Cash flow generation remains highly erratic, characterized by an OCF/NI ratio that swung from -0.05 in 2024Q4 to 20.39 in 2025Q1, reflecting significant timing mismatches in revenue recognition.
| 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 |
|---|
| Cash from Operations | 1.5M | 1.61M | 2.73M | 2.82M | 2.65M | 3.02M | 2.45M | 2.87M | 1.15M | 657.22K | 986.06K | 1.11M | 589.99K | 216.9K | 334.71K | 720.68K | 430.88K | 102.68K | -438.54K | -638.65K | -1.15M | -869.78K | 16.68K | -4.81M | 3.87M | 6.94M | 11.3M | 2.4M |
| Operating CF Margin % | - | 6.46% | 10.6% | 11.23% | 10.68% | 13.77% | 12.21% | 13.84% | 6.48% | 4.25% | 8.49% | 10.71% | 6.73% | 3.92% | 6.36% | 17.03% | 13.16% | 3.86% | -18.25% | -27.67% | -74.83% | -90.8% | 3.7% | -14.92% | 6.78% | 11.02% | 15.85% | 3.76% |
| Operating CF Growth % | -1375.2% | -41.14% | -3.26% | 6.33% | -12.12% | 23.16% | -14.71% | 149.09% | 75.61% | -33.35% | -11.47% | 88.79% | 172.01% | -35.2% | -53.56% | 67.26% | 319.65% | 123.41% | 31.33% | 44.58% | -32.49% | -5314.84% | 100.35% | -224.34% | -44.21% | -38.6% | 370.83% | - |
| Net Income | 1.6M | 1.54M | 2.12M | 2.15M | 1.99M | 2.96M | 1.39M | 1.02M | 674.98K | -171.06K | 401.57K | 496.27K | 197.24K | -3.03K | 873.17K | 864.45K | 327.76K | -153.19K | 149.66K | -759.56K | -1.56M | -1.03M | 40.5K | -3.02M | 2.87M | -509.37K | 3.2M | 3.9M |
| Depreciation & Amortization | 477K | 650K | 647K | 634K | 765K | 799K | 997K | 1.1M | 942.42K | 854.18K | 267.64K | 256.27K | 225.64K | 119.7K | 94.11K | 74.88K | 81.77K | 56.39K | 44.62K | 30.11K | 38.98K | 37.45K | 13.23K | -2.84M | -2.98M | -5.34M | -5.5M | -3.6M |
| Stock-Based Compensation | 0 | 0 | 34K | 78K | 154K | 291K | 121K | 162.41K | 161.13K | 169.13K | 121.87K | 117.7K | 88.06K | 70.15K | 29.32K | 13.17K | 63 | 27.75K | 3.41K | 41.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 72K | 56K | 90K | 30K | -59K | -21K | -65K | -97.64K | -96.3K | -129.06K | 169.99K | 298.15K | 140.88K | -1.78K | -391.64K | -224.35K | 0 | -4K | -353.09K | -41.33K | 0 | 0 | 0 | -49.38K | 18.12K | 381.29K | -200K | -400K |
| Other Non-Cash Items | -529K | -826K | -298K | 37K | 76K | -1.13M | 76K | 215.97K | 190.32K | 31.69K | 91.58K | 7.74K | 80.19K | 92.69K | -6.21K | 24.2K | 16.56K | 223.42K | 4.15K | 55.56K | 381.27K | 39.95K | 12K | 5.67M | 5.97M | 10.68M | 11.1M | 7M |
| Working Capital Changes | -119K | 191K | 137K | -109K | -276K | 122K | -62K | 474.77K | -718.38K | -97.67K | -66.6K | -62.29K | -142K | -60.82K | -264.04K | -31.67K | 4.74K | -47.69K | -287.27K | 35.25K | -13.58K | 80.79K | -49.05K | -4.59M | -2.4M | 1.09M | 2M | -4.1M |
| Change in Receivables | -236K | 91K | 254K | 0 | -20K | 330K | -46K | -337.38K | -336.41K | -571.63K | 50.75K | -240.76K | -300.92K | -159.73K | -109.5K | -14.88K | -20.15K | 30.7K | -269.12K | -29.8K | 0 | 0 | 0 | -1.59M | -296.98K | -167.57K | 900K | -1.4M |
| Change in Inventory | 88K | 210K | 107K | -221K | -121K | -767K | 41K | 157.75K | -335.25K | 23.65K | -147.26K | 43.9K | 6.35K | -54.45K | -20.62K | -1.52M | -541.47K | 14.35K | 4.41K | -4.57K | -4.41K | -9.77K | 0 | -26.8M | -25.47M | -6.45M | -6.1M | -800K |
| Change in Payables | 23K | -17K | -99K | -73K | 193K | -202K | -374K | 488.91K | 76.62K | 123.52K | -222.61K | 16.7K | 123.5K | 142.72K | -33.95K | -23.94K | 11.28K | -57.79K | -40.26K | 52.64K | 0 | 0 | 0 | -647.06K | -1.64M | 1.38M | 100K | -700K |
| Cash from Investing | 1.56M | 1.68M | -159K | -648K | -267K | -3K | -730K | -1.12M | -1.97M | -242.8K | -1.72M | -26.31K | -485.78K | -599.64K | 12.3K | -315.97K | -76.34K | -107.71K | 729.85K | -34.39K | -15.89K | -156.63K | -12.98K | -2.17M | 14.02M | -6.26M | -4.4M | -200K |
| Capital Expenditures | -274K | -155K | -159K | -148K | -267K | -213K | -464K | -369.2K | -366.69K | -83.76K | -445.85K | -26.31K | -139.85K | -34.65K | -73.88K | -12.17K | -76.34K | -111.71K | -70.95K | -34.39K | -15.89K | -6.63K | -12.98K | -441.68K | -1.76M | -5.79M | -3.7M | -1.6M |
| CapEx % of Revenue | 1.1% | 0.62% | 0.62% | 0.59% | 1.07% | 0.97% | 2.31% | 1.78% | 2.06% | 0.54% | 3.84% | 0.25% | 1.6% | 0.63% | 1.4% | 0.29% | 2.33% | 4.2% | 2.95% | 1.49% | 1.03% | 0.69% | 2.88% | 1.37% | 3.09% | 9.19% | 5.19% | 2.51% |
| Acquisitions | 0 | 0 | 0 | -300K | 0 | 210K | -300K | -1M | -950K | -150K | -1.28M | 0 | -345.93K | -565K | -214.77K | 13.6K | 0 | 0 | 800K | 0 | 0 | -150K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.84M | 0 | 0 | -200K | 0 | 0 | 34K | 999 | -8.13K | -9.04K | 11.99K | 0 | -65K | -565K | -13.66K | -13.6K | -76.34K | 4K | 800 | 0 | 0 | 0 | 0 | -1.73M | 15.78M | -469.59K | -700K | 1.4M |
| Cash from Financing | -2.02M | -2.1M | -3.2M | -3.9M | -3.43M | -1.98M | 14K | -604.46K | -402.74K | -198.63K | -307.2K | 110.82K | 1.41M | 46.79K | 87.45K | 51.23K | -55.79K | 65.32K | -308.15K | 613.38K | 713.97K | 1.71M | -2.96K | 0 | -185.29K | -189.63K | -4.2M | -400K |
| Debt Issued (Net) | -14K | -15K | -14K | -13K | -13K | -10K | 1.05M | -49K | -18.2K | -7.16K | -25.26K | -11.86K | -171.04K | -28.95K | -46.16K | 111.03K | -28.52K | 69.34K | -420K | 213.38K | 56.62K | 2.33K | -1.31K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -2M | -2.09M | -3.27M | -3.96M | -3.46M | -1.1M | -1.04M | -555.43K | -384.53K | -199.64K | -346.98K | -177.92K | 1.8M | -29.55K | -12.28K | -61.6K | -27.27K | -4.02K | 108.88K | 350K | 235.68K | 2.18M | -1.65K | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -914K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1M |
| Share Repurchases | -2.08M | -2.17M | -3.27M | -3.96M | -3.46M | -1.1M | -1.04M | -555K | -384.53K | -199.64K | -346.98K | -177.92K | 0 | -29.55K | -12.28K | -61.6K | -27.27K | -4.02K | -16.12K | 0 | -885K | 0 | -1.65K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 84K | 68K | 36K | 52K | 5K | -27 | 0 | 8.17K | 65.04K | 300.59K | -217.65K | 105.29K | 145.9K | 1.8K | 0 | 0 | 2.97K | 50K | 421.66K | -471.66K | 0 | 0 | -185.29K | -189.63K | -4.2M | 700K |
| Net Change in Cash | 1.04M | 1.19M | -629K | -1.73M | -1.05M | 1.04M | 1.74M | 1.16M | -1.22M | 215.79K | -1.04M | 1.2M | 1.52M | -335.95K | 434.47K | 455.94K | 298.75K | 60.28K | -16.84K | -59.66K | -454.29K | 684.82K | 736 | -6.99M | 17.7M | 489.3K | 2.8M | -400K |
| Free Cash Flow | 1.22M | 1.45M | 2.57M | 2.67M | 2.39M | 2.81M | 1.99M | 2.51M | 787.48K | 573.46K | 540.21K | 1.09M | 450.14K | 182.26K | 260.84K | 708.51K | 354.54K | -9.03K | -509.49K | -673.03K | -1.17M | -876.42K | 3.7K | -5.26M | 2.11M | 1.15M | 7.6M | 800K |
| FCF Margin % | 4.9% | 5.83% | 9.99% | 10.64% | 9.61% | 12.8% | 9.9% | 12.06% | 4.42% | 3.71% | 4.65% | 10.46% | 5.14% | 3.29% | 4.96% | 16.74% | 10.83% | -0.34% | -21.2% | -29.16% | -75.86% | -91.49% | 0.82% | -16.29% | 3.69% | 1.82% | 10.66% | 1.25% |
| FCF Growth % | -51% | -43.52% | -3.85% | 12.02% | -14.96% | 41.2% | -20.66% | 218.2% | 37.32% | 6.16% | -50.33% | 141.6% | 146.98% | -30.13% | -63.19% | 99.84% | 4024.95% | 98.23% | 24.3% | 42.39% | -33.3% | -23812.58% | 100.07% | -349.29% | 83.54% | -84.89% | 850% | - |
