Natural Grocers by Vitamin Cottage, Inc. (NGVC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.52	$0.48	-7.7%	—	$334.7M	—
Q2 26	$0.55	$0.58	+5.5%	—	$337.4M	—
Q1 26	$0.46	$0.49	+6.5%	—	$335.6M	—
Q4 25	$0.42	$0.51	+21.4%	—	$336.1M	—
Q3 24	$0.14	$0.4	+185.7%	—	$309.1M	—
Q2 24	$0.29	$0.35	+20.7%	—	$308.1M	—
Q4 23	$0.2	$0.26	+30.0%	—	$295.1M	—
Q3 23	$0.15	$0.31	+106.7%	—	$281.8M	—
Q2 23	$0.2	$0.26	+30.0%	—	$283.2M	—
Q1 23	$0.31	$0.19	-38.7%	—	$280.5M	—
Q4 22	$0.15	$0.09	-40.0%	—	$274.2M	—
Q3 22	$0.2	$0.17	-15.0%	—	$266.3M	—
Q2 22	$0.18	$0.28	+55.6%	—	$271.8M	—
Q1 22	—	$0.39	—	—	$277.3M	—
Q4 21	—	$0.32	—	—	$272.6M	—
Q3 21	—	$0.22	—	—	$258.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.02	—	—	$1.3B	—
FY24	—	$1.49	—	—	$1.2B	—
FY23	—	$1.02	—	—	$1.1B	—
FY22	—	$0.94	—	—	$1.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$705.5M	$769M	$849M	$903.6M	$1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.3B
YoY change	+12.9%	+9.01%	+10.4%	+6.42%	+14.7%	+1.8%	+3.23%	+4.68%	+8.86%	+7.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	705.5M	769M	849M	903.6M	1B	1.1B	1.1B	1.1B	1.2B	1.3B
Cost of revenue	503.7M	556.7M	623.5M	664.8M	753.7M	763.3M	784.7M	813.6M	876.8M	933M
Gross profit	201.8M	212.3M	225.6M	238.8M	283.1M	292.2M	304.9M	326.9M	364.8M	397.9M
Gross margin	28.6%	27.6%	26.6%	26.4%	27.3%	27.7%	28%	28.7%	29.4%	29.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	19.2M	20.1M	21.5M	22.8M	26.8M	28.4M	31.6M	36M	38.7M	41.4M
Operating expenses	175.4M	194.4M	208.2M	220.6M	253.8M	262.9M	273.6M	293.3M	316.1M	303.9M
Operating income	26.4M	17.9M	17.3M	18.1M	29.3M	29.2M	31.3M	33.7M	48.7M	63M
Operating margin	3.74%	2.33%	2.04%	2.01%	2.83%	2.77%	2.87%	2.95%	3.92%	4.74%
Non-operating income, net	-6M	-3.8M	-2.3M	-1.4M	-1.5M	-920K	-1.1M	-2M	-1.7M	-1M
Pretax income	17.3M	10.3M	10.5M	11.8M	25.7M	26.1M	27.8M	28.4M	42.8M	58.9M
Income tax	5.9M	3.4M	-2.2M	2.4M	5.7M	5.5M	6.4M	5.1M	8.9M	12.5M
Net income	11.5M	6.9M	12.7M	9.4M	20M	20.6M	21.4M	23.2M	33.9M	46.4M
Net margin	1.63%	0.9%	1.49%	1.04%	1.93%	1.95%	1.96%	2.04%	2.73%	3.49%
EBITDA	51.9M	47.4M	46.8M	47.1M	60.5M	58.9M	59.2M	62.6M	79.6M	94.8M
EPS	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
Diluted EPS	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	295.1M	301.8M	308.1M	309.1M	322.7M	330.2M	335.8M	328.7M	336.1M	335.6M	337.4M	334.7M
Cost of revenue	210.7M	213M	217.7M	218.8M	227.3M	231.4M	234M	230.4M	237.1M	236.7M	234.9M	236.7M
Gross profit	84.3M	88.8M	90.4M	90.3M	95.4M	98.8M	101.7M	98.3M	99M	98.9M	102.4M	98M
Gross margin	28.6%	29.4%	29.3%	29.2%	29.6%	29.9%	30.3%	29.9%	29.5%	29.5%	30.4%	29.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.8M	9.4M	9.5M	9.5M	10.2M	11.5M	11M	10.9M	7.9M	10.8M	12.1M	9.5M
Operating expenses	75.7M	77.4M	78.7M	77.1M	82.8M	85M	83.8M	82.7M	52.4M	83.8M	83.7M	81.7M
Operating income	8.7M	11.3M	11.6M	13.2M	12.5M	13.8M	18M	15.6M	15.7M	15M	18.7M	16.3M
Operating margin	2.94%	3.76%	3.78%	4.27%	3.88%	4.17%	5.35%	4.75%	4.66%	4.47%	5.56%	4.86%
Non-operating income, net	-938K	-538K	-370K	-364K	-450K	-436K	-417K	-24K	-166K	-368K	-640K	-1.3M
Pretax income	6.9M	9.9M	10.1M	11.8M	11M	12.4M	16.8M	14.9M	14.8M	13.9M	17.5M	14.3M
Income tax	1M	2.2M	2.1M	2.6M	2M	2.5M	3.7M	3.3M	3M	2.6M	4M	3.3M
Net income	5.9M	7.8M	8M	9.2M	9M	9.9M	13.1M	11.6M	11.8M	11.3M	13.4M	11.1M
Net margin	1.99%	2.57%	2.58%	2.98%	2.79%	3.01%	3.9%	3.53%	3.51%	3.38%	3.98%	3.31%
EBITDA	16.2M	18.8M	19.3M	21.1M	20.4M	21.7M	25.9M	23.6M	23.7M	23M	26.9M	24.6M
EPS	0.26	0.34	0.35	0.4	0.4	0.43	0.57	0.51	0.51	0.49	0.58	0.48
Diluted EPS	0.26	0.34	0.35	0.4	0.39	0.43	0.56	0.5	0.51	0.49	0.58	0.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	251M	125.3M	377.7M	224M	221.9M	253.5M	244.6M	293.4M	676.2M	917.4M	707.5M
Enterprise value	306.3M	180.6M	422.6M	276M	593.5M	631.3M	625.9M	645.2M	1B	1.2B	989.9M
Shares outstanding	22.5M	22.5M	22.4M	22.4M	22.5M	22.6M	22.7M	22.7M	22.8M	22.9M	22.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.9	18.2	29.8	23.8	11.1	12.3	11.4	12.6	19.9	19.8	14.5
P/S	0.36	0.16	0.44	0.25	0.21	0.24	0.22	0.26	0.54	0.69	0.51
P/B	1.98	0.94	2.57	1.43	1.28	1.78	1.57	1.72	3.88	4.32	2.86
EV/EBITDA	5.9	3.81	9.04	5.86	9.81	10.7	10.6	10.3	12.7	13	10.3
EV/Sales	0.43	0.23	0.5	0.31	0.57	0.6	0.57	0.57	0.82	0.93	0.74
Earnings yield	4.57%	5.5%	3.35%	4.2%	9.02%	8.12%	8.74%	7.92%	5.02%	5.06%	6.9%
FCF yield	-9.93%	-0.3%	5.07%	2.08%	16.6%	10.1%	3.37%	9.04%	5.19%	2.61%	2.2%
PEG	—	—	—	—	—	—	—	—	—	—	-2.46

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.6%	27.6%	26.6%	26.4%	27.3%	27.7%	28%	28.7%	29.4%	29.9%	29.3%
Operating margin	3.74%	2.33%	2.04%	2.01%	2.83%	2.77%	2.87%	2.95%	3.92%	4.74%	3.89%
Net margin	1.63%	0.9%	1.49%	1.04%	1.93%	1.95%	1.96%	2.04%	2.73%	3.49%	3.55%
ROE	9.05%	5.15%	8.63%	6%	11.6%	14.4%	13.7%	13.6%	19.5%	21.9%	21.6%
ROA	4.06%	2.3%	4.12%	2.88%	2.93%	3.14%	3.22%	3.47%	5.18%	6.93%	5.69%
ROIC	9.59%	6.33%	9.04%	6.91%	4.19%	4.44%	4.48%	5.28%	7.54%	9.42%	9.49%
Return on tangible assets	4.23%	2.39%	4.28%	3.04%	3.03%	3.26%	3.37%	3.63%	5.4%	7.29%	7.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.46	1.51	1.39	1.38	1.11	1.01	1.02	0.99	0.9	1.06	1.1
Quick ratio	0.17	0.2	0.21	0.23	0.33	0.26	0.2	0.22	0.16	0.22	0.25
Debt / equity	0.47	0.46	0.37	0.37	2.31	2.81	2.52	2.17	1.99	1.56	1.35
Debt / assets	0.21	0.21	0.18	0.18	0.59	0.61	0.59	0.55	0.53	0.5	0.47
Net debt / EBITDA	1.07	1.17	0.96	1.1	6.14	6.42	6.44	5.62	4.24	3.32	3.11
Interest coverage	6.69	3.72	3.3	3.39	13.5	12.5	12.7	9.6	11.2	20.2	23.4
Effective tax rate	33.8%	33.1%	0%	20.3%	22.1%	21%	23.1%	18.1%	20.7%	21.2%	21.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	31.4	34.3	38	40.3	46.1	46.7	48.1	50.2	54.5	58	58.4
EPS (basic)	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02	2.02
EPS (diluted)	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2	2.05
Book value per share	5.63	5.96	6.56	7	7.69	6.32	6.87	7.52	7.65	9.26	10.4
FCF per share	-1.11	-0.02	0.86	0.21	1.64	1.13	0.36	1.17	1.54	1.04	0.96
Cash per share	0.18	0.29	0.42	0.28	1.27	1.05	0.53	0.81	0.39	0.75	0.76
Capex per share	2.39	1.71	1.06	1.3	1.19	1.16	1.24	1.6	1.65	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.62%	4.99%	2.79%	3.23%	2.58%	2.49%	2.57%	3.2%	3.02%	—	—
Capex / operating cash flow	146.4%	95.1%	60.6%	81.4%	29.4%	51.4%	74.6%	64.2%	53.6%	—	—
Payout ratio	—	—	0%	0%	31.5%	250%	42.4%	39.1%	93.9%	23.7%	27.8%
Dividend yield	—	—	0%	0%	2.84%	20.3%	3.71%	3.1%	4.71%	1.2%	1.95%

Yield

1.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Aug 17, 2026

Payout ratio

28%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.15
May 18, 2026	$0.15
Mar 2, 2026	$0.15
Dec 1, 2025	$0.15
Sep 2, 2025	$0.12
May 27, 2025	$0.12
Mar 3, 2025	$0.12
Dec 2, 2024	$0.12

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$295.1M	$301.8M	$308.1M	$309.1M	$322.7M	$330.2M	$335.8M	$328.7M	$336.1M	$335.6M	$337.4M	$334.7M
YoY change	+7.61%	+7.59%	+8.77%	+9.68%	+9.35%	+9.44%	+8.98%	+6.35%	+4.18%	+1.62%	+0.48%	+1.84%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4M	6.5M	9.4M	6.2M	28.5M	23.7M	12M	18.3M	8.9M	17.1M
Receivables	3.7M	4.9M	4.7M	5.1M	8.5M	8.5M	10.5M	10.8M	12.6M	12M
Inventory	86.3M	93.6M	94.2M	96.2M	100.2M	100.5M	113.8M	119.3M	120.7M	133M
Total current assets	97.3M	108.2M	111M	115.2M	143.4M	135.6M	140.7M	152.6M	147.1M	168.1M
Property, plant & equipment	165.8M	165.2M	169.5M	178.1M	500.5M	472.6M	464.9M	455.7M	433.9M	419.6M
Goodwill & intangibles	11.2M	11.3M	11.3M	17.3M	21M	23.5M	28.3M	28.3M	27.3M	33.8M
Total assets	282.2M	300M	307.1M	327.1M	681.8M	655.1M	663.1M	669.2M	655.5M	670.5M
Accounts payable	53.6M	56.8M	61.1M	63.2M	69.2M	68.9M	71.3M	80.7M	88.4M	81M
Short-term debt	478K	548K	736K	1M	35M	38.2M	39.7M	40.3M	39.9M	40.6M
Total current liabilities	66.5M	71.6M	79.7M	83.3M	129.2M	133.8M	137.7M	154M	164.1M	158.8M
Long-term debt	58.9M	61.3M	53.6M	57.2M	365.1M	363.3M	353.7M	329.9M	306.6M	291.5M
Total liabilities	155.5M	166.1M	160.4M	170.2M	508.7M	512.3M	507.3M	498.3M	481.2M	458.1M
Shareholders' equity	126.7M	133.9M	146.7M	156.9M	173.1M	142.7M	155.8M	170.8M	174.3M	212.4M
Total debt	59.3M	61.8M	54.3M	58.2M	400.1M	401.5M	393.4M	370.2M	346.5M	332M
Net debt	55.3M	55.3M	44.9M	52M	371.6M	377.8M	381.3M	351.8M	337.6M	314.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	18.3M	13.6M	11M	13.9M	8.9M	6.3M	21.2M	13.2M	17.1M	23.2M	20.7M	17.5M
Receivables	10.8M	9.3M	8.7M	8.9M	12.6M	11.9M	12.4M	12.8M	12M	9.9M	13.1M	10.6M
Inventory	119.3M	116.1M	117.4M	117.3M	120.7M	121.8M	124.8M	124.6M	133M	127.9M	129.7M	135.3M
Total current assets	152.6M	143.3M	140.9M	145.2M	147.1M	144.5M	163.2M	157M	168.1M	166.8M	170.6M	174.1M
Property, plant & equipment	455.7M	449.4M	445.4M	439.1M	433.9M	429.3M	425.4M	425M	419.6M	414.5M	422.4M	422.5M
Goodwill & intangibles	28.3M	28.1M	28M	27.6M	27.3M	28.5M	30.3M	32.3M	33.8M	33.1M	33.3M	31.9M
Total assets	669.2M	663.2M	656.6M	654.4M	655.5M	648.9M	664.6M	659M	670.5M	668.6M	684.7M	687.7M
Accounts payable	80.7M	81.6M	84.2M	79.3M	88.4M	75.6M	92M	82.5M	81M	84M	89.6M	89.7M
Short-term debt	40.3M	45.3M	43.4M	41.5M	39.9M	40M	40.3M	40.6M	40.6M	40.7M	41.5M	42M
Total current liabilities	154M	158.9M	159.9M	151.5M	164.1M	150.1M	167.7M	154.5M	158.8M	156.4M	162.5M	158.2M
Long-term debt	329.9M	336.4M	323.9M	323.2M	306.6M	307.1M	295.2M	294M	291.5M	284.2M	283M	280.6M
Total liabilities	498.3M	509.3M	496.6M	486.6M	481.2M	467M	471.6M	456.5M	458.1M	448.5M	453.8M	448.3M
Shareholders' equity	170.8M	153.9M	160M	167.8M	174.3M	181.9M	193M	202.5M	212.4M	220M	230.9M	239.4M
Total debt	370.2M	381.7M	367.3M	364.7M	346.5M	347.1M	335.6M	334.5M	332M	324.9M	324.5M	322.7M
Net debt	351.8M	368.1M	356.4M	350.8M	337.6M	340.8M	314.4M	321.4M	314.9M	301.7M	303.8M	305.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	11.5M	6.9M	12.7M	9.4M	20M	20.6M	21.4M	23.2M	33.9M	46.4M
Depreciation & amortization	25.5M	29.5M	29.4M	29M	31.2M	29.6M	27.9M	28.9M	30.9M	31.8M
Stock-based compensation	879K	758K	810K	1.2M	1.1M	877K	1.2M	1.4M	2.8M	4M
Change in working capital	-8.2M	3M	2.1M	-7.7M	34.9M	-916K	-13.5M	4.7M	6.3M	-20.2M
Operating cash flow	36.7M	40.4M	39M	35.9M	91M	51.1M	37.6M	56.8M	69.9M	55.3M
Capital expenditure	-53.7M	-38.4M	-23.7M	-29.2M	-26.8M	-26.3M	-28M	-36.5M	-37.5M	—
Investing cash flow	-53.7M	-38.4M	-23.5M	-29.2M	-26.7M	-25.8M	-27.7M	-36.4M	-37.5M	315K
Dividends paid	—	—	0	0	-6.3M	-51.5M	-9.1M	-9.1M	-31.9M	-11M
Share repurchases	-829K	-261K	-581K	0	0	0	0	-181K	0	0
Financing cash flow	53.4M	1.1M	-31.6M	-422.1M	-256.4M	-96.9M	-149.2M	-551.5M	-648.8M	-682.3M
Net change in cash	36.4M	3.1M	-16.1M	-415.4M	-192.2M	-71.6M	-139.4M	-531.1M	-616.4M	-626.7M
Free cash flow	-24.9M	-382K	19.1M	4.6M	36.9M	25.6M	8.2M	26.5M	35.1M	23.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	—	—	—	—	—	—	—	—	11.8M	11.3M	13.4M	11.1M
Depreciation & amortization	—	—	—	—	—	—	—	—	8M	8M	8.2M	8.3M
Stock-based compensation	—	—	—	—	—	—	—	—	860K	857K	945K	981K
Change in working capital	-384K	1.4M	1K	182K	-3.1M	144K	-512K	-687K	-10.4M	6.8M	-113K	-3.3M
Operating cash flow	-384K	1.4M	1K	182K	-3.1M	144K	-512K	-687K	15.6M	21.1M	22.7M	11.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	10K	22K	0	3K
Dividends paid	—	—	—	—	—	—	—	—	-2.8M	-3.5M	-3.5M	-3.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	-183.7M	-5.5M	-4.4M	-4.5M
Net change in cash	-384K	1.4M	1K	182K	-3.1M	144K	-512K	-687K	-168M	15.7M	18.3M	6.7M
Free cash flow	—	—	—	—	—	—	—	—	7.5M	11.5M	1.9M	1.2M

Natural Grocers by Vitamin Cottage, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement