Where Food Comes From, Inc. (WFCF) intrinsic value & 10-year financials
Where Food Comes From, Inc. (WFCF) has a Graham intrinsic value of $9.96 per share. At $13.90 on Oct 17, 2026, the stock trades 40% above that value. Over the last 10 fiscal years revenue grew 8.8% a year to $24.9M, with an average return on invested capital of 10.7%.
- Graham intrinsic value
- $9.96
- Share price (Oct 17, 2026)
- $13.90
- Price vs Graham value
- 40% above
- Market cap
- $71.8M
- Revenue (FY2025)
- $24.9M
- Revenue growth (10-yr CAGR)
- 8.8%
- ROIC (10-yr avg)
- 10.7%
- Free cash flow (FY2025)
- $1.5M
WFCF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.9M | $1.5M | $0.30 | $1.5M | 4.8% | 9.9% |
| FY2024 | $25.7M | $2.1M | $0.40 | $2.6M | 8.6% | 15.1% |
| FY2023 | $25.1M | $2.2M | $0.39 | $2.7M | 10.7% | 17.6% |
| FY2022 | $24.8M | $2.0M | $0.33 | $2.6M | 10.7% | 16.9% |
| FY2021 | $21.9M | $3.0M | $0.48 | $2.8M | 10.5% | 15.8% |
| FY2020 | $20.1M | $1.4M | $0.22 | $2.0M | 8.4% | 10.0% |
| FY2019 | $20.8M | $1.3M | $0.05 | $2.5M | 7.5% | 10.4% |
| FY2018 | $17.8M | $800.7K | $0.03 | $787.5K | 4.9% | 6.8% |
| FY2017 | $15.4M | $142.3K | $0.01 | $573.5K | 0.5% | 0.4% |
| FY2016 | $11.6M | $433.2K | $0.02 | $540.2K | 5.5% | 4.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Where Food Comes From, Inc. is a consistent compounder, expanding top-line revenue at 8.8% annually over the past decade.
Where Food Comes From, Inc. returns on capital have been average, hovering around 10.7% ROIC over the decade.
Over the decade, Where Food Comes From, Inc. shows that management has aggressively returned capital to shareholders by retiring 78.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Where Food Comes From, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.96 per share.