NGVC

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Natural Grocers by Vitamin Cottage, Inc.

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Key Metrics

Previous Close: $27.47
52-Week Range: $23.47 – $41.58
Market Cap: $629.84M
P/E (TTM): 13.40
EPS (TTM): 2.04
Dividend Yield: 2.20%

Advanced Metrics

Price/Book: 2.73
PEG Ratio: 1.44
Return on Equity: 21.56%
Return on Assets: 5.69%
Gross Margin: 33.47%
Operating Margin: 3.89%
Profit Margin: 3.55%
Current Ratio: 1.10
Debt/Equity: 1.35
Total Debt: $322.68M
Free Cash Flow: $15.54M
Revenue Growth: 1.80%
Earnings Growth: -4.00%
Enterprise Value: $935.06M

NGVC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.09B	$1.14B	$1.24B	$1.33B
Cost of Revenue	$784.74M	$813.64M	$876.77M	$932.96M
Gross Profit	$304.88M	$326.93M	$364.81M	$397.88M
Selling, General & Admin	$31.56M	$34.37M	$37.05M	$41.43M
Operating Expenses	$273.62M	$293.25M	$316.11M	$334.84M
Operating Income	$31.26M	$33.68M	$48.70M	$63.03M
EBITDA	$58.06M	$60.58M	$77.91M	$93.80M
Pretax Income	$27.78M	$28.37M	$42.80M	$58.93M
Income Tax	$6.42M	$5.13M	$8.87M	$12.48M
Net Income	$21.36M	$23.24M	$33.94M	$46.44M
Diluted EPS	0.94	1.02	1.47	2.00
Diluted Shares	22.82M	22.83M	23.08M	23.26M

NGVC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$12.04M	$18.34M	$8.87M	$17.12M
Receivables	$10.50M	$10.80M	$12.61M	$11.97M
Inventory	$113.76M	$119.26M	$120.67M	$132.97M
Current Assets	$140.66M	$152.55M	$147.06M	$168.07M
Total Assets	$663.11M	$669.18M	$655.48M	$670.50M
Current Liabilities	$137.73M	$154.03M	$164.13M	$158.78M
Long-Term Debt	$13.94M	$5.94M	—	—
Total Debt	$393.37M	$370.18M	$346.51M	$332.02M
Total Liabilities	$507.30M	$498.34M	$481.22M	$458.11M
Retained Earnings	$97.72M	$111.87M	$113.90M	$149.34M
Shareholders' Equity	$155.81M	$170.84M	$174.25M	$212.40M
Working Capital	$2.93M	-$1.48M	-$17.07M	$9.29M
Net Debt	$3.65M	—	—	—

NGVC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$39.69M	$64.61M	$73.76M	$55.30M
Capital Expenditure	-$31.44M	-$38.09M	-$38.68M	-$31.38M
Free Cash Flow	$8.25M	$26.51M	$35.08M	$23.93M
Depreciation & Amortisation	$27.91M	$28.91M	$30.93M	$31.81M
Stock-Based Compensation	$1.19M	$1.36M	$2.83M	$3.96M
Investing Cash Flow	-$31.14M	-$37.95M	-$38.60M	-$30.97M
Financing Cash Flow	-$20.19M	-$20.35M	-$44.63M	-$16.09M
Dividends Paid	-$9.07M	-$9.09M	-$31.87M	-$11.01M
Share Repurchases	$0.00	-$181.00K	$0.00	$0.00
Net Change in Cash	-$11.64M	$6.30M	-$9.47M	$8.24M

NGVC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$335.77M	$328.70M	$336.14M	$335.58M	$337.38M
Cost of Revenue	$234.02M	$230.43M	$237.12M	$236.72M	$234.93M
Gross Profit	$101.75M	$98.28M	$99.03M	$98.86M	$102.44M
Selling, General & Admin	$11.02M	$10.95M	$7.94M	$10.84M	$12.13M
Operating Expenses	$83.78M	$82.67M	$83.36M	$83.84M	$83.70M
Operating Income	$17.97M	$15.61M	$15.67M	$15.02M	$18.75M
EBITDA	$25.44M	$23.54M	$23.52M	$22.62M	$26.26M
Pretax Income	$16.80M	$14.89M	$14.81M	$13.93M	$17.47M
Income Tax	$3.70M	$3.29M	$3.01M	$2.60M	$4.04M
Net Income	$13.10M	$11.61M	$11.80M	$11.33M	$13.43M
Diluted EPS	0.56	0.50	0.51	0.49	0.58
Diluted Shares	23.27M	23.31M	23.29M	23.25M	23.22M

NGVC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$21.21M	$13.18M	$17.12M	$23.21M	$20.72M
Receivables	$12.45M	$12.81M	$11.97M	$9.95M	$13.10M
Inventory	$124.77M	$124.63M	$132.97M	$127.89M	$129.69M
Current Assets	$163.25M	$156.98M	$168.07M	$166.81M	$170.56M
Total Assets	$664.59M	$659.00M	$670.50M	$668.56M	$684.70M
Current Liabilities	$167.72M	$154.49M	$158.78M	$156.39M	$162.48M
Long-Term Debt	—	—	—	—	$1.45M
Total Debt	$335.56M	$334.53M	$332.02M	$324.95M	$324.52M
Total Liabilities	$471.62M	$456.50M	$458.11M	$448.55M	$453.81M
Retained Earnings	$131.44M	$140.29M	$149.34M	$157.22M	$167.20M
Shareholders' Equity	$192.97M	$202.50M	$212.40M	$220.01M	$230.90M
Working Capital	-$4.48M	$2.48M	$9.29M	$10.42M	$8.08M

NGVC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$34.06M	$2.93M	$15.63M	$21.13M	$22.70M
Capital Expenditure	-$6.51M	-$7.10M	-$8.09M	-$9.60M	-$20.78M
Free Cash Flow	$27.55M	-$4.17M	$7.54M	$11.53M	$1.92M
Depreciation & Amortisation	$7.89M	$7.95M	$8.02M	$7.97M	$8.15M
Stock-Based Compensation	$822.00K	$843.00K	$860.00K	$857.00K	$945.00K
Investing Cash Flow	-$6.46M	-$7.06M	-$8.03M	-$9.58M	-$20.76M
Financing Cash Flow	-$12.71M	-$3.90M	-$3.66M	-$5.46M	-$4.43M
Dividends Paid	-$2.75M	-$2.75M	-$2.75M	-$3.46M	-$3.46M
Net Change in Cash	$14.89M	-$8.03M	$3.94M	$6.09M	-$2.49M

Market Snapshot

About

Natural Grocers by Vitamin Cottage, Inc. operates a chain of natural and organic grocery stores across the United States. The company offers organic produce, dietary supplements, natural body care products, and free nutrition education services. Natural Grocers maintains strict product standards, refusing to sell artificial ingredients, antibiotics, or growth hormones in its food products.