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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Where Food Comes From's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $0.24.
The industry rank for Where Food Comes From's Net-Net Working Capital or its related term are showing as below:
WFCF's Price-to-Net-Net-Working-Capital is ranked worse than 93.72% of 446
companies
in the Business Services industry
Industry Median: 5.455
vs WFCF: 52.04
Where Food Comes From (NAS:WFCF) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Where Food Comes From Net-Net Working Capital Related Terms
Where Food Comes From Net-Net Working Capital Historical Data
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The historical data trend for Where Food Comes From's Net-Net Working Capital 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.
Where Food Comes From Net-Net Working Capital Chart
WFCF vs ANPA, DLHC, TISI: Net-Net Working Capital Comparison
For the Specialty Business Services subindustry, Where Food Comes From's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Business Services Industry
For the Business Services industry and Industrials sector, Where Food Comes From's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Where Food Comes From's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $0.24 mean?
Where Food Comes From (WFCF) has a Net-Net Working Capital of $0.24 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Where Food Comes From According to the industry distribution chart, Where Food Comes From ranks #418 out of 446 companies in the Business Services industry, placing it in the top 93.7%.
Is Where Food Comes From's Net-Net Working Capital too high?
Where Food Comes From's current Net-Net Working Capital is $0.24. The Business Services industry median Net-Net Working Capital is 5.46. Where Food Comes From's value of $0.24 is 95.6% below this industry median. Based on the distribution chart, Where Food Comes From ranks #418 out of 446 companies in the Business Services industry, which is in the bottom quartile relative to peers. 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 Net-Net Working Capital compare to ANPA and DLHC?
According to the Business Services industry distribution chart, Where Food Comes From ranks #418 out of 446 companies for Net-Net Working Capital. This places Where Food Comes From in the lower half of its industry. The industry median Net-Net Working Capital is 5.46. Where Food Comes From's value of $0.24 is 95.6% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Business Services company?
The median Net-Net Working Capital among Business Services companies is 5.46, based on 446 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Where Food Comes From's current Net-Net Working Capital of $0.24 is 95.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Where Food Comes From For the Business Services industry, the median Net-Net Working Capital is 5.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Where Food Comes From's current Net-Net Working Capital is $0.24. 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 $12.47, compared to a current price of $12.49 — trading 0.2% above its estimated fair value. The current Net-Net Working Capital is $0.24 and 95.6% below the Business Services industry median of 5.46. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Where Food Comes From (WFCF), the current Net-Net Working Capital is $0.24 as of Mar. 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 overvalued.
The current stock price of $12.49 is trading 0.2% above its estimated GF Value™ of $12.47.
GuruFocus considers Where Food Comes From to be Fairly Valued.
Key valuation signals for WFCF:
Net-Net Working Capital: $0.24
GF Value™: $12.47 vs. price of $12.49 (0.2% above fair value)
Industry Position: 95.6% below the Business Services median (#418 of 446)
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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