Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$14.72, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 19x in the Professional Services industry in the US. Total returns to shareholders of 7.7% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$10.15, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 20x in the Professional Services industry in the US. Total loss to shareholders of 26% over the past three years. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: US$0.018 (vs US$0.006 in 1Q 2025) First quarter 2026 results: EPS: US$0.018 (up from US$0.006 in 1Q 2025). Revenue: US$5.37m (up 1.7% from 1Q 2025). Net income: US$92.0k (up 197% from 1Q 2025). Profit margin: 1.7% (up from 0.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 12
Where Food Comes From, Inc. to Report Q1, 2026 Results on May 14, 2026 Where Food Comes From, Inc. announced that they will report Q1, 2026 results Pre-Market on May 14, 2026 Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to US$16.89, the stock trades at a trailing P/E ratio of 55.6x. Average trailing P/E is 19x in the Professional Services industry in the US. Total returns to shareholders of 22% over the past three years. New Risk • May 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 3.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$62.6m market cap). Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$13.73, the stock trades at a trailing P/E ratio of 45.2x. Average trailing P/E is 19x in the Professional Services industry in the US. Total returns to shareholders of 3.9% over the past three years. Announcement • Mar 09
Where Food Comes From, Inc., Annual General Meeting, Apr 09, 2026 Where Food Comes From, Inc., Annual General Meeting, Apr 09, 2026. Location: live via a conference call at 1-877-407-8289 (dome, 1-201-689-8341 (international)., the conference code is: 13759029., United States Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: US$0.30 (vs US$0.40 in FY 2024) Full year 2025 results: EPS: US$0.30 (down from US$0.40 in FY 2024). Revenue: US$24.9m (down 3.3% from FY 2024). Net income: US$1.54m (down 28% from FY 2024). Profit margin: 6.2% (down from 8.2% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued Over the last 90 days, the stock has fallen 1.8% to US$12.50. The fair value is estimated to be US$10.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Announcement • Feb 24
Where Food Comes From, Inc. to Report Fiscal Year 2025 Results on Feb 26, 2026 Where Food Comes From, Inc. announced that they will report fiscal year 2025 results Pre-Market on Feb 26, 2026 Buy Or Sell Opportunity • Dec 18
Now 21% overvalued Over the last 90 days, the stock has fallen 9.9% to US$12.13. The fair value is estimated to be US$10.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: US$0.22 (vs US$0.092 in 3Q 2024) Third quarter 2025 results: EPS: US$0.22 (up from US$0.092 in 3Q 2024). Revenue: US$7.02m (down 1.3% from 3Q 2024). Net income: US$1.15m (up 133% from 3Q 2024). Profit margin: 16% (up from 6.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to US$11.99. The fair value is estimated to be US$9.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$61.1m market cap). Announcement • Nov 12
Where Food Comes From, Inc. to Report Q3, 2025 Results on Nov 13, 2025 Where Food Comes From, Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 13, 2025 Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$0.11 (vs US$0.091 in 2Q 2024) Second quarter 2025 results: EPS: US$0.11 (up from US$0.091 in 2Q 2024). Revenue: US$6.56m (up 2.6% from 2Q 2024). Net income: US$562.0k (up 15% from 2Q 2024). Profit margin: 8.6% (up from 7.6% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Aug 05
Where Food Comes From, Inc. to Report Q2, 2025 Results on Aug 07, 2025 Where Food Comes From, Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Announcement • Jul 24
BHS, LLC acquired 10% stake in Progressive Beef, LLC from Where Food Comes From, Inc. (NasdaqCM:WFCF) for an aggregate purchase price of $1.9 million. BHS, LLC acquired 10% stake in Progressive Beef, LLC from Where Food Comes From, Inc. (NasdaqCM:WFCF) for an aggregate purchase price of $1.9 million on June 30, 2025. As part of the consideration, BHS shall pay $1.837 million in cash and 12,585 shares of Where Food Comes From’s publicly-traded stock at an agreed total surrender value of $0.1 million.
BHS, LLC completed the acquisition of 10% stake in Progressive Beef, LLC from Where Food Comes From, Inc. (NasdaqCM:WFCF) on June 30, 2025. Buy Or Sell Opportunity • Jul 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to US$11.97. The fair value is estimated to be US$9.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 3.2%. Buy Or Sell Opportunity • Jun 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10.0% to US$11.55. The fair value is estimated to be US$9.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 3.2%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$9.26, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 23x in the Professional Services industry in the US. Total loss to shareholders of 21% over the past three years. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: US$0.006 (vs US$0.032 in 1Q 2024) First quarter 2025 results: EPS: US$0.006 (down from US$0.032 in 1Q 2024). Revenue: US$5.27m (down 5.5% from 1Q 2024). Net income: US$31.0k (down 83% from 1Q 2024). Profit margin: 0.6% (down from 3.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • May 05
Where Food Comes From, Inc. to Report Q1, 2025 Results on May 08, 2025 Where Food Comes From, Inc. announced that they will report Q1, 2025 results at 9:30 AM, US Eastern Standard Time on May 08, 2025 Announcement • Mar 03
Where Food Comes From, Inc., Annual General Meeting, Apr 10, 2025 Where Food Comes From, Inc., Annual General Meeting, Apr 10, 2025. Location: conference call at 1-877-407-8289 domestic, or 1-201-689-8341 international, the conference code is: 13751914, United States Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: US$0.40 (vs US$0.39 in FY 2023) Full year 2024 results: EPS: US$0.40. Revenue: US$25.7m (up 2.4% from FY 2023). Net income: US$2.12m (down 1.5% from FY 2023). Profit margin: 8.2% (down from 8.6% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Feb 17
Where Food Comes From, Inc. to Report Fiscal Year 2024 Results on Feb 20, 2025 Where Food Comes From, Inc. announced that they will report fiscal year 2024 results at 9:30 AM, US Eastern Standard Time on Feb 20, 2025 Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: US$0.092 (vs US$0.13 in 3Q 2023) Third quarter 2024 results: EPS: US$0.092 (down from US$0.13 in 3Q 2023). Revenue: US$7.11m (up 1.4% from 3Q 2023). Net income: US$492.0k (down 32% from 3Q 2023). Profit margin: 6.9% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Buy Or Sell Opportunity • Nov 08
Now 21% undervalued Over the last 90 days, the stock has risen 1.5% to US$11.27. The fair value is estimated to be US$14.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.2%. Announcement • Nov 08
Where Food Comes From, Inc. to Report Q3, 2024 Results on Nov 12, 2024 Where Food Comes From, Inc. announced that they will report Q3, 2024 results at 9:30 AM, US Eastern Standard Time on Nov 12, 2024 Buy Or Sell Opportunity • Oct 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to US$11.07. The fair value is estimated to be US$14.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.2%. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: US$0.091 (vs US$0.094 in 2Q 2023) Second quarter 2024 results: EPS: US$0.091 (down from US$0.094 in 2Q 2023). Revenue: US$6.40m (up 4.4% from 2Q 2023). Net income: US$489.0k (down 8.1% from 2Q 2023). Profit margin: 7.6% (down from 8.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Announcement • Aug 06
Where Food Comes From, Inc. to Report Q2, 2024 Results on Aug 08, 2024 Where Food Comes From, Inc. announced that they will report Q2, 2024 results at 9:30 AM, US Eastern Standard Time on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$10.00, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 25x in the Professional Services industry in the US. Total loss to shareholders of 35% over the past three years. Buy Or Sell Opportunity • Jul 04
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.0% to US$10.00. The fair value is estimated to be US$13.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 9.4%. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: US$0.032 (vs US$0.021 in 1Q 2023) First quarter 2024 results: EPS: US$0.032 (up from US$0.021 in 1Q 2023). Revenue: US$5.58m (up 6.0% from 1Q 2023). Net income: US$178.0k (up 47% from 1Q 2023). Profit margin: 3.2% (up from 2.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Announcement • May 01
Where Food Comes From, Inc. to Report Q1, 2024 Results on May 02, 2024 Where Food Comes From, Inc. announced that they will report Q1, 2024 results at 9:30 AM, US Eastern Standard Time on May 02, 2024 Announcement • Mar 01
Where Food Comes From, Inc., Annual General Meeting, Apr 11, 2024 Where Food Comes From, Inc., Annual General Meeting, Apr 11, 2024, at 10:00 Mountain Standard Time. Agenda: To consider and to elect six directors of Where Food Comes From, Inc. (the “Company”) to hold office until the next annual meeting of shareholders or until their successors are duly elected and qualified (“Proposal 1”); A Where Food Comes From proposal to ratify the appointment of the Company’s independent registered public accounting firm (“Proposal 2”); and, Other Business. To transact such other business as may properly come before the meeting and any adjournments or postponements thereof. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: US$0.39 (vs US$0.34 in FY 2022) Full year 2023 results: EPS: US$0.39 (up from US$0.34 in FY 2022). Revenue: US$25.1m (up 1.2% from FY 2022). Net income: US$2.15m (up 7.9% from FY 2022). Profit margin: 8.6% (up from 8.0% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Announcement • Feb 13
