Free cash flow remains highly volatile, with margins swinging from a negative 2.1% in 2025Q1 to a peak of 13.0% in 2025Q2, reflecting inconsistent cash conversion efficiency.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 |
|---|
| Cash from Operations | 96.83M | 55.3M | 73.76M | 64.61M | 39.69M | 53.88M | 66.5M | 37.38M | 42.86M | 40.85M | 28.83M | 41M | 31.75M | 25.72M | 25.2M | 16.74M | 7.65M |
| Operating CF Margin % | - | 4.16% | 5.94% | 5.66% | 3.64% | 5.1% | 6.41% | 4.14% | 5.05% | 5.31% | 4.09% | 6.56% | 6.1% | 5.97% | 7.49% | 6.33% | 3.37% |
| Operating CF Growth % | 682.73% | -25.02% | 14.17% | 62.76% | -26.33% | -18.98% | 77.9% | -12.79% | 4.93% | 41.7% | -29.7% | 29.15% | 23.46% | 2.04% | 50.54% | 118.89% | - |
| Net Income | 48.17M | 46.44M | 33.94M | 23.24M | 21.36M | 20.58M | 20.01M | 9.42M | 12.66M | 6.89M | 11.47M | 16.2M | 13.47M | 10.55M | 7.48M | 4.61M | 5.6M |
| Depreciation & Amortization | 32.1M | 31.81M | 30.93M | 28.91M | 27.91M | 29.63M | 31.19M | 28.98M | 29.43M | 29.51M | 25.53M | 21.34M | 17.21M | 13.52M | 9.95M | 7.76M | 5.58M |
| Stock-Based Compensation | 2.56M | 3.96M | 2.83M | 1.36M | 1.19M | 877K | 1.13M | 1.19M | 810K | 758K | 879K | 573K | 532K | 602K | 779.98K | 0 | 0 |
| Deferred Taxes | -382K | -2.61M | -3.96M | -1.48M | 609K | 864K | 3.74M | 3.97M | -5.97M | 241K | 6.97M | 630K | -1.19M | 2.45M | 2.67M | 3.94M | 596.11K |
| Other Non-Cash Items | 35.5M | -34.37M | 1.97M | 1.67M | 3.02M | 1.39M | 582K | 262K | 597K | -9K | 10K | 71K | -370K | -475K | -217.28K | 50.2K | 136.11K |
| Working Capital Changes | -21.12M | 10.07M | 8.05M | 10.91M | -14.39M | 537K | 9.85M | -6.43M | 5.34M | 3.46M | -16.04M | 2.19M | 2.09M | -936K | 4.54M | 409.73K | -4.27M |
| Change in Receivables | -2.35M | -1.01M | -1.54M | 693K | -3.6M | 3.03M | -3.42M | -315K | 145K | -1.1M | -1.17M | -430K | 255K | -546K | 283.2K | 55.98K | -1.79M |
| Change in Inventory | -4.91M | -12.3M | -1.41M | -5.5M | -13.21M | -371K | -4M | -1.95M | -615K | -7.28M | -11.51M | -15.71M | -12.91M | -7.93M | -7.72M | -4.26M | -3.81M |
| Change in Payables | -5.58M | -6.09M | 10.04M | 10.35M | 447K | -2.64M | 10.1M | 1.02M | 1.84M | 7.22M | 3.31M | 12.89M | 5.2M | 4.48M | 6.86M | 2.11M | -562.72K |
| Cash from Investing | -45.43M | -30.97M | -38.6M | -37.95M | -31.14M | -27.75M | -29.56M | -31.86M | -23.54M | -38.5M | -53.74M | -42.34M | -34.87M | -34.62M | -25.56M | -20.51M | -11.6M |
| Capital Expenditures | -28.87M | 0 | -37.54M | -36.57M | -31.44M | -28.29M | -29.58M | -32.73M | -23.72M | -41.23M | -53.76M | -36.75M | -36.51M | -39.71M | -25.26M | -20.45M | -11.53M |
| CapEx % of Revenue | 2.16% | 2.34% | 3.02% | 3.21% | 2.89% | 2.68% | 2.85% | 3.62% | 2.79% | 5.36% | 7.62% | 5.88% | 7.01% | 9.22% | 7.51% | 7.73% | 5.08% |
| Acquisitions | 66K | 0 | 0 | 0 | 21K | 89K | 0 | 836K | 34K | 2.73M | 19K | -5.6M | 0 | 5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.63M | -30.97M | -1.06M | -1.38M | 280K | 443K | 27K | 32K | 174K | 2.73M | 19K | 13K | 500K | -500K | 1.45M | -65.93K | -65.52K |
| Cash from Financing | -51.88M | -16.09M | -44.63M | -20.35M | -20.19M | -30.98M | -14.63M | -8.7M | -16.44M | 154K | 26.02M | -863K | 104K | -252K | 17.27M | 3.7M | 2.26M |
| Debt Issued (Net) | -38.12M | -38.26M | -11.3M | -10.78M | -10.72M | 20.86M | -7.99M | -8.28M | -15.77M | 486K | 27M | -247K | -182K | -403K | -28.16M | 4.69M | 3.34M |
| Equity Issued (Net) | -45K | -1.25M | -1.45M | -181K | -403K | -340K | -337K | -421K | -581K | -261K | -829K | -102K | -83K | 0 | 58.13M | 0 | 0 |
| Dividends Paid | -12.42M | -11.01M | -31.87M | -9.09M | -9.07M | -51.45M | -6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 1.07M | -1.25M | -1.45M | -181K | -403K | -340K | -337K | -421K | -581K | -261K | -829K | -102K | -83K | -155K | 0 | 0 | 0 |
| Other Financing | -1.29M | 34.43M | -18K | -304K | 0 | -52K | 0 | 0 | -89K | -71K | -161K | -514K | 369K | 151K | -12.71M | -991.49K | -1.08M |
| Net Change in Cash | -486K | 8.24M | -9.47M | 6.3M | -11.64M | -4.86M | 22.32M | -3.18M | 2.88M | 2.5M | 1.1M | -2.2M | -3.02M | -9.16M | 16.91M | -68.02K | -1.69M |
| Free Cash Flow | 51.74M | 24.1M | 35.08M | 26.51M | 8.25M | 25.59M | 36.92M | 4.65M | 19.15M | -382K | -24.93M | 4.25M | -4.76M | -13.99M | -56.25K | -3.7M | -3.88M |
| FCF Margin % | 3.87% | 1.81% | 2.83% | 2.32% | 0.76% | 2.42% | 3.56% | 0.51% | 2.25% | -0.05% | -3.53% | 0.68% | -0.91% | -3.25% | -0.02% | -1.4% | -1.71% |
| FCF Growth % | -10.06% | -31.29% | 32.31% | 221.41% | -67.77% | -30.68% | 694.13% | -75.72% | 5112.04% | 98.47% | -686.22% | 189.29% | 65.96% | -24772.89% | 98.48% | 4.63% | - |
| FCF per Share | 2.24 | 1.04 | 1.52 | 1.16 | 0.36 | 1.13 | 1.64 | 0.21 | 0.85 | -0.02 | -1.11 | 0.19 | -0.21 | -0.62 | -0.00 | -0.16 | -0.17 |
| FCF Conversion (FCF/Net Income) | 1.07x | 1.19x | 2.17x | 2.78x | 1.86x | 2.62x | 3.32x | 3.97x | 3.39x | 5.93x | 2.51x | 2.53x | 2.36x | 2.44x | 3.79x | 4.78x | 1.74x |
| Interest Paid | -1.01M | 3.12M | 4.16M | 3.31M | 2.43M | 2.15M | 2.04M | 4.93M | 4.49M | 3.71M | 2.97M | 2.87M | 2.44M | 2.04M | 563K | 615K | 802.9K |
| Taxes Paid | -7.32M | 15.91M | 13.58M | 5.05M | 7.01M | 6.75M | 3.31M | 4.73M | 1.96M | 2.66M | 6.37M | 8.19M | 3.76M | 3.92M | 519K | 12K | 2.92M |
Volatile working capital cycles
As reported in financial statements, NGVC exhibits significant quarterly variance in the relationship between net income and operating cash flow, with the OCF/NI ratio swinging from a low of 0.25 in 2025Q3 to a high of 4.24 in 2025Q4, indicating inconsistent cash conversion efficiency.
The wide dispersion between net income and operating cash flow suggests that reported earnings are frequently decoupled from actual cash generation due to timing differences in working capital. Investors should monitor whether this volatility reflects structural inefficiencies in inventory management or merely seasonal fluctuations inherent to the organic grocery business.
Based on the provided cash flow data, NGVC's free cash flow trajectory remains highly erratic, with margins oscillating between a negative 2.1% in 2025Q1 and a peak of 13.0% in 2025Q2, highlighting a lack of predictable cash generation despite consistent net income performance.
The inability to maintain a stable free cash flow margin suggests that capital expenditures and working capital requirements often overwhelm the cash generated from operations. This inconsistency complicates the assessment of the company's long-term ability to self-fund its store expansion strategy without relying on external financing.
According to recent SEC filings, NGVC's capital expenditure intensity, measured as a percentage of revenue, reached 6.2% in 2026Q2, representing a notable increase from the 2.0% to 3.0% range observed in prior periods and suggesting a potential shift toward more aggressive reinvestment in store infrastructure.
The recent spike in capital spending warrants investigation into whether these outlays are directed toward new store openings or necessary maintenance of existing locations. If this elevated capital intensity persists without a corresponding improvement in sales per square foot, it may indicate diminishing returns on the company's physical footprint.
As evidenced by the quarterly cash flow data, working capital changes have been a primary driver of cash flow volatility, with a significant $16.8M outflow in 2025Q3 followed by a $13.3M inflow in 2025Q2, illustrating the company's sensitivity to inventory and accounts payable timing.
These sharp reversals in working capital suggest that the company's cash position is highly susceptible to the timing of inventory procurement and supplier payment terms. Analysts should scrutinize whether these fluctuations are indicative of supply chain bottlenecks or strategic inventory builds that may not align with current consumer demand trends.
Quick answers to the most common questions about buying NGVC stock.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) generated $55.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) generated $24.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Natural Grocers by Vitamin Cottage, Inc. (NGVC) returned $11.0M to shareholders via cash dividends and spent $1.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.