Where Food Comes From Inc (NAS:WFCF)
^[1]	Significantly Overvalued^[5]	$ 14.10
Software - Software - Application
Market Cap: $ 86 Mil
Where Food Comes From Inc provides third-party verification of food production practices in North America. It conducts both on-site & desk audits to verify that claims being made about livestock, crops & other food products are accurate.

Valuation Rank
Score: 8 /10	Current	Industry Median	Historical Median
PE Ratio	31.34	29.07	58.98
Forward P/E	N/A	27.09	N/A
PB Ratio	6.45	3.45	7.03
PS Ratio	4.01	3.57	4.21
P/FCF	28.26	26.91	59.06
Shiller P/E	93.24	38.51	103.5
PEG Ratio	1.14	1.86	1.24

Valuation Analysis
		% of Price
NCAV	0.32	2
Tangible Book	1.27	9
Graham Number	3.58	25
DCF (Earnings Based)	6.64	47
Peter Lynch Value	11.25	80
Price	14.1012
Median PS Value	15.84	112
DCF (FCF Based)	16.92	120

Dividend & Ownership
Dividend Yield(ttm) %	N/A
Dividend Yield(forward) %	N/A
Payout	N/A
Dividend Growth(5y) %	N/A
Yield on Cost(5y) %	N/A
Continuous Div. since	N/A
Insider Ownership %	67.09
Institution Ownership %	6.93

Financial Strength

Score: 7 /10

Current

Industry Median

Historical Median

Cash-to-Debt

1.67

3.68

3.95

Equity-to-Asset

0.65

0.58

0.67

Interest Coverage

236.11

35.01

85.39

Piotroski F-Score

Profitability Rank

Score: 8 /10

Current

Industry Median

Historical Median

Operating Margin %

9.80

3.90

6.47

Net Margin %

12.75

2.41

4.82

ROE %

21.36

3.94

8.05

ROA %

13.80

1.49

6.14

ROC (Joel Greenblatt) %

70.33

16.17

46.27

Growth (Per Share)

10 Yr

5 Yr

1 Yr

Revenue Growth (%)

18.9

14.9

8.4

EBITDA Growth (%)

19.6

27.6

45.7

Oprt. Income Growth (%)

12.8

27.4

13.1

EPS w/o NRI Growth (%)

N/A

104.5

Free Cash Flow Growth (%)

16.9

29.2

41.8

Book Value Growth (%)

33.5

11.1

9.3

Quarterly

	Sep20	Dec20	Mar21	Jun21	Sep21
Revenue	6	6	4	5	7
Net Income	1	1	1	0	1
EPS	0.12	0.09	0.19	0.03	0.14
Revenue (YoY) %	-0.56	-2.6	13.5	16.42	5.62
Net Income (YoY) %	34.94	-7	-577.18	-42.45	18.77
EPS (YoY) %	50	12.5	-575	-50	16.67
Free Cash Flow	0	0	1	0	1
Cash & Equiv.	5	4	5	5	6
Current Assets	8	7	8	9	9
Short-Term Debt & CLO	1	1	0	0	0
Current Liabilities	4	3	3	4	4
Total Liabilities	8	7	6	7	7
Stockholders Equity	12	12	13	13	13

Warning Signs

SEVERE	Gross Margin %: Declined
SEVERE	Asset Growth: faster than revenue growth

Good Signs

GOOD	Altman Z-Score: Strong
GOOD	Piotroski F-Score: High

As of 01-23-2022

* All financial numbers are in millions except for per share data, ratios and percentage change.

	Gain %	SP500 %
1W	-7.84	-5.75
1M	-7.41	-5.42
3M	8.93	-3.10
6M	-4.74	1.47
YTD	-2.81	-7.79
1Y	4.79	15.50
3Y	23.31	19.94
5Y	12.58	16.09
10Y	24.14	14.91

