Where Food Comes From (WFCF)
Market Price (3/15/2026): $12.14 | Market Cap: $63.6 MilSector: Industrials | Industry: Diversified Support Services
Where Food Comes From (WFCF)
Market Price (3/15/2026): $12.14Market Cap: $63.6 MilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 42% | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -77% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 40x |
| Megatrend and thematic driversMegatrends include Sustainable Consumption, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Eco-friendly Products, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.39 | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -9.3% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Sustainable Consumption, Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Eco-friendly Products, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -77% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.39 |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 40x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -9.3% |
Qualitative Assessment
AI Analysis | Feedback
Where Food Comes From (WFCF) stock has lost about 5% since 11/30/2025 because of the following key factors:
1. Headwinds in the Beef Verification Segment due to Macroeconomic Factors.
The U.S. cattle herd reached a 70-year low, driving record beef prices and subsequently reducing demand for WFCF's beef-related verification services and tag purchases. This macroeconomic trend directly impacted the company's performance, contributing to a full-year 2025 revenue decline to $24.9 million from $25.7 million in 2024 and resulting in a Q4 2025 net loss of $0.2 million, compared to a $1.0 million profit in the prior year's fourth quarter.
2. Strategic Diversification and Expansion of Certification Programs.
WFCF actively countered the challenges in its beef segment by expanding its service offerings. Key initiatives included the launch of the RaiseWell® Certified standard for natural livestock production in January 2026, which was subsequently adopted by Whole Foods Market for beef in February 2026, significantly broadening WFCF's premium protein portfolio. Additionally, growth in non-beef certifications such as Organic, Non-GMO, Gluten-Free, and Upcycled offerings helped offset declines in the beef-related revenue.
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1. Headwinds in the Beef Verification Segment due to Macroeconomic Factors.
The U.S. cattle herd reached a 70-year low, driving record beef prices and subsequently reducing demand for WFCF's beef-related verification services and tag purchases. This macroeconomic trend directly impacted the company's performance, contributing to a full-year 2025 revenue decline to $24.9 million from $25.7 million in 2024 and resulting in a Q4 2025 net loss of $0.2 million, compared to a $1.0 million profit in the prior year's fourth quarter.
2. Strategic Diversification and Expansion of Certification Programs.
WFCF actively countered the challenges in its beef segment by expanding its service offerings. Key initiatives included the launch of the RaiseWell® Certified standard for natural livestock production in January 2026, which was subsequently adopted by Whole Foods Market for beef in February 2026, significantly broadening WFCF's premium protein portfolio. Additionally, growth in non-beef certifications such as Organic, Non-GMO, Gluten-Free, and Upcycled offerings helped offset declines in the beef-related revenue.
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Stock Movement Drivers
Fundamental Drivers
The -4.6% change in WFCF stock from 11/30/2025 to 3/14/2026 was primarily driven by a -41.7% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.73 | 12.14 | -4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -2.4% |
| Net Income Margin (%) | 10.6% | 6.2% | -41.7% |
| P/E Multiple | 24.9 | 41.4 | 66.1% |
| Shares Outstanding (Mil) | 5 | 5 | 0.9% |
| Cumulative Contribution | -4.6% |
Market Drivers
11/30/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| WFCF | -4.6% | |
| Market (SPY) | -3.1% | 2.0% |
| Sector (XLI) | 7.1% | 8.9% |
Fundamental Drivers
The 1.2% change in WFCF stock from 8/31/2025 to 3/14/2026 was primarily driven by a 33.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.00 | 12.14 | 1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -2.8% |
| Net Income Margin (%) | 8.0% | 6.2% | -22.8% |
| P/E Multiple | 30.9 | 41.4 | 33.8% |
| Shares Outstanding (Mil) | 5 | 5 | 0.7% |
| Cumulative Contribution | 1.2% |
Market Drivers
8/31/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| WFCF | 1.2% | |
| Market (SPY) | 3.0% | 23.5% |
| Sector (XLI) | 8.8% | 18.3% |
Fundamental Drivers
The -2.0% change in WFCF stock from 2/28/2025 to 3/14/2026 was primarily driven by a -25.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.39 | 12.14 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -3.3% |
| Net Income Margin (%) | 8.2% | 6.2% | -25.1% |
| P/E Multiple | 29.7 | 41.4 | 39.4% |
| Shares Outstanding (Mil) | 5 | 5 | -3.0% |
| Cumulative Contribution | -2.0% |
Market Drivers
2/28/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| WFCF | -2.0% | |
| Market (SPY) | 12.4% | 15.2% |
| Sector (XLI) | 22.0% | 18.5% |
Fundamental Drivers
The -11.1% change in WFCF stock from 2/28/2023 to 3/14/2026 was primarily driven by a -23.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.65 | 12.14 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 25 | 0.2% |
| Net Income Margin (%) | 8.0% | 6.2% | -23.1% |
| P/E Multiple | 39.5 | 41.4 | 4.9% |
| Shares Outstanding (Mil) | 6 | 5 | 10.1% |
| Cumulative Contribution | -11.1% |
Market Drivers
2/28/2023 to 3/14/2026| Return | Correlation | |
|---|---|---|
| WFCF | -11.1% | |
| Market (SPY) | 73.4% | 9.1% |
| Sector (XLI) | 70.2% | 12.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WFCF Return | 719% | -4% | -3% | -2% | -13% | 6% | 585% |
| Peers Return | 25% | 4% | 33% | 23% | -11% | -15% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| WFCF Win Rate | 42% | 50% | 50% | 58% | 42% | 33% | |
| Peers Win Rate | 62% | 45% | 67% | 55% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| WFCF Max Drawdown | 0% | -40% | -8% | -27% | -30% | -4% | |
| Peers Max Drawdown | -11% | -17% | -7% | -3% | -21% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TRI, CBZ, CTAS, CPRT, LDOS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | WFCF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -46.1% | -25.4% |
| % Gain to Breakeven | 85.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.8% | -33.9% |
| % Gain to Breakeven | 46.7% | 51.3% |
| Time to Breakeven | 390 days | 148 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.9% | -56.8% |
| % Gain to Breakeven | 800.0% | 131.3% |
| Time to Breakeven | 874 days | 1,480 days |
Compare to TRI, CBZ, CTAS, CPRT, LDOS
In The Past
Where Food Comes From's stock fell -46.1% during the 2022 Inflation Shock from a high on 6/14/2021. A -46.1% loss requires a 85.5% gain to breakeven.
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About Where Food Comes From (WFCF)
Where Food Comes From, Inc., together with its subsidiaries, provides verification and certification solutions for the agriculture, livestock, and food industries in the United States. The company operates through Verification and Certification, and Software Sales and Related Consulting segments. It conducts on-site and desk audits to verify that claims made about livestock, crops, and other food products are accurate, as well as offers Where Food Comes From Source Verified retail and restaurant labeling program, which connects consumers directly to the source of the food they purchase through product labeling, and web-based information sharing and education. The company also offers sustainability programs, compliance management, and software-as-a-service; maintenance, support, and software-related consulting services; and web-hosting services, as well as sells hardware. It serves 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 headquartered in Castle Rock, Colorado.
AI Analysis | Feedback
Here are a few analogies to describe Where Food Comes From (WFCF):
It's like Consumer Reports for the food supply chain, but instead of reviewing products, they independently verify the claims producers make about their food, from organic status to animal welfare.
Think of it as Ancestry.com for your groceries, providing detailed verification of where your food truly originates from and how it was produced.
AI Analysis | Feedback
- Verification and Certification Solutions: Conducts on-site and desk audits to verify claims made about agriculture, livestock, and other food products.
- Source Verified Labeling Program: Offers a retail and restaurant labeling program connecting consumers directly to the origin of their food.
- Software-as-a-Service (SaaS): Provides software solutions along with related consulting, maintenance, and support services.
- Sustainability Programs: Offers programs designed to help clients implement and manage sustainable practices.
- Compliance Management: Assists clients in managing and adhering to various industry and regulatory standards.
- Web-hosting Services: Provides web-hosting solutions for clients.
- Hardware Sales: Sells hardware components to support client operations.
AI Analysis | Feedback
Where Food Comes From (WFCF) primarily sells its verification and certification solutions to other companies within the agriculture, livestock, and food industries. Based on the provided description, the company serves the following categories of business customers:
- Beef and pork packers
- Organic producers and processors
- Specialty retail chains
The provided background information does not list the specific names of these customer companies or their public symbols.
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| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Where Food Comes From Earnings Notes | 12/16/2025 | |
| Where Food Comes From Stock Lost 9.6%, Buy Or Wait? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to WFCF.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | EFX | Equifax | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | LZ | LegalZoom.com | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.2% | 7.2% | -5.0% |
| 02132026 | ADP | Automatic Data Processing | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.1% | 1.1% | -3.0% |
| 02132026 | TREX | Trex | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.2% | -3.2% | -5.9% |
| 02132026 | PCTY | Paylocity | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -0.6% | -0.6% | -4.8% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.22 |
| Mkt Cap | 27.4 |
| Rev LTM | 6,045 |
| Op Inc LTM | 1,836 |
| FCF LTM | 1,517 |
| FCF 3Y Avg | 1,195 |
| CFO LTM | 1,776 |
| CFO 3Y Avg | 1,529 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.0% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Mgn LTM | 17.6% |
| Op Mgn 3Y Avg | 16.3% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 15.3% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 13.0% |
| FCF/Rev 3Y Avg | 12.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 27.4 |
| P/S | 4.1 |
| P/EBIT | 19.9 |
| P/E | 24.9 |
| P/CFO | 17.2 |
| Total Yield | 5.3% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | -10.1% |
| 6M Rtn | -17.3% |
| 12M Rtn | -16.8% |
| 3Y Rtn | -4.5% |
| 1M Excs Rtn | 1.1% |
| 3M Excs Rtn | -8.7% |
| 6M Excs Rtn | -20.8% |
| 12M Excs Rtn | -37.9% |
| 3Y Excs Rtn | -75.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 23 | 22 | 20 | 18 | 19 |
| Professional services | 2 | ||||
| Eliminations and Other | 0 | 0 | -0 | -0 | |
| Consulting Segment | 3 | 2 | 2 | 2 | |
| Total | 25 | 25 | 22 | 20 | 21 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 3 | 3 | 2 | 2 | 2 |
| Professional services | -0 | ||||
| Eliminations and Other | -1 | 0 | |||
| Consulting Segment | 0 | 0 | -0 | -1 | |
| Total | 3 | 3 | 2 | 2 | 2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 4 | 3 | 3 | 2 | 2 |
| Professional services | -0 | ||||
| Eliminations and Other | -2 | -1 | -1 | -0 | -0 |
| Consulting Segment | 0 | 0 | -0 | -0 | |
| Total | 2 | 2 | 3 | 1 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Eliminations and Other | 7 | 2 | -1 | -4 | -4 |
| Verification and certification service revenue | 5 | 12 | 16 | 20 | 17 |
| Professional services | 4 | ||||
| Consulting Segment | 4 | 5 | 4 | 5 | |
| Total | 16 | 18 | 20 | 19 | 18 |
Price Behavior
Price Behavior
| Market Price | $12.14 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -11.4% | |
| 50 Days | 200 Days | |
| DMA Price | $11.55 | $11.63 |
| DMA Trend | up | down |
| Distance from DMA | 5.1% | 4.4% |
| 3M | 1YR | |
| Volatility | 41.7% | 44.6% |
| Downside Capture | 20.69 | 75.85 |
| Upside Capture | -13.04 | 66.83 |
| Correlation (SPY) | 3.2% | 13.5% |
WFCF Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.10 | -0.11 | -0.02 | 0.72 | 0.33 | 0.22 |
| Up Beta | -1.61 | -1.08 | -1.01 | 0.10 | -0.09 | 0.06 |
| Down Beta | 1.31 | 0.53 | 0.64 | 1.58 | 0.33 | 0.18 |
| Up Capture | 57% | 31% | -13% | 47% | 58% | 9% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 18 | 23 | 45 | 97 | 318 |
| Down Capture | -99% | -72% | -2% | 53% | 88% | 67% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 5 | 14 | 26 | 50 | 111 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WFCF | |
|---|---|---|---|---|
| WFCF | -9.3% | 44.7% | -0.15 | - |
| Sector ETF (XLI) | 28.0% | 19.2% | 1.16 | 18.8% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 14.3% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 10.5% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 8.0% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 22.8% |
| Bitcoin (BTCUSD) | -15.3% | 44.2% | -0.25 | 12.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WFCF | |
|---|---|---|---|---|
| WFCF | -6.9% | 49.1% | 0.01 | - |
| Sector ETF (XLI) | 13.4% | 17.1% | 0.62 | 12.8% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 9.9% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 2.9% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 3.1% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 10.0% |
| Bitcoin (BTCUSD) | 6.3% | 56.7% | 0.33 | -3.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WFCF | |
|---|---|---|---|---|
| WFCF | -7.1% | 51.3% | -0.09 | - |
| Sector ETF (XLI) | 13.8% | 19.8% | 0.61 | 16.8% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 14.1% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 3.4% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 6.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 14.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.8% | 1.07 | 1.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/14/2025 | -0.3% | 0.1% | -3.4% |
| 8/11/2025 | -0.2% | 0.1% | 12.2% |
| 5/12/2025 | -2.6% | 3.1% | 5.5% |
| 2/24/2025 | 0.0% | -8.2% | -6.3% |
| 11/14/2024 | 1.0% | 1.3% | 11.7% |
| 8/12/2024 | 0.0% | 1.4% | -0.9% |
| 5/2/2024 | 2.1% | 2.6% | 7.1% |
| 2/16/2024 | 3.5% | 1.5% | -6.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 12 |
| # Negative | 8 | 8 | 12 |
| Median Positive | 0.1% | 1.3% | 5.1% |
| Median Negative | -1.9% | -6.0% | -5.2% |
| Max Positive | 4.5% | 28.0% | 41.4% |
| Max Negative | -9.1% | -15.7% | -17.8% |
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