Natural Grocers by Vitamin Cottage, Inc. (NGVC) Financial Ratios
16 years of historical data (2010–2025) · Consumer Defensive · Grocery Stores
EV/EBITDA
↑
10.75
-8% vs avg
5yr avg: 11.65
30Y Low4.1·High27.7
P/FCF
↑
28.78
↑+32% vs avg
5yr avg: 21.81
30Y Low6.0·High120.0
P/B Ratio
↑
3.30
↑+23% vs avg
5yr avg: 2.68
30Y Low0.9·High10.5
ROE
↑
24.0%
↓+41% vs avg
5yr avg: 17.1%
30Y Low5%·High36%
Debt/EBITDA
↓
3.54
↓-36% vs avg
5yr avg: 5.50
30Y Low0.2·High6.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NGVC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Natural Grocers by Vitamin Cottage, Inc. trades at 15.1x earnings, roughly in line with its 5-year average of 15.3x, sitting at the 29th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.8x, the stock trades at a discount of 20%. On a free-cash-flow basis, the stock trades at 28.8x P/FCF, 32% above the 5-year average of 21.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $694M | $930M | $685M | $295M | $246M | $255M | $223M | $225M | $379M | $125M | $251M |
| Enterprise Value | $1.0B | $1.2B | $1.0B | $647M | $628M | $633M | $594M | $277M | $423M | $181M | $306M |
| P/E Ratio → | 15.05 | 20.00 | 20.20 | 12.66 | 11.48 | 12.33 | 11.08 | 23.79 | 30.16 | 18.00 | 21.88 |
| P/S Ratio | 0.52 | 0.70 | 0.55 | 0.26 | 0.23 | 0.24 | 0.21 | 0.25 | 0.45 | 0.16 | 0.36 |
| P/B Ratio | 3.30 | 4.38 | 3.93 | 1.73 | 1.58 | 1.79 | 1.29 | 1.44 | 2.58 | 0.94 | 1.98 |
| P/FCF | 28.78 | 38.59 | 19.54 | 11.12 | 29.84 | 9.96 | 6.03 | 48.47 | 19.77 | — | — |
| P/OCF | 12.54 | 16.82 | 9.29 | 4.56 | 6.20 | 4.73 | 3.35 | 6.03 | 8.83 | 3.07 | 8.71 |
P/E links to full P/E history page with 30-year chart
NGVC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Natural Grocers by Vitamin Cottage, Inc.'s enterprise value stands at 10.8x EBITDA, 8% below its 5-year average of 11.7x. This is roughly in line with the Consumer Defensive sector median of 11.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.94 | 0.82 | 0.57 | 0.58 | 0.60 | 0.57 | 0.31 | 0.50 | 0.23 | 0.43 |
| EV / EBITDA | 10.75 | 13.27 | 13.13 | 10.42 | 10.68 | 10.77 | 9.95 | 6.00 | 9.50 | 4.13 | 6.66 |
| EV / EBIT | 16.27 | 20.09 | 21.78 | 20.42 | 20.81 | 22.33 | 21.41 | 16.54 | 28.13 | 12.81 | 15.04 |
| EV / FCF | — | 51.66 | 29.16 | 24.39 | 76.07 | 24.72 | 16.10 | 59.65 | 22.12 | — | — |
NGVC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Natural Grocers by Vitamin Cottage, Inc. earns an operating margin of 4.7%, roughly in line with the Consumer Defensive sector average. Operating margins have expanded from 2.8% to 4.7% over the past 3 years, signaling improving operational efficiency. ROE of 24.0% indicates solid capital efficiency, compared to the sector median of 6.5%. ROIC of 8.9% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.9% | 29.9% | 29.4% | 28.7% | 28.0% | 27.7% | 27.3% | 26.4% | 26.6% | 27.6% | 28.6% |
| Operating Margin | 4.7% | 4.7% | 3.8% | 2.8% | 2.8% | 2.7% | 2.7% | 1.9% | 1.8% | 1.8% | 2.9% |
| Net Profit Margin | 3.5% | 3.5% | 2.7% | 2.0% | 2.0% | 1.9% | 1.9% | 1.0% | 1.5% | 0.9% | 1.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.0% | 24.0% | 19.7% | 14.2% | 14.3% | 13.0% | 12.1% | 6.2% | 9.0% | 5.3% | 9.5% |
| ROA | 7.0% | 7.0% | 5.1% | 3.5% | 3.2% | 3.1% | 4.0% | 3.0% | 4.2% | 2.4% | 4.4% |
| ROIC | 8.9% | 8.9% | 6.8% | 4.5% | 4.3% | 4.0% | 5.5% | 6.3% | 5.9% | 5.7% | 9.5% |
| ROCE | 12.4% | 12.4% | 9.3% | 6.1% | 5.8% | 5.3% | 7.0% | 7.1% | 6.6% | 6.3% | 10.7% |
NGVC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Natural Grocers by Vitamin Cottage, Inc. carries a Debt/EBITDA ratio of 3.5x, which is moderately leveraged (roughly in line with the sector average of 3.5x). Net debt stands at $315M ($332M total debt minus $17M cash). Interest coverage of 20.2x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.99 | 2.17 | 2.52 | 2.81 | 2.31 | 0.37 | 0.37 | 0.46 | 0.47 |
| Debt / EBITDA | 3.54 | 3.54 | 4.45 | 5.96 | 6.69 | 6.83 | 6.70 | 1.26 | 1.22 | 1.41 | 1.29 |
| Net Debt / Equity | — | 1.48 | 1.94 | 2.06 | 2.45 | 2.65 | 2.15 | 0.33 | 0.31 | 0.41 | 0.44 |
| Net Debt / EBITDA | 3.36 | 3.36 | 4.33 | 5.67 | 6.49 | 6.43 | 6.22 | 1.12 | 1.01 | 1.27 | 1.20 |
| Debt / FCF | — | 13.06 | 9.62 | 13.27 | 46.23 | 14.76 | 10.07 | 11.18 | 2.35 | — | — |
| Interest Coverage | 20.24 | 20.24 | 11.25 | 9.60 | 12.72 | 12.47 | 13.55 | 3.39 | 3.30 | 3.72 | 6.69 |
NGVC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.06x means Natural Grocers by Vitamin Cottage, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.22x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 0.99x to 1.06x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 0.90 | 0.99 | 1.02 | 1.01 | 1.11 | 1.38 | 1.39 | 1.51 | 1.46 |
| Quick Ratio | 0.22 | 0.22 | 0.16 | 0.22 | 0.20 | 0.26 | 0.33 | 0.23 | 0.21 | 0.20 | 0.17 |
| Cash Ratio | 0.11 | 0.11 | 0.05 | 0.12 | 0.09 | 0.18 | 0.22 | 0.07 | 0.12 | 0.09 | 0.06 |
| Asset Turnover | — | 1.98 | 1.89 | 1.70 | 1.64 | 1.61 | 1.52 | 2.76 | 2.76 | 2.56 | 2.50 |
| Inventory Turnover | 7.02 | 7.02 | 7.27 | 6.82 | 6.90 | 7.59 | 7.52 | 6.91 | 6.62 | 5.95 | 5.83 |
| Days Sales Outstanding | — | 3.28 | 3.71 | 3.46 | 3.52 | 2.94 | 3.00 | 2.04 | 2.04 | 2.31 | 1.94 |
NGVC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Natural Grocers by Vitamin Cottage, Inc. returns 1.8% to shareholders annually — split between a 1.6% dividend yield and 0.2% buyback yield. The payout ratio of 23.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.2% | 1.3% | 3.1% | 3.7% | 20.2% | 2.8% | — | — | — | — |
| Payout Ratio | 23.7% | 23.7% | 27.0% | 39.1% | 42.4% | 250.0% | 31.5% | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 5.0% | 5.0% | 7.9% | 8.7% | 8.1% | 9.0% | 4.2% | 3.3% | 5.6% | 4.6% |
| FCF Yield | 3.5% | 2.6% | 5.1% | 9.0% | 3.4% | 10.0% | 16.6% | 2.1% | 5.1% | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| Total Shareholder Yield | 1.8% | 1.3% | 1.5% | 3.1% | 3.8% | 20.3% | 3.0% | 0.2% | 0.2% | 0.2% | 0.3% |
| Shares Outstanding | — | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $22M | $22M | $23M |
Peer Comparison
Compare NGVC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NGVCYou | $694M | 15.1 | 10.8 | 28.8 | 29.9% | 4.7% | 24.0% | 8.9% | 3.5 |
 SFM | $8B | 15.2 | 9.3 | 16.2 | 37.1% | 7.8% | 38.4% | 17.8% | 2.0 |
 HAIN | $55M | -0.1 | 8.2 | — | 21.0% | 3.6% | -74.9% | 2.9% | 8.2 |
 KR | $35B | 36.8 | 9.7 | 10.4 | 23.3% | 1.3% | 14.3% | 5.0% | 4.2 |
 ACI | $7B | 8.2 | 5.1 | 9.2 | 27.7% | 1.9% | 31.3% | 6.8% | 3.5 |
 WMT | $934B | 42.9 | 22.5 | 62.6 | 24.9% | 4.2% | 21.5% | 14.4% | 1.5 |
 TGT | $59B | 16.1 | 9.3 | 20.9 | 25.4% | 4.6% | 24.0% | 12.0% | 2.5 |
 COST | $422B | 52.2 | 32.5 | 53.8 | 12.8% | 3.8% | 30.7% | 34.5% | 0.6 |
 UNFI | $3B | -26.4 | 22.5 | 13.1 | 13.3% | -0.1% | -7.4% | -0.5% | 11.9 |
 SYY | $38B | 21.1 | 12.2 | 21.2 | 18.4% | 3.8% | 97.5% | 15.7% | 3.5 |
 USFD | $20B | 31.3 | 15.3 | 21.1 | 17.4% | 3.1% | 15.3% | 9.3% | 3.4 |
| Consumer Defensive Median | — | 18.8 | 11.0 | 15.3 | 40.8% | 3.5% | 6.5% | 5.7% | 3.5 |
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Download Financial Ratios Data
Includes 30+ ratios · 16 years · Updated daily
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NGVC — Frequently Asked Questions
Quick answers to the most common questions about buying NGVC stock.
What is Natural Grocers by Vitamin Cottage, Inc.'s P/E ratio?
Natural Grocers by Vitamin Cottage, Inc.'s current P/E ratio is 15.1x. The historical average is 28.5x. This places it at the 29th percentile of its historical range.
What is Natural Grocers by Vitamin Cottage, Inc.'s EV/EBITDA?
Natural Grocers by Vitamin Cottage, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
What is Natural Grocers by Vitamin Cottage, Inc.'s ROE?
Natural Grocers by Vitamin Cottage, Inc.'s return on equity (ROE) is 24.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.4%.
Is NGVC stock overvalued?
Based on historical data, Natural Grocers by Vitamin Cottage, Inc. is trading at a P/E of 15.1x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Natural Grocers by Vitamin Cottage, Inc.'s dividend yield?
Natural Grocers by Vitamin Cottage, Inc.'s current dividend yield is 1.57% with a payout ratio of 23.7%.
What are Natural Grocers by Vitamin Cottage, Inc.'s profit margins?
Natural Grocers by Vitamin Cottage, Inc. has 29.9% gross margin and 4.7% operating margin.
How much debt does Natural Grocers by Vitamin Cottage, Inc. have?
Natural Grocers by Vitamin Cottage, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.