Where Food Comes From Inc.
WFCF Industrials Specialty Business Services
Where Food Comes From Inc.’s revenue for fiscal 2025 (year ended December 2025) was $24.9 million, down 3.32% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 27.3%, free cash flow fell 18.9% and total debt fell 68.4%, each against the same quarter a year earlier.
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Where Food Comes From Inc. (WFCF) Altman Z-score
Where Food Comes From Inc.'s Altman Z-score for fiscal 2025 is 13.62, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 13.62 | 2.31 |
| FY2024 | 11.30 | (0.02) |
| FY2023 | 11.32 | 0.01 |
| FY2022 | 11.31 | 0.28 |
| FY2021 | 11.03 | 1.78 |
| FY2020 | 9.25 | (8.85) |
| FY2019 | 18.11 | (15.69) |
| FY2018 | 33.79 | (15.48) |
| FY2017 | 49.27 | 14.46 |
| FY2016 | 34.81 | (45.96) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 0.86 | — | 1.20 | |
| EBIT / total assets | 0.09 | — | 0.31 | |
| Market value of equity / total liabilities | 16.47 | — | 9.88 | |
| Sales / total assets | 1.93 | — | 1.93 | |
| Altman Z-score | Safe zone | 13.62 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ANPA Rich Sparkle Holdings Limited compare | 73.5× |
| PC Premium Catering (Holdings) Limited compare | 72.3× |
| NTIP Network-1 Technologies, Inc. compare | 23.3× |
| WFCF Where Food Comes From Inc. | 13.6× |
| YSXT YSX Tech Co., Ltd compare | 3.9× |
| PMEC Primech Holdings Ltd. compare | 2.0× |
| DLHC DLH Holdings Corp. compare | 1.7× |
| TISI Team, Inc. compare | 1.0× |
| SST System1, Inc. compare | −2.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets