Forensic Analysis · Technology / Software · as of Oct 15, 2026

Where Food Comes From, Inc. (WFCF)

A forensic read on Where Food Comes From, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

7.8

Distress distance

Clean

Earnings quality

Forensic signals

16.5%

ROE

-3.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Where Food Comes From, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 7.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

149% of FCF

FY2025

Shareholder returns. Returned $2M to shareholders (buybacks + dividends) in FY2025 — 149% of free cash flow. That is $714,000 (49%) more than free cash flow covered, and more than operating cash flow as well. Over FY2025 cash rose $1M, so that line did not fund the gap. The FY2025 cash-flow statement filed $80,000 from shares issued; net cash provided by investing activities of $2M; net cash used in financing activities of $2M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $23,000 of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 151%.

12.6%

FY2025

Return on invested capital. Return on invested capital is 12.6% in the latest fiscal year and slipping across FY2023–FY2025 from 17.8%. After-tax operating profit was $2M in FY2023 and $831,052 in FY2025, with operating income at 10.7% of revenue in FY2023, 8.6% in FY2024 and 4.8% in FY2025. The capital base behind it came down -38% across FY2023–FY2025, from $11M to $7M, so this return is struck on a smaller base than it started on.

Key fundamentals

Latest Revenue$24.9M

Revenue Growth YoY-3.3%

Revenue CAGR (2yr)-0.5%

Net Margin6.2%

Free Cash Flow$1.5M

Return on Equity16.5%

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Data from SEC EDGAR public filings · metrics as of Oct 15, 2026. Forensic signals flag probability, not certainty.