| FCF per Share | 0.24 | 0.28 | 0.48 | 0.48 | 0.40 | 0.45 | 0.32 | 0.40 | 0.13 | 0.09 | 0.09 | 0.18 | 0.08 | 0.03 | 0.05 | 0.13 | 0.07 | -0.00 | -0.10 | -0.14 | -0.25 | -0.15 | 0.00 | -1.71 | 0.66 | 0.36 | 2.38 | 0.31 |
| FCF Conversion (FCF/Net Income) | 0.77x | 1.05x | 1.29x | 1.31x | 1.33x | 1.02x | 1.77x | 2.14x | 1.44x | 4.62x | 2.28x | 2.09x | 2.58x | -6.46x | 0.38x | 0.83x | 1.31x | -0.67x | -2.93x | 0.84x | 0.74x | 0.85x | 0.41x | 1.59x | 1.58x | -13.62x | 3.53x | 0.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.24M | 802K | 1.08M | 658K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical herd size volatility
Based on reported quarterly filings, WFCF exhibits extreme volatility in the relationship between net income and operating cash flow, with the OCF/NI ratio swinging from a low of -0.05 in 2024Q4 to an anomalous 20.39 in 2025Q1, indicating significant timing mismatches in revenue recognition.
The wide variance between accounting profits and cash generation suggests that accrual-based earnings are not a reliable proxy for the company's immediate liquidity. Investors should monitor whether these fluctuations represent genuine operational seasonality or underlying challenges in converting service-based revenue into realized cash inflows.
As reported in financial statements, WFCF's free cash flow trajectory remains highly erratic, with margins oscillating between a negative 12.3% in 2025Q4 and a positive 17.5% in 2025Q2, reflecting the company's sensitivity to the underlying agricultural cycles that dictate its service demand.
The lack of a consistent free cash flow trend complicates valuation, as the business appears unable to generate stable cash surpluses during periods of revenue contraction. This inconsistency suggests that the company's cost structure may be too rigid to absorb the cyclical downturns inherent in the livestock verification industry.
According to recent SEC filings, working capital changes are the primary driver of cash flow variance, with a massive $943,000 outflow in 2024Q4 followed by a $590,000 inflow in 2025Q2, highlighting the significant impact of timing in client payments and audit completion cycles.
The heavy reliance on working capital swings to fund operations suggests that the company's cash position is highly susceptible to the payment behaviors of its rancher and producer client base. This dynamic warrants further investigation into whether the company is facing extended collection cycles that could pressure liquidity during industry downturns.
Based on the provided data, WFCF has consistently prioritized share repurchases, utilizing significant cash reserves to buy back stock even during quarters of negative free cash flow, such as the $814,000 spent on buybacks in 2025Q4 despite a $741,000 free cash flow deficit.
This capital allocation strategy appears aggressive given the company's thin operating margins and the cyclical nature of its revenue base. Investors should consider whether these repurchases are an efficient use of capital or if they are masking a lack of internal investment opportunities to drive organic growth.
Quick answers to the most common questions about buying WFCF stock.
Where Food Comes From, Inc. (WFCF) generated $1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Where Food Comes From, Inc. (WFCF) generated $1.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Where Food Comes From, Inc. (WFCF) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Where Food Comes From, Inc. (WFCF) spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.