Where Food Comes From, Inc. to Report Fiscal Year 2023 Results on Feb 15, 2024 Where Food Comes From, Inc. announced that they will report fiscal year 2023 results Pre-Market on Feb 15, 2024 Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$0.13 (vs US$0.13 in 3Q 2022) Third quarter 2023 results: EPS: US$0.13 (down from US$0.13 in 3Q 2022). Revenue: US$7.01m (down 3.5% from 3Q 2022). Net income: US$723.0k (down 7.9% from 3Q 2022). Profit margin: 10% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Nov 07
Where Food Comes From, Inc. to Report Q3, 2023 Results on Nov 09, 2023 Where Food Comes From, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 09, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: US$0.094 (vs US$0.037 in 2Q 2022) Second quarter 2023 results: EPS: US$0.094 (up from US$0.037 in 2Q 2022). Revenue: US$6.13m (up 15% from 2Q 2022). Net income: US$532.0k (up 140% from 2Q 2022). Profit margin: 8.7% (up from 4.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 08
Where Food Comes From, Inc. to Report Q2, 2023 Results on Aug 10, 2023 Where Food Comes From, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 10, 2023 Reported Earnings • May 17
First quarter 2023 earnings released: EPS: US$0.021 (vs US$0.082 in 1Q 2022) First quarter 2023 results: EPS: US$0.021 (down from US$0.082 in 1Q 2022). Revenue: US$5.27m (down 14% from 1Q 2022). Net income: US$121.0k (down 76% from 1Q 2022). Profit margin: 2.3% (down from 8.1% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Where Food Comes From, Inc. to Report Q1, 2023 Results on May 15, 2023 Where Food Comes From, Inc. announced that they will report Q1, 2023 results at 9:30 AM, US Eastern Standard Time on May 15, 2023 Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$0.34 (vs US$0.49 in FY 2021) Full year 2022 results: EPS: US$0.34 (down from US$0.49 in FY 2021). Revenue: US$24.8m (up 13% from FY 2021). Net income: US$1.99m (down 33% from FY 2021). Profit margin: 8.0% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Announcement • Feb 18
Where Food Comes From, Inc. to Report Q4, 2022 Results on Feb 23, 2023 Where Food Comes From, Inc. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 23, 2023 Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 29% share price gain to US$14.30, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Professional Services industry in the US. Total returns to shareholders of 129% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: US$0.13 (down from US$0.14 in 3Q 2021). Revenue: US$7.27m (up 11% from 3Q 2021). Net income: US$785.0k (down 9.5% from 3Q 2021). Profit margin: 11% (down from 13% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Professional Services industry in the US. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Director Graeme Rein was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 09
Where Food Comes From, Inc. to Report Q3, 2022 Results on Nov 14, 2022 Where Food Comes From, Inc. announced that they will report Q3, 2022 results Pre-Market on Nov 14, 2022 Buying Opportunity • Nov 04
Now 21% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be US$14.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 9.6% in a year. Earnings is forecast to grow by 18% in the next year. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 16% share price gain to US$10.06, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Professional Services industry in the US. Total returns to shareholders of 49% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: US$0.037 (up from US$0.033 in 2Q 2021). Revenue: US$5.33m (up 3.7% from 2Q 2021). Net income: US$222.0k (up 9.9% from 2Q 2021). Profit margin: 4.2% (up from 3.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 56%. Over the next year, revenue is forecast to grow 9.6%, compared to a 7.0% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Where Food Comes From, Inc. to Report Q2, 2022 Results on Aug 11, 2022 Where Food Comes From, Inc. announced that they will report Q2, 2022 results Pre-Market on Aug 11, 2022 Buying Opportunity • Aug 02
Now 21% undervalued Over the last 90 days, the stock is up 9.1%. The fair value is estimated to be US$13.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 9.3% in a year. Earnings is forecast to grow by 38% in the next year. Buying Opportunity • Jul 18
Now 21% undervalued Over the last 90 days, the stock is up 10.0%. The fair value is estimated to be US$14.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 9.3% in a year. Earnings is forecast to grow by 38% in the next year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to US$9.87, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Professional Services industry in the US. Total returns to shareholders of 43% over the past three years. Buying Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be US$13.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 9.3% in a year. Earnings is forecast to grow by 38% in the next year. Buying Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be US$13.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 9.3% in a year. Earnings is forecast to grow by 38% in the next year. Buying Opportunity • May 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be US$13.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 5.1% in a year. Earnings is forecast to grow by 40% in the next year. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.082 (down from US$0.19 in 1Q 2021). Revenue: US$6.16m (up 39% from 1Q 2021). Net income: US$497.0k (down 57% from 1Q 2021). Profit margin: 8.1% (down from 26% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Over the next year, revenue is forecast to grow 5.1%, compared to a 7.8% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Where Food Comes From, Inc. to Report Q1, 2022 Results on May 12, 2022 Where Food Comes From, Inc. announced that they will report Q1, 2022 results Pre-Market on May 12, 2022 Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Director Graeme Rein was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 09
Where Food Comes From, Inc., Annual General Meeting, May 19, 2022 Where Food Comes From, Inc., Annual General Meeting, May 19, 2022, at 10:00 US Mountain Standard Time. Agenda: To elect seven directors of the company to hold office until the next annual meeting of shareholders or until their successors are duly elected and qualified; to ratify the appointment of the company's independent registered public accounting firm; and to transact such other business as may properly come before the meeting and any adjournments or postponements thereof. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.49 (up from US$0.23 in FY 2020). Revenue: US$21.9m (up 9.2% from FY 2020). Net income: US$2.96m (up 114% from FY 2020). Profit margin: 14% (up from 6.9% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 8.6% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 19% share price gain to US$13.22, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 21x in the Professional Services industry in the US. Total returns to shareholders of 83% over the past three years. Announcement • Feb 19
Where Food Comes From, Inc. to Report Q4, 2021 Results on Feb 24, 2022 Where Food Comes From, Inc. announced that they will report Q4, 2021 results Pre-Market on Feb 24, 2022 Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$11.66, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 22x in the Professional Services industry in the US. Total returns to shareholders of 58% over the past three years. Buying Opportunity • Jan 21
Now 23% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be US$17.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% per annum over the last 3 years. Earnings per share has grown by 56% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 28% share price gain to US$14.60, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 25x in the Professional Services industry in the US. Total returns to shareholders of 89% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS US$0.14 (vs US$0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$6.55m (up 5.6% from 3Q 2020). Net income: US$867.0k (up 19% from 3Q 2020). Profit margin: 13% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 18% share price gain to US$14.00, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 26x in the Professional Services industry in the US. Total returns to shareholders of 46% over the past three years. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$0.033 (vs US$0.056 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$5.14m (up 16% from 2Q 2020). Net income: US$202.0k (down 43% from 2Q 2020). Profit margin: 3.9% (down from 7.9% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jul 03
Where Food Comes From, Inc. Declares Special Dividend, Payable on August 16, 2021 Where Food Comes From, Inc. announced that on July 1, 2021, its Board of Directors declared a special cash dividend totaling $0.15 per common share. The dividend represents a distribution to stockholders of approximately $920,000. This one-time special dividend will be paid to stockholders of record as of the close of business on July 27, 2021, with a payment date of August 16, 2021. Reported Earnings • May 09
First quarter 2021 earnings released: EPS US$0.19 (vs US$0.039 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$4.44m (up 14% from 1Q 2020). Net income: US$1.15m (up US$1.39m from 1Q 2020). Profit margin: 26% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Feb 11
Where Food Comes From, Inc. to Report Q4, 2020 Results on Feb 18, 2021 Where Food Comes From, Inc. announced that they will report Q4, 2020 results Pre-Market on Feb 18, 2021 Announcement • Oct 30
Where Food Comes From, Inc. to Report Q3, 2020 Results on Nov 05, 2020 Where Food Comes From, Inc. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Nov 05, 2020 Announcement • Sep 15
Where Food Comes From, Inc. Announces Voluntarily Resignation of Robert Van Schoick II as a Member of the Board of Directors On September 9, 2020, Robert Van Schoick II, a member of the Board of Directors of Where Food Comes From, Inc., notified the Board of his intention to voluntarily resign from the Company’s Board effective September 9, 2020. Mr. Schoick’s decision was not a result of any disagreement between the Company and him on any matter relating to the Company’s operations, policies or procedures. Effective upon Dr. Schoick’s resignation as a director, the size of the Company’s Board will be temporarily reduced from eight to seven directors. Announcement • Aug 06
Where Food Comes From, Inc. to Report Q2, 2020 Results on Aug 13, 2020 Where Food Comes From, Inc. announced that they will report Q2, 2020 results on Aug 13, 2020