16.05

7.41

1.24

22796

11398

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Current

Performance

1.8

6.32

12.96

14.72

13.8

8.4

14.25

16.5

Highest Stock Price

0.56

1.24

3.28

7.4

7.2

7.56

7.52

7.08

5.6

5.44

9.81

Lowest Stock Price

Market Cap

5.3

5.4

5.5

5.9

6.2

6.3

6.2

Shares Outstanding-Diluted

7.75

26.25

At Loss

290

120

101

296

66.33

31.27

63.64

31.34

PE Ratio

5.46

9.81

12.05

11.08

8.46

5.28

7.55

4.61

3.59

6.87

6.45

PB Ratio

1.54

4.33

7.55

7.74

5.54

4.17

4.76

2.79

2.07

4.34

4.01

PS Ratio

7.48

36.06

302.78

115.4

50.58

51.59

73.35

25.07

16.93

30.06

20.1

EV-to-EBITDA

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

TTM

Per Share Data

0.81

0.97

1.06

1.5

1.73

1.94

2.49

2.85

3.32

3.23

3.51

Revenue per Share

0.16

-0.01

0.04

0.08

0.04

0.12

0.22

0.45

Earnings per Share

0.14

0.05

0.03

0.08

0.14

0.09

0.13

0.4

0.32

0.5

Free Cash Flow per Share

Dividends per Share

0.23

0.27

0.14

0.51

0.63

0.42

0.5

0.61

0.93

1.08

1.27

Tangible Book per Share

1.26

1.53

3.69

4.78

5.35

10.77

12.36

14.44

14.08

15.84

Median PS Value

0.9

0.99

0.68

1.06

0.87

0.67

1.28

2.14

2.31

3.58

Graham Number

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

TTM

Income Statement

4.2

5.3

5.8

8.8

10.4

11.6

15.4

17.8

20.8

20.1

21.7

Revenue

2.3

2.8

2.7

3.8

4.9

5.4

6.8

7.7

9.1

8.9

9.3

Gross Profit

55.5

53.8

46.7

42.9

46.7

46.6

44.2

43.5

43.7

44.5

42.7

Gross Margin %

1.7

2.3

2.7

3.4

4.1

4.8

6.7

6.9

7.5

7.2

7.1

Total Operating Expense

0.7

0.5

0.3

0.8

0.6

0.1

0.9

1.6

1.7

2.1

Operating Income

9.3

0.5

3.9

7.7

5.5

0.5

4.9

7.5

8.4

9.8

Operating Margin %

0.9

-0

0.2

0.5

0.4

0.1

0.8

1.3

1.4

2.8

Net Income

20.4

16.5

-0.6

2.6

5.1

3.7

0.9

4.5

6.5

6.9

12.8

Net Margin %

0.7

0.5

0.3

0.8

0.6

0.1

1.5

1.9

3.3

EBIT

0.7

0.6

0.1

0.6

1.1

0.9

1.9

2.6

2.9

4.2

EBITDA

113.9

50.5

-1.1

4.6

8.3

5.4

1.5

7.8

11.8

11.4

21.4

ROE %

63.9

33.7

-0.7

3.3

6.5

4.1

1.1

5.8

8.2

7.4

13.8

ROA %

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Sep21

Balance Sheet

1.4

1.1

2.6

3.5

2.5

2.7

1.5

2.6

4.4

5.6

Cash & Equivalents

0.2

0.4

0.7

1.1

1.3

1.9

2.2

2.5

2.3

Total Receivables

1.8

3.4

5.8

7.9

8.5

12.9

13.3

14.5

18.2

19.4

20.5

Total Assets

0.2

0.7

0.3

Short-Term Debt & CLO

0.4

0.2

0.4

3.5

3.9

3.1

Long-Term Debt & CLO

0.6

0.8

1.7

3.5

3.7

6.3

7.2

Total Liabilities

1.2

2.3

3.8

6.2

6.7

9.4

9.7

10.8

11.9

12.5

13.3

Total Stockholders Equity

1.2

2.6

4.1

6.2

6.7

9.4

9.7

10.8

11.9

12.5

13.3

Total Equity

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

TTM

Cashflow Statement

0.7

0.3

0.2

0.6

0.9

0.7

1.2

2.9

2.5

3.3

Cash Flow from Operations

-0.3

-0.6

-0.5

-0

-1.7

-0.2

-2

-1.1

-0.7

-0.2

Cash Flow from Investing

-0.1

-0

-0.2

-0.3

-0.2

-0.4

-0.6

-1

-1.2

Repurchase of Stock

0.1

-0

-0.2

-0

Net Issuance of Debt

0.1

1.4

0.1

-0.3

-0.2

-0.4

-0.6

-2.1

Cash Flow from Financing

0.5

0.4

-0.3

1.5

0.9

-1

0.2

-1.2

1.2

1.7

Net Change in Cash

-0

-0.1

-0

-0.1

-0

-0.4

-0.1

-0.4

-0.5

-0.2

Capital Expenditure

0.7

0.3

0.2

0.5

0.8

0.5

0.6

0.8

2.5

3.1

Free Cash Flow

Competitor
Ticker	Company	Financial Strength	Profitability Rank	Market Cap ($M)	PE Ratio	PS Ratio	Net Margin %	ROA %	ROE %
NAS:WFCF	Where Food Comes From Inc	7	8	86	31.34	4.01	12.75	13.80	21.36
NAS:VERB	Verb Technology Co Inc	2	0	84	At Loss	6.46	-415.73	-107.91	-248.92
NAS:MNDO	MIND C.T.I. Ltd	7	8	64	11.46	2.48	22.20	18.17	27.19
NAS:FTFT	Future FinTech Group Inc	7	4	57	At Loss	3.84	-264.02	-67.39	-76.85
OTCPK:OBTX	Everything Blockchain Inc	7	1	56	16.28	4.72	53.77	74.82	83.56

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Financial Strength^[2] (Quarterly data, as of Sep. 2021) : Good (7/10)

Cash-to-Debt : 1.67

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.

Equity-to-Asset : 0.65

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.

Debt-to-Equity : 0.25

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.

Piotroski F-Score : 8

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

WACC : 4.84% vs ROIC : 12.95%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.

Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Profitability^[3] (Annual data, as of Dec. 2020) : Good (8/10)

Revenue : $7 Mil vs Net Income : $1 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.

Cash & Equivalents : $6 Mil vs Long-Term Debt* : $3 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.

Operating Margin % : 17.39%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.

EPS without NRI : $0.14

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.

Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.

Free Cash Flow per Share : $0.22

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.

Valuation Chart (Current stock price : $14.1012)

PE Ratio without NRI : 30.00

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.

PB Ratio : 6.18

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.

PS Ratio : 3.84

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.

Price-to-Free-Cash-Flow : 27.05

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.

EV-to-EBIT : 24.17

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.

Historical Price and PE Band

Historical Price and PS Band

Historical Price and PB Band

Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.

Severe Warning Signs

Gross Margin % : Declined

Where Food Comes From Inc gross margin has been in long term decline. The average rate of decline per year is -1.3%.

Asset Growth : faster than revenue growth

If a company builds asset at 23.8% a year, faster than its revenue growth rate of 14.9% over the past 5 years, it means that the company may be getting less efficent.

Good Signs

Altman Z-Score : Strong

Altman Z-score of 9.4 is strong.

Piotroski F-Score : High

Piotroski F-Score is 8, indicating very healthy situation.

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Revenue per Share : Consistent growth

Where Food Comes From Inc has shown predictable revenue and earnings growth.

Operating Margin % : Expansion

Where Food Comes From Inc operating margin is expanding. Margin expansion is usually a good sign.

Medium Warning Signs

Price : Close to 10-year high

Where Food Comes From Inc stock Price is close to 10-year high

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Competitive Comparison

5 Year Price Change Comparison

Financial Strength

	Company	Financial Strength	Cash-to-Debt	Equity-to-Asset	Debt-to-Equity	Interest Coverage	Piotroski F-Score	Altman Z-Score	Beneish M-Score	WACC %	ROIC %
OTCPK:OBTX	Everything Blockchain Inc	7/10	2.76	0.95	0.03	N/A	4	31.81	660.67	7.73	83.20
NAS:FTFT	Future FinTech Group Inc	7/10	154.43	0.89	0.00	0.00	4	1.19	22.37	4.30	-122.33
NAS:MNDO	MIND C.T.I. Ltd	7/10	10.35	0.71	0.07	N/A	7	6.16	-2.72	5.81	38.04
NAS:WFCF	Where Food Comes From Inc	7/10	1.67	0.65	0.25	236.11	8	9.40	-2.87	4.84	12.95
NAS:NTWK	NETSOL Technologies Inc	6/10	2.23	0.65	0.23	2.67	6	1.82	-2.95	8.19	1.36
NAS:QUMU	Qumu Corp	4/10	17.97	0.44	0.06	0.00	4	-2.97	-3.15	12.37	-60.82
OTCPK:LAAB	Startech Labs Inc	3/10	0.00	0.00	-0.58	0.00	N/A	0.00	0.00	8.60	-23.33
OTCPK:MFON	Mobivity Holdings Corp	2/10	0.16	-0.21	-2.32	0.00	3	-17.60	-2.88	7.03	-94.78
NAS:VERB	Verb Technology Co Inc	2/10	0.92	0.40	0.28	0.00	2	-5.72	-4.03	11.32	-87.76
OTCPK:ABQQ	AB International Group Corp	0/10	2.75	0.81	0.01	0.00	1	0.23	-3.39	-1.21	-69.14

Profitability

	Company	Profitability Rank	Operating Margin %	Net Margin %	ROE %	ROA %	Price-to-Free-Cash-Flow	ROC (Joel Greenblatt) %	3-Year Revenue Growth %	3-Year EBITDA Growth %	3-Year EPS w/o NRI Growth %
NAS:MNDO	MIND C.T.I. Ltd	8/10	24.96	22.20	27.19	18.17	9.67	383.78	7.90	4.70	-2.40
NAS:WFCF	Where Food Comes From Inc	8/10	9.80	12.75	21.36	13.80	28.26	70.33	9.10	44.20	76.50
NAS:NTWK	NETSOL Technologies Inc	5/10	1.88	2.24	2.32	1.47	8.62	21.20	-4.30	-19.10	-26.60
NAS:FTFT	Future FinTech Group Inc	4/10	-142.16	-264.02	-76.85	-67.39	0.00	-1157.83	-83.10	66.10	64.80
OTCPK:MFON	Mobivity Holdings Corp	2/10	-51.34	-51.62	0.00	-68.10	0.00	-689.78	3.20	36.30	-100.00
NAS:QUMU	Qumu Corp	2/10	-68.40	-65.99	-124.38	-44.89	0.00	-2129.92	-10.90	2.30	17.60
OTCPK:OBTX	Everything Blockchain Inc	1/10	53.83	53.77	83.56	74.82	0.00	91.64	0.00	0.00	0.00
OTCPK:LAAB	Startech Labs Inc	1/10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-100.00	80.70
OTCPK:ABQQ	AB International Group Corp	0/10	-2779.31	-3110.34	-78.25	-67.06	0.00	-2102.52	-83.30	75.30	72.90
NAS:VERB	Verb Technology Co Inc	0/10	-352.30	-415.73	-248.92	-107.91	0.00	-1018.27	551.90	11.30	8.10

Valuation

	Company	PE Ratio	PB Ratio	PS Ratio	Price-to-Intrinsic-Value-Projected-FCF	Price-to-Intrinsic-Value-DCF (Earnings Based)	Price-to-Median-PS-Value	Price-to-Peter-Lynch-Fair-Value	Price-to-Graham-Number	Earnings Yield (Joel Greenblatt) %	Forward Rate of Return (Yacktman) %
OTCPK:ABQQ	AB International Group Corp	At Loss	1.43	7.50	0.00	0.00	0.00	0.00	0.00	-49.75	0.00
NAS:FTFT	Future FinTech Group Inc	At Loss	0.68	3.84	0.74	0.00	6.76	0.00	0.00	-769.23	-133.54
OTCPK:MFON	Mobivity Holdings Corp	At Loss	0.00	5.29	0.00	0.00	1.32	0.00	0.00	-8.75	0.00
NAS:QUMU	Qumu Corp	At Loss	2.05	1.19	0.00	0.00	0.00	0.00	0.00	-120.48	42.34
NAS:VERB	Verb Technology Co Inc	At Loss	5.51	6.46	0.00	0.00	0.00	0.00	0.00	-46.73	0.00
NAS:MNDO	MIND C.T.I. Ltd	11.46	2.92	2.48	0.91	0.00	1.09	0.00	1.55	13.18	10.86
OTCPK:OBTX	Everything Blockchain Inc	16.28	2.93	4.72	0.00	0.00	0.00	0.00	1.99	12.27	0.00
NAS:WFCF	Where Food Comes From Inc	31.34	6.45	4.01	2.99	2.12	0.89	1.25	3.94	3.95	21.85
NAS:NTWK	NETSOL Technologies Inc	35.91	0.84	0.81	0.56	0.00	0.85	0.00	1.33	10.20	3.99
OTCPK:LAAB	Startech Labs Inc	N/A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.45	0.00

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Peter Lynch Chart^[4]

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Per Share Data

Per Share Data
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
0.16	0.33	0.47	0.47	0.51	0.63	0.81	0.97	1.06	1.5	1.73	1.94	2.49	2.85	3.32	3.23	3.51	Revenue per Share
-0.16	-0.32	-0.14	0.06	-0.01	0.09	0.14	0.11	0.03	0.1	0.18	0.15	0.15	0.31	0.41	0.46	0.68	EBITDA per Share
-0.17	-0.33	-0.15	0.05	-0.02	0.07	0.13	0.09	0.01	0.06	0.13	0.11	0.02	0.16	0.24	0.3	0.54	EBIT per Share
-0.16	-0.32	-0.16	0.04	-0.04	0.08	0.16	0.16	-0.01	0.04	0.08	0.08	0.04	0.12	0.22	0.22	0.45	Earnings per Share (Diluted)
-0.16	-0.32	-0.16	0.04	-0.04	0.08	0.16	0.16	-0.01	0.04	0.08	0.08	0.04	0.12	0.22	0.22	0.45	EPS without NRI
-0.43	-0.58	-0.1	-0.04	-0.04	0.07	0.15	0.15	-0.02	0.03	0.08	0.11	0.1	0.12	0.42	0.32	0.61	Owner Earnings per Share (TTM)
-0.15	-0.25	-0.14	-0.1	-0	0.07	0.14	0.05	0.03	0.08	0.14	0.09	0.09	0.13	0.4	0.32	0.5	Free Cash Flow per Share
-0.15	-0.24	-0.13	-0.09	0.02	0.08	0.14	0.06	0.04	0.1	0.14	0.17	0.11	0.19	0.46	0.39	0.53	Operating Cash Flow per Share
0.12	0.05	0.03	0.03	0.04	0.1	0.24	0.26	0.19	0.44	0.64	0.52	0.56	0.28	0.46	0.72	0.93	Cash per Share
0.21	0.06	-0.02	0.03	0.01	0.07	0.23	0.43	0.66	1.05	1.14	1.53	1.57	1.73	1.91	2.04	2.19	Book Value per Share
0.13	-0.04	-0.11	0.03	0.01	0.07	0.23	0.27	0.14	0.51	0.63	0.42	0.5	0.61	0.93	1.08	1.27	Tangible Book per Share
0.08	0.11	0.14	0.06	0.07	0.07	0.09	0.08	0.04	0.01	0	0.03	0.04	0.07	0.61	0.75	0.56	Total Debt per Share
12.64	1.6	0.4	1.2	0.72	0.64	1.24	4.2	8	11.6	9.6	8.08	11.84	7.96	6.88	14	14.1	Month End Stock Price
Ratios
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
-170	-206	-879	435	-149	168	114	50.49	-1.12	4.59	8.25	5.36	1.49	7.84	11.84	11.35	21.36	ROE %
-2.87	-7.35	--	11.59	-1.45	17.83	20.86	5.15	-0.09	0.41	0.98	1.02	0.2	1.7	3.3	1.65	3.31	ROE % Adjusted to Book Value
-98.56	-106	-78.72	17.99	-22.52	43.21	63.86	33.65	-0.74	3.33	6.51	4.05	1.08	5.76	8.23	7.35	13.8	ROA %
-284	-556	--	Neg. E	-151	175	116	66.92	-3.07	12.05	15.86	13.81	5.03	23.31	28.12	22.4	38.7	Return-on-Tangible-Equity
-129	-158	-149	24.59	-22.55	43.68	64.43	40.23	-1.27	6.05	10.47	7.55	2.22	11.25	13.76	10.8	19.41	Return-on-Tangible-Asset
-1048	-3860	-1698	137	-46.83	202	258	121	4.7	42.91	105	61.47	6.96	49.62	37.69	34.93	70.33	ROC (Joel Greenblatt) %
-127	-140	-177	74.52	-27.25	66.73	58.93	22.26	0.7	5.58	10.69	6.65	0.84	8.17	10.57	11.69	20.26	ROCE %
-147	-167	-89.02	39.84	-46.94	192	337	82.99	0.52	4.33	10.95	6.12	-1.66	5.79	8.4	9.17	12.95	ROIC %
7.16	0.4	3.53	-3.19	8.92	11.25	15.33	12.92	8.73	12.65	16.89	15.18	13.19	9.94	7.07	6.41	4.84	WACC %
--	--	--	6.47	10.76	9.3	7.57	5.87	10.63	8.3	7.02	2	0.98	1.47	0.47	0.31	0.23	Effective Interest Rate on Debt %
44.26	49.22	58.02	55.35	50.58	54.96	55.47	53.79	46.67	42.93	46.71	46.6	44.15	43.5	43.7	44.47	42.7	Gross Margin %
-103	-100	-31.63	10.28	-4.47	10.96	15.99	9.28	0.47	3.94	7.65	5.46	0.53	4.91	7.47	8.4	9.8	Operating Margin %
-107	-101	-32.93	6.24	-5.75	10.02	20.41	16.54	-0.59	2.61	5.14	3.73	0.92	4.5	6.47	6.9	12.75	Net Margin %
-91.54	-75.84	-29.16	-21.22	-0.34	10.84	16.75	4.96	3.14	5.13	8.04	4.65	3.71	4.42	12.06	9.9	14.23	FCF Margin %
0.36	1.87	-7.35	1.8	9.71	0.97	0.39	0.19	0.06	0.01	0	0.02	0.02	0.04	0.32	0.37	0.25	Debt-to-Equity
0.64	0.27	-0.11	0.23	0.06	0.39	0.64	0.68	0.65	0.78	0.79	0.73	0.73	0.74	0.66	0.64	0.65	Equity-to-Asset
0.23	0.51	0.78	0.41	0.6	0.38	0.25	0.13	0.04	0	0	0.01	0.02	0.03	0.21	0.24	0.17	Debt-to-Asset
0.36	0.73	1.11	0.77	0.94	0.61	0.36	0.24	0.3	0.22	0.21	0.27	0.28	0.26	0.35	0.36	0.35	Liabilities-to-Assets
40.65	51.74	139	159	198	237	174	109	58.97	54.75	59.17	50.69	52.03	55.7	55.53	47.38	46.19	Gross-Profit-to-Asset %
0.92	1.05	2.39	2.88	3.92	4.32	3.13	2.04	1.26	1.28	1.27	1.09	1.18	1.28	1.27	1.07	1.08	Asset Turnover
58.86	49.65	29.42	49.59	45.54	23.79	19.36	20.95	33.4	34.65	36.69	38.57	38.32	42.07	41.47	45.66	37.77	Days Sales Outstanding
65.62	89.96	87.67	81.3	52.74	41.2	31	21.25	24.38	24.77	26.97	22.13	16.73	17.98	24.3	27.37	22.89	Days Payable
6.84	5.61	6.22	5.61	3.89	--	--	--	--	--	--	--	--	--	--	--	25.78	Days Inventory
0.08	-34.7	-52.03	-26.1	-3.31	-17.41	-11.64	-0.3	9.02	9.88	9.72	16.44	21.59	24.09	17.17	18.29	40.66	Cash Conversion Cycle
53.4	65.08	58.67	65.03	93.93	--	--	--	--	--	--	--	--	--	--	--	14.16	Inventory Turnover
0.56	0.51	0.42	0.45	0.49	0.45	0.45	0.46	0.53	0.57	0.53	0.53	0.56	0.57	0.56	0.56	0.57	COGS-to-Revenue
0.01	0.01	0.01	0.01	0.01	--	--	--	--	--	--	--	--	--	--	--	0.04	Inventory-to-Revenue
0.01	0.01	0.02	0.03	0.04	0.02	0	0.01	0.01	0.02	0	0.04	0.01	0.02	0.02	0.02	0.01	Capex-to-Revenue
--	--	--	0.29	--	0.21	0.02	0.15	1.3	0.41	0.03	0.7	1.02	0.42	0.24	0.28	0.11	Capex-to-Operating-Income

* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Financial Satement

Income Statement
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
0.96	1.54	2.31	2.4	2.66	3.28	4.23	5.26	5.8	8.77	10.4	11.62	15.45	17.8	20.77	20.08	21.68	Revenue
0.53	0.78	0.97	1.07	1.32	1.48	1.88	2.43	3.09	5	5.54	6.2	8.63	10.06	11.7	11.15	12.42	Cost of Goods Sold
0.42	0.76	1.34	1.33	1.35	1.8	2.35	2.83	2.71	3.76	4.86	5.41	6.82	7.74	9.08	8.93	9.26	Gross Profit
44.26	49.22	58.02	55.35	50.58	54.96	55.47	53.79	46.67	42.93	46.71	46.6	44.15	43.5	43.7	44.47	42.7	Gross Margin %
1.41	2.3	2.07	1.44	1.47	1.44	1.67	2.34	2.68	3.42	4.06	4.78	6.74	6.87	7.53	7.24	7.13	Selling, General, & Admin. Expense
--	--	-0	-0.36	-0	0	-0	--	--	-0	0	0	--	--	0	0	-0	Other Operating Expense
1.41	2.3	2.07	1.08	1.47	1.44	1.67	2.34	2.68	3.42	4.06	4.78	6.74	6.87	7.53	7.24	7.13	Total Operating Expense
-0.99	-1.54	-0.73	0.25	-0.12	0.36	0.68	0.49	0.03	0.35	0.8	0.63	0.08	0.88	1.55	1.69	2.13	Operating Income
-103	-100	-31.63	10.28	-4.47	10.96	15.99	9.28	0.47	3.94	7.65	5.46	0.53	4.91	7.47	8.4	9.8	Operating Margin %
--	--	--	-0.03	-0.04	-0.03	-0.03	-0.03	-0.03	-0.01	-0	-0	-0	-0.01	-0.01	-0.01	-0.01	Interest Expense
--	--	--	-0.03	-0.04	-0.03	-0.03	-0.03	-0.03	-0.01	-0	-0	-0	-0.01	-0.01	-0.01	-0.01	Net Interest Income
-0.04	-0.01	-0.03	0	0	0	-0.01	0.02	0	0	0	0.01	0.02	0.11	-0.06	0.17	1.19	Other Income (Expense)
-1.03	-1.56	-0.76	0.22	-0.15	0.33	0.64	0.48	-0.01	0.34	0.79	0.64	0.1	0.98	1.48	1.85	3.3	Pre-Tax Income
--	--	--	--	--	--	0.22	0.39	0	-0.14	-0.3	-0.24	-0.27	-0.31	-0.46	-0.46	-0.54	Tax Provision
--	--	--	--	--	--	-35	-81.12	40	41.72	37.53	37.05	280	31.4	31.02	25.01	16.32	Tax Rate %
-1.03	-1.56	-0.76	0.22	-0.15	0.33	0.86	0.87	-0	0.2	0.5	0.4	-0.17	0.68	1.02	1.39	2.76	Net Income (Continuing Operations)
--	--	--	-0.07	--	--	--	--	--	--	--	--	--	--	--	--	--	Net Income (Discontinued Operations)
--	--	--	--	--	--	--	-0	-0.03	0.03	0.04	0.03	0.31	0.13	0.32	--	--	Other Income (Minority Interest)
-1.03	-1.56	-0.76	0.15	-0.15	0.33	0.86	0.87	-0.03	0.23	0.53	0.43	0.14	0.8	1.35	1.39	2.76	Net Income
-107	-101	-32.93	6.24	-5.75	10.02	20.41	16.54	-0.59	2.61	5.14	3.73	0.92	4.5	6.47	6.9	12.75	Net Margin %
-0.16	-0.32	-0.16	0.04	-0.04	0.08	0.16	0.16	-0.01	0.04	0.08	0.08	0.04	0.12	0.22	0.23	0.45	EPS (Basic)
-0.16	-0.32	-0.16	0.04	-0.04	0.08	0.16	0.16	-0.01	0.04	0.08	0.08	0.04	0.12	0.22	0.22	0.45	EPS (Diluted)
5.83	4.72	4.88	5.17	5.22	5.22	5.25	5.42	5.47	5.85	5.99	5.99	6.21	6.25	6.26	6.22	6.16	Shares Outstanding (Diluted Average)
-0.99	-1.54	-0.73	0.25	-0.12	0.36	0.67	0.51	0.03	0.35	0.8	0.64	0.1	0.99	1.49	1.86	3.31	EBIT
0.04	0.04	0.03	0.05	0.06	0.08	0.08	0.09	0.12	0.23	0.26	0.27	0.85	0.94	1.1	1	0.86	Depreciation, Depletion and Amortization
-0.95	-1.51	-0.7	0.3	-0.06	0.44	0.75	0.6	0.15	0.57	1.05	0.91	0.95	1.93	2.59	2.86	4.17	EBITDA
Cashflow Statement
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
-1.03	-1.56	-0.76	0.15	-0.15	0.33	0.86	0.87	-0	0.2	0.5	0.4	-0.17	0.68	1.02	1.39	2.76	Net Income From Continuing Operations
0.04	0.04	0.03	0.05	0.06	0.08	0.08	0.09	0.12	0.23	0.26	0.27	0.85	0.94	1.1	1	0.86	Depreciation, Depletion and Amortization
-0.18	0.04	-0.03	-0.27	0.03	-0.02	-0.02	-0.11	-0.16	-0.3	-0.24	0.05	-0.57	-0.34	-0.34	-0.05	0.15	Change In Receivables
-0.01	-0	-0.01	0	0.01	--	--	--	--	--	--	--	--	--	--	--	--	Change In Inventory
0.06	-0.03	-0.01	0.01	-0.03	0.03	-0	-0.02	-0.06	-0.03	0.01	-0.05	-0.04	-0.19	-0.01	-0.14	0.43	Change In Prepaid Assets
0.17	0.03	0.05	-0.03	-0.06	-0.01	-0.02	-0.03	0.15	0.16	0.05	0.16	0.2	-0.03	0.67	-0.45	0.11	Change In Payables And Accrued Expense
0.05	-0.04	0.03	-0	--	0	-0	-0.1	0.01	0.03	-0.13	-0.23	0.32	-0.16	0.15	0.58	-0.23	Change In Other Working Capital
0.08	-0.01	0.04	-0.29	-0.05	0.01	-0.03	-0.26	-0.06	-0.14	-0.31	-0.07	-0.1	-0.72	0.48	-0.06	0.48	Change In Working Capital
--	--	--	--	--	--	-0.22	-0.39	-0	0.14	0.3	0.17	-0.13	-0.1	-0.1	-0.07	-0.1	Deferred Tax
--	--	--	--	0.03	0.01	0.01	0.03	0.07	0.09	0.12	0.12	0.17	0.16	0.16	0.12	0.27	Stock Based Compensation
--	--	--	--	--	--	0.01	0.01	0	0.01	0.01	0.01	0.02	0.09	0.23	0.05	0.05	Asset Impairment Charge
0.04	0.38	0.06	-0.35	0.22	0.01	0.02	-0.02	0.09	0.07	-0	0.09	0.01	0.11	-0.01	0.02	-1.01	Cash Flow from Others
-0.87	-1.15	-0.64	-0.44	0.1	0.43	0.72	0.34	0.22	0.59	0.86	0.99	0.66	1.15	2.88	2.45	3.31	Cash Flow from Operations
-0.01	-0.02	-0.03	-0.07	-0.11	-0.06	-0.01	-0.07	-0.04	-0.08	-0.03	-0.45	-0.08	-0.37	-0.37	-0.46	-0.22	Purchase Of Property, Plant, Equipment
--	--	--	0	0	--	--	0.01	--	--	--	0.01	--	--	--	--	--	Sale Of Property, Plant, Equipment
--	--	--	--	--	--	--	-0.22	-0.57	-0.35	--	-1.29	-0.15	-0.95	-1	-0.3	--	Purchase Of Business
--	--	--	0.8	--	--	--	--	--	--	--	--	--	--	--	--	--	Sale Of Business
--	--	--	--	--	--	-0.43	--	--	--	--	--	--	-0.9	--	--	--	Purchase Of Investment
--	--	--	--	--	--	0.13	0.3	--	--	--	--	--	0.25	0.25	--	--	Sale Of Investment
--	--	--	--	--	-0.02	--	--	--	-0.07	--	--	--	--	--	--	--	Net Intangibles Purchase And Sale
-0.15	--	--	-0	0	0	-0	-0.01	--	--	--	-0	-0.01	-0.01	0	0.03	--	Cash From Other Investing Activities
-0.16	-0.02	-0.03	0.73	-0.11	-0.08	-0.32	0.01	-0.6	-0.49	-0.03	-1.72	-0.24	-1.98	-1.12	-0.73	-0.22	Cash Flow from Investing
2.18	1.12	0.35	0.13	--	--	--	--	--	1.8	--	--	--	--	--	--	--	Issuance of Stock
--	-0.89	--	-0.02	-0	-0.03	-0.06	-0.01	-0.03	--	-0.18	-0.35	-0.2	-0.39	-0.56	-1.04	-1.22	Repurchase of Stock
0	0.06	0.21	0.04	0.09	0.03	0.4	0.04	--	--	--	--	--	--	--	1.05	0.02	Issuance of Debt
--	--	--	-0.46	-0.02	-0.06	-0.29	-0.08	-0.03	-0.17	-0.01	-0.03	-0.01	-0.02	-0.05	-0.01	-0.01	Payments of Debt
0	0.06	0.21	-0.42	0.07	-0.03	0.11	-0.05	-0.03	-0.17	-0.01	-0.03	-0.01	-0.02	-0.05	1.05	0.02	Net Issuance of Debt
-0.47	0.42	0.05	0	--	--	0	0.15	0.11	-0.22	0.3	0.07	0.01	--	--	0.01	-0.87	Other Financing
1.71	0.71	0.61	-0.31	0.07	-0.06	0.05	0.09	0.05	1.41	0.11	-0.31	-0.2	-0.4	-0.6	0.01	-2.07	Cash Flow from Financing
0.68	-0.45	-0.06	-0.02	0.06	0.3	0.46	0.43	-0.34	1.52	0.95	-1.04	0.22	-1.22	1.16	1.74	1.02	Net Change in Cash
-0.01	-0.02	-0.03	-0.07	-0.11	-0.08	-0.01	-0.07	-0.04	-0.14	-0.03	-0.45	-0.08	-0.37	-0.37	-0.46	-0.22	Capital Expenditure
-0.88	-1.17	-0.67	-0.51	-0.01	0.36	0.71	0.26	0.18	0.45	0.84	0.54	0.57	0.79	2.51	1.99	3.09	Free Cash Flow

* All financial numbers are in millions except for per share data, ratios and percentage change.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Financial Satement

Balance Sheet
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
0.69	0.23	0.17	0.15	0.21	0.51	0.97	1.4	1.07	2.58	3.53	2.49	2.71	1.48	2.64	4.37	5.64	Cash And Cash Equivalents
--	--	--	--	--	--	0.28	--	--	--	0.25	0.73	0.74	0.25	0.26	--	--	Marketable Securities
0.69	0.23	0.17	0.15	0.21	0.51	1.25	1.4	1.07	2.58	3.78	3.22	3.45	1.73	2.9	4.37	5.64	Cash, Cash Equivalents, Marketable Securities
0.24	0.18	0.19	0.46	0.21	0.22	0.23	0.38	0.68	0.98	1.11	1.35	1.9	2.21	2.52	2.51	2.33	Accounts Receivable
0.24	0.18	0.19	0.46	0.21	0.22	0.23	0.38	0.68	0.98	1.11	1.35	1.9	2.21	2.52	2.51	2.33	Total Receivables
0.01	0.01	0.02	0.01	--	--	--	--	--	--	--	--	--	--	--	--	0.87	Inventories, Other
0.01	0.01	0.02	0.01	--	--	--	--	--	--	--	--	--	--	--	--	0.87	Total Inventories
--	0.03	0.04	0.03	0.07	0.04	0.26	0.32	0.33	0.38	0.16	0.2	0.25	0.44	0.45	0.59	0.28	Other Current Assets
0.94	0.46	0.43	0.66	0.49	0.77	1.74	2.1	2.09	3.94	5.05	4.77	5.59	4.37	5.86	7.47	9.12	Total Current Assets
--	--	--	--	--	--	--	--	--	--	--	--	--	1.24	0.99	0.99	0.99	Investments And Advances
--	--	--	--	--	--	--	0	0	0	0	0	0	0	0	0	--	Land And Improvements
--	--	--	--	--	--	--	0.05	0.05	0.05	0.05	0.48	0.48	0.98	0.99	0.95	--	Buildings And Improvements
0.09	0.1	0.11	0.13	0.13	0.28	0.29	0.59	0.73	0.75	0.75	1.42	1.57	2.03	2.29	2.7	--	Machinery, Furniture, Equipment
0.01	0.01	0.04	0.06	0.13	--	--	0	--	--	--	0	-0	--	3.27	3.03	4.33	Other Gross PPE
0.1	0.12	0.15	0.19	0.26	0.28	0.29	0.65	0.78	0.8	0.8	1.9	2.05	3.02	6.55	6.69	4.33	Gross Property, Plant and Equipment
-0.07	-0.08	-0.1	-0.11	-0.13	-0.17	-0.23	-0.5	-0.53	-0.57	-0.64	-0.67	-0.98	-1.34	-1.74	-2.04	--	Accumulated Depreciation
0.03	0.03	0.05	0.08	0.13	0.12	0.06	0.15	0.25	0.23	0.16	1.23	1.07	1.68	4.81	4.65	4.33	Property, Plant and Equipment
0.49	0.47	0.45	0	0	0.02	0.01	0.84	3	3.18	3.03	6.87	6.59	6.98	6.17	5.87	5.6	Intangible Assets
0.42	0.42	0.42	--	--	--	--	0.53	1.28	1.28	1.28	2.65	2.65	3.14	2.95	2.95	2.95	Goodwill
0.47	0.05	0	0	-0	-0	0	0.28	0.48	0.58	0.25	0.01	0.09	0.2	0.4	0.46	0.48	Other Long Term Assets
0.99	0.55	0.5	0.08	0.13	0.13	0.07	1.26	3.73	3.99	3.43	8.11	7.75	10.09	12.38	11.97	11.39	Total Long-Term Assets
1.93	1	0.93	0.74	0.62	0.9	1.81	3.36	5.81	7.93	8.48	12.88	13.34	14.46	18.24	19.45	20.52	Total Assets
0.18	0.21	0.26	0.22	0.16	0.17	0.15	0.14	0.28	0.4	0.42	0.33	0.46	0.53	1.02	0.65	0.9	Accounts Payable
--	--	--	--	--	--	--	--	--	--	--	0.09	0.26	0.02	0.17	0.17	0.16	Total Tax Payable
--	--	--	--	--	--	--	--	--	--	--	-0	--	--	--	-0	--	Other Current Payables
0.01	0.01	0.04	0.05	0.05	0.03	0.04	0.06	0.06	0.07	0.09	0.37	0.23	0.4	0.44	0.4	1.09	Current Accrued Expense
0.19	0.22	0.3	0.27	0.21	0.21	0.19	0.19	0.33	0.47	0.51	0.79	0.94	0.95	1.64	1.22	2.14	Accounts Payable & Accrued Expense
0.1	0.16	0.42	--	0.01	0.01	0.03	0.02	0.03	0.01	0.01	--	0.01	0.01	--	0.46	--	Short-Term Debt
--	--	--	--	--	--	--	0.01	0	0	0.01	0	0.01	0.01	0.25	0.28	0.31	Short-Term Capital Lease Obligation
0.1	0.16	0.42	--	0.01	0.01	0.03	0.03	0.03	0.01	0.01	0	0.02	0.02	0.25	0.74	0.31	Short-Term Debt & Capital Lease Obligation
0.05	0.01	0.01	--	--	--	--	0.17	0.19	0.25	0.27	0.52	0.85	0.73	0.86	1.16	1.67	Current Deferred Revenue
0.05	0.01	0.01	--	--	--	--	0.17	0.19	0.25	0.27	0.55	0.92	0.73	0.86	1.16	1.67	DeferredTaxAndRevenue
--	-0	-0	--	0	--	--	--	-0	-0	0	-0	0	0	--	--	--	Other Current Liabilities
0.34	0.38	0.73	0.27	0.22	0.22	0.22	0.39	0.55	0.73	0.8	1.34	1.88	1.7	2.74	3.12	4.12	Total Current Liabilities
0.35	0.35	0.3	0.3	0.36	0.33	0.43	0.39	0.17	0.02	0.01	--	0.04	0.03	--	0.57	--	Long-Term Debt
--	--	--	--	--	--	--	0.02	0.01	0.01	0	0.17	0.17	0.4	3.55	3.29	3.07	Long-Term Capital Lease Obligation
0.35	0.35	0.3	0.3	0.36	0.33	0.43	0.41	0.18	0.02	0.01	0.17	0.22	0.43	3.55	3.86	3.07	Long-Term Debt & Capital Lease Obligation
0.36	1.87	-7.35	1.8	9.71	0.97	0.39	0.19	0.06	0.01	0	0.02	0.02	0.04	0.32	0.37	0.25	Debt-to-Equity
--	--	--	--	--	--	--	--	--	--	--	0.05	--	0.12	--	--	--	NonCurrent Deferred Liabilities
0	--	-0	-0	--	0	0	--	1.02	0.97	0.94	1.89	1.57	1.45	--	--	--	Other Long-Term Liabilities
0.35	0.35	0.3	0.3	0.36	0.33	0.43	0.41	1.2	1	0.95	2.11	1.79	2	3.55	3.86	3.07	Total Long-Term Liabilities
0.69	0.73	1.03	0.57	0.58	0.55	0.64	0.8	1.75	1.72	1.74	3.45	3.67	3.7	6.29	6.98	7.19	Total Liabilities
0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.01	0.01	0.01	Common Stock
-1.03	-2.59	-3.35	-3.2	-3.35	-3.02	-2.16	-1.29	-1.32	-1.09	-0.56	-0.13	0.02	0.82	2.16	3.55	4.85	Retained Earnings
--	--	--	--	--	--	-0.01	--	--	--	--	--	--	--	--	--	--	Accumulated other comprehensive income (loss)
2.24	4.32	4.71	3.36	3.39	3.4	3.42	3.67	5.22	7.43	7.45	10.05	10.35	11.03	11.45	11.61	11.88	Additional Paid-In Capital
--	-1.49	-1.49	-0.02	-0.02	-0.05	-0.11	-0.12	-0.15	-0.15	-0.18	-0.53	-0.73	-1.11	-1.67	-2.7	-3.42	Treasury Stock
0	0	0	0	0	0	0	0	0	-0	-0	--	0	0	-0	--	--	Other Stockholders Equity
1.24	0.27	-0.1	0.17	0.04	0.35	1.16	2.28	3.77	6.21	6.73	9.43	9.67	10.77	11.95	12.46	13.32	Total Stockholders Equity
--	--	--	--	--	--	--	0.29	0.3	--	--	--	--	--	--	--	--	Minority Interest
1.24	0.27	-0.1	0.17	0.04	0.35	1.16	2.57	4.07	6.21	6.73	9.43	9.67	10.77	11.95	12.46	13.32	Total Equity
0.64	0.27	-0.11	0.23	0.06	0.39	0.64	0.68	0.65	0.78	0.79	0.73	0.73	0.74	0.66	0.64	0.65	Equity-to-Asset

* All financial numbers are in millions except for per share data, ratios and percentage change.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Valuation Ratios

Valuation Ratios
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
At Loss	At Loss	At Loss	30	At Loss	8	7.75	26.25	At Loss	290	120	101	296	66.33	31.27	63.64	31.34	PE Ratio
At Loss	At Loss	At Loss	30	At Loss	8	7.75	26.25	At Loss	290	120	101	296	66.33	31.27	63.64	31.34	PE Ratio without NRI
--	--	--	--	--	9.28	8.21	28.97	--	414	119	71.5	115	66.89	16.58	43.89	23.19	Price-to-Owner-Earnings
59.34	28.07	--	37.5	103	9.41	5.46	9.81	12.05	11.08	8.46	5.28	7.55	4.61	3.59	6.87	6.45	PB Ratio
97.23	--	--	37.5	103	9.85	5.51	15.5	58.82	22.7	15.36	19.42	23.68	13.11	7.44	13	11.1	Price-to-Tangible-Book
--	--	--	--	--	9.41	9.19	87.5	242	151	69.06	89.78	129	63.17	17.16	43.75	28.26	Price-to-Free-Cash-Flow
--	--	--	--	36	7.71	9.05	67.74	200	115	66.67	48.97	112	43.03	14.99	35.53	26.41	Price-to-Operating-Cash-Flow
77.07	4.91	0.85	2.58	1.41	1.02	1.54	4.33	7.55	7.74	5.54	4.17	4.76	2.79	2.07	4.34	4.01	PS Ratio
--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.04	2.13	1.14	PEG Ratio
106	4.9	1.1	2.67	1.47	0.96	1.32	4.13	7.73	7.56	5.12	4.02	4.52	2.72	2.11	4.28	3.87	EV-to-Revenue
-106	-5.01	-3.64	21.73	-64.06	7.12	7.48	36.06	303	115	50.58	51.59	73.35	25.07	16.93	30.06	20.1	EV-to-EBITDA
-102	-4.89	-3.49	25.64	-33.12	8.74	8.31	42.73	1545	190	66.84	73.15	719	48.95	29.38	46.17	25.33	EV-to-EBIT
-0.98	-20.45	-28.65	3.9	-3.02	11.44	12.03	2.34	0.06	0.53	1.5	1.37	0.14	2.04	3.4	2.17	3.95	Earnings Yield (Joel Greenblatt) %
--	--	-256	-24	-14.44	-11.25	-1.29	0.57	0.4	--	--	--	--	--	22.39	21.28	21.85	Forward Rate of Return (Yacktman) %
--	--	--	--	--	--	--	--	--	--	--	225	164	97.8	62.73	117	93.24	Shiller PE Ratio
Valuation and Quality
Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	TTM	Fiscal Period
73.63	7.55	2	6.26	3.75	3.33	6.37	22.39	45.37	68.79	56.97	49.79	72.97	49.69	42.96	85.65	86.16	Market Cap
73.39	7.83	2.55	6.41	3.91	3.15	5.57	21.71	44.81	66.24	53.21	46.74	69.76	48.41	43.86	85.88	83.9	Enterprise Value
12.64	1.6	0.4	1.2	0.72	0.64	1.24	4.2	8	11.6	9.6	8.08	11.84	7.96	6.88	14	14.1	Month End Stock Price
--	-0.11	-0.17	-0.08	-0.07	-0.01	0.12	0.06	-0.17	0.15	0.34	-0.04	-0.04	-0.32	-0.54	-0.43	-0.25	Net Cash per Share
0.04	-0.06	-0.12	0.02	-0.02	0.04	0.21	0.19	0.01	0.37	0.56	0.21	0.31	0.11	-0.07	0.08	0.32	Net Current Asset Value
0.03	-0.08	-0.14	-0.01	-0.04	0.03	0.15	0.11	-0.08	0.27	0.48	0.13	0.2	-0.05	-0.24	-0.12	0.1	Net-Net Working Capital
--	0.51	-1.37	-1.98	-1.84	-0.42	-0.38	0.23	0.89	1.64	2	2.46	2.36	2.63	3.72	4.19	4.72	Intrinsic Value: Projected FCF
--	--	--	--	0.8	0.98	1.26	1.53	2	3.69	4.78	5.35	10.77	12.36	14.44	14.08	15.84	Median PS Value
--	--	--	--	--	--	--	--	--	--	--	--	--	--	4.43	5.75	11.25	Peter Lynch Fair Value
--	--	--	0.17	--	0.34	0.9	0.99	--	0.68	1.06	0.87	0.67	1.28	2.14	2.31	3.58	Graham Number
-1917	-2620	-6.72	-3.36	-0.75	-0.5	0.89	1.93	1.81	2.48	2.58	1.99	1.66	1.77	1.88	2.96	3.79	Earnings Power Value (EPV)
88.85	-1.16	-4.21	5.79	0.47	4.65	8.85	19.04	16.61	25.5	21.68	10.02	13.45	9.82	5.88	9.23	9.4	Altman Z-Score
3	3	4	4	4	9	6	3	3	6	7	5	4	5	7	6	8	Piotroski F-Score
-2.31	0.43	-2.93	2.18	-5.4	--	-2.13	22.62	-1.44	-2.21	-2.66	-2.43	-2.5	-2.35	-3.17	-2.83	-2.87	Beneish M-Score
6.32	0.28	0.45	0.34	0.26	0.29	0.4	0.89	0.95	0.63	0.38	0.75	0.5	0.71	0.89	0.7	0.55	Scaled Net Operating Assets
-0.05	-38.98	-9.38	-19.05	-23.91	-3	25.4	15.55	6	1.58	-3.56	9.05	-2.04	11.21	-2.28	-1.73	-1.56	Sloan Ratio %
2.78	1.19	0.59	2.43	2.19	3.58	8.02	5.41	3.78	5.42	6.35	3.56	2.97	2.57	2.14	2.39	2.21	Current Ratio
2.75	1.16	0.56	2.38	2.19	3.58	8.02	5.41	3.78	5.42	6.35	3.56	2.97	2.57	2.14	2.39	2	Quick Ratio
2.03	0.6	0.24	0.57	0.97	2.39	5.77	3.61	1.94	3.55	4.76	2.4	1.83	1.01	1.06	1.4	1.37	Cash Ratio
N/A	N/A	N/A	7.48	--	10.88	22.57	18.77	0.79	34.5	398	317	41	175	155	130	236	Interest Coverage
12.64	12.64	1.44	1.8	1.2	0.96	1.8	6.32	9	12.96	14.72	11	12	13.8	8.4	14.25	16.5	Highest Stock Price
12.64	1.32	0.4	0.32	0.2	0.4	0.56	1.24	3.28	7.4	7.2	7.56	7.52	7.08	5.6	5.44	9.81	Lowest Stock Price
-41.45	18.95	-5.83	-4.48	0.15	0.29	1.14	-3.76	-6.39	-4.55	-0.07	-3.84	-0.02	-1.28	-0.04	2.02	1.17	Shares Buyback Ratio %
-2.96	-3.12	-17.51	-1.74	0.11	0.81	0.97	0.05	0.07	-2.62	0.31	0.7	0.27	0.77	1.29	1.21	1.41	Buyback Yield %
49.09	98.78	45.09	-1.69	9.68	23.14	28.34	20.47	9.06	41.45	15.75	11.82	28.26	14.6	16.49	-2.8	8.36	YoY Rev. per Sh. Growth
-1700	-100	50	125	-200	300	100	--	-104	767	100	--	-50	200	83.33	--	105	YoY EPS Growth
-1125	-94.51	54.86	140	-121	808	67.06	-21.83	-75.68	263	79.59	-14.2	1.32	102	33.98	10.87	45.69	YoY EBITDA Growth
--	--	--	--	--	--	--	--	--	--	--	--	--	--	30.01	29.85	27.6	5-Year EBITDA Growth Rate
5.83	4.72	4.88	5.16	5.22	5.21	5.17	5.24	5.47	5.79	5.95	5.96	6.17	6.21	6.21	6.16	6.09	Shares Outstanding (Basic Average)
5.83	4.72	5	5.22	5.21	5.2	5.14	5.33	5.67	5.93	5.93	6.16	6.16	6.24	6.24	6.12	6.11	Shares Outstanding (EOP)
0.46	-0.72	0.07	-0.95	0.86	1.34	2.3	1.87	0.95	1.75	2.44	2.13	1.8	1.22	0.91	0.96	0.54	Beta
			03/31/09	03/31/10	03/10/11	03/26/12	03/06/13	03/04/14	02/18/15	02/16/16	02/28/17	04/02/18	03/29/19	03/05/20	02/18/21		Filing Date
			03/31/10	03/10/11	03/26/12	03/06/13	03/04/14	02/18/15	02/16/16	02/28/17	04/02/18	03/29/19	03/05/20	02/18/21	02/18/21		Restated Filing Date
												03/27/18	03/27/19				Earnings Release Date
--	--	135	260	--	--	--	--	--	105	100	120	120	119	117	108	108	Number of Shareholders
13	14	21	19	15	16	18	35	47	46	49	60	63	63	66	68	68	Number of Employees

* All financial numbers are in millions except for per share data, ratios and percentage change.

GuruFocus Manual of Stocks™ | Jan 23, 2022

Where Food Comes From Inc (NAS:WFCF)

www.gurufocus.com/stock/NAS:WFCF

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
Debt to revenue ratio. The lower, the better.
Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

Operating Margin %.
Piotroski F-Score.
Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
Consistency of the profitability.
Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

Possible Value Trap, Think Twice
Significantly Overvalued
Modestly Overvalued
Fairly Valued
Modestly Undervalued
Significantly Undervalued

There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Good (7/10)

Cash-to-Debt : 1.67

Equity-to-Asset : 0.65

Debt-to-Equity : 0.25

Piotroski F-Score : 8

WACC : 4.84% vs ROIC : 12.95%

Dividend Yield : 0.00%

Profitability[3] (Annual data, as of Dec. 2020) : Good (8/10)

Revenue : $7 Mil vs Net Income : $1 Mil

Cash & Equivalents : $6 Mil vs Long-Term Debt* : $3 Mil

Operating Margin % : 17.39%

EPS without NRI : $0.14

Dividends per Share : $0.00

Free Cash Flow per Share : $0.22

Valuation (Quarterly data, as of Sep. 2021)

Valuation Chart (Current stock price : $14.1012)

PE Ratio without NRI : 30.00

PB Ratio : 6.18

PS Ratio : 3.84

Price-to-Free-Cash-Flow : 27.05

EV-to-EBIT : 24.17

Valuation Bands

Historical Price and PE Band

Historical Price and PS Band

Historical Price and PB Band

Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

Warning Signs

Severe Warning Signs

Gross Margin % : Declined

Asset Growth : faster than revenue growth

Good Signs

Altman Z-Score : Strong

Piotroski F-Score : High

Beneish M-Score : Unlikely manipulator

Revenue per Share : Consistent growth

Operating Margin % : Expansion

Medium Warning Signs

Price : Close to 10-year high

Competitive Comparison

5 Year Price Change Comparison

Financial Strength

Profitability

Valuation

Peter Lynch Chart[4]

Per Share Data

Per Share Data

Ratios

Financial Satement

Income Statement

Cashflow Statement

Financial Satement

Balance Sheet

Valuation Ratios

Valuation Ratios

Valuation and Quality

Explanation

1. Predictability Rank

2. Financial Strength

3. Profitability Rank

4. Peter Lynch Chart

5. GF Value

Disclaimer

Financial Strength^[2] (Quarterly data, as of Sep. 2021) : Good (7/10)

Profitability^[3] (Annual data, as of Dec. 2020) : Good (8/10)

Peter Lynch Chart^[4]