Where Food Comes From (WFCF)
Market Price (8/23/2026): $12.51 | Market Cap: $62.8 MilSector: Industrials | Industry: Diversified Support Services
Where Food Comes From (WFCF)
Market Price (8/23/2026): $12.51Market Cap: $62.8 MilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
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 -27%, 3Y Excs Rtn is -85% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% Key risksWFCF key risks include [1] a decline in market demand for its third-party verified products. |
| 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 -27%, 3Y Excs Rtn is -85% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% |
| Key risksWFCF key risks include [1] a decline in market demand for its third-party verified products. |
Qualitative Assessment
AI Analysis | Feedback
Where Food Comes From (WFCF) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Stable Revenue Growth and Enhanced Operational Efficiency Counterbalanced Sector-Specific Headwinds.
Where Food Comes From (WFCF) experienced a modest 1% increase in total revenue to $6.6 million in fiscal Q2 2026 (ended June 30, 2026), compared to $6.56 million in the prior year's second fiscal quarter. This growth was primarily driven by a 3% rise in verification and certification service revenue to $5.4 million. Despite ongoing pressure in the flagship beef business due to historically low cattle herd sizes, leading to a slight decline in product revenue from $964,000 to $937,000, the company achieved a significant 21% year-over-year surge in operating income to $665,000. This operational improvement stemmed from cost efficiencies across all three business segments, which boosted gross margins to 40.6% from 37.5% in the comparable prior year quarter.
2. Net Income was Masked by Non-Cash Digital Asset Volatility.
While operational profitability improved substantially, the reported net income for fiscal Q2 2026 decreased to $413,000, or $0.08 per share, from $562,000, or $0.11 per share, in fiscal Q2 2025. This 26% drop in net income was predominantly attributed to a $240,000 negative year-over-year non-cash swing in the fair market value of digital asset holdings. This factor obscured the underlying strength in the company's core operational performance.
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Where Food Comes From (WFCF) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Stable Revenue Growth and Enhanced Operational Efficiency Counterbalanced Sector-Specific Headwinds.
Where Food Comes From (WFCF) experienced a modest 1% increase in total revenue to $6.6 million in fiscal Q2 2026 (ended June 30, 2026), compared to $6.56 million in the prior year's second fiscal quarter. This growth was primarily driven by a 3% rise in verification and certification service revenue to $5.4 million. Despite ongoing pressure in the flagship beef business due to historically low cattle herd sizes, leading to a slight decline in product revenue from $964,000 to $937,000, the company achieved a significant 21% year-over-year surge in operating income to $665,000. This operational improvement stemmed from cost efficiencies across all three business segments, which boosted gross margins to 40.6% from 37.5% in the comparable prior year quarter.
2. Net Income was Masked by Non-Cash Digital Asset Volatility.
While operational profitability improved substantially, the reported net income for fiscal Q2 2026 decreased to $413,000, or $0.08 per share, from $562,000, or $0.11 per share, in fiscal Q2 2025. This 26% drop in net income was predominantly attributed to a $240,000 negative year-over-year non-cash swing in the fair market value of digital asset holdings. This factor obscured the underlying strength in the company's core operational performance.
3. Strategic Plans for M&A and Ongoing Share Buybacks Indicate Long-Term Confidence, but Limited Immediate Impact.
Management announced plans to file a shelf registration statement to enhance financial flexibility for potential mergers and acquisitions, signaling an intent for aggressive expansion after a three-year hiatus. Simultaneously, the company continued its aggressive share repurchase program, retiring 65,012 shares for $809,000 in fiscal Q2 2026 alone, contributing to 89,481 shares repurchased in the first half of 2026. This demonstrates management's confidence in the intrinsic value of the business and a commitment to returning value to shareholders, though these actions may not have immediately translated to significant upward stock momentum during the period.
4. Analyst Sentiment Remained Neutral.
Analyst ratings reflected a cautious stance, with Weiss Ratings downgrading shares from a "hold (c)" to a "hold (c-)" in a July 15, 2026 research report. The consensus rating for the stock remained a "Hold." This lack of strong positive re-rating or upgrades likely contributed to the stock's tendency to remain largely at its prevailing level during the period, as there were no new strong catalysts for a breakout.
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Stock Movement Drivers
Fundamental Drivers
The 1.1% change in WFCF stock from 4/30/2026 to 8/22/2026 was primarily driven by a 4.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.36 | 12.50 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 25 | 0.6% |
| Net Income Margin (%) | 6.2% | 5.8% | -6.3% |
| P/E Multiple | 42.1 | 43.3 | 2.8% |
| Shares Outstanding (Mil) | 5 | 5 | 4.3% |
| Cumulative Contribution | 1.1% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| WFCF | 1.1% | |
| Market (SPY) | 6.5% | 8.2% |
| Sector (XLI) | 3.2% | 10.1% |
Fundamental Drivers
The 12.6% change in WFCF stock from 1/31/2026 to 8/22/2026 was primarily driven by a 99.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.10 | 12.50 | 12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -1.9% |
| Net Income Margin (%) | 10.6% | 5.8% | -45.3% |
| P/E Multiple | 21.7 | 43.3 | 99.4% |
| Shares Outstanding (Mil) | 5 | 5 | 5.3% |
| Cumulative Contribution | 12.6% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| WFCF | 12.6% | |
| Market (SPY) | 11.0% | 5.2% |
| Sector (XLI) | 9.3% | 8.8% |
Fundamental Drivers
The 10.4% change in WFCF stock from 7/31/2025 to 8/22/2026 was primarily driven by a 44.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.32 | 12.50 | 10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 25 | -1.6% |
| Net Income Margin (%) | 7.8% | 5.8% | -25.4% |
| P/E Multiple | 29.9 | 43.3 | 44.8% |
| Shares Outstanding (Mil) | 5 | 5 | 3.9% |
| Cumulative Contribution | 10.4% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| WFCF | 10.4% | |
| Market (SPY) | 22.2% | 9.5% |
| Sector (XLI) | 19.8% | 9.9% |
Fundamental Drivers
The -10.8% change in WFCF stock from 7/31/2023 to 8/22/2026 was primarily driven by a -14.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.01 | 12.50 | -10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24 | 25 | 4.5% |
| Net Income Margin (%) | 6.8% | 5.8% | -14.4% |
| P/E Multiple | 49.6 | 43.3 | -12.7% |
| Shares Outstanding (Mil) | 6 | 5 | 14.2% |
| Cumulative Contribution | -10.8% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| WFCF | -10.8% | |
| Market (SPY) | 73.2% | 7.4% |
| Sector (XLI) | 70.0% | 10.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WFCF Return | 719% | -4% | -3% | -2% | -13% | 16% | 651% |
| Peers Return | 36% | 1% | 24% | 12% | -16% | 966% | 1609% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| WFCF Win Rate | 42% | 50% | 50% | 58% | 42% | 50% | |
| Peers Win Rate | 52% | 32% | 50% | 40% | 30% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WFCF Max Drawdown | -37% | -45% | -12% | -29% | -31% | -49% | |
| Peers Max Drawdown | -10% | -19% | -13% | -15% | -28% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UHAL, CBZ, LIME, CTAS, TRI.
[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 8/21/2026 (YTD)
How Low Can It Go
| Event | WFCF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.3% | -18.8% |
| % Gain to Breakeven | 32.1% | 23.1% |
| Time to Breakeven | 112 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.9% | -24.5% |
| % Gain to Breakeven | 72.0% | 32.4% |
| Time to Breakeven | 84 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 32.9% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.9% | -17.9% |
| % Gain to Breakeven | 53.5% | 21.8% |
| Time to Breakeven | 10 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -19.2% | -15.4% |
| % Gain to Breakeven | 23.8% | 18.2% |
| Time to Breakeven | 1 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.9% | -53.4% |
| % Gain to Breakeven | 75.0% | 114.4% |
| Time to Breakeven | 1 days | 1085 days |
In The Past
Where Food Comes From's stock fell -24.3% during the 2025 US Tariff Shock. Such a loss loss requires a 32.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WFCF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.3% | -18.8% |
| % Gain to Breakeven | 32.1% | 23.1% |
| Time to Breakeven | 112 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.9% | -24.5% |
| % Gain to Breakeven | 72.0% | 32.4% |
| Time to Breakeven | 84 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 32.9% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.9% | -17.9% |
| % Gain to Breakeven | 53.5% | 21.8% |
| Time to Breakeven | 10 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.9% | -53.4% |
| % Gain to Breakeven | 75.0% | 114.4% |
| Time to Breakeven | 1 days | 1085 days |
In The Past
Where Food Comes From's stock fell -24.3% during the 2025 US Tariff Shock. Such a loss loss requires a 32.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Where Food Comes From (WFCF)
Where Food Comes From, Inc. (WFCF) is a company that provides critical verification and certification services for the agriculture, livestock, and broader food industries across the United States. Essentially, WFCF acts as a trusted third party, conducting thorough on-site and desk audits to ensure that claims made about food products—whether related to their origin, production methods, or other attributes—are accurate and verifiable. This helps to build transparency and trust throughout the food supply chain for both businesses and consumers.
The company's main services fall into two categories: verification and certification, and software solutions. Under verification, they offer various programs, including their prominent "Where Food Comes From Source Verified" labeling program, which directly connects consumers to detailed information about the food they purchase through product labels and online resources. They also provide sustainability programs and compliance management. On the software side, WFCF offers software-as-a-service (SaaS) for managing compliance, along with related consulting, maintenance, support, and web-hosting services.
WFCF's primary customer base includes significant players in the food sector. This encompasses major beef and pork packers, a wide array of organic producers and processors, and specialty retail chains. By serving these businesses, Where Food Comes From helps them to meet industry standards, satisfy consumer demand for transparent sourcing, and differentiate their products in the marketplace.
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.
AI Analysis | Feedback
AI Analysis | Feedback
John Saunders, CEO & Chairman of the Board
John Saunders co-founded Where Food Comes From, Inc. (formerly IMI Global, Inc.) in 1995, foreseeing the vital role of information technology and verification in the agriculture and food industries. Prior to founding the company, he gained business development and entrepreneurship experience as the operations manager of two student-run businesses while attending Yale University.
Leann Saunders, President & COO
Leann Saunders is a co-founder of Where Food Comes From, Inc., which she established in 1995 alongside her husband, John. Before co-founding the company, she worked for PM Beef Holdings, where she developed the first-ever USDA Process Verified program for beef in the United States. Her career also includes roles at McDonald's Corporation and Hudson Foods Corporation.
Dannette Henning, Chief Financial Officer
Dannette Henning is a Certified Public Accountant (CPA) with over 15 years of professional experience, specializing in SEC and financial reporting, due diligence, debt and equity financing transactions, consolidations, integrations, and process improvement. Before joining IMI Global (a subsidiary of Where Food Comes From) in March 2008, she served as a controller with Einstein Noah Restaurant Group for more than three years. Her previous experience includes positions as assistant controller at Sirenza Microdevices, audit services with KPMG Peat Marwick, accounting manager at DF&R Restaurant Company, and senior accountant at CSI/CDC Company.
Jason Franco, Chief Technology Officer
Jason Franco has served as the Chief Technology Officer since August 2021, having previously held the position of Senior Vice President of Technology. He founded his own technology company, JVF Consulting, in 2004, which was subsequently acquired by Where Food Comes From in September 2018. Earlier in his career, he worked as a Technical Application Consultant and Integration Specialist with PeopleSoft/Oracle from 2000 to 2004, and began as a software developer specializing in traceability applications at John Deere Special Technologies Group in 1998.
Jay Pfeiffer, Manager of Investor Relations
Jay Pfeiffer serves as the Manager of Investor Relations for Where Food Comes From.
AI Analysis | Feedback
The key risks to Where Food Comes From (WFCF) primarily stem from its reliance on cyclical agricultural industries, the dynamic regulatory environment, and broader economic pressures.
- Cattle-Cycle Contraction and Industry Cyclicality: A significant portion of Where Food Comes From's revenue is derived from beef-related verification services. The company experienced a decline in 2025 revenue and net income due to tight U.S. cattle supplies and industry cyclicality, which led to reduced customer activity in its core beef-related business. This indicates a strong vulnerability to the fluctuating conditions within the livestock industry.
- Evolving Regulations and ESG Expectations: As a provider of verification and certification solutions, Where Food Comes From operates within a regulatory landscape that is subject to change. Management has identified evolving regulations and environmental, social, and governance (ESG) expectations as ongoing risks. Changes in these standards or the introduction of new compliance requirements could impact the demand for their services or necessitate significant adaptations to their offerings.
- Inflation and Rising Operating Costs: Where Food Comes From's gross profit and net income in 2025 were negatively affected by inflation, including higher tag costs and rising wages and benefits. These increasing operational costs can exert pressure on the company's profitability, especially if they cannot be fully offset by price adjustments or increased operational efficiencies.
AI Analysis | Feedback
AI Analysis | Feedback
The addressable markets for Where Food Comes From (WFCF) main products and services are sizable, primarily within the food, agriculture, and livestock industries.
Food Verification and Certification Solutions
The global food certification market was valued at approximately USD 11.18 billion in 2024 and is projected to grow to about USD 29.77 billion by 2034, with a compound annual growth rate (CAGR) of 10.29% from 2025 to 2034. North America held a significant share of this market in 2024. More specifically, the global food safety audit and certification services market was valued at USD 4.72 billion in 2025 and is projected to reach USD 6.93 billion by 2034, growing at a CAGR of 5.7%.
Food Traceability Solutions
The global food traceability market was valued at USD 13 billion in 2024 and is projected to grow from USD 15 billion in 2025 to USD 45 billion by 2034, exhibiting a CAGR of 13% from 2025 to 2034. In North America, the food traceability market accounted for USD 4.9 billion in 2024. The U.S. market alone is valued at USD 11.08 billion by 2026.
Sustainability Programs and Compliance Management Software
The global sustainability certification market, which includes the agriculture and food sector as a leading end-user, was valued at approximately USD 3.1 billion in 2024 and is expected to reach USD 4.97 billion by 2032, growing at a CAGR of 6.10%. North America dominates this market with the largest revenue share of 33.7% in 2024.
For farm management software, which supports compliance and efficient agricultural practices, the United States market size reached USD 691 million in 2024 and is expected to reach USD 1.751 billion by 2033, demonstrating a CAGR of 10.9% during 2025-2033. The global farm management software market was estimated at USD 4.18 billion in 2024 and is projected to reach USD 10.58 billion by 2030, with a CAGR of 17.3% from 2025 to 2030.
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AI Analysis | Feedback
Share Repurchases
- The company repurchased 183,016 shares in 2025, bringing total buybacks since the plan's inception to 1,374,652 shares at an aggregate cost of approximately $15.2 million.
- In 2024, WFCF repurchased 273,057 shares for $3,269,755, reducing the total outstanding shares.
- Management has indicated an expectation to continue repurchasing stock in 2026, reflecting confidence in the company's valuation.
Share Issuance
- Where Food Comes From has registered 500,000 shares of common stock for potential issuance under its 2026 Equity Incentive Plan.
- Insider transactions in November 2025 included directors and the CFO receiving stock awards (grants of 500 and 863 shares, respectively) at a reported price of $0 per share.
Outbound Investments
- In July 2025, the company sold its 10% interest in Progressive Beef, LLC, for $1.8 million in cash. This transaction also resulted in the return of 12,585 shares of WFCF common stock and generated a $0.8 million gain on the sale of the investment.
Capital Expenditures
- For the full year 2025, capital expenditures amounted to $155,000, primarily for funding long-term assets and infrastructure.
- In the fourth quarter of 2025, capital expenditures were $34,000, which represented a decrease of 41.4% from the prior quarter.
Peer Outperformance in Diversified Support Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| WFCF | Where Food Comes From | 0.4% | 43.3x | 8.9% | -10.5% | -7.0% | — |
| SAIC | Science Applications International | -1.9% | 13.8x | 9.0% | 13.2% | 63.7% | +71pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 25.2% | 124.1% | 212.2% | CDNL 3246% · STRL 2222% · FIX 2131% |
| Marine Transportation | 4 | 57.9% | 63.7% | 157.4% | MATX 216% · KEX 161% · SFL 154% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 66.1% | 122.9% | CAT 331% · ALSN 288% · WAB 250% |
| Aerospace & Defense | 55 | 11.1% | 64.4% | 80.5% | DFNS 2451% · ATI 1049% · FTAI 981% |
| Passenger Ground Transportation | 3 | -5.7% | 63.0% | 69.8% | UBER 92% · CAR 70% · LYFT -63% |
| Industrial Machinery & Supplies & Components | 71 | 11.5% | 54.1% | 52.8% | CRS 1464% · PSIX 846% · GHM 746% |
| Rail Transportation | 7 | 38.3% | 73.7% | 47.8% | FSTR 119% · CSX 63% · UNP 54% |
| Cargo Ground Transportation | 16 | 35.7% | 14.2% | 45.8% | XPO 275% · R 270% · CVLG 222% |
| Trading Companies & Distributors | 18 | 2.2% | 36.1% | 42.3% | DXPE 524% · AIT 305% · URI 238% |
| Diversified Support Services ← | 34 | 8.9% | 35.0% | 36.3% | LIME 4674% · TH 422% · WLFC 348% |
| Electrical Components & Equipment | 40 | 26.1% | 45.5% | 34.9% | POWL 2415% · BE 869% · VRT 864% |
| Building Products | 33 | -8.8% | 13.6% | 29.1% | LMB 434% · GFF 422% · PPIH 292% |
| Industrial Conglomerates | 17 | 15.8% | 24.1% | 7.1% | RCMT 755% · CSW 151% · TTI 149% |
| Environmental & Facilities Services | 28 | -8.3% | 17.9% | 4.7% | CECO 888% · ADUR 661% · GEO 327% |
| Office Services & Supplies | 10 | 14.0% | 24.2% | 4.0% | TILE 192% · PBI 166% · EBF 55% |
| Research & Consulting Services | 13 | -7.2% | -18.7% | -4.2% | HURN 227% · CRAI 95% · GRNQ 18% |
| Agricultural & Farm Machinery | 17 | -1.2% | -6.2% | -15.7% | BLBD 202% · DE 91% · GENC 67% |
| Data Processing & Outsourced Services | 6 | -30.4% | -9.6% | -25.0% | EXLS 56% · BR 15% · G -23% |
| Passenger Airlines | 11 | 5.9% | -5.9% | -26.7% | LTM 2282% · UAL 149% · SKYW 144% |
| Human Resource & Employment Services | 20 | 4.5% | -19.0% | -35.2% | BBSI 88% · ADP 48% · KFY 35% |
| Air Freight & Logistics | 12 | -16.2% | -24.2% | -37.3% | CHRW 78% · FDX 68% · EXPD 61% |
| Security & Alarm Services | 10 | -36.2% | -18.0% | -43.5% | CIX 112% · MG 91% · BCO 52% |
| Airport Services | 3 | -69.1% | -72.2% | -59.7% | JOBY -27% · ASLE -60% · UP -100% |
Latest Trefis Analyses
| 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 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.03 |
| Mkt Cap | 8.6 |
| Rev LTM | 4,428 |
| Op Inc LTM | 320 |
| FCF LTM | 138 |
| FCF 3Y Avg | 170 |
| CFO LTM | 1,058 |
| CFO 3Y Avg | 1,622 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 0.4% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | 7.3% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 16.9% |
| CFO/Rev 3Y Avg | 20.9% |
| FCF/Rev LTM | 7.0% |
| FCF/Rev 3Y Avg | 8.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 20 | 21 | 23 | 22 | 20 |
| Product sales | 4 | 4 | |||
| Professional services | 1 | 1 | 2 | ||
| Eliminations and Other | 0 | 0 | |||
| Consulting Segment | 3 | 2 | |||
| Total | 25 | 26 | 25 | 25 | 22 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 3 | 3 | 3 | 2 | 2 |
| Professional services | 0 | -0 | |||
| Eliminations and Other | -1 | -1 | 0 | ||
| Consulting Segment | 0 | 0 | -0 | ||
| Total | 2 | 3 | 3 | 2 | 2 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Verification and certification service revenue | 3 | 4 | 3 | 3 | 2 |
| Professional services | 0 | -0 | |||
| Eliminations and Other | -1 | -2 | -1 | -1 | -0 |
| Consulting Segment | 0 | 0 | -0 | ||
