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Where Food Comes From, Inc.

WFCF Clue Score61
United States Fiscal year ends December CIK 0001360565
$13.48 -3.61% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $13.48 +2.86% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue11.6Operating income0.6Net income0.4EPS, diluted0.02Fiscal year 2017Revenue15.4 +33.0%Operating income0.1Net income0.1 −67.1%EPS, diluted0.01Fiscal year 2018Revenue17.8 +15.2%Operating income0.9Net income0.8 +462.7%EPS, diluted0.03Fiscal year 2019Revenue20.8 +16.7%Operating income1.6Net income1.3 +68.0%EPS, diluted0.22Fiscal year 2020Revenue20.1 −3.4%Operating income1.7Net income1.4 +3.0%EPS, diluted0.22Fiscal year 2021Revenue21.9 +9.2%Operating income2.3Net income3.0 +113.8%EPS, diluted0.48Fiscal year 2022Revenue24.8 +13.3%Operating income2.7Net income2.0 −32.7%EPS, diluted0.33Fiscal year 2023Revenue25.1 +1.2%Operating income2.7Net income2.2 +7.9%EPS, diluted0.39Fiscal year 2024Revenue25.7 +2.4%Operating income2.2Net income2.1 −1.5%EPS, diluted0.40Fiscal year 2025Revenue24.9 −3.3%Operating income1.2Net income1.5 −27.5%EPS, diluted0.30
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 11.6 15.4 17.8 20.8 20.1 21.9 24.8 25.1 25.7 24.9
Growth +33.0% +15.2% +16.7% −3.4% +9.2% +13.3% +1.2% +2.4% −3.3%
Operating income 0.6 0.1 0.9 1.6 1.7 2.3 2.7 2.7 2.2 1.2
Net income 0.4 0.1 0.8 1.3 1.4 3.0 2.0 2.2 2.1 1.5
Growth −67.1% +462.7% +68.0% +3.0% +113.8% −32.7% +7.9% −1.5% −27.5%
EPS, diluted 0.02 0.01 0.03 0.22 0.22 0.48 0.33 0.39 0.40 0.30

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin46.6%Operating margin5.5%Net margin3.7%Free cash flow margin4.7%Fiscal year 2017Gross margin44.2%Operating margin0.5%Net margin0.9%Free cash flow margin3.7%Fiscal year 2018Gross margin43.5%Operating margin4.9%Net margin4.5%Free cash flow margin4.4%Fiscal year 2019Gross margin43.7%Operating margin7.5%Net margin6.5%Free cash flow margin12.1%Fiscal year 2020Gross margin44.5%Operating margin8.4%Net margin6.9%Free cash flow margin9.9%Fiscal year 2021Gross margin44.4%Operating margin10.5%Net margin13.5%Free cash flow margin12.8%Fiscal year 2022Gross margin42.1%Operating margin10.7%Net margin8.0%Free cash flow margin10.3%Fiscal year 2023Gross margin41.9%Operating margin10.7%Net margin8.6%Free cash flow margin10.6%Fiscal year 2024Gross margin41.0%Operating margin8.6%Net margin8.2%Free cash flow margin10.0%Fiscal year 2025Gross margin38.2%Operating margin4.8%Net margin6.2%Free cash flow margin5.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Net margin 3.7% 0.9% 4.5% 6.5% 6.9% 13.5% 8.0% 8.6% 8.2% 6.2%
Free cash flow margin 4.7% 3.7% 4.4% 12.1% 9.9% 12.8% 10.3% 10.6% 10.0% 5.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.0Capital expenditure−0.4Free cash flow0.5Buybacks−0.3Fiscal year 2017Operating cash flow0.7Capital expenditure−0.1Free cash flow0.6 +6.2%Buybacks−0.2Fiscal year 2018Operating cash flow1.2Capital expenditure−0.4Free cash flow0.8 +37.3%Buybacks−0.4Fiscal year 2019Operating cash flow2.9Capital expenditure−0.4Free cash flow2.5 +218.2%Buybacks−0.6Fiscal year 2020Operating cash flow2.5Capital expenditure−0.5Free cash flow2.0 −20.7%Buybacks−1.0Fiscal year 2021Operating cash flow3.0Capital expenditure−0.2Free cash flow2.8 +41.2%Buybacks−1.1Dividends paid−0.9Fiscal year 2022Operating cash flow2.7Capital expenditure−0.1Free cash flow2.6 −8.6%Buybacks−3.5Fiscal year 2023Operating cash flow2.8Capital expenditure−0.1Free cash flow2.7 +4.2%Buybacks−4.0Fiscal year 2024Operating cash flow2.7Capital expenditure−0.2Free cash flow2.6 −3.9%Buybacks−2.2Fiscal year 2025Operating cash flow1.6Capital expenditure−0.2Free cash flow1.5 −43.5%Buybacks−2.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.0 0.7 1.2 2.9 2.5 3.0 2.7 2.8 2.7 1.6
Capital expenditure −0.4 −0.1 −0.4 −0.4 −0.5 −0.2 −0.1 −0.1 −0.2 −0.2
Free cash flow 0.5 0.6 0.8 2.5 2.0 2.8 2.6 2.7 2.6 1.5
Growth +6.2% +37.3% +218.2% −20.7% +41.2% −8.6% +4.2% −3.9% −43.5%
Buybacks −0.3 −0.2 −0.4 −0.6 −1.0 −1.1 −3.5 −4.0 −2.2 −2.2
Dividends paid n/a n/a n/a n/a n/a −0.9 n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.5Shareholders’ equity9.4Fiscal year 2017Cash2.7Shareholders’ equity9.7Fiscal year 2018Cash1.5Shareholders’ equity10.8Fiscal year 2019Cash2.6Shareholders’ equity11.9Fiscal year 2020Cash4.4Total debt1.0Net cash (debt)3.3Shareholders’ equity12.5Debt to equity0.08Fiscal year 2021Cash5.4Shareholders’ equity13.7Fiscal year 2022Cash4.4Shareholders’ equity12.5Fiscal year 2023Cash2.6Shareholders’ equity10.8Fiscal year 2024Cash2.0Shareholders’ equity9.9Fiscal year 2025Cash3.2Shareholders’ equity9.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.5 2.7 1.5 2.6 4.4 5.4 4.4 2.6 2.0 3.2
Total debt n/a n/a n/a n/a 1.0 n/a n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a n/a 3.3 n/a n/a n/a n/a n/a
Shareholders’ equity 9.4 9.7 10.8 11.9 12.5 13.7 12.5 10.8 9.9 9.3
Debt to equity n/a n/a n/a n/a 0.08 n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
11.6 15.4 17.8 20.8 20.1 21.9 24.8 25.1 25.7 24.9
Growth +33.0% +15.2% +16.7% −3.4% +9.2% +13.3% +1.2% +2.4% −3.3%
6.2 8.6 10.1 11.7 11.1 12.2 14.4 14.6 15.2 15.4
5.4 6.8 7.7 9.1 8.9 9.7 10.5 10.5 10.6 9.5
Growth +26.0% +13.5% +17.2% −1.7% +9.1% +7.5% +0.5% +0.4% −10.0%
4.8 6.7 6.9 7.5 7.2 7.4 7.8 7.8 8.4 8.3
0.6 0.1 0.9 1.6 1.7 2.3 2.7 2.7 2.2 1.2
Growth −87.0% +964.2% +77.5% +8.7% +36.5% +15.2% +1.7% −18.2% −45.4%
0.6 0.1 1.0 1.5 1.8 3.6 2.8 3.1 3.0 2.2
0.2 0.3 0.3 0.5 0.5 0.7 0.8 0.9 0.9 0.7
0.4 0.1 0.8 1.3 1.4 3.0 2.0 2.2 2.1 1.5
Growth −67.1% +462.7% +68.0% +3.0% +113.8% −32.7% +7.9% −1.5% −27.5%
Per share
0.02 0.01 0.03 0.22 0.23 0.49 0.34 0.39 0.40 0.30
0.02 0.01 0.03 0.22 0.22 0.48 0.33 0.39 0.40 0.30
Growth −50.0% +200.0% +633.3% +0.0% +118.2% −31.2% +18.2% +2.6% −25.0%
23.8 24.7 24.8 6.2 6.2 6.1 6.0 5.5 5.3 5.2
24.0 24.8 25.0 6.3 6.2 6.2 6.0 5.5 5.3 5.2
Growth +3.7% +0.6% −75.0% −0.6% −0.6% −2.4% −8.1% −3.9% −3.2%

† The diluted share count jumps at 2019, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.4% a year over five years.
  • Operating margin is down 3.6 points on five years ago, at 4.8%.
  • Profitable in every one of the 10 years on file.