Natural Grocers by Vitamin Cottage (NGVC) Financials

$47.66 -0.62 (-1.28%)

Closing price 03:59 PM Eastern

Extended Trading

$47.67 +0.01 (+0.02%)

As of 05:13 PM Eastern

Annual Income Statements for Natural Grocers by Vitamin Cottage

This table shows Natural Grocers by Vitamin Cottage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015	9/30/2014
Net Income / (Loss) Attributable to Common Shareholders	34	23	21	21	20	9.42	13	6.89	11	16	13
Consolidated Net Income / (Loss)	34	23	21	21	20	9.42	13	6.89	11	16	13
Net Income / (Loss) Continuing Operations	34	23	21	21	20	9.42	13	6.89	11	16	13
Total Pre-Tax Income	43	28	28	26	26	12	10	10	17	26	22
Total Operating Income	47	32	30	28	28	17	15	14	20	29	24
Total Gross Profit	365	327	305	292	283	239	226	212	202	182	152
Total Revenue	1,242	1,141	1,090	1,056	1,037	904	849	769	705	625	521
Operating Revenue	1,242	1,141	1,090	1,056	1,037	904	849	769	705	625	521
Total Cost of Revenue	877	814	785	763	754	665	623	557	504	443	369
Operating Cost of Revenue	877	814	785	763	754	665	623	557	504	443	369
Total Operating Expenses	318	295	275	264	255	222	211	198	181	153	127
Selling, General & Admin Expense	39	36	32	28	27	23	22	20	19	18	15
Other Operating Expenses / (Income)	279	259	243	236	229	199	189	178	162	136	112
Total Other Income / (Expense), net	-4.18	-3.30	-2.37	-2.27	-2.05	-4.95	-4.56	-3.79	-3.04	-2.99	-2.49
Interest Expense	4.18	3.30	2.37	2.27	2.05	4.95	4.56	3.79	3.04	2.99	2.50
Income Tax Expense	8.87	5.13	6.42	5.48	5.69	2.40	-2.17	3.41	5.86	9.43	8.28
Basic Earnings per Share	$1.49	$1.02	$0.94	$0.91	$0.89	$0.42	$0.57	$0.31	$0.51	$0.72	$0.60
Weighted Average Basic Shares Outstanding	22.77M	22.73M	22.67M	22.59M	22.50M	22.42M	22.36M	22.45M	22.49M	22.49M	22.47M
Diluted Earnings per Share	$1.47	$1.02	$0.94	$0.91	$0.89	$0.42	$0.56	$0.31	$0.51	$0.72	$0.60
Weighted Average Diluted Shares Outstanding	23.08M	22.83M	22.82M	22.71M	22.58M	22.55M	22.41M	22.46M	22.51M	22.50M	22.48M
Weighted Average Basic & Diluted Shares Outstanding	22.91M	22.75M	22.71M	22.64M	22.56M	22.48M	22.41M	22.46M	22.51M	22.50M	22.48M

This table shows Natural Grocers by Vitamin Cottage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	13	9.94	9.01	9.21	7.96	7.76	5.88	7.07	5.88	4.41	2.16
Consolidated Net Income / (Loss)	13	9.94	9.01	9.21	7.96	7.76	5.88	7.07	5.88	4.41	2.16
Net Income / (Loss) Continuing Operations	13	9.94	9.01	9.21	7.96	7.76	5.88	7.07	5.88	4.41	2.16
Total Pre-Tax Income	17	12	11	12	10	9.91	6.92	8.24	7.60	5.62	2.94
Total Operating Income	18	13	12	13	11	11	7.74	9.08	8.43	6.42	3.62
Total Gross Profit	102	99	95	90	90	89	84	81	82	79	76
Total Revenue	336	330	323	309	308	302	295	282	283	280	274
Operating Revenue	336	330	323	309	308	302	295	282	283	280	274
Total Cost of Revenue	234	231	227	219	218	213	211	200	201	202	198
Operating Cost of Revenue	234	231	227	219	218	213	211	200	201	202	198
Total Operating Expenses	84	85	83	77	79	78	77	72	74	72	72
Selling, General & Admin Expense	11	12	10	9.55	9.52	9.41	9.81	9.31	8.61	8.25	8.64
Other Operating Expenses / (Income)	73	74	73	68	70	69	67	63	65	64	64
Total Other Income / (Expense), net	-0.75	-0.92	-1.05	-1.05	-1.18	-0.89	-0.82	-0.85	-0.83	-0.80	-0.68
Interest Expense	0.75	0.92	1.05	1.05	1.18	0.89	0.82	0.85	0.83	0.80	0.68
Income Tax Expense	3.70	2.49	2.00	2.59	2.12	2.15	1.04	1.16	1.71	1.21	0.78
Basic Earnings per Share	$0.57	$0.43	$0.40	$0.40	$0.35	$0.34	$0.26	$0.31	$0.26	$0.19	$0.10
Weighted Average Basic Shares Outstanding	22.94M	22.90M	22.77M	22.79M	22.76M	22.75M	22.73M	22.73M	22.73M	22.71M	22.67M
Diluted Earnings per Share	$0.56	$0.43	$0.38	$0.40	$0.35	$0.34	$0.26	$0.31	$0.26	$0.19	$0.10
Weighted Average Diluted Shares Outstanding	23.27M	23.17M	23.08M	23.12M	23.06M	22.98M	22.83M	22.89M	22.82M	22.80M	22.82M
Weighted Average Basic & Diluted Shares Outstanding	22.95M	22.93M	22.91M	22.79M	22.79M	22.75M	22.75M	22.74M	22.73M	22.72M	22.71M

This table details how cash moves in and out of Natural Grocers by Vitamin Cottage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015	9/30/2014
Net Change in Cash & Equivalents	-9.47	6.30	-12	-4.86	22	-3.18	2.88	2.50	1.10	-2.20	-3.02
Net Cash From Operating Activities	74	65	40	54	67	37	43	41	29	41	32
Net Cash From Continuing Operating Activities	74	65	40	54	67	37	43	41	29	41	32
Net Income / (Loss) Continuing Operations	34	23	21	21	20	9.42	13	6.89	11	16	13
Consolidated Net Income / (Loss)	34	23	21	21	20	9.42	13	6.89	11	16	13
Depreciation Expense	31	29	28	30	31	29	29	30	26	21	17
Amortization Expense	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Non-Cash Adjustments To Reconcile Net Income	4.35	2.18	7.04	1.30	1.34	1.43	1.40	0.74	0.88	0.63	0.14
Changes in Operating Assets and Liabilities, net	4.85	10	-17	2.34	14	-2.46	-0.80	3.70	-9.07	2.82	0.90
Net Cash From Investing Activities	-39	-38	-31	-28	-30	-32	-24	-38	-54	-42	-35
Net Cash From Continuing Investing Activities	-39	-38	-31	-28	-30	-32	-24	-38	-54	-42	-35
Purchase of Property, Plant & Equipment	-38	-37	-28	-26	-27	-30	-24	-41	-54	-37	-37
Acquisitions	-1.14	-1.53	-3.41	-1.94	-2.83	-2.70	-0.03	-0.09	-	-5.60	0.00
Sale of Property, Plant & Equipment	0.04	0.11	0.02	0.09	0.00	0.84	0.03	2.73	0.02	0.01	0.00
Other Investing Activities, net	0.04	0.04	0.28	0.44	0.03	0.03	0.14	0.00	0.00	-	0.50
Net Cash From Financing Activities	-45	-20	-20	-31	-15	-8.70	-16	0.15	26	-0.86	0.10
Net Cash From Continuing Financing Activities	-45	-20	-20	-31	-15	-8.70	-16	0.15	26	-0.86	0.10
Repayment of Debt	-612	-539	-137	-11	-242	-414	-392	-291	-208	-203	-47
Repurchase of Common Equity	0.00	-0.18	0.00	0.00	-	-	-0.58	-0.26	-0.83	0.00	0.00
Payment of Dividends	-32	-9.09	-9.07	-51	-6.30	0.00	0.00	-	-	-	-
Issuance of Debt	604	531	129	35	236	406	376	292	235	203	46
Other Financing Activities, net	-5.06	-3.08	-3.12	-3.16	-2.61	-0.42	-0.09	-0.07	-0.12	-0.62	0.32
Cash Interest Paid	4.16	3.31	2.43	2.15	2.04	4.94	4.49	3.71	2.97	2.87	2.44
Cash Income Taxes Paid	14	5.05	7.01	6.75	3.31	4.73	1.96	2.66	6.37	8.19	3.76

This table details how cash moves in and out of Natural Grocers by Vitamin Cottage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	15	-2.56	-5.04	2.95	-2.65	-4.72	9.77	-10	2.03	4.90	-7.88
Net Cash From Operating Activities	34	2.68	24	12	20	17	28	1.30	14	21	10
Net Cash From Continuing Operating Activities	34	2.68	25	12	20	17	28	1.30	14	21	10
Net Income / (Loss) Continuing Operations	13	9.94	9.01	9.21	7.96	7.76	5.88	7.07	5.88	4.41	2.16
Consolidated Net Income / (Loss)	13	9.94	9.01	9.21	7.96	7.76	5.88	7.07	5.88	4.41	2.16
Depreciation Expense	7.89	7.95	7.93	7.85	7.70	7.45	7.48	7.21	7.15	7.06	6.82
Amortization Expense	0.00	0.00	0.00	0.01	0.01	0.00	0.01	0.01	0.00	0.01	0.01
Non-Cash Adjustments To Reconcile Net Income	0.80	1.37	2.59	1.00	0.31	0.44	1.01	0.11	0.80	0.25	3.18
Changes in Operating Assets and Liabilities, net	12	-17	5.26	-5.63	4.24	0.97	14	-13	-0.19	9.48	-1.97
Net Cash From Investing Activities	-6.46	-9.42	-6.79	-9.30	-11	-12	-14	-6.53	-6.49	-11	-13
Net Cash From Continuing Investing Activities	-6.46	-9.42	-6.79	-9.30	-11	-12	-14	-6.53	-6.49	-11	-13
Purchase of Property, Plant & Equipment	-6.42	-9.62	-6.53	-8.83	-10	-12	-13	-6.26	-6.57	-10	-12
Acquisitions	-0.09	-0.06	-0.30	-0.47	-0.26	-0.11	-0.39	-0.27	0.02	-0.88	-1.11
Sale of Property, Plant & Equipment	0.02	0.03	0.03	-	0.00	0.00	0.03	0.00	0.05	0.02	0.01
Other Investing Activities, net	0.03	0.24	-0.00	0.00	0.00	0.04	0.04	-	-	0.00	0.10
Net Cash From Financing Activities	-13	4.18	-23	-0.19	-12	-9.54	-5.03	-5.16	-5.13	-5.03	-4.94
Net Cash From Continuing Financing Activities	-13	4.18	-23	-0.19	-12	-9.54	-5.03	-5.16	-5.13	-5.03	-4.94
Repayment of Debt	-166	-148	-167	-158	-148	-139	-153	-135	-124	-127	-125
Payment of Dividends	-2.75	-2.75	-2.28	-2.28	-2.28	-25	-2.27	-2.27	-2.27	-2.27	-2.27
Issuance of Debt	157	157	149	162	139	155	151	133	122	125	123
Other Financing Activities, net	-1.06	-1.97	-2.16	-1.11	-0.89	-0.89	-0.76	-0.79	-0.78	-0.76	-0.67
Cash Interest Paid	0.88	0.80	1.10	1.10	1.05	0.90	0.83	0.83	0.88	0.76	0.67
Cash Income Taxes Paid	7.17	0.16	5.32	1.80	6.46	0.01	0.04	2.38	2.62	0.00	1.70

This table presents Natural Grocers by Vitamin Cottage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015	9/30/2014
Total Assets	655	669	663	655	682	327	307	300	282	234	189
Total Current Assets	147	153	141	136	143	115	111	108	97	82	67
Cash & Equivalents	8.87	18	12	24	29	6.21	9.40	6.52	4.02	2.92	5.11
Accounts Receivable	13	11	10	8.49	8.52	5.06	4.74	4.86	3.75	2.58	2.15
Inventories, net	121	119	114	101	100	96	94	94	86	75	58
Prepaid Expenses	4.91	4.15	4.37	2.91	6.19	7.73	2.59	3.22	3.23	1.11	0.64
Plant, Property, & Equipment, net	179	169	157	151	148	202	189	184	178	145	120
Total Noncurrent Assets	330	348	365	368	390	10	7.36	7.36	6.62	6.42	1.65
Noncurrent Note & Lease Receivables	41	45	44	39	40	0.00	-	-	-	-	-
Goodwill	13	14	14	12	10	8.64	5.65	5.66	5.60	5.62	0.90
Other Noncurrent Operating Assets	276	288	308	317	340	1.64	1.68	1.64	0.97	0.78	0.71
Total Liabilities & Shareholders' Equity	655	669	663	655	682	327	307	300	282	234	189
Total Liabilities	481	498	507	512	509	170	160	166	156	118	90
Total Current Liabilities	164	154	138	134	129	83	80	72	67	70	50
Accounts Payable	88	81	71	69	69	63	61	57	54	50	34
Accrued Expenses	36	33	27	27	25	19	18	14	12	20	16
Other Current Liabilities	40	39	38	36	35	0.00	-	-	-	-	-
Total Noncurrent Liabilities	317	344	370	379	380	87	81	95	89	49	40
Long-Term Debt	0.00	5.94	14	22	0.00	5.69	13	28	27	0.00	-
Noncurrent Deferred & Payable Income Tax Liabilities	10	14	16	15	14	10	6.45	12	12	6.07	5.41
Other Noncurrent Operating Liabilities	307	324	295	302	326	7.96	8.90	9.16	8.38	7.98	7.25
Total Equity & Noncontrolling Interests	174	171	156	143	173	157	147	134	127	115	99
Total Preferred & Common Equity	174	171	156	143	173	157	147	134	127	115	99
Total Common Equity	174	171	156	143	173	157	147	134	127	115	99
Common Stock	60	59	58	57	57	56	56	56	55	55	55
Retained Earnings	114	112	98	85	116	101	92	79	72	60	44

This table presents Natural Grocers by Vitamin Cottage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	12/31/2024	6/30/2024	3/31/2024	12/31/2023	6/30/2023	3/31/2023	12/31/2022	6/30/2022
Total Assets	665	649	654	657	663	656	652	659	664
Total Current Assets	163	145	145	141	143	140	146	140	144
Cash & Equivalents	21	6.32	14	11	14	8.58	19	17	20
Accounts Receivable	12	12	8.92	8.74	9.32	8.87	6.92	7.99	8.09
Inventories, net	125	122	117	117	116	117	116	111	111
Prepaid Expenses	4.82	4.49	5.03	3.81	4.24	6.07	3.84	3.83	4.22
Plant, Property, & Equipment, net	181	182	178	178	177	162	158	159	149
Total Noncurrent Assets	320	322	331	337	343	353	348	359	372
Noncurrent Note & Lease Receivables	39	40	42	43	44	46	43	44	46
Goodwill	13	13	14	14	14	14	14	15	13
Other Noncurrent Operating Assets	269	270	275	280	285	293	291	300	313
Total Liabilities & Shareholders' Equity	665	649	654	657	663	656	652	659	664
Total Liabilities	472	467	487	497	509	489	490	500	509
Total Current Liabilities	168	150	152	160	159	136	141	140	131
Accounts Payable	92	76	79	84	82	73	76	76	69
Accrued Expenses	35	35	31	32	32	23	25	24	22
Other Current Liabilities	40	40	40	40	40	38	38	38	38
Total Noncurrent Liabilities	304	317	335	337	350	353	349	361	377
Noncurrent Deferred & Payable Income Tax Liabilities	8.67	9.73	12	13	14	16	16	16	16
Other Noncurrent Operating Liabilities	295	298	307	313	272	329	323	287	299
Total Equity & Noncontrolling Interests	193	182	168	160	154	167	162	158	156
Total Preferred & Common Equity	193	182	168	160	154	167	162	158	156
Total Common Equity	193	182	168	160	154	167	162	158	156
Common Stock	62	61	61	60	59	59	59	58	58
Retained Earnings	131	121	107	100	95	108	103	100	98

This table displays calculated financial ratios and metrics derived from Natural Grocers by Vitamin Cottage's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015	9/30/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.86%	4.68%	3.23%	1.80%	14.75%	6.42%	10.40%	9.01%	12.94%	19.97%	20.90%
EBITDA Growth	28.60%	4.32%	0.17%	-1.65%	28.84%	2.83%	2.00%	-5.02%	-8.12%	20.50%	27.01%
EBIT Growth	48.34%	5.02%	6.45%	2.08%	65.51%	11.38%	6.77%	-30.82%	-28.82%	18.07%	27.03%
NOPAT Growth	43.55%	11.89%	3.64%	3.57%	61.67%	-26.43%	92.66%	-30.09%	-25.48%	20.50%	26.24%
Net Income Growth	46.00%	8.79%	3.81%	2.86%	112.50%	-25.63%	83.73%	-39.93%	-29.21%	20.27%	27.68%
EPS Growth	44.12%	8.51%	3.30%	2.25%	111.90%	-25.00%	80.65%	-39.22%	-29.17%	20.00%	27.66%
Operating Cash Flow Growth	14.17%	62.76%	-26.33%	-18.98%	77.90%	-12.79%	4.93%	41.70%	-29.70%	29.15%	23.46%
Free Cash Flow Firm Growth	-54.14%	5,471.88%	-94.82%	-47.86%	1,293.18%	-124.87%	580.41%	108.11%	-344.25%	-4.35%	73.40%
Invested Capital Growth	3.24%	-21.53%	12.04%	-1.00%	-11.90%	9.00%	1.33%	3.92%	29.85%	21.16%	22.35%
Revenue Q/Q Growth	2.27%	1.86%	0.14%	0.81%	3.70%	1.08%	2.29%	2.33%	2.71%	4.46%	4.11%
EBITDA Q/Q Growth	6.53%	8.57%	-9.52%	7.22%	4.75%	-5.12%	0.96%	0.36%	-2.63%	2.26%	4.77%
EBIT Q/Q Growth	10.15%	14.96%	-16.03%	18.45%	8.54%	-3.91%	5.00%	-3.31%	-10.34%	-0.16%	4.49%
NOPAT Q/Q Growth	9.73%	17.67%	-17.76%	18.86%	9.46%	-5.75%	6.19%	-0.55%	-8.92%	-0.26%	4.43%
Net Income Q/Q Growth	10.16%	19.05%	-19.13%	20.36%	13.44%	-7.14%	7.19%	-3.23%	-11.06%	-1.79%	7.67%
EPS Q/Q Growth	8.89%	18.60%	-18.97%	19.74%	14.10%	-6.67%	5.66%	0.00%	-12.07%	-1.37%	7.14%
Operating Cash Flow Q/Q Growth	-5.10%	39.40%	-24.21%	49.42%	-5.73%	-49.49%	21.43%	-7.06%	-11.34%	9.36%	-7.22%
Free Cash Flow Firm Q/Q Growth	7.95%	28.16%	-89.36%	114.69%	-76.09%	-111.35%	65.39%	150.30%	-33.28%	36.48%	-24.94%
Invested Capital Q/Q Growth	-3.79%	-4.45%	2.00%	-0.83%	0.00%	19.67%	-1.57%	1.11%	5.20%	2.37%	6.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.38%	28.66%	27.98%	27.68%	27.31%	26.42%	26.57%	27.61%	28.60%	29.15%	29.10%
EBITDA Margin	6.28%	5.31%	5.33%	5.49%	5.69%	5.06%	5.24%	5.67%	6.51%	8.00%	7.97%
Operating Margin	3.78%	2.78%	2.77%	2.68%	2.68%	1.86%	1.77%	1.83%	2.89%	4.58%	4.66%
EBIT Margin	3.78%	2.78%	2.77%	2.68%	2.68%	1.86%	1.77%	1.83%	2.89%	4.58%	4.66%
Profit (Net Income) Margin	2.73%	2.04%	1.96%	1.95%	1.93%	1.04%	1.49%	0.90%	1.63%	2.59%	2.59%
Tax Burden Percent	79.29%	81.93%	76.90%	78.99%	77.85%	79.70%	120.66%	66.87%	66.17%	63.21%	61.93%
Interest Burden Percent	91.11%	89.58%	92.14%	91.98%	92.62%	70.46%	69.71%	73.10%	85.06%	89.55%	89.71%
Effective Tax Rate	20.71%	18.07%	23.10%	21.01%	22.15%	20.30%	-20.66%	33.13%	33.83%	36.79%	38.07%
Return on Invested Capital (ROIC)	22.88%	14.24%	12.00%	12.22%	11.00%	6.67%	9.54%	5.08%	8.37%	14.15%	14.29%
ROIC Less NNEP Spread (ROIC-NNEP)	56.80%	-0.11%	7.85%	5.11%	5.93%	-1.47%	-1.45%	0.49%	3.33%	5.03%	2.78%
Return on Net Nonoperating Assets (RNNOA)	-3.21%	-0.01%	2.31%	0.82%	1.13%	-0.47%	-0.52%	0.21%	1.10%	0.97%	0.41%
Return on Equity (ROE)	19.67%	14.23%	14.31%	13.03%	12.13%	6.20%	9.02%	5.29%	9.47%	15.12%	14.69%
Cash Return on Invested Capital (CROIC)	19.69%	38.36%	0.65%	13.23%	23.64%	-1.94%	8.22%	1.24%	-17.60%	-4.99%	-5.82%
Operating Return on Assets (OROA)	7.09%	4.75%	4.58%	4.24%	5.50%	5.29%	4.96%	4.84%	7.90%	13.54%	13.90%
Return on Assets (ROA)	5.12%	3.49%	3.24%	3.08%	3.97%	2.97%	4.17%	2.37%	4.44%	7.66%	7.72%
Return on Common Equity (ROCE)	19.67%	14.23%	14.31%	13.03%	12.13%	6.20%	9.02%	5.29%	9.47%	15.12%	14.69%
Return on Equity Simple (ROE_SIMPLE)	19.47%	13.61%	13.71%	14.42%	11.56%	6.00%	8.63%	5.15%	9.05%	14.03%	13.63%
Net Operating Profit after Tax (NOPAT)	37	26	23	22	22	13	18	9.43	13	18	15
NOPAT Margin	3.00%	2.27%	2.13%	2.12%	2.08%	1.48%	2.14%	1.23%	1.91%	2.90%	2.88%
Net Nonoperating Expense Percent (NNEP)	-33.92%	14.35%	4.15%	7.11%	5.07%	8.15%	10.99%	4.59%	5.04%	9.12%	11.51%
Return On Investment Capital (ROIC_SIMPLE)	21.37%	14.53%	10.73%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	70.62%	71.34%	72.02%	72.32%	72.69%	73.58%	73.43%	72.39%	71.40%	70.85%	70.90%
SG&A Expenses to Revenue	3.12%	3.15%	2.90%	2.69%	2.58%	2.53%	2.53%	2.61%	2.73%	2.80%	2.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.60%	25.89%	25.21%	25.00%	24.63%	24.57%	24.80%	25.78%	25.71%	24.57%	24.44%
Earnings before Interest and Taxes (EBIT)	47	32	30	28	28	17	15	14	20	29	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	61	58	58	59	46	44	44	46	50	41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.87	1.58	1.40	1.55	0.96	1.04	1.88	0.68	1.45	3.23	2.70
Price to Tangible Book Value (P/TBV)	4.20	1.72	1.54	1.69	1.02	1.10	1.95	0.71	1.51	3.39	2.73
Price to Revenue (P/Rev)	0.54	0.24	0.20	0.21	0.16	0.18	0.32	0.12	0.26	0.60	0.51
Price to Earnings (P/E)	19.89	11.63	10.18	10.75	8.33	17.39	21.77	13.26	15.98	22.98	19.82
Dividend Yield	4.39%	3.37%	4.17%	2.86%	3.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.03%	8.60%	9.82%	9.30%	12.01%	5.75%	4.59%	7.54%	6.26%	4.35%	5.05%
Enterprise Value to Invested Capital (EV/IC)	4.03	1.62	1.30	1.43	0.96	1.03	1.67	0.78	1.31	2.83	2.45
Enterprise Value to Revenue (EV/Rev)	0.54	0.23	0.24	0.25	0.17	0.24	0.38	0.19	0.34	0.64	0.55
Enterprise Value to EBITDA (EV/EBITDA)	8.55	4.28	4.58	4.50	3.01	4.71	7.21	3.36	5.20	7.95	6.85
Enterprise Value to EBIT (EV/EBIT)	14.18	8.20	8.82	9.20	6.40	12.87	21.30	10.40	11.71	13.87	11.71
Enterprise Value to NOPAT (EV/NOPAT)	17.89	10.01	11.47	11.65	8.22	16.14	17.65	15.56	17.69	21.95	18.91
Enterprise Value to Operating Cash Flow (EV/OCF)	9.03	4.02	6.70	4.84	2.67	5.77	7.48	3.59	8.28	9.69	8.94
Enterprise Value to Free Cash Flow (EV/FCFF)	20.78	3.71	212.00	10.76	3.82	0.00	20.48	63.76	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.05	0.39	0.44	0.23	0.37	0.37	0.46	0.47	0.24	0.22
Long-Term Debt to Equity	0.00	0.03	0.38	0.43	0.23	0.36	0.37	0.46	0.46	0.24	0.22
Financial Leverage	-0.06	0.12	0.29	0.16	0.19	0.32	0.36	0.42	0.33	0.19	0.15
Leverage Ratio	3.84	4.08	4.42	4.23	3.06	2.09	2.16	2.23	2.13	1.97	1.90
Compound Leverage Factor	3.50	3.65	4.07	3.89	2.83	1.47	1.51	1.63	1.81	1.77	1.71
Debt to Total Capital	0.00%	4.31%	27.92%	30.67%	18.58%	27.06%	27.02%	31.59%	31.89%	19.29%	18.19%
Short-Term Debt to Total Capital	0.00%	0.98%	0.81%	0.85%	0.00%	0.49%	0.37%	0.28%	0.26%	0.23%	0.19%
Long-Term Debt to Total Capital	0.00%	3.33%	27.11%	29.82%	18.58%	26.57%	26.66%	31.31%	31.63%	19.06%	18.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	95.69%	72.08%	69.33%	81.42%	72.94%	72.98%	68.41%	68.11%	80.71%	81.81%
Debt to EBITDA	0.00	0.13	1.04	1.09	0.67	1.27	1.22	1.42	1.29	0.55	0.53
Net Debt to EBITDA	0.00	-0.18	0.83	0.68	0.19	1.14	1.01	1.27	1.20	0.49	0.41
Long-Term Debt to EBITDA	0.00	0.10	1.01	1.06	0.67	1.25	1.20	1.40	1.28	0.55	0.52
Debt to NOPAT	0.00	0.30	2.60	2.82	1.83	4.36	2.99	6.56	4.40	1.53	1.46
Net Debt to NOPAT	0.00	-0.41	2.08	1.76	0.51	3.89	2.47	5.87	4.10	1.36	1.12
Long-Term Debt to NOPAT	0.00	0.23	2.53	2.74	1.83	4.28	2.95	6.50	4.36	1.51	1.45
Altman Z-Score	3.18	2.42	2.26	2.20	2.12	4.06	4.50	3.56	3.93	5.39	5.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.99	1.02	1.01	1.11	1.38	1.39	1.51	1.46	1.18	1.35
Quick Ratio	0.13	0.19	0.16	0.24	0.29	0.14	0.18	0.16	0.12	0.08	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	32	70	1.25	24	46	-3.89	16	2.30	-28	-6.38	-6.12
Operating Cash Flow to CapEx	196.67%	177.19%	141.67%	205.17%	248.59%	128.05%	181.22%	106.36%	53.64%	111.61%	86.96%
Free Cash Flow to Firm to Interest Expense	7.67	21.18	0.53	10.67	22.68	-0.79	3.43	0.61	-9.31	-2.13	-2.45
Operating Cash Flow to Interest Expense	17.66	19.58	16.74	23.73	32.47	7.55	9.40	10.77	9.47	13.70	12.72
Operating Cash Flow Less CapEx to Interest Expense	8.68	8.53	4.92	12.16	19.41	1.65	4.21	0.64	-8.18	1.43	-1.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.87	1.71	1.65	1.58	2.06	2.85	2.80	2.64	2.73	2.95	2.98
Accounts Receivable Turnover	106.09	107.13	114.79	124.12	152.72	184.46	176.92	178.70	223.15	264.58	229.02
Inventory Turnover	7.31	6.98	7.32	7.61	7.68	6.98	6.64	6.19	6.25	6.65	7.11
Fixed Asset Turnover	7.14	6.99	7.06	7.05	5.93	4.63	4.55	4.24	4.36	4.71	4.75
Accounts Payable Turnover	10.37	10.71	11.19	11.05	11.39	10.70	10.57	10.08	9.73	10.57	11.77
Days Sales Outstanding (DSO)	3.44	3.41	3.18	2.94	2.39	1.98	2.06	2.04	1.64	1.38	1.59
Days Inventory Outstanding (DIO)	49.94	52.27	49.84	47.99	47.54	52.27	54.98	58.99	58.38	54.93	51.34
Days Payable Outstanding (DPO)	35.19	34.08	32.61	33.02	32.04	34.11	34.53	36.21	37.50	34.53	31.02
Cash Conversion Cycle (CCC)	18.19	21.59	20.41	17.91	17.89	20.13	22.52	24.82	22.52	21.78	21.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	165	160	204	182	184	209	192	189	182	140	116
Invested Capital Turnover	7.63	6.26	5.64	5.76	5.28	4.51	4.46	4.14	4.38	4.88	4.95
Increase / (Decrease) in Invested Capital	5.20	-44	22	-1.85	-25	17	2.51	7.13	42	24	21
Enterprise Value (EV)	666	260	266	261	178	216	321	147	239	397	284
Market Capitalization	675	270	218	221	167	164	276	91	183	372	267
Book Value per Share	$7.64	$7.51	$6.87	$6.31	$7.68	$6.99	$6.56	$5.97	$5.63	$5.13	$4.40
Tangible Book Value per Share	$7.05	$6.89	$6.24	$5.79	$7.22	$6.60	$6.31	$5.72	$5.38	$4.88	$4.36
Total Capital	174	179	216	206	213	215	201	196	186	143	121
Total Debt	0.00	7.69	60	63	40	58	54	62	59	28	22
Total Long-Term Debt	0.00	5.94	59	61	40	57	54	61	59	27	22
Net Debt	-8.87	-11	48	39	11	52	45	55	55	25	17
Capital Expenditures (CapEx)	38	36	28	26	27	29	24	38	54	37	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-18	-7.36	-20	-14	27	23	31	27	9.82	12
Debt-free Net Working Capital (DFNWC)	-17	0.27	4.68	3.61	14	33	32	37	31	13	17
Net Working Capital (NWC)	-17	-1.48	2.93	1.86	14	32	31	37	31	12	17
Net Nonoperating Expense (NNE)	3.31	2.70	1.82	1.79	1.59	3.95	5.50	2.54	2.01	1.89	1.54
Net Nonoperating Obligations (NNO)	-8.87	-11	48	39	11	52	45	55	55	25	17
Total Depreciation and Amortization (D&A)	31	29	28	30	31	29	29	30	26	21	17
Debt-free, Cash-free Net Working Capital to Revenue	-2.09%	-1.58%	-0.68%	-1.90%	-1.38%	2.96%	2.66%	3.99%	3.86%	1.57%	2.37%
Debt-free Net Working Capital to Revenue	-1.38%	0.02%	0.43%	0.34%	1.38%	3.65%	3.77%	4.84%	4.43%	2.04%	3.35%
Net Working Capital to Revenue	-1.38%	-0.13%	0.27%	0.18%	1.38%	3.53%	3.68%	4.77%	4.36%	1.99%	3.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.49	$1.02	$0.00	$0.00	$0.00	$0.42	$0.57	$0.31	$0.51	$0.72	$0.60
Adjusted Weighted Average Basic Shares Outstanding	22.77M	22.73M	0.00	0.00	0.00	22.42M	22.36M	22.45M	22.49M	22.49M	22.47M
Adjusted Diluted Earnings per Share	$1.47	$1.02	$0.00	$0.00	$0.00	$0.42	$0.56	$0.31	$0.51	$0.72	$0.60
Adjusted Weighted Average Diluted Shares Outstanding	23.08M	22.83M	0.00	0.00	0.00	22.55M	22.41M	22.46M	22.51M	22.50M	22.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.91M	22.75M	0.00	0.00	0.00	22.48M	22.39M	22.35M	22.45M	22.50M	22.49M
Normalized Net Operating Profit after Tax (NOPAT)	37	26	23	22	22	13	11	9.43	13	18	15
Normalized NOPAT Margin	3.00%	2.27%	2.13%	2.12%	2.08%	1.48%	1.24%	1.23%	1.91%	2.90%	2.88%
Pre Tax Income Margin	3.45%	2.49%	2.55%	2.47%	2.48%	1.31%	1.24%	1.34%	2.46%	4.10%	4.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.25	9.60	12.72	12.47	13.55	3.39	3.30	3.72	6.69	9.57	9.71
NOPAT to Interest Expense	8.92	7.86	9.78	9.85	10.55	2.70	3.98	2.49	4.43	6.05	6.02
EBIT Less CapEx to Interest Expense	2.27	-1.45	0.90	0.91	0.49	-2.51	-1.89	-6.41	-10.96	-2.71	-4.91
NOPAT Less CapEx to Interest Expense	-0.06	-3.19	-2.04	-1.71	-2.51	-3.20	-1.20	-7.64	-13.22	-6.23	-8.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	93.90%	39.10%	42.44%	250.00%	31.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	93.90%	39.88%	42.44%	250.00%	31.49%	0.00%	4.59%	3.79%	7.23%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Natural Grocers by Vitamin Cottage's official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.98%	9.44%	9.35%	9.68%	8.77%	7.59%	7.61%	5.81%	4.20%	1.14%	0.57%
EBITDA Growth	34.13%	16.66%	31.40%	26.98%	21.68%	35.40%	45.82%	28.10%	-1.19%	-29.57%	-36.92%
EBIT Growth	55.87%	23.56%	55.95%	41.42%	33.57%	68.35%	113.97%	60.75%	-4.88%	-46.63%	-61.41%
NOPAT Growth	53.94%	26.28%	50.07%	28.59%	36.15%	68.05%	147.35%	77.16%	-3.60%	-46.12%	-65.38%
Net Income Growth	64.56%	28.15%	53.23%	30.22%	35.30%	75.97%	172.22%	79.81%	-7.44%	-50.57%	-70.05%
EPS Growth	60.00%	26.47%	46.15%	29.03%	34.62%	78.95%	160.00%	82.35%	-7.14%	-51.28%	-68.75%
Operating Cash Flow Growth	68.43%	-83.87%	-13.95%	854.92%	48.15%	-21.61%	179.22%	-32.33%	-12.06%	75.86%	-55.45%
Free Cash Flow Firm Growth	1,044.83%	2,536.28%	-90.74%	-85.66%	-101.56%	86.25%	362.09%	435.40%	647.78%	-373.06%	-302.28%
Invested Capital Growth	4.86%	-12.38%	3.24%	2.54%	6.15%	4.97%	-21.53%	-16.23%	-17.30%	8.67%	12.04%
Revenue Q/Q Growth	1.68%	2.34%	4.39%	0.32%	2.10%	2.26%	4.71%	-0.51%	0.99%	2.28%	2.97%
EBITDA Q/Q Growth	19.45%	6.49%	-3.36%	9.12%	3.89%	19.94%	-6.61%	4.55%	15.61%	29.17%	-17.96%
EBIT Q/Q Growth	31.50%	10.62%	-6.08%	14.08%	4.24%	39.63%	-14.83%	7.75%	31.39%	77.46%	-36.01%
NOPAT Q/Q Growth	28.19%	8.15%	-1.58%	12.82%	5.15%	28.53%	-15.67%	19.45%	29.79%	89.18%	-39.60%
Net Income Q/Q Growth	31.83%	10.30%	-2.16%	15.68%	2.66%	31.89%	-16.86%	20.19%	33.51%	104.03%	-45.08%
EPS Q/Q Growth	30.23%	13.16%	-5.00%	14.29%	2.94%	30.77%	-16.13%	19.23%	36.84%	90.00%	-41.18%
Operating Cash Flow Q/Q Growth	1,170.02%	-89.04%	96.90%	-38.52%	21.65%	-41.56%	2,084.87%	-90.46%	-35.63%	108.16%	429.52%
Free Cash Flow Firm Q/Q Growth	-84.42%	685.96%	-19.04%	1,053.35%	59.84%	-102.99%	25.41%	3.80%	453.65%	43.07%	-60.50%
Invested Capital Q/Q Growth	-6.88%	11.54%	-3.79%	4.94%	-22.19%	31.43%	-4.45%	8.64%	-23.06%	-1.74%	2.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.30%	29.93%	29.55%	29.23%	29.33%	29.42%	28.58%	28.88%	29.12%	28.07%	27.64%
EBITDA Margin	7.58%	6.45%	6.20%	6.70%	6.16%	6.05%	5.16%	5.78%	5.50%	4.81%	3.81%
Operating Margin	5.23%	4.04%	3.74%	4.16%	3.66%	3.58%	2.62%	3.22%	2.98%	2.29%	1.32%
EBIT Margin	5.23%	4.04%	3.74%	4.16%	3.66%	3.58%	2.62%	3.22%	2.98%	2.29%	1.32%
Profit (Net Income) Margin	3.90%	3.01%	2.79%	2.98%	2.58%	2.57%	1.99%	2.51%	2.08%	1.57%	0.79%
Tax Burden Percent	77.97%	79.98%	81.81%	78.08%	78.95%	78.26%	85.02%	85.87%	77.45%	78.40%	73.54%
Interest Burden Percent	95.73%	93.09%	91.27%	91.81%	89.55%	91.72%	89.39%	90.66%	90.11%	87.60%	81.22%
Effective Tax Rate	22.03%	20.02%	18.19%	21.92%	21.05%	21.74%	14.98%	14.13%	22.55%	21.60%	26.46%
Return on Invested Capital (ROIC)	31.53%	20.79%	23.33%	23.21%	21.53%	15.84%	13.96%	16.86%	14.94%	10.18%	5.47%
ROIC Less NNEP Spread (ROIC-NNEP)	38.25%	18.30%	32.16%	-11.01%	69.56%	14.42%	10.25%	13.63%	9.78%	8.57%	4.33%
Return on Net Nonoperating Assets (RNNOA)	-1.88%	3.23%	-1.82%	-0.16%	-0.84%	4.58%	1.18%	1.91%	0.78%	2.15%	1.27%
Return on Equity (ROE)	29.64%	24.02%	21.52%	23.05%	20.69%	20.42%	15.14%	18.77%	15.71%	12.33%	6.74%
Cash Return on Invested Capital (CROIC)	21.63%	33.19%	19.69%	17.49%	13.97%	9.44%	38.36%	29.65%	29.87%	1.49%	0.65%
Operating Return on Assets (OROA)	10.27%	7.83%	7.01%	7.70%	6.63%	6.29%	4.49%	5.47%	5.03%	3.81%	2.18%
Return on Assets (ROA)	7.67%	5.83%	5.23%	5.52%	4.69%	4.52%	3.41%	4.26%	3.51%	2.62%	1.30%
Return on Common Equity (ROCE)	29.64%	24.02%	21.52%	23.05%	20.69%	20.42%	15.14%	18.77%	15.71%	12.33%	6.74%
Return on Equity Simple (ROE_SIMPLE)	21.38%	19.86%	0.00%	18.36%	17.92%	17.28%	0.00%	11.69%	10.11%	10.66%	0.00%
Net Operating Profit after Tax (NOPAT)	14	11	9.87	10	8.89	8.45	6.58	7.80	6.53	5.03	2.66
NOPAT Margin	4.08%	3.23%	3.06%	3.25%	2.89%	2.80%	2.23%	2.77%	2.31%	1.79%	0.97%
Net Nonoperating Expense Percent (NNEP)	-6.73%	2.49%	-8.82%	34.22%	-48.03%	1.41%	3.71%	3.22%	5.16%	1.61%	1.14%
Return On Investment Capital (ROIC_SIMPLE)	7.09%	5.60%	5.67%	-	-	3.77%	3.68%	-	-	-	1.23%
Cost of Revenue to Revenue	69.70%	70.07%	70.45%	70.77%	70.67%	70.58%	71.42%	71.12%	70.88%	71.93%	72.36%
SG&A Expenses to Revenue	3.28%	3.49%	3.17%	3.09%	3.09%	3.12%	3.32%	3.30%	3.04%	2.94%	3.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.08%	25.88%	25.82%	25.07%	25.67%	25.84%	25.96%	25.66%	26.14%	25.78%	26.33%
Earnings before Interest and Taxes (EBIT)	18	13	12	13	11	11	7.74	9.08	8.43	6.42	3.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	21	20	21	19	18	15	16	16	13	10
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.78	5.00	3.87	2.88	2.56	2.32	1.58	1.53	1.50	1.19	1.40
Price to Tangible Book Value (P/TBV)	5.11	5.39	4.20	3.14	2.80	2.56	1.72	1.68	1.65	1.31	1.54
Price to Revenue (P/Rev)	0.71	0.72	0.54	0.40	0.34	0.31	0.24	0.23	0.22	0.17	0.20
Price to Earnings (P/E)	22.34	25.19	19.89	15.69	14.26	13.45	11.63	13.12	14.85	11.12	10.18
Dividend Yield	1.09%	1.06%	4.39%	6.13%	7.24%	8.26%	3.37%	3.55%	3.74%	4.85%	4.17%
Earnings Yield	4.48%	3.97%	5.03%	6.38%	7.01%	7.43%	8.60%	7.62%	6.73%	8.99%	9.82%
Enterprise Value to Invested Capital (EV/IC)	5.24	4.95	4.03	2.84	2.52	1.97	1.62	1.54	1.53	1.15	1.30
Enterprise Value to Revenue (EV/Rev)	0.69	0.72	0.54	0.40	0.35	0.36	0.23	0.23	0.21	0.21	0.24
Enterprise Value to EBITDA (EV/EBITDA)	10.30	11.27	8.55	6.67	6.01	6.34	4.28	4.61	4.52	4.38	4.58
Enterprise Value to EBIT (EV/EBIT)	16.14	18.42	14.18	11.43	10.62	11.49	8.20	9.34	9.79	9.36	8.82
Enterprise Value to NOPAT (EV/NOPAT)	20.35	23.12	17.89	14.36	13.02	14.11	10.01	11.67	12.67	12.18	11.47
Enterprise Value to Operating Cash Flow (EV/OCF)	12.23	15.25	9.03	6.27	6.20	6.90	4.02	5.55	5.03	4.71	6.70
Enterprise Value to Free Cash Flow (EV/FCFF)	24.82	13.92	20.78	16.42	18.58	21.36	3.71	4.72	4.64	80.10	212.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.05	0.00	0.11	0.09	0.46	0.05	0.06	0.07	0.38	0.39
Long-Term Debt to Equity	0.00	0.05	0.00	0.10	0.07	0.42	0.03	0.05	0.06	0.36	0.38
Financial Leverage	-0.05	0.18	-0.06	0.01	-0.01	0.32	0.12	0.14	0.08	0.25	0.29
Leverage Ratio	3.74	3.91	3.84	3.91	4.06	4.24	4.08	4.09	4.14	4.27	4.42
Compound Leverage Factor	3.58	3.64	3.50	3.59	3.64	3.89	3.65	3.71	3.73	3.74	3.59
Debt to Total Capital	0.00%	4.67%	0.00%	9.83%	8.62%	31.36%	4.31%	5.49%	6.73%	27.27%	27.92%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.91%	2.11%	2.54%	0.98%	0.99%	1.01%	0.80%	0.81%
Long-Term Debt to Total Capital	0.00%	4.67%	0.00%	8.92%	6.51%	28.82%	3.33%	4.49%	5.72%	26.47%	27.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	95.33%	100.00%	90.17%	91.38%	68.64%	95.69%	94.51%	93.27%	72.73%	72.08%
Debt to EBITDA	0.00	0.11	0.00	0.25	0.22	1.08	0.13	0.17	0.22	1.13	1.04
Net Debt to EBITDA	0.00	0.03	0.00	0.06	0.06	0.87	-0.18	0.02	-0.14	0.81	0.83
Long-Term Debt to EBITDA	0.00	0.11	0.00	0.23	0.17	0.99	0.10	0.14	0.19	1.10	1.01
Debt to NOPAT	0.00	0.23	0.00	0.54	0.48	2.39	0.30	0.44	0.63	3.14	2.60
Net Debt to NOPAT	0.00	0.07	0.00	0.13	0.13	1.93	-0.41	0.05	-0.39	2.25	2.08
Long-Term Debt to NOPAT	0.00	0.23	0.00	0.49	0.36	2.20	0.23	0.36	0.53	3.05	2.53
Altman Z-Score	3.48	3.45	3.01	2.73	2.54	2.40	2.30	2.31	2.27	2.13	2.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.96	0.90	0.96	0.88	0.90	0.99	1.03	1.04	1.00	1.02
Quick Ratio	0.20	0.12	0.13	0.15	0.12	0.14	0.19	0.13	0.18	0.18	0.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5.72	37	4.68	5.78	-0.61	-1.51	51	40	39	-11	-19
Operating Cash Flow to CapEx	531.97%	27.96%	377.14%	140.76%	193.60%	141.67%	213.95%	20.80%	209.55%	204.07%	84.14%
Free Cash Flow to Firm to Interest Expense	7.63	39.81	4.44	5.49	-0.51	-1.69	61.53	47.50	46.53	-13.79	-28.39
Operating Cash Flow to Interest Expense	45.42	2.91	23.25	11.82	17.18	18.60	34.65	1.54	16.37	26.64	15.00
Operating Cash Flow Less CapEx to Interest Expense	36.88	-7.49	17.08	3.42	8.31	5.47	18.45	-5.85	8.56	13.59	-2.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.94	1.87	1.85	1.81	1.76	1.71	1.70	1.69	1.66	1.65
Accounts Receivable Turnover	122.49	119.71	106.09	136.45	151.52	134.25	107.13	132.02	168.20	124.27	114.79
Inventory Turnover	7.53	7.53	7.31	7.35	7.21	7.25	6.98	7.03	7.13	7.39	7.32
Fixed Asset Turnover	7.23	7.07	7.14	7.13	7.06	6.91	6.99	7.20	7.23	7.08	7.06
Accounts Payable Turnover	10.35	11.39	10.37	11.31	10.53	10.50	10.71	11.27	11.04	11.21	11.19
Days Sales Outstanding (DSO)	2.98	3.05	3.44	2.68	2.41	2.72	3.41	2.76	2.17	2.94	3.18
Days Inventory Outstanding (DIO)	48.48	48.50	49.94	49.65	50.60	50.32	52.27	51.94	51.21	49.36	49.84
Days Payable Outstanding (DPO)	35.27	32.04	35.19	32.26	34.66	34.76	34.08	32.38	33.05	32.57	32.61
Cash Conversion Cycle (CCC)	16.19	19.51	18.19	20.07	18.35	18.28	21.59	22.32	20.33	19.73	20.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	172	184	165	172	164	211	160	168	154	201	204
Invested Capital Turnover	7.73	6.43	7.63	7.15	7.46	5.65	6.26	6.09	6.48	5.67	5.64
Increase / (Decrease) in Invested Capital	7.96	-26	5.20	4.26	9.50	9.96	-44	-32	-32	16	22
Enterprise Value (EV)	901	912	666	488	413	414	260	257	236	230	266
Market Capitalization	922	910	675	483	409	358	270	256	243	187	218
Book Value per Share	$8.42	$7.94	$7.64	$7.36	$7.03	$6.76	$7.51	$7.34	$7.13	$6.96	$6.87
Tangible Book Value per Share	$7.86	$7.37	$7.05	$6.76	$6.42	$6.15	$6.89	$6.72	$6.50	$6.31	$6.24
Total Capital	193	191	174	186	175	224	179	177	174	218	216
Total Debt	0.00	8.90	0.00	18	15	70	7.69	9.69	12	59	60
Total Long-Term Debt	0.00	8.90	0.00	17	11	65	5.94	7.94	9.94	58	59
Net Debt	-21	2.58	-8.87	4.37	4.12	57	-11	1.11	-7.28	42	48
Capital Expenditures (CapEx)	6.40	9.59	6.49	8.83	10	12	13	6.26	6.51	10	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-12	-26	-19	-26	-24	-18	-2.43	-12	-15	-7.36
Debt-free Net Working Capital (DFNWC)	-4.48	-5.60	-17	-4.63	-15	-9.92	0.27	6.15	6.78	2.35	4.68
Net Working Capital (NWC)	-4.48	-5.60	-17	-6.32	-19	-16	-1.48	4.40	5.03	0.60	2.93
Net Nonoperating Expense (NNE)	0.58	0.74	0.86	0.82	0.93	0.70	0.70	0.73	0.65	0.62	0.50
Net Nonoperating Obligations (NNO)	-21	2.58	-8.87	4.10	3.83	57	-11	0.71	-7.70	42	48
Total Depreciation and Amortization (D&A)	7.89	7.95	7.94	7.85	7.71	7.46	7.49	7.22	7.16	7.07	6.82
Debt-free, Cash-free Net Working Capital to Revenue	-1.98%	-0.94%	-2.09%	-1.53%	-2.22%	-2.03%	-1.58%	-0.22%	-1.10%	-1.34%	-0.68%
Debt-free Net Working Capital to Revenue	-0.34%	-0.44%	-1.38%	-0.38%	-1.29%	-0.85%	0.02%	0.55%	0.61%	0.21%	0.43%
Net Working Capital to Revenue	-0.34%	-0.44%	-1.38%	-0.52%	-1.60%	-1.34%	-0.13%	0.39%	0.46%	0.05%	0.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.57	$0.43	$0.40	$0.40	$0.35	$0.34	$0.26	$0.31	$0.26	$0.19	$0.10
Adjusted Weighted Average Basic Shares Outstanding	22.94M	22.90M	22.77M	22.79M	22.76M	22.75M	22.73M	22.73M	22.73M	22.71M	22.67M
Adjusted Diluted Earnings per Share	$0.56	$0.43	$0.38	$0.40	$0.35	$0.34	$0.26	$0.31	$0.26	$0.19	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	23.27M	23.17M	23.08M	23.12M	23.06M	22.98M	22.83M	22.89M	22.82M	22.80M	22.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.95M	22.93M	22.91M	22.79M	22.79M	22.75M	22.75M	22.74M	22.73M	22.72M	22.71M
Normalized Net Operating Profit after Tax (NOPAT)	14	11	9.87	10	8.89	8.45	6.58	7.80	6.53	5.03	2.66
Normalized NOPAT Margin	4.08%	3.23%	3.06%	3.25%	2.89%	2.80%	2.23%	2.77%	2.31%	1.79%	0.97%
Pre Tax Income Margin	5.00%	3.76%	3.41%	3.82%	3.27%	3.28%	2.34%	2.92%	2.68%	2.00%	1.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	23.40	14.46	11.46	12.21	9.57	12.08	9.42	10.71	10.11	8.06	5.33
NOPAT to Interest Expense	18.25	11.57	9.37	9.53	7.55	9.46	8.01	9.20	7.83	6.32	3.92
EBIT Less CapEx to Interest Expense	14.87	4.07	5.29	3.82	0.69	-1.04	-6.77	3.33	2.30	-4.99	-12.51
NOPAT Less CapEx to Interest Expense	9.71	1.17	3.21	1.14	-1.32	-3.67	-8.18	1.82	0.02	-6.73	-13.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.38%	26.54%	93.90%	103.42%	111.11%	119.76%	39.10%	46.54%	55.42%	53.84%	42.44%
Augmented Payout Ratio	24.38%	26.54%	93.90%	103.42%	111.44%	119.76%	39.88%	47.47%	55.94%	53.84%	42.44%

Frequently Asked Questions About Natural Grocers by Vitamin Cottage's Financials

When does Natural Grocers by Vitamin Cottage's fiscal year end?

According to the most recent income statement we have on file, Natural Grocers by Vitamin Cottage's financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Natural Grocers by Vitamin Cottage's net income changed over the last 10 years?

Natural Grocers by Vitamin Cottage's net income appears to be on an upward trend, with a most recent value of $33.94 million in 2024, rising from $13.47 million in 2014. The previous period was $23.24 million in 2023.

What is Natural Grocers by Vitamin Cottage's operating income?

Natural Grocers by Vitamin Cottage's total operating income in 2024 was $46.98 million, based on the following breakdown:

Total Gross Profit: $364.81 million
Total Operating Expenses: $317.83 million

How has Natural Grocers by Vitamin Cottage revenue changed over the last 10 years?

Over the last 10 years, Natural Grocers by Vitamin Cottage's total revenue changed from $520.67 million in 2014 to $1.24 billion in 2024, a change of 138.5%.

How much debt does Natural Grocers by Vitamin Cottage have?

Natural Grocers by Vitamin Cottage's total liabilities were at $481.22 million at the end of 2024, a 3.4% decrease from 2023, and a 433.9% increase since 2014.

How much cash does Natural Grocers by Vitamin Cottage have?

In the past 10 years, Natural Grocers by Vitamin Cottage's cash and equivalents has ranged from $2.92 million in 2015 to $28.53 million in 2020, and is currently $8.87 million as of their latest financial filing in 2024.

How has Natural Grocers by Vitamin Cottage's book value per share changed over the last 10 years?

Over the last 10 years, Natural Grocers by Vitamin Cottage's book value per share changed from 4.40 in 2014 to 7.64 in 2024, a change of 73.7%.

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This page (NYSE:NGVC) was last updated on 5/29/2025 by MarketBeat.com Staff

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Natural Grocers by Vitamin Cottage (NGVC) Financials

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Natural Grocers by Vitamin Cottage (NGVC) Financials

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