The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Where Food Comes From's Beneish M-Score or its related term are showing as below:
WFCF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.73 Max: -2.29
Current: -2.66
During the past 13 years, the highest Beneish M-Score of Where Food Comes From was -2.29. The lowest was -3.32. And the median was -2.73.
Where Food Comes From Beneish M-Score Related Terms
Where Food Comes From Beneish M-Score Historical Data
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The historical data trend for Where Food Comes From's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
WFCF vs ANPA, DLHC, TISI: Beneish M-Score Comparison
For the Specialty Business Services subindustry, Where Food Comes From's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Where Food Comes From Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Where Food Comes From's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Where Food Comes From's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Where Food Comes From for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1408
+
0.528 * 1.0947
+
0.404 * 0.8834
+
0.892 * 0.9822
+
0.115 * 0.5685
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9759
+
4.679 * -0.065099
-
0.327 * 0.8238
=
-2.66
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(0.665 / (0.665 + 2.685))
/
(0.631 / (0.631 + 1.176))
=
0.198507
/
0.349198
=
0.5685
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(1.597 - 0.96
-
1.498)
/
13.226
=
-0.065099
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Where Food Comes From has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Where Food Comes From (WFCF) has a Beneish M-Score of -2.66 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Where Food Comes From and its competitors. According to the industry distribution chart, Where Food Comes From ranks #417 out of 1020 companies in the Business Services industry, placing it in the top 40.9%.
Is Where Food Comes From's Beneish M-Score too high?
Where Food Comes From's current Beneish M-Score is -2.66. Based on the distribution chart, Where Food Comes From ranks #417 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, Where Food Comes From has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Where Food Comes From's Beneish M-Score compare to ANPA and DLHC?
According to the Business Services industry distribution chart, Where Food Comes From ranks #417 out of 1020 companies for Beneish M-Score. This puts Where Food Comes From in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Business Services company?
A good Beneish M-Score depends on the Business Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Where Food Comes From and its competitors. Where Food Comes From's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Where Food Comes From stock overvalued right now?
Based on GuruFocus' analysis, Where Food Comes From (WFCF) is currently considered Fairly Valued. The stock's GF Value™ is $12.41, compared to a current price of $12.05 — trading 2.9% below its estimated fair value. The current Beneish M-Score is -2.66. Where Food Comes From's overall GF Score™ is 79/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Where Food Comes From (WFCF), the current Beneish M-Score is -2.66 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Where Food Comes From (WFCF) Overvalued in 2026?
Based on GuruFocus' analysis, Where Food Comes From stock appears to be undervalued.
The current stock price of $12.05 is trading 2.9% below its estimated GF Value™ of $12.41.
GuruFocus considers Where Food Comes From to be Fairly Valued.
Key valuation signals for WFCF:
Beneish M-Score: -2.66
GF Value™: $12.41 vs. price of $12.05 (2.9% below fair value)
No single metric tells the full story. See the WFCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Where Food Comes From Inc is a third-party food verification company conducting both on-site and desk audits to verify that claims being made about livestock, food, other high-value specialty crops and agricultural and aquaculture products are accurate. The company supports farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, and restaurants with a wide variety of value-added services provided through its family of verifiers, including International Certification Services, Validus Verification Services, and others. It also provides a wide range of professional consulting services. It generates the majority of its revenue from Verification and certification services.
79GF Score
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