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Natural Grocers by Vitamin Cottage (NGVC) Financials

Natural Grocers by Vitamin Cottage logo
$40.51 -0.62 (-1.50%)
Closing price 06/18/2025 03:59 PM Eastern
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$40.51 0.00 (0.00%)
As of 06/18/2025 06:21 PM Eastern
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Annual Income Statements for Natural Grocers by Vitamin Cottage

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

Quarterly Income Statements for Natural Grocers by Vitamin Cottage

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

Annual Cash Flow Statements for Natural Grocers by Vitamin Cottage

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

Quarterly Cash Flow Statements for Natural Grocers by Vitamin Cottage

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

Annual Balance Sheets for Natural Grocers by Vitamin Cottage

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

Quarterly Balance Sheets for Natural Grocers by Vitamin Cottage

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

Annual Metrics And Ratios for Natural Grocers by Vitamin Cottage

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

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

Quarterly Metrics And Ratios for Natural Grocers by Vitamin Cottage

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

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

Key Financial Trends

Natural Grocers by Vitamin Cottage delivered strong Q2 2025 results, with double-digit year-over-year growth in revenues and earnings, robust cash generation, and debt-free status—all supporting attractive returns. However, working-capital pressures and below-par liquidity ratios warrant monitoring.

  • Operating revenue increased 8.98% year-over-year to $335.8 million, sustaining top-line momentum.
  • Net income rose 64.6% year-over-year to $13.10 million, driving adjusted EPS of $0.57 (up 60% YoY).
  • Cash flow from operations jumped 68.4% year-over-year to $34.06 million, underpinning strong free cash flow.
  • The company remains debt-free with net cash of $21.2 million, enhancing financial flexibility.
  • Return on invested capital (ROIC) reached 31.5% and return on equity (ROE) 29.6%, reflecting efficient capital use.
  • Gross margin expanded to 30.3% and operating margin improved to 5.23%, demonstrating effective cost control.
  • Invested capital turnover stood at a robust 7.73x, highlighting strong asset utilization.
  • Dividend yield is a modest 1.09% with a 24.4% payout ratio, balancing shareholder return and reinvestment.
  • Current ratio of 0.97x and quick ratio of 0.20x indicate tight working-capital and potential liquidity constraints.
  • Capital expenditures of $6.4 million in the quarter heighten near-term cash requirements.
06/19/25 06:31 AMAI Generated. May Contain Errors.

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's 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 6/19/2025 by MarketBeat.com Staff
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