10.30 | 3.39 |
| Total Shareholders' Equity | 9.2M | 9.3M | 9.93M | 10.82M | 12.48M | 13.75M | 12.46M | 11.95M | 10.77M | 9.67M | 9.43M | 6.73M | 6.21M | 3.77M | 2.28M | 1.16M | 352.65K | 37.81K | 167.27K | -97.65K | 270.58K | 1.24M | -32.07K | 31.4M | 34.41M | 33.11M | 32.9M | 8.7M |
| Common Stock | 5K | 5K | 7K | 7K | 6K | 6K | 6K | 25.8K | 25.47K | 24.97K | 24.89K | 23.82K | 24.27K | 23.23K | 21.84K | 21.05K | 21.04K | 20.93K | 20.93K | 28.25K | 27.02K | 25.41K | 120 | 122.46K | 122.76K | 128K | 100K | 0 |
| Retained Earnings | 11.15M | 11.06M | 12.01M | 9.74M | 7.59M | 5.59M | 3.55M | 2.16M | 818.13K | 17.4K | -124.92K | -558.09K | -1.09M | -1.32M | -1.29M | -2.16M | -3.02M | -3.35M | -3.2M | -3.35M | -2.59M | -1.03M | -33.07K | 4.87M | 7.89M | 5.44M | 5.9M | 2.8M |
| Treasury Stock | -2.08M | -1.78M | -13.46M | -11.22M | -7.26M | -3.81M | -2.7M | -1.66M | -1.11M | -724.53K | -524.89K | -177.92K | -150.85K | -150.85K | -121.29K | -109.01K | -47.42K | -20.14K | -16.12K | -1.49M | -1.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.34M | -977.85K | -665.3K | -641.19K | -570.42K | -530.23K | 0 | -6.69K | -164.7K | -129.84K | -111.55K | -95.64K | -83.79K | -65.74K | -51.63K | -10.09M | -9.1M | -10.4M | -7.5M | -1.3M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.45M | 1.57M | 1.89M | 936.37K | 974.02K | 300.43K | 288K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cattle herd size volatility
As reported in financial statements, WFCF's total assets have declined from $16.9 million in 2024Q3 to $13.2 million in 2026Q1, signaling a shrinking capital base that reflects the company's struggle to maintain scale during the current cyclical downturn in the U.S. cattle industry.
The reduction in total assets suggests that the company is rightsizing its footprint in response to lower demand for verification services. Investors should monitor whether this contraction represents a prudent defensive posture or a loss of competitive relevance in the agricultural certification market.
Based on the company's reported figures, the debt-to-equity ratio has remained remarkably low, fluctuating between 0.09 and 0.29 over the last ten quarters, which indicates that management has successfully avoided reliance on external financing despite the inherent volatility of the livestock verification business model.
This minimal leverage profile provides a significant buffer against the cyclical nature of the agricultural sector. While the low debt load is a positive indicator of financial health, it also suggests that the company may be under-utilizing its balance sheet to fund potential growth initiatives or strategic acquisitions.
According to recent quarterly filings, the current ratio has consistently hovered between 1.42 and 2.09, suggesting that WFCF maintains sufficient short-term liquidity to cover its immediate obligations despite the lumpy nature of its revenue recognition and the seasonal demands of the ranching industry.
The ability to maintain a current ratio above 1.5 in most periods indicates a disciplined approach to working capital management. However, the variability in cash balances warrants further investigation into whether this liquidity is sufficient to support operations during prolonged periods of industry-wide herd liquidation.
Based on the provided balance sheet data, goodwill remains stagnant at $2.9 million, representing approximately 22% of total assets as of 2026Q1, which suggests that a significant portion of the company's book value is tied to past acquisitions rather than tangible, income-generating assets.
This reliance on goodwill as a major asset component implies that the company's valuation is sensitive to the performance of previously acquired entities. If the core verification business continues to face revenue contraction, the risk of future goodwill impairment charges may increase, potentially impacting the reported equity base.
Quick answers to the most common questions about buying WFCF stock.
As of 2025, Where Food Comes From, Inc. (WFCF) had total assets of $12.9M including $6.3M in current assets.
Where Food Comes From, Inc. (WFCF) carries total debt of $1.4M, offset by $3.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Where Food Comes From, Inc. (WFCF) has total shareholders' equity (book value) of $9.3M ($1.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Where Food Comes From, Inc. (WFCF) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.