Natural Grocers by Vitamin Cottage, Inc. (NGVC) Income Statement

16Y historyFree accessUpdated daily

Revenue growth decelerated to 1.8% year-over-year in Q3 2026, while gross margin contracted slightly to 29.3% from 29.9% a year earlier, and operating income fell 3.8% to $15.0M, indicating margin pressure and stalled operating leverage.

Annual statement

NGVC Income Statement

Natural Grocers by Vitamin Cottage, Inc. (NGVC) annual income statement — 16-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	1.34B	1.33B	1.24B	1.14B	1.09B	1.06B	1.04B	903.58M	849.04M	769.03M	705.5M	624.68M	520.67M	430.65M	336.39M	264.54M	226.91M
Revenue Growth %	2.01%	7.19%	8.86%	4.68%	3.23%	1.8%	14.75%	6.42%	10.4%	9.01%	12.94%	19.97%	20.9%	28.02%	27.16%	16.59%	-
Cost of Goods Sold	953.43M	932.96M	876.77M	813.64M	784.74M	763.33M	753.7M	664.83M	623.47M	556.69M	503.73M	442.58M	369.17M	304.92M	237.33M	187.16M	159.8M
COGS % of Revenue	-	70.1%	70.62%	71.34%	72.02%	72.32%	72.69%	73.58%	73.43%	72.39%	71.4%	70.85%	70.9%	70.8%	70.55%	70.75%	70.42%
Gross Profit	390.41M	397.88M	364.81M	326.93M	304.88M	292.19M	283.14M	238.75M	225.57M	212.34M	201.77M	182.1M	151.5M	125.73M	99.06M	77.38M	67.11M
Gross Margin %	29.05%	29.9%	29.38%	28.66%	27.98%	27.68%	27.31%	26.42%	26.57%	27.61%	28.6%	29.15%	29.1%	29.2%	29.45%	29.25%	29.58%
Gross Profit Growth %	-	9.06%	11.59%	7.23%	4.34%	3.2%	18.59%	5.84%	6.23%	5.24%	10.81%	20.19%	20.5%	26.93%	28.01%	15.3%	-
Operating Expenses	326.59M	335.89M	317.83M	295.26M	274.73M	263.86M	255.39M	221.99M	210.52M	198.24M	181.39M	153.47M	127.25M	106.64M	87.06M	69.97M	58.09M
OpEx % of Revenue	-	25.24%	25.6%	25.89%	25.21%	25%	24.63%	24.57%	24.8%	25.78%	25.71%	24.57%	24.44%	24.76%	25.88%	26.45%	25.6%
Selling, General & Admin	111.98M	41.43M	37.05M	34.37M	31.56M	28.36M	26.78M	22.84M	21.51M	20.09M	19.24M	17.51M	14.82M	13.48M	12.73M	10.4M	53.01M
SG&A % of Revenue	-	3.11%	2.98%	3.01%	2.9%	2.69%	2.58%	2.53%	2.53%	2.61%	2.73%	2.8%	2.85%	3.13%	3.79%	3.93%	23.36%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	294.46M	280.79M	260.9M	243.16M	235.51M	228.61M	199.15M	189.01M	178.15M	162.15M	135.95M	112.43M	93.17M	74.33M	59.57M	5.08M
Operating Income	63.82M	61.99M	46.98M	31.67M	30.16M	28.33M	27.75M	16.77M	15.05M	14.1M	20.38M	28.63M	24.25M	19.09M	12.29M	7.41M	9.03M
Operating Margin %	4.75%	4.66%	3.78%	2.78%	2.77%	2.68%	2.68%	1.86%	1.77%	1.83%	2.89%	4.58%	4.66%	4.43%	3.65%	2.8%	3.98%
Operating Income Growth %	-	31.96%	48.34%	5.02%	6.45%	2.08%	65.51%	11.38%	6.77%	-30.82%	-28.82%	18.07%	27.03%	55.25%	65.9%	-17.9%	-
EBITDA	96.3M	93.8M	77.91M	60.58M	58.06M	57.96M	58.94M	45.74M	44.48M	43.61M	45.91M	49.97M	41.46M	32.61M	22.24M	15.17M	14.6M
EBITDA Margin %	7.17%	7.05%	6.27%	5.31%	5.33%	5.49%	5.68%	5.06%	5.24%	5.67%	6.51%	8%	7.96%	7.57%	6.61%	5.73%	6.44%
EBITDA Growth %	4.7%	20.41%	28.61%	4.33%	0.17%	-1.67%	28.85%	2.83%	2%	-5.02%	-8.11%	20.52%	27.14%	46.61%	46.63%	3.88%	-
D&A (Non-Cash Add-back)	32.48M	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
EBIT	63.25M	61.99M	46.98M	31.67M	30.16M	28.33M	27.75M	16.77M	15.05M	14.1M	20.38M	28.63M	24.25M	19.09M	12M	7.45M	9.03M
Net Interest Income	-2.7M	-3.06M	-4.18M	-3.3M	-2.37M	-2.27M	-2.05M	-4.95M	-4.56M	-3.79M	-3.04M	-2.99M	-2.5M	-2.17M	-568K	-669K	-960.83K
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6.1K	10.08K	6.72K
Interest Expense	2.7M	3.06M	4.18M	3.3M	2.37M	2.27M	2.05M	4.95M	4.56M	3.79M	3.04M	2.99M	2.5M	2.17M	568.5K	669.13K	967.55K
Other Income/Expense	-3.27M	-3.06M	-4.18M	-3.3M	-2.37M	-2.27M	-2.05M	-4.95M	-4.56M	-3.79M	-3.04M	-2.99M	-2.49M	-2.16M	-562.21K	-634.03K	-964.5K
Pretax Income	60.55M	58.93M	42.8M	28.37M	27.78M	26.06M	25.7M	11.81M	10.49M	10.3M	17.34M	25.64M	21.75M	16.93M	11.43M	6.78M	8.06M
Pretax Margin %	4.51%	4.43%	3.45%	2.49%	2.55%	2.47%	2.48%	1.31%	1.24%	1.34%	2.46%	4.1%	4.18%	3.93%	3.4%	2.56%	3.55%
Income Tax	12.9M	12.48M	8.87M	5.13M	6.42M	5.47M	5.69M	2.4M	-2.17M	3.41M	5.86M	9.43M	8.28M	6.38M	3.96M	2.17M	2.47M
Effective Tax Rate %	21.31%	21.18%	20.71%	18.07%	23.1%	21.01%	22.15%	20.3%	-20.66%	33.13%	33.83%	36.79%	38.07%	37.68%	34.6%	31.97%	30.58%
Net Income	47.64M	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	6.65M	3.5M	4.41M
Net Margin %	3.55%	3.49%	2.73%	2.04%	1.96%	1.95%	1.93%	1.04%	1.49%	0.9%	1.63%	2.59%	2.59%	2.45%	1.98%	1.32%	1.94%
Net Income Growth %	9.13%	36.86%	46%	8.79%	3.81%	2.86%	112.5%	-25.63%	83.73%	-39.93%	-29.21%	20.27%	27.68%	58.71%	89.76%	-20.51%	-
Net Income (Continuing)	47.64M	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
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1.53M	1.41M
EPS (Diluted)	2.05	2.00	1.47	1.02	0.94	0.91	0.89	0.42	0.56	0.31	0.51	0.72	0.60	0.47	0.30	0.16	0.20
EPS Growth %	9.57%	36.05%	44.12%	8.51%	3.3%	2.25%	111.9%	-25%	80.65%	-39.22%	-29.17%	20%	27.66%	56.67%	87.5%	-20%	-
EPS (Basic)	-	2.02	1.49	1.02	0.94	0.91	0.89	0.42	0.57	0.31	0.51	0.72	0.60	0.47	0.30	0.16	0.20
Diluted Shares Outstanding	23.26M	23.26M	23.08M	22.83M	22.82M	22.71M	22.58M	22.55M	22.41M	22.46M	22.51M	22.5M	22.48M	22.44M	22.46M	22.46M	22.46M
Basic Shares Outstanding	23.04M	22.94M	22.77M	22.73M	22.67M	22.59M	22.5M	22.42M	22.36M	22.45M	22.49M	22.49M	22.47M	22.4M	22.37M	22.37M	22.37M
Dividend Payout Ratio	-	23.7%	27.01%	39.1%	42.44%	250%	31.49%	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStable

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Consumer spending pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Growth Deceleration Amidst Consumer Strain

Revenue growth slowed to 1.8% year-over-year in Q3 2026, down from 6.3% a year earlier, according to the latest income statement data, suggesting a marked cooling in demand.

The sequential deceleration from 9.0% in Q2 2025 to 1.8% in Q3 2026 indicates that the company is facing a tougher consumer environment, likely as shoppers trade down from premium organic offerings. While comparable store sales accelerated to 1.2% in Q3 from 0.5% in Q2, the absolute level remains modest, implying that growth is increasingly dependent on price rather than volume. Investors should monitor whether this trend persists, as it may signal a structural slowdown in the organic niche.

Gross Margin Resilience at a Cost

Gross margin contracted to 29.3% in Q3 2026 from 29.9% a year earlier, as reported in the financial statements, reflecting input cost pressures that the company has only partially offset.

The 60 basis point year-over-year decline in gross margin suggests that NGVC's rigid product standards limit its ability to pass on higher wholesale costs without alienating its price-sensitive customer base. The expansion of private label offerings may provide some defense, but the margin erosion indicates that the company is absorbing some cost inflation. This trend, if sustained, could pressure the already thin operating margin, which stood at 4.5% in Q3 2026.

Operating Leverage Stalls as SG&A Fluctuates

Operating income fell 3.8% year-over-year in Q3 2026 to $15.0 million, despite a 1.8% revenue increase, based on reported figures, indicating that fixed costs are not scaling efficiently.

The SG&A line in Q3 2026 appears anomalously low at $9.5 million, compared to $83.7 million in Q2 2026, which may reflect a reclassification or timing issue; however, the overall trend shows that operating leverage is not materializing. With operating margin at 4.5%, NGVC remains below its peer Sprouts Farmers Market's 7.8%, suggesting that its smaller scale and specialized format limit cost efficiencies. The company's high fixed-cost base, including store labor and occupancy, makes margins sensitive to comp sales fluctuations, and the recent deceleration in growth could lead to further deleveraging.

EPS Miss Clouds Earnings Quality

Diluted EPS of $0.48 in Q3 2026 missed consensus by $0.06, while stock-based compensation rose to $2.8 million, as per the income statement, raising questions about underlying profitability.

The EPS miss and lowered guidance suggest that the challenging consumer environment is pressuring profitability more than anticipated, and the increase in SBC from $0.8 million a year ago to $2.8 million may indicate a shift toward equity-based compensation. The effective tax rate appears stable, but the reliance on non-operating items is minimal, so the quality of earnings is primarily tied to operational performance. Investors should scrutinize whether the SBC increase is a one-time event or a trend that could dilute future earnings.

COGS Inflation Outpaces Revenue Growth

Cost of goods sold rose 2.7% year-over-year in Q3 2026, outpacing the 1.8% revenue growth, according to the latest financial data, squeezing gross profit dollars.

The fact that COGS growth exceeded revenue growth indicates that NGVC is facing input cost inflation that it cannot fully pass through, consistent with the gross margin decline. The company's commitment to 100% organic produce and strict product standards limits its sourcing flexibility, making it more vulnerable to organic commodity price spikes. Management's expense discipline appears focused on controlling SG&A, but the primary cost pressure is in the supply chain, which may require strategic pricing adjustments or further private label penetration to mitigate.

Margin Compression Risk Intensifies

Despite a low debt-to-equity ratio of 1.56%, NGVC's thin net margin of 3.3% in Q3 2026 leaves little room for error, as reported in the financial statements, if cost pressures persist.

Short-sellers might argue that NGVC's premium positioning is unsustainable in a weak consumer environment, as shoppers trade down to conventional grocers, leading to decelerating comps and margin erosion. The company's small-box format and geographic concentration in the Western U.S. expose it to regional economic downturns, and its reliance on supplements for profitability makes it vulnerable to regulatory changes. While the balance sheet is clean, the lack of scale compared to peers like Sprouts could limit its ability to invest in competitive pricing or e-commerce, potentially ceding market share.

NGVC — Frequently Asked Questions

Quick answers to the most common questions about buying NGVC stock.

What was Natural Grocers by Vitamin Cottage, Inc.'s (NGVC) revenue in 2025?

For fiscal year 2025, Natural Grocers by Vitamin Cottage, Inc. (NGVC) reported total revenue of $1.33B. This represents a 486.5% increase compared to $226.9M in 2010.

Is Natural Grocers by Vitamin Cottage, Inc. (NGVC) profitable?

Natural Grocers by Vitamin Cottage, Inc. (NGVC) is profitable, generating $46.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.

What is Natural Grocers by Vitamin Cottage, Inc.'s operating profit margin?

Natural Grocers by Vitamin Cottage, Inc. (NGVC) reported an operating income of $62.0M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Natural Grocers by Vitamin Cottage, Inc.'s gross profit and gross margin?

Natural Grocers by Vitamin Cottage, Inc. (NGVC) generated $397.9M in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.