Industrials · Specialty Business Services
Price
$12.11
Market Cap
$61.0M
Employees
95
Beta
0.10
Avg Volume
18,590
CEO
John K. Saunders
Business Description
Where Food Comes From, Inc., together with its subsidiaries, operates as a third-party food verification company in North America. The company conducts on-site and desk audits to verify claims about livestock, food, other specialty crops, and agricultural and aquaculture products; offers various value-added services, including verification, certification, consulting, and other professional services; and sells hardware and technology solutions. It serves farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands, chefs, and restaurants, as well as 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 based in Castle Rock, Colorado.
Business History
Price Overview
Last updated: Jun 27, 2026 9:05am (just now)$12.17
+0.06 (+0.50%)
Day Range
$11.60 – $12.71
52-Week Range
$9.15 – $22.15
50-Day MA
$12.21
200-Day MA
$12.23
Volume
12,840.00
Share Structure
Outstanding
5,039,276.00
Float
2,387,117.00
Free Float
47.4%
Moderate free float
— 47.4% of shares trade freely, ~52.6% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Small absolute float (2.4M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
38.54
Stock Price: $12.11
EPS (Diluted): 0.30
EPS (Diluted): 0.30
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
6.36
Stock Price: $12.11
Total Equity: $9.31M
Shares: 5,165,000
Total Equity: $9.31M
Shares: 5,165,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
19.77
Market Cap: $61.03M
Total Debt: $930,000
Cash: $3.20M
EBITDA: $2.88M
Total Debt: $930,000
Cash: $3.20M
EBITDA: $2.88M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$57.4M
Market Cap: $61.03M
Total Debt: $930,000
Cash: $3.20M
Total Debt: $930,000
Cash: $3.20M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
38.2%
Gross Profit: $9.51M
Revenue: $24.89M
Revenue: $24.89M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
4.8%
Operating Income: $1.21M
Revenue: $24.89M
Revenue: $24.89M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
6.2%
Net Income: $1.54M
Revenue: $24.89M
Revenue: $24.89M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
16.5%
Net Income: $1.54M
Total Equity: $9.31M
Total Equity: $9.31M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
9.2%
Operating Income: $1.21M
Tax Rate: 31.1%
Equity: $9.31M
Total Debt: $930,000
Cash: $3.20M
Tax Rate: 31.1%
Equity: $9.31M
Total Debt: $930,000
Cash: $3.20M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.03
Current Assets: $6.28M
Current Liabilities: $3.09M
Current Liabilities: $3.09M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.10
Short-Term Debt: $434,000
Long-Term Debt: $496,000
Total Debt: $930,000
Total Equity: $9.31M
Long-Term Debt: $496,000
Total Debt: $930,000
Total Equity: $9.31M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$4.82
Revenue: $24.89M
Shares: 5,165,000
Shares: 5,165,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$1.80
Total Equity: $9.31M
Shares: 5,165,000
Shares: 5,165,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.28
Operating CF: $1.61M
CapEx: -$155,000
Shares: 5,165,000
CapEx: -$155,000
Shares: 5,165,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $12.11
Stock Price: $12.11
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.54M
Net Income: $1.54M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares WFCF against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 27, 2026 9:05am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $21.9M | $24.8M | $25.1M | $25.7M | $24.9M |
| Cost of Revenue | $12.2M | $14.4M | $14.6M | $15.2M | $15.4M |
| Gross Profit | $9.7M | $10.5M | $10.5M | $10.6M | $9.5M |
| Operating Expenses | $7.4M | $7.8M | $7.8M | $8.4M | $8.3M |
| Operating Income | $2.3M | $2.7M | $2.7M | $2.2M | $1.2M |
| Net Income | $3.0M | $2.0M | $2.2M | $2.1M | $1.5M |
| EBITDA | $4.4M | $3.5M | $3.7M | $3.6M | $2.9M |
| EPS | $0.49 | $0.33 | $0.39 | $0.40 | $0.30 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 9:05am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.4M | $4.4M | $2.6M | $2.0M | $3.2M |
| Total Current Assets | $8.7M | $7.9M | $6.2M | $5.5M | $6.3M |
| Total Assets | $19.8M | $18.3M | $16.3M | $15.3M | $12.9M |
| Current Liabilities | $3.0M | $3.0M | $3.0M | $3.2M | $3.1M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $496,000 |
| Total Liabilities | $6.0M | $5.8M | $5.5M | $5.4M | $3.6M |
| Total Equity | $13.7M | $12.5M | $10.8M | $9.9M | $9.3M |
| Retained Earnings | $5.6M | $7.6M | $9.7M | $12.0M | $11.1M |
Cash Flow (Annual)
Last updated: Jun 27, 2026 9:05am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $3.0M | $2.7M | $2.8M | $2.7M | $1.6M |
| Capital Expenditure | $-213,000 | $-267,000 | $-148,000 | $-159,000 | $-155,000 |
| Free Cash Flow | $2.8M | $2.4M | $2.7M | $2.6M | $1.5M |
| Acquisitions (net) | $210,000 | $0 | $-300,000 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.1M | -$3.5M | -$4.0M | -$3.3M | -$2.2M |
| Net Change in Cash | $1.0M | -$1.0M | -$1.7M | $-629,000 | $1.2M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:57am (21h ago)| Metric | 2022 | 2023 | 2030 | 2031 |
|---|---|---|---|---|
| Revenue |
$25.7M $25.3M – $26.1M
|
$28.0M $28.0M – $28.0M
|
$25.7M $25.7M – $25.7M
|
$28.0M $28.0M – $28.0M
|
| EBITDA |
$3.9M $3.8M – $4.0M
|
$4.3M $4.3M – $4.3M
|
$3.8M $3.8M – $3.8M
|
$4.2M $4.2M – $4.2M
|
| Net Income |
$2.0M $2.0M – $2.0M
|
$2.6M $2.6M – $2.6M
|
$1.9M $1.9M – $1.9M
|
$2.5M $2.5M – $2.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 9:05am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.3% | +1.2% | +2.4% | -3.3% |
| Gross Profit Growth | +7.5% | +0.5% | +0.4% | -10.0% |
| Operating Income Growth | +15.2% | +1.7% | -18.2% | -45.4% |
| Net Income Growth | -32.7% | +7.9% | -1.5% | -27.5% |
| EBITDA Growth | -20.2% | +5.0% | -2.0% | -20.6% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-02-23 | Saunders John K | A-Award | 863.00 | $0.00 | $0 |
| 2026-02-23 | Saunders Leann | A-Award | 863.00 | $0.00 | $0 |
| 2026-02-23 | Henning Dannette | A-Award | 863.00 | $0.00 | $0 |
| 2025-12-09 | Saunders Leann | G-Gift | 2,800.00 | $0.00 | $0 |
| 2025-12-09 | Saunders John K | G-Gift | 2,800.00 | $0.00 | $0 |
| 2025-11-18 | Larson Adam | A-Award | 500.00 | $0.00 | $0 |
| 2025-11-18 | Heinen Tom | A-Award | 500.00 | $0.00 | $0 |
| 2025-11-18 | Lapaseotes Pete | A-Award | 500.00 | $0.00 | $0 |
| 2025-11-18 | Rein Graeme P. | A-Award | 500.00 | $0.00 | $0 |
| 2025-05-19 | Saunders Leann | P-Purchase | 1,250.00 | $7.20 | $9,000 |
| 2025-05-19 | Saunders Leann | P-Purchase | 250.00 | $7.20 | $1,800 |
| 2025-05-19 | Saunders Leann | P-Purchase | 250.00 | $6.84 | $1,710 |
| 2025-05-19 | Saunders Leann | M-Exempt | 250.00 | $6.84 | $1,710 |
| 2025-05-19 | Saunders Leann | M-Exempt | 250.00 | $7.20 | $1,800 |
| 2025-05-19 | Saunders Leann | M-Exempt | 1,250.00 | $7.20 | $9,000 |
| 2025-05-19 | Saunders John K | P-Purchase | 1,250.00 | $7.20 | $9,000 |
| 2025-05-19 | Saunders John K | P-Purchase | 250.00 | $7.20 | $1,800 |
| 2025-05-19 | Saunders John K | P-Purchase | 250.00 | $6.84 | $1,710 |
| 2025-05-19 | Saunders John K | M-Exempt | 250.00 | $6.84 | $1,710 |
| 2025-05-19 | Saunders John K | M-Exempt | 250.00 | $7.20 | $1,800 |
Dividend History (Last 20)
Last updated: Jun 27, 2026 9:05am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2021-07-26 | $0.15 | 2021-07-01 | 2021-07-27 | 2021-08-16 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for WFCF — it's generated by the pipeline (
market-narrative step).
No community reviews yet for WFCF.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30