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Natural Grocers by Vitamin Cottage (NGVC) Financials

Natural Grocers by Vitamin Cottage logo
$31.58 +0.24 (+0.75%)
Closing price 06/12/2026 03:59 PM Eastern
Extended Trading
$31.74 +0.16 (+0.50%)
As of 06/12/2026 06:31 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 16 11 6.89 13 9.42 20 21 21 23 34 46
Consolidated Net Income / (Loss)		 16 11 6.89 13 9.42 20 21 21 23 34 46
Net Income / (Loss) Continuing Operations		 16 11 6.89 13 9.42 20 21 21 23 34 46
Total Pre-Tax Income 		26 17 10 10 12 26 26 28 28 43 59
Total Operating Income		 29 20 14 15 17 28 28 30 32 47 62
Total Gross Profit		 182 202 212 226 239 283 292 305 327 365 398
Total Revenue		 625 705 769 849 904 1,037 1,056 1,090 1,141 1,242 1,331
Operating Revenue		 625 705 769 849 904 1,037 1,056 1,090 1,141 1,242 1,331
Total Cost of Revenue		 443 504 557 623 665 754 763 785 814 877 933
Operating Cost of Revenue		 443 504 557 623 665 754 763 785 814 877 933
Total Operating Expenses		 153 181 198 211 222 255 264 275 295 318 336
Selling, General & Admin Expense		 18 19 20 22 23 27 28 32 36 39 44
Other Operating Expenses / (Income)		 136 162 178 189 199 229 236 243 259 279 292
Total Other Income / (Expense), net		 -2.99 -3.04 -3.79 -4.56 -4.95 -2.05 -2.27 -2.37 -3.30 -4.18 -3.06
Interest Expense		 2.99 3.04 3.79 4.56 4.95 2.05 2.27 2.37 3.30 4.18 3.06
Income Tax Expense		 9.43 5.86 3.41 -2.17 2.40 5.69 5.48 6.42 5.13 8.87 12
Basic Earnings per Share		 $0.72 $0.51 $0.31 $0.57 $0.42 $0.89 $0.91 $0.94 $1.02 $1.49 $2.02
Weighted Average Basic Shares Outstanding		 22.49M 22.49M 22.45M 22.36M 22.42M 22.50M 22.59M 22.67M 22.73M 22.77M 22.94M
Diluted Earnings per Share		 $0.72 $0.51 $0.31 $0.56 $0.42 $0.89 $0.91 $0.94 $1.02 $1.47 $2.00
Weighted Average Diluted Shares Outstanding		 22.50M 22.51M 22.46M 22.41M 22.55M 22.58M 22.71M 22.82M 22.83M 23.08M 23.26M
Weighted Average Basic & Diluted Shares Outstanding		 22.50M 22.51M 22.46M 22.41M 22.48M 22.56M 22.64M 22.71M 22.75M 22.91M 23.03M

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 5.88 7.76 7.96 9.21 9.01 9.94 13 12 12 11 13
Consolidated Net Income / (Loss)		 5.88 7.76 7.96 9.21 9.01 9.94 13 12 12 11 13
Net Income / (Loss) Continuing Operations		 5.88 7.76 7.96 9.21 9.01 9.94 13 12 12 11 13
Total Pre-Tax Income 		6.92 9.91 10 12 11 12 17 15 15 14 17
Total Operating Income		 7.74 11 11 13 12 13 18 16 16 15 18
Total Gross Profit		 84 89 90 90 95 99 102 98 99 99 102
Total Revenue		 295 302 308 309 323 330 336 329 336 336 337
Operating Revenue		 295 302 308 309 323 330 336 329 336 336 337
Total Cost of Revenue		 211 213 218 219 227 231 234 230 237 237 235
Operating Cost of Revenue		 211 213 218 219 227 231 234 230 237 237 235
Total Operating Expenses		 77 78 79 77 83 85 84 83 84 84 84
Selling, General & Admin Expense		 9.81 9.41 9.52 9.55 10 12 11 11 11 11 12
Other Operating Expenses / (Income)		 67 69 70 68 73 74 73 72 73 73 72
Total Other Income / (Expense), net		 -0.82 -0.89 -1.18 -1.05 -1.05 -0.92 -0.75 -0.69 -0.70 -0.71 -0.63
Interest Expense		 0.82 0.89 1.18 1.05 1.05 0.92 0.75 0.69 0.70 0.71 0.63
Income Tax Expense		 1.04 2.15 2.12 2.59 2.00 2.49 3.70 3.29 3.01 2.60 4.04
Basic Earnings per Share		 $0.26 $0.34 $0.35 $0.40 $0.40 $0.43 $0.57 $0.51 $0.51 $0.49 $0.58
Weighted Average Basic Shares Outstanding		 22.73M 22.75M 22.76M 22.79M 22.77M 22.90M 22.94M 22.95M 22.94M 23.01M 23.04M
Diluted Earnings per Share		 $0.26 $0.34 $0.35 $0.40 $0.38 $0.43 $0.56 $0.50 $0.51 $0.49 $0.58
Weighted Average Diluted Shares Outstanding		 22.83M 22.98M 23.06M 23.12M 23.08M 23.17M 23.27M 23.31M 23.26M 23.25M 23.22M
Weighted Average Basic & Diluted Shares Outstanding		 22.75M 22.75M 22.79M 22.79M 22.91M 22.93M 22.95M 22.95M 23.03M 23.03M 23.04M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Change in Cash & Equivalents		 -2.20 1.10 2.50 2.88 -3.18 22 -4.86 -12 6.30 -9.47 8.25
Net Cash From Operating Activities		 41 29 41 43 37 67 54 40 65 74 55
Net Cash From Continuing Operating Activities		 41 29 41 43 37 67 54 40 65 74 55
Net Income / (Loss) Continuing Operations		 16 11 6.89 13 9.42 20 21 21 23 34 46
Consolidated Net Income / (Loss)		 16 11 6.89 13 9.42 20 21 21 23 34 46
Depreciation Expense		 21 26 30 29 29 31 30 28 29 31 32
Amortization Expense		 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.63 0.88 0.74 1.40 1.43 1.34 1.30 7.04 36 4.03 3.17
Changes in Operating Assets and Liabilities, net		 2.82 -9.07 3.70 -0.80 -2.46 14 2.34 -17 -24 4.85 -26
Net Cash From Investing Activities		 -42 -54 -38 -24 -32 -30 -28 -31 -38 -39 -31
Net Cash From Continuing Investing Activities		 -42 -54 -38 -24 -32 -30 -28 -31 -38 -39 -31
Purchase of Property, Plant & Equipment		 -37 -54 -41 -24 -30 -27 -26 -28 -37 -38 -31
Acquisitions		 -5.60 - -0.09 -0.03 -2.70 -2.83 -1.94 -3.41 -1.53 -1.14 -0.18
Sale of Property, Plant & Equipment		 0.01 0.02 2.73 0.03 0.84 0.00 0.09 0.02 0.11 0.04 0.09
Other Investing Activities, net		 - 0.00 0.00 0.14 0.03 0.03 0.44 0.28 0.04 0.04 0.32
Net Cash From Financing Activities		 -0.86 26 0.15 -16 -8.70 -15 -31 -20 -20 -45 -16
Net Cash From Continuing Financing Activities		 -0.86 26 0.15 -16 -8.70 -15 -31 -20 -20 -45 -16
Repayment of Debt		 -203 -208 -291 -392 -414 -242 -11 -137 -539 -612 -666
Repurchase of Common Equity		 0.00 -0.83 -0.26 -0.58 - - 0.00 0.00 -0.18 0.00 0.00
Payment of Dividends		 - - - 0.00 0.00 -6.30 -51 -9.07 -9.09 -32 -11
Issuance of Debt		 203 235 292 376 406 236 35 129 531 604 666
Other Financing Activities, net		 -0.62 -0.12 -0.07 -0.09 -0.42 -2.61 -3.16 -3.12 -3.08 -5.06 -5.08
Cash Interest Paid		 2.87 2.97 3.71 4.49 4.94 2.04 2.15 2.43 3.31 4.16 3.12
Cash Income Taxes Paid		 8.19 6.37 2.66 1.96 4.73 3.31 6.75 7.01 5.05 14 16

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 9.77 -4.72 -2.65 2.95 -5.04 -2.56 15 -8.03 3.94 6.09 -2.49
Net Cash From Operating Activities		 28 17 20 12 24 2.68 34 2.93 16 21 23
Net Cash From Continuing Operating Activities		 28 17 20 12 25 2.68 34 2.93 16 21 23
Net Income / (Loss) Continuing Operations		 5.88 7.76 7.96 9.21 9.01 9.94 13 12 12 11 13
Consolidated Net Income / (Loss)		 5.88 7.76 7.96 9.21 9.01 9.94 13 12 12 11 13
Depreciation Expense		 7.48 7.45 7.70 7.85 7.93 7.95 7.89 7.95 8.02 7.97 8.15
Amortization Expense		 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 1.01 0.44 0.31 1.00 2.59 9.91 0.80 0.64 0.36 0.90 1.04
Changes in Operating Assets and Liabilities, net		 14 0.97 4.24 -5.63 5.26 -25 12 -17 -4.56 0.93 0.08
Net Cash From Investing Activities		 -14 -12 -11 -9.30 -6.79 -9.42 -6.46 -7.06 -8.03 -9.58 -21
Net Cash From Continuing Investing Activities		 -14 -12 -11 -9.30 -6.79 -9.42 -6.46 -7.06 -8.03 -9.58 -21
Purchase of Property, Plant & Equipment		 -13 -12 -10 -8.83 -6.53 -9.62 -6.42 -7.08 -8.08 -9.57 -20
Acquisitions		 -0.39 -0.11 -0.26 -0.47 -0.30 -0.06 -0.09 -0.02 -0.01 -0.03 -0.43
Sale of Property, Plant & Equipment		 0.03 0.00 0.00 - 0.03 0.03 0.02 - 0.05 0.00 0.02
Net Cash From Financing Activities		 -5.03 -9.54 -12 -0.19 -23 4.18 -13 -3.90 -3.66 -5.46 -4.43
Net Cash From Continuing Financing Activities		 -5.03 -9.54 -12 -0.19 -23 4.18 -13 -3.90 -3.66 -5.46 -4.43
Repayment of Debt		 -153 -139 -148 -158 -167 -148 -166 -172 -180 -162 -160
Payment of Dividends		 -2.27 -25 -2.28 -2.28 -2.28 -2.75 -2.75 -2.76 -2.75 -3.46 -3.46
Issuance of Debt		 151 155 139 162 149 157 157 172 180 162 160
Other Financing Activities, net		 -0.76 -0.89 -0.89 -1.11 -2.16 -1.97 -1.06 -1.15 -0.91 -2.01 -0.97
Cash Interest Paid		 0.83 0.90 1.05 1.10 1.10 0.80 0.88 0.72 0.72 0.67 0.57
Cash Income Taxes Paid		 0.04 0.01 6.46 1.80 5.32 0.16 7.17 4.32 4.27 0.01 7.21

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Total Assets		 234 282 300 307 327 682 655 663 669 655 671
Total Current Assets		 82 97 108 111 115 143 136 141 153 147 168
Cash & Equivalents		 2.92 4.02 6.52 9.40 6.21 29 24 12 18 8.87 17
Accounts Receivable		 2.58 3.75 4.86 4.74 5.06 8.52 8.49 10 11 13 12
Inventories, net		 75 86 94 94 96 100 101 114 119 121 133
Prepaid Expenses		 1.11 3.23 3.22 2.59 7.73 6.19 2.91 4.37 4.15 4.91 6.03
Plant, Property, & Equipment, net		 145 178 184 189 202 148 151 157 169 179 183
Total Noncurrent Assets		 6.42 6.62 7.36 7.36 10 390 368 365 348 330 320
Noncurrent Note & Lease Receivables		 - - - - 0.00 40 39 44 45 41 43
Goodwill		 5.62 5.60 5.66 5.65 8.64 10 12 14 14 13 12
Other Noncurrent Operating Assets		 0.78 0.97 1.64 1.68 1.64 340 317 308 288 276 265
Total Liabilities & Shareholders' Equity		 234 282 300 307 327 682 655 663 669 655 671
Total Liabilities		 118 156 166 160 170 509 512 507 498 481 458
Total Current Liabilities		 70 67 72 80 83 129 134 138 154 164 159
Accounts Payable		 50 54 57 61 63 69 69 71 81 88 81
Accrued Expenses		 20 12 14 18 19 25 27 27 33 36 37
Other Current Liabilities		 - - - - 0.00 35 36 38 39 40 41
Total Noncurrent Liabilities		 49 89 95 81 87 380 379 370 344 317 299
Long-Term Debt		 0.00 27 28 13 5.69 0.00 22 14 5.94 - 0.00
Noncurrent Deferred & Payable Income Tax Liabilities		 6.07 12 12 6.45 10 14 15 16 14 10 7.86
Other Noncurrent Operating Liabilities		 7.98 8.38 9.16 8.90 7.96 326 302 295 324 307 291
Total Equity & Noncontrolling Interests		 115 127 134 147 157 173 143 156 171 174 212
Total Preferred & Common Equity		 115 127 134 147 157 173 143 156 171 174 212
Total Common Equity		 115 127 134 147 157 173 143 156 171 174 212
Common Stock		 55 55 56 56 56 57 57 58 59 60 63
Retained Earnings		 60 72 79 92 101 116 85 98 112 114 149

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Total Assets		 659 652 656 663 657 654 649 665 659 669 685
Total Current Assets		 140 146 140 143 141 145 145 163 157 167 171
Cash & Equivalents		 17 19 8.58 14 11 14 6.32 21 13 23 21
Accounts Receivable		 7.99 6.92 8.87 9.32 8.74 8.92 12 12 13 9.95 13
Inventories, net		 111 116 117 116 117 117 122 125 125 128 130
Prepaid Expenses		 3.83 3.84 6.07 4.24 3.81 5.03 4.49 4.82 6.36 5.76 7.05
Plant, Property, & Equipment, net		 159 158 162 177 178 178 182 181 181 190 204
Total Noncurrent Assets		 359 348 353 343 337 331 322 320 321 312 310
Noncurrent Note & Lease Receivables		 44 43 46 44 43 42 40 39 41 41 40
Goodwill		 15 14 14 14 14 14 13 13 12 11 11
Other Noncurrent Operating Assets		 300 291 293 285 280 275 270 269 268 260 259
Total Liabilities & Shareholders' Equity		 659 652 656 663 657 654 649 665 659 669 685
Total Liabilities		 500 490 489 509 497 487 467 472 456 449 454
Total Current Liabilities		 140 141 136 159 160 152 150 168 154 156 162
Accounts Payable		 76 76 73 82 84 79 76 92 82 84 90
Accrued Expenses		 24 25 23 32 32 31 35 35 31 32 31
Other Current Liabilities		 38 38 38 40 40 40 40 40 41 41 41
Total Noncurrent Liabilities		 361 349 353 350 337 335 317 304 302 292 291
Long-Term Debt		 12 9.94 7.94 18 11 17 8.90 - - - 1.45
Noncurrent Deferred & Payable Income Tax Liabilities		 16 16 16 14 13 12 9.73 8.67 8.03 7.91 8.29
Other Noncurrent Operating Liabilities		 287 323 329 272 313 307 298 295 294 284 282
Total Equity & Noncontrolling Interests		 158 162 167 154 160 168 182 193 203 220 231
Total Preferred & Common Equity		 158 162 167 154 160 168 182 193 203 220 231
Total Common Equity		 158 162 167 154 160 168 182 193 203 220 231
Common Stock		 58 59 59 59 60 61 61 62 62 63 64
Retained Earnings		 100 103 108 95 100 107 121 131 140 157 167

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
DEI Shares Outstanding		 - - - - - - - - - - 22,954,109.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 22,954,109.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.02
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 19.97% 12.94% 9.01% 10.40% 6.42% 14.75% 1.80% 3.23% 4.68% 8.86% 7.19%
EBITDA Growth		 20.50% -8.12% -5.02% 2.00% 2.83% 28.84% -1.65% 0.17% 4.32% 28.60% 20.38%
EBIT Growth		 18.07% -28.82% -30.82% 6.77% 11.38% 65.51% 2.08% 6.45% 5.02% 48.34% 31.96%
NOPAT Growth		 20.50% -25.48% -30.09% 92.66% -26.43% 61.67% 3.57% 3.64% 11.89% 43.55% 31.18%
Net Income Growth		 20.27% -29.21% -39.93% 83.73% -25.63% 112.50% 2.86% 3.81% 8.79% 46.00% 36.86%
EPS Growth		 20.00% -29.17% -39.22% 80.65% -25.00% 111.90% 2.25% 3.30% 8.51% 44.12% 36.05%
Operating Cash Flow Growth		 29.15% -29.70% 41.70% 4.93% -12.79% 77.90% -18.98% -26.33% 62.76% 14.17% -25.02%
Free Cash Flow Firm Growth		 -4.35% -344.25% 108.11% 580.41% -124.87% 1,293.18% -47.86% -94.82% 5,471.88% -54.14% -40.84%
Invested Capital Growth		 21.16% 29.85% 3.92% 1.33% 9.00% -11.90% -1.00% 12.04% -21.53% 3.24% 18.08%
Revenue Q/Q Growth		 4.46% 2.71% 2.33% 2.29% 1.08% 3.70% 0.81% 0.14% 1.86% 2.27% 1.02%
EBITDA Q/Q Growth		 2.26% -2.63% 0.36% 0.96% -5.12% 4.75% 7.22% -9.52% 8.57% 6.53% 3.90%
EBIT Q/Q Growth		 -0.16% -10.34% -3.31% 5.00% -3.91% 8.54% 18.45% -16.03% 14.96% 10.15% 5.87%
NOPAT Q/Q Growth		 -0.26% -8.92% -0.55% 6.19% -5.75% 9.46% 18.86% -17.76% 17.67% 9.73% 5.38%
Net Income Q/Q Growth		 -1.79% -11.06% -3.23% 7.19% -7.14% 13.44% 20.36% -19.13% 19.05% 10.16% 6.39%
EPS Q/Q Growth		 -1.37% -12.07% 0.00% 5.66% -6.67% 14.10% 19.74% -18.97% 18.60% 8.89% 6.95%
Operating Cash Flow Q/Q Growth		 9.36% -11.34% -7.06% 21.43% -49.49% -5.73% 49.42% -24.21% 39.40% -5.10% -13.80%
Free Cash Flow Firm Q/Q Growth		 36.48% -33.28% 150.30% 65.39% -111.35% -76.09% 114.69% -89.36% 28.16% 7.95% -34.47%
Invested Capital Q/Q Growth		 2.37% 5.20% 1.11% -1.57% 19.67% 0.00% -0.83% 2.00% -4.45% -3.79% 3.15%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.15% 28.60% 27.61% 26.57% 26.42% 27.31% 27.68% 27.98% 28.66% 29.38% 29.90%
EBITDA Margin		 8.00% 6.51% 5.67% 5.24% 5.06% 5.69% 5.49% 5.33% 5.31% 6.28% 7.05%
Operating Margin		 4.58% 2.89% 1.83% 1.77% 1.86% 2.68% 2.68% 2.77% 2.78% 3.78% 4.66%
EBIT Margin		 4.58% 2.89% 1.83% 1.77% 1.86% 2.68% 2.68% 2.77% 2.78% 3.78% 4.66%
Profit (Net Income) Margin		 2.59% 1.63% 0.90% 1.49% 1.04% 1.93% 1.95% 1.96% 2.04% 2.73% 3.49%
Tax Burden Percent		 63.21% 66.17% 66.87% 120.66% 79.70% 77.85% 78.99% 76.90% 81.93% 79.29% 78.82%
Interest Burden Percent		 89.55% 85.06% 73.10% 69.71% 70.46% 92.62% 91.98% 92.14% 89.58% 91.11% 95.06%
Effective Tax Rate		 36.79% 33.83% 33.13% -20.66% 20.30% 22.15% 21.01% 23.10% 18.07% 20.71% 21.18%
Return on Invested Capital (ROIC)		 14.15% 8.37% 5.08% 9.54% 6.67% 11.00% 12.22% 12.00% 14.24% 22.88% 27.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.03% 3.33% 0.49% -1.45% -1.47% 5.93% 5.11% 7.85% -0.11% 56.80% 45.67%
Return on Net Nonoperating Assets (RNNOