Where Food Comes From, Inc.

Tiny food-verification/certification firm, debt-light and very profitable on capital, but slow growth.

Strengths

• Strong returns and coverage — ROA 11.9% (89th), ROE 16.5% (72nd), interest coverage 402
• Profitable — operating margin 4.8%, net margin 6.2%

Risks

• Small scale, thin FCF — FCF $1.5M (12th)
• Revenue decline — -3.3% (24th)
• Low gross margin — 38.2% (5th)

Notable findings

• Buying back stockNet buyback — share count -4%/yr over 4y
• Revenue declineRevenue -11.2% YoY
• Notable holderHeld by 1 notable fund(s): VANGUARD GROUP INC (as of 2025-12-31)