Natural Grocers by Vitamin Cottage, Inc. (NGVC) 10-Year Financial Performance & Capital Metrics

NGVC • • Industrial / General

Consumer DefensiveGrocery StoresSpecialty & Natural Food RetailersNatural & Organic Grocers

AboutNatural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States. The company's stores offer natural and organic grocery products, such as organic produce; bulk food products; private label products comprising pasta, pasta sauce, ketchup, canned beans and vegetables, frozen vegetables, frozen fruits, frozen meals, frozen pizza, bread, baking mixes, plant based butter, olive and coconut oil, coconut milk, honey, maple syrup, preserves, chocolate, coffee, bacon, beef jerky, canned seafood, popcorn, tortilla chips, taco shells, eggs, cheese, apple sauce, apple cider vinegar, spring water, paper products, cleaning products, and other products; dry, frozen, and canned groceries; meat and seafood products; dairy products, dairy substitutes, and eggs; prepared foods; bread and baked products; beverages; and beer, wine, and hard cider products. Its stores also provide private label dietary supplements; body care products consisting of cosmetics, skin care, hair care, fragrance, and personal care products containing natural and organic ingredients; pet care and food products; books and handouts; and household and general merchandise, including cleaning supplies, paper products, and dish and laundry soaps, as well as other common household products, such as diapers. The company operates its retail stores under the Natural Grocers by Vitamin Cottage trademark. As of February 1, 2022, it operated 162 stores in 20 states. The company also offers science-based nutrition education programs to help customers make informed health and nutrition choices. Natural Grocers by Vitamin Cottage, Inc. was founded in 1955 and is headquartered in Lakewood, Colorado.Show more

Revenue $1.33B +7.2%
EBITDA $95M +21.7%
Net Income $46M +36.9%
EPS (Diluted) 2.00 +36.1%
Gross Margin 29.9% +1.8%
EBITDA Margin 7.13% +13.6%
Operating Margin 4.74% +25.2%
Net Margin 3.49% +27.7%
ROE 24.02% +22.2%
ROIC 9.1% +33.6%
Debt/Equity 1.56 -21.4%
Interest Coverage 20.58 +82.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.3%
✓Strong Piotroski F-Score: 8/9
✓Good 3Y average ROE of 19.3%
✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

✗Weak momentum: RS Rating 10 (bottom 10%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.86%

5Y5.12%

3Y6.89%

TTM7.19%

Profit (Net Income) CAGR

10Y11.1%

5Y18.34%

3Y29.54%

TTM36.86%

EPS CAGR

10Y10.76%

5Y17.58%

3Y28.62%

TTM35.14%

ROCE

10Y Avg7.68%

5Y Avg7.81%

3Y Avg9.33%

Latest12.57%

Peer Comparison

Natural & Organic Grocers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SFMSprouts Farmers Market, Inc.	7.94B	81.51	21.74	12.9%	5.77%	35.75%	5.23%	1.27
NGVCNatural Grocers by Vitamin Cottage, Inc.	619.13M	26.88	13.44	7.19%	3.49%	21.87%	8.93%	1.56

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	705.5M	769.03M	849.04M	903.58M	1.04B	1.06B	1.09B	1.14B	1.24B	1.33B
Revenue Growth %	0.13%	0.09%	0.1%	0.06%	0.15%	0.02%	0.03%	0.05%	0.09%	0.07%
Cost of Goods Sold+	503.73M	556.69M	623.47M	664.83M	753.7M	763.33M	784.74M	841.46M	876.77M	932.96M
COGS % of Revenue	0.71%	0.72%	0.73%	0.74%	0.73%	0.72%	0.72%	0.74%	0.71%	0.7%
Gross Profit+	201.77M	212.34M	225.57M	238.75M	283.14M	292.19M	304.88M	299.11M	364.81M	397.88M
Gross Margin %	0.29%	0.28%	0.27%	0.26%	0.27%	0.28%	0.28%	0.26%	0.29%	0.3%
Gross Profit Growth %	0.11%	0.05%	0.06%	0.06%	0.19%	0.03%	0.04%	-0.02%	0.22%	0.09%
Operating Expenses+	175.4M	194.44M	208.25M	220.63M	253.85M	262.94M	273.62M	345.6M	317.83M	335.89M
OpEx % of Revenue	0.25%	0.25%	0.25%	0.24%	0.24%	0.25%	0.25%	0.3%	0.26%	0.25%
Selling, General & Admin	175.4M	194.44M	208.25M	220.63M	253.85M	262.94M	273.62M	344.3M	366.25M	0
SG&A % of Revenue	0.25%	0.25%	0.25%	0.24%	0.24%	0.25%	0.25%	0.3%	0.29%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	1.3M	-48.42M	335.89M
Operating Income+	20.38M	14.1M	15.05M	16.77M	27.75M	28.33M	30.16M	31.67M	46.98M	63.03M
Operating Margin %	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.04%	0.05%
Operating Income Growth %	-0.29%	-0.31%	0.07%	0.11%	0.66%	0.02%	0.06%	0.05%	0.48%	0.34%
EBITDA+	46.01M	43.71M	44.58M	46.24M	59.74M	58.76M	58.76M	62.08M	77.91M	94.85M
EBITDA Margin %	0.07%	0.06%	0.05%	0.05%	0.06%	0.06%	0.05%	0.05%	0.06%	0.07%
EBITDA Growth %	-0.08%	-0.05%	0.02%	0.04%	0.29%	-0.02%	0%	0.06%	0.26%	0.22%
D&A (Non-Cash Add-back)	25.63M	29.61M	29.53M	29.48M	31.99M	30.43M	28.61M	30.41M	30.93M	31.81M
EBIT	20.38M	14.1M	15.05M	16.77M	27.75M	28.33M	30.16M	31.67M	46.98M	61.99M
Net Interest Income+	-3.04M	-3.79M	-4.56M	-4.95M	-2.05M	-2.27M	-2.37M	-3.3M	-4.18M	-3.06M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	3.04M	3.79M	4.56M	4.95M	2.05M	2.27M	2.37M	3.3M	4.18M	3.06M
Other Income/Expense	-3.04M	-3.79M	-4.56M	-4.95M	-2.05M	-2.27M	-2.37M	-3.3M	-4.18M	-4.11M
Pretax Income+	17.34M	10.3M	10.49M	11.81M	25.7M	26.06M	27.78M	28.37M	42.8M	58.93M
Pretax Margin %	0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	0.03%	0.02%	0.03%	0.04%
Income Tax+	5.86M	3.41M	-2.17M	2.4M	5.69M	5.47M	6.42M	5.13M	8.87M	12.48M
Effective Tax Rate %	0.66%	0.67%	1.21%	0.8%	0.78%	0.79%	0.77%	0.82%	0.79%	0.79%
Net Income+	11.47M	6.89M	12.66M	9.42M	20.01M	20.58M	21.36M	23.24M	33.94M	46.44M
Net Margin %	0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%
Net Income Growth %	-0.29%	-0.4%	0.84%	-0.26%	1.13%	0.03%	0.04%	0.09%	0.46%	0.37%
Net Income (Continuing)	11.47M	6.89M	12.66M	9.42M	20.01M	20.58M	21.36M	23.24M	33.94M	46.44M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2.00
EPS Growth %	-0.29%	-0.39%	0.81%	-0.25%	1.12%	0.02%	0.03%	0.09%	0.44%	0.36%
EPS (Basic)	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
Diluted Shares Outstanding	22.51M	22.46M	22.41M	22.55M	22.58M	22.71M	22.82M	22.83M	23.08M	23.26M
Basic Shares Outstanding	22.49M	22.45M	22.36M	22.42M	22.5M	22.59M	22.67M	22.73M	22.77M	22.94M
Dividend Payout Ratio	-	-	-	-	0.31%	2.5%	0.42%	0.39%	0.27%	0.24%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	97.33M	108.22M	110.95M	115.18M	143.41M	135.63M	140.66M	152.55M	147.06M	168.07M
Cash & Short-Term Investments	4.02M	6.52M	9.4M	6.21M	28.53M	23.68M	12.04M	18.34M	8.87M	17.12M
Cash Only	4.02M	6.52M	9.4M	6.21M	28.53M	23.68M	12.04M	18.34M	8.87M	17.12M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.75M	4.86M	4.74M	5.06M	8.52M	8.49M	10.5M	10.8M	12.61M	11.97M
Days Sales Outstanding	1.94	2.31	2.04	2.04	3	2.94	3.52	3.46	3.71	3.28
Inventory	86.33M	93.61M	94.23M	96.18M	100.17M	100.55M	113.76M	119.26M	120.67M	132.97M
Days Inventory Outstanding	62.55	61.38	55.16	52.8	48.51	48.08	52.91	51.73	50.24	52.02
Other Current Assets	0	3.22M	2.59M	0	0	0	0	4.15M	4.91M	6.03M
Total Non-Current Assets+	184.92M	191.78M	196.13M	211.93M	538.38M	519.45M	522.45M	516.63M	508.42M	502.43M
Property, Plant & Equipment	178.3M	184.42M	188.77M	201.63M	527.26M	507.15M	507.87M	502.11M	494.47M	485.22M
Fixed Asset Turnover	3.96x	4.17x	4.50x	4.48x	1.97x	2.08x	2.15x	2.27x	2.51x	2.74x
Goodwill	5.2M	5.2M	5.2M	5.2M	5.2M	5.2M	5.2M	5.2M	5.2M	0
Intangible Assets	403K	457K	450K	3.45M	5.27M	6.57M	8.93M	8.93M	8.27M	0
Long-Term Investments	-12.13M	-12.36M	-6.45M	-10.42M	-14.43M	-15.29M	0	-14.43M	0	0
Other Non-Current Assets	971K	1.64M	1.71M	1.66M	647K	530K	-15.45M	395K	458K	5.45M
Total Assets+	282.25M	299.99M	307.08M	327.11M	681.79M	655.08M	663.11M	669.18M	655.48M	670.5M
Asset Turnover	2.50x	2.56x	2.76x	2.76x	1.52x	1.61x	1.64x	1.70x	1.89x	1.98x
Asset Growth %	0.21%	0.06%	0.02%	0.07%	1.08%	-0.04%	0.01%	0.01%	-0.02%	0.02%
Total Current Liabilities+	66.54M	71.56M	79.69M	83.27M	129.15M	133.77M	137.73M	154.03M	164.13M	158.78M
Accounts Payable	53.62M	56.85M	61.1M	63.16M	69.16M	68.95M	71.28M	80.67M	88.4M	80.99M
Days Payables Outstanding	38.85	37.27	35.77	34.68	33.49	32.97	33.16	34.99	36.8	31.69
Short-Term Debt	478K	548K	736K	0	34.99M	1.75M	1.75M	1.75M	0	40.56M
Deferred Revenue (Current)	866K	906K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	6.71M	7.32M	8.67M	9.2M	-25.39M	0	0	0	35.85M	37.24M
Current Ratio	1.46x	1.51x	1.39x	1.38x	1.11x	1.01x	1.02x	0.99x	0.90x	1.06x
Quick Ratio	0.17x	0.20x	0.21x	0.23x	0.33x	0.26x	0.20x	0.22x	0.16x	0.22x
Cash Conversion Cycle	25.64	26.41	21.43	20.17	18.02	18.04	23.27	20.19	17.14	23.62
Total Non-Current Liabilities+	88.98M	94.55M	80.67M	86.94M	379.58M	378.58M	369.57M	344.31M	317.09M	299.33M
Long-Term Debt	27.43M	28.39M	13.19M	5.69M	0	21.94M	13.94M	5.94M	0	0
Capital Lease Obligations	31.43M	32.88M	40.41M	51.48M	365.15M	341.35M	339.73M	323.95M	306.62M	291.46M
Deferred Tax Liabilities	12.18M	12.42M	6.45M	10.42M	14.43M	15.29M	15.9M	14.43M	10.47M	7.86M
Other Non-Current Liabilities	17.95M	20.86M	20.62M	0	0	15.29M	15.9M	0	0	0
Total Liabilities	155.52M	166.11M	160.36M	170.21M	508.73M	512.35M	507.3M	498.34M	481.22M	458.11M
Total Debt+	59.34M	61.82M	54.33M	58.21M	400.14M	401.52M	393.37M	370.18M	346.51M	332.02M
Net Debt	55.32M	55.3M	44.94M	52M	371.61M	377.84M	381.33M	351.84M	337.64M	314.9M
Debt / Equity	0.47x	0.46x	0.37x	0.37x	2.31x	2.81x	2.52x	2.17x	1.99x	1.56x
Debt / EBITDA	1.29x	1.41x	1.22x	1.26x	6.70x	6.83x	6.69x	5.96x	4.45x	3.50x
Net Debt / EBITDA	1.20x	1.27x	1.01x	1.12x	6.22x	6.43x	6.49x	5.67x	4.33x	3.32x
Interest Coverage	6.69x	3.72x	3.30x	3.39x	13.55x	12.47x	12.72x	9.60x	11.25x	20.58x
Total Equity+	126.72M	133.88M	146.73M	156.91M	173.07M	142.73M	155.81M	170.84M	174.25M	212.4M
Equity Growth %	0.1%	0.06%	0.1%	0.07%	0.1%	-0.18%	0.09%	0.1%	0.02%	0.22%
Book Value per Share	5.63	5.96	6.55	6.96	7.67	6.28	6.83	7.48	7.55	9.13
Total Shareholders' Equity	126.72M	133.88M	146.73M	156.91M	173.07M	142.73M	155.81M	170.84M	174.25M	212.4M
Common Stock	23K	23K	23K	23K	23K	23K	23K	23K	23K	23K
Retained Earnings	71.95M	78.85M	91.51M	100.92M	116.29M	85.42M	97.72M	111.87M	113.9M	149.34M
Treasury Stock	-690K	-664K	-1.04M	-359K	0	0	0	-66K	0	0
Accumulated OCI	-114.46M	-143.44M	-164.66M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	28.83M	40.85M	42.86M	37.38M	66.5M	53.88M	39.69M	64.61M	73.76M	55.3M
Operating CF Margin %	0.04%	0.05%	0.05%	0.04%	0.06%	0.05%	0.04%	0.06%	0.06%	0.04%
Operating CF Growth %	-0.3%	0.42%	0.05%	-0.13%	0.78%	-0.19%	-0.26%	0.63%	0.14%	-0.25%
Net Income	11.47M	6.89M	12.66M	9.42M	20.01M	20.58M	21.36M	23.24M	33.94M	46.44M
Depreciation & Amortization	25.53M	29.51M	29.43M	28.98M	31.19M	29.63M	27.91M	28.91M	30.93M	31.81M
Stock-Based Compensation	879K	758K	810K	1.19M	1.13M	877K	1.19M	1.36M	2.83M	3.96M
Deferred Taxes	6.97M	241K	-5.97M	3.97M	3.74M	864K	609K	-1.48M	-3.96M	-2.61M
Other Non-Cash Items	10K	-9K	597K	262K	582K	1.39M	3.02M	1.67M	1.97M	-34.37M
Working Capital Changes	-16.04M	3.46M	5.34M	-6.43M	9.85M	537K	-14.39M	10.91M	8.05M	10.07M
Change in Receivables	-1.17M	-1.1M	145K	-315K	-3.42M	30K	-2.97M	315K	-1.79M	-1.01M
Change in Inventory	-11.51M	-7.28M	-615K	-1.95M	-4M	-371K	-13.21M	-5.5M	-1.41M	-12.3M
Change in Payables	3.31M	7.22M	1.84M	1.02M	10.1M	-2.64M	447K	10.35M	10.04M	-6.09M
Cash from Investing+	-53.74M	-38.5M	-23.54M	-31.86M	-29.56M	-27.75M	-31.14M	-37.95M	-38.6M	-30.97M
Capital Expenditures	-53.76M	-41.23M	-23.72M	-32.73M	-29.58M	-28.29M	-31.44M	-36.57M	-37.54M	0
CapEx % of Revenue	0.08%	0.05%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19K	2.73M	174K	32K	27K	443K	280K	-1.38M	-1.06M	-30.97M
Cash from Financing+	26.02M	154K	-16.44M	-8.7M	-14.63M	-30.98M	-20.19M	-20.35M	-44.63M	-16.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-6.3M	-51.45M	-9.07M	-9.09M	-31.87M	-11.01M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-161K	-71K	-89K	0	0	-52K	0	-304K	-18K	33.18M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-24.93M	-382K	19.15M	4.65M	36.92M	25.59M	8.25M	26.51M	35.08M	55.3M
FCF Margin %	-0.04%	-0%	0.02%	0.01%	0.04%	0.02%	0.01%	0.02%	0.03%	0.04%
FCF Growth %	-6.86%	0.98%	51.12%	-0.76%	6.94%	-0.31%	-0.68%	2.21%	0.32%	0.58%
FCF per Share	-1.11	-0.02	0.85	0.21	1.64	1.13	0.36	1.16	1.52	2.38
FCF Conversion (FCF/Net Income)	2.51x	5.93x	3.39x	3.97x	3.32x	2.62x	1.86x	2.78x	2.17x	1.19x
Interest Paid	2.97M	3.71M	4.49M	4.93M	2.04M	2.15M	2.43M	3.31M	4.16M	0
Taxes Paid	6.37M	2.66M	1.96M	4.73M	3.31M	6.75M	7.01M	5.05M	13.58M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.47%	5.29%	9.02%	6.2%	12.13%	13.03%	14.31%	14.23%	19.67%	24.02%
Return on Invested Capital (ROIC)	9.49%	5.7%	5.93%	6.28%	5.52%	3.99%	4.28%	4.48%	6.81%	9.1%
Gross Margin	28.6%	27.61%	26.57%	26.42%	27.31%	27.68%	27.98%	26.22%	29.38%	29.9%
Net Margin	1.63%	0.9%	1.49%	1.04%	1.93%	1.95%	1.96%	2.04%	2.73%	3.49%
Debt / Equity	0.47x	0.46x	0.37x	0.37x	2.31x	2.81x	2.52x	2.17x	1.99x	1.56x
Interest Coverage	6.69x	3.72x	3.30x	3.39x	13.55x	12.47x	12.72x	9.60x	11.25x	20.58x
FCF Conversion	2.51x	5.93x	3.39x	3.97x	3.32x	2.62x	1.86x	2.78x	2.17x	1.19x
Revenue Growth	12.94%	9.01%	10.4%	6.42%	14.75%	1.8%	3.23%	4.68%	8.86%	7.19%

Revenue by Segment

	2019	2021	2023	2024
Gift Cards	600K	700K	600K	600K
Gift Cards Growth	-	16.67%	-14.29%	0.00%

Frequently Asked Questions

Valuation & Price

Natural Grocers by Vitamin Cottage, Inc. (NGVC) has a price-to-earnings (P/E) ratio of 13.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Natural Grocers by Vitamin Cottage, Inc. (NGVC) reported $1.33B in revenue for fiscal year 2025. This represents a 296% increase from $336.4M in 2012.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) grew revenue by 7.2% over the past year. This is steady growth.

Yes, Natural Grocers by Vitamin Cottage, Inc. (NGVC) is profitable, generating $46.4M in net income for fiscal year 2025 (3.5% net margin).

Dividend & Returns

Yes, Natural Grocers by Vitamin Cottage, Inc. (NGVC) pays a dividend with a yield of 1.76%. This makes it attractive for income-focused investors.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) has a return on equity (ROE) of 24.0%. This is excellent, indicating efficient use of shareholder capital.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) generated $74.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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