| Total | 2 | 2 | 2 | 3 | 1 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Eliminations and Other | 12 | 7 | 2 | -1 | -4 |
| Professional services | 4 | 4 | |||
| Verification and certification service revenue | -1 | 5 | 12 | 16 | 20 |
| Consulting Segment | 4 | 5 | 4 | ||
| Total | 15 | 16 | 18 | 20 | 19 |
Price Behavior
| Market Price | $12.50 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -31.1% | |
| 50 Days | 200 Days | |
| DMA Price | $12.16 | $12.20 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 2.8% | 2.5% |
| 3M | 1YR | |
| Volatility | 76.1% | 86.7% |
| Downside Capture | -28.55 | 10.75 |
| Upside Capture | -40.03 | 18.72 |
| Correlation (SPY) | -6.6% | 9.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.76 | -0.41 | 1.08 | 0.49 | 0.63 | 0.28 |
| Up Beta | 0.39 | -0.08 | 5.05 | 1.97 | 1.41 | 0.23 |
| Down Beta | 2.13 | 1.10 | 1.64 | 0.57 | 0.90 | 0.22 |
| Up Capture | -224% | -85% | -33% | -3% | 18% | 8% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 6 | 17 | 26 | 54 | 96 | 313 |
| Down Capture | -154% | -132% | -41% | -28% | 28% | 67% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 21 | 32 | 55 | 109 | 350 |
[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 | 9.9% | 90.2% | 0.50 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 9.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 9.5% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 11.1% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -11.0% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 15.0% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 7.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WFCF | |
|---|---|---|---|---|
| WFCF | -2.6% | 58.3% | 0.16 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 11.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 8.7% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 5.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -1.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 10.8% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 1.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WFCF | |
|---|---|---|---|---|
| WFCF | -6.1% | 59.1% | 0.04 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 14.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 12.2% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.8% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 2.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 13.4% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 2.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -3.4% | -4.9% | |
| 5/15/2026 | -12.6% | 22.4% | 9.8% |
| 2/27/2026 | -0.2% | -3.5% | 6.6% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 0.2% | 1.4% | 6.6% |
| Median Negative | -1.9% | -4.9% | -4.1% |
| Max Positive | 4.5% | 28.0% | 41.4% |
| Max Negative | -12.6% | -8.2% | -13.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -3.4% | -4.9% | |
| 5/15/2026 | -12.6% | 22.4% | 9.8% |
| 2/27/2026 | -0.2% | -3.5% | 6.6% |
| 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% |
| 11/13/2023 | 0.4% | -1.5% | -1.8% |
| 8/14/2023 | -2.0% | -4.7% | -4.1% |
| 5/17/2023 | 0.2% | 4.3% | 2.2% |
| 2/27/2023 | 0.0% | 0.0% | -1.8% |
| 11/17/2022 | 0.6% | 28.0% | 35.1% |
| 8/12/2022 | 4.5% | -6.8% | -12.3% |
| 5/13/2022 | 1.1% | 6.0% | -1.4% |
| 2/28/2022 | -1.9% | -7.3% | -13.5% |
| 11/8/2021 | -8.8% | 4.8% | 41.4% |
| 8/9/2021 | -1.4% | -1.8% | -11.2% |
| 5/11/2021 | 0.0% | -5.2% | 4.7% |
| 2/22/2021 | 0.0% | 0.0% | 0.0% |
| 11/10/2020 | 0.0% | 0.0% | 0.0% |
| 8/17/2020 | 0.0% | 0.0% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 0.2% | 1.4% | 6.6% |
| Median Negative | -1.9% | -4.9% | -4.1% |
| Max Positive | 4.5% | 28.0% | 41.4% |
| Max Negative | -12.6% | -8.2% | -13.5% |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.