Latest Ratios: P/E Ratio 14.8x · EV/EBITDA 10.6x · ROE 24.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $683M | $930M | $685M | $295M | $246M | $255M | $223M | $225M | $379M | $125M | $251M |
| Enterprise Value | $998M | $1.2B | $1.0B | $647M | $628M | $633M | $594M | $277M | $423M | $181M | $306M |
| P/E Ratio → | 14.83 | 20.00 | 20.20 | 12.66 | 11.48 | 12.33 | 11.08 | 23.79 | 30.16 | 18.00 | 21.88 |
| P/S Ratio | 0.51 | 0.70 | 0.55 | 0.26 | 0.23 | 0.24 | 0.21 | 0.25 | 0.45 | 0.16 | 0.36 |
| P/B Ratio | 3.25 | 4.38 | 3.93 | 1.73 | 1.58 | 1.79 | 1.29 | 1.44 | 2.58 | 0.94 | 1.98 |
| P/FCF | 28.56 | 38.88 | 19.54 | 11.12 | 29.84 | 9.96 | 6.03 | 48.47 | 19.77 | — | — |
| P/OCF | 12.36 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 10.64 | 13.27 | 13.13 | 10.42 | 10.68 | 10.77 | 9.95 | 6.00 | 9.50 | 4.13 | 6.66 |
| EV / EBIT | 16.10 | 20.09 | 21.78 | 20.42 | 20.81 | 22.33 | 21.41 | 16.54 | 28.13 | 12.81 | 15.04 |
| EV / FCF | — | 52.04 | 29.16 | 24.39 | 76.07 | 24.72 | 16.10 | 59.65 | 22.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | 13.16 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 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 |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying NGVC stock.
Natural Grocers by Vitamin Cottage, Inc.'s current P/E ratio is 14.8x. The historical average is 28.5x. This places it at the 29th percentile of its historical range.
Natural Grocers by Vitamin Cottage, Inc.'s current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
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%.
Based on historical data, Natural Grocers by Vitamin Cottage, Inc. is trading at a P/E of 14.8x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Natural Grocers by Vitamin Cottage, Inc.'s current dividend yield is 1.60% with a payout ratio of 23.7%.
Natural Grocers by Vitamin Cottage, Inc. has 29.9% gross margin and 4.7% operating margin.
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.
Key Metrics
Top Statement Risk
Consumer spending pressure
Metrics are mathematically derived from official filings.
Margin Resilience Amidst Cost Pressures
Gross margin contracted to 29.3% in Q3 2026 from 29.9% a year earlier, as reported in financial statements, while operating margin slipped to 4.5%, indicating cost pressures are only partially offset.
The 60 basis point gross margin decline, despite a 7.19% revenue growth, suggests input cost inflation is outpacing pricing power, a trend consistent with the prior income statement analysis. Operating margin of 4.5% remains thin, leaving limited buffer for further cost shocks. The stability in net margin at 3.3% indicates that SG&A discipline is partially compensating, but the trajectory warrants monitoring.
Return on Capital Remains Subdued
ROIC dipped to 2.1% in Q3 2026 from 2.6% a year earlier, based on reported figures, reflecting a capital-intensive store model with limited incremental returns.
ROIC has hovered in the 1.6%-2.7% range over the past ten quarters, indicating that the company is not compounding returns on invested capital at an accelerating pace. The low ROIC relative to peers like Sprouts (17.8%) suggests structural inefficiencies in capital deployment, possibly due to the small-box format and heavy PP&E base. This may imply that growth investments are not yet yielding adequate returns, though the recent comp acceleration could signal improvement.
Working Capital Efficiency Stable but Tight
Cash conversion cycle improved to 20 days in Q3 2026 from 17 days a year earlier, as per financial statements, with DIO at 51 days and DPO at 34 days, indicating modest working capital drag.
The slight lengthening of CCC is driven by higher inventory days, which may reflect supply chain challenges or deliberate stockpiling. DSO remains negligible at 3 days, typical for grocery retail, while DPO of 34 days suggests limited supplier leverage. Asset turnover has been flat at 0.49-0.51, indicating that the store base is not becoming more efficient, which is a concern given the capital intensity.
Leverage Declines but Leases Loom
Reported D/E fell to 1.34 in Q3 2026 from 2.30 a year earlier, as per balance sheet data, but this excludes capitalized operating leases, which likely understate true leverage.
The improvement in reported leverage is notable, with interest coverage rising to 22.62 from 9.57 two years ago, indicating more comfortable debt service. However, the grocery sector's reliance on operating leases means the true leverage is higher than reported. Investors should adjust for lease liabilities to assess covenant risk and refinancing needs, especially given the thin net margin.
Liquidity Thin but Improving
Current ratio improved to 1.10 in Q3 2026 from 0.88 in Q2 2024, as reported in financial statements, though quick ratio remains low at 0.25, indicating heavy inventory dependence.
The current ratio above 1.0 provides a modest cushion, but the quick ratio of 0.25 highlights that the company relies heavily on inventory to meet short-term obligations. In a severe demand downturn, inventory liquidation could be challenging, potentially straining liquidity. Cash of $17.5 million is modest relative to total liabilities, suggesting limited buffer against unexpected shocks.
Misapplied Metric: Reported D/E
The reported debt-to-equity ratio of 1.34 is commonly misapplied to NGVC, as it excludes substantial operating lease obligations, understating true leverage and overstating balance sheet strength.
In grocery retail, operating leases are a primary financing vehicle for store locations, and excluding them from leverage metrics can mislead investors about financial risk. A lease-adjusted D/E would likely be significantly higher, potentially altering the assessment of the company's financial flexibility. Analysts should use a capitalized lease adjustment or EV/EBITDAR to compare NGVC with peers on a like-for-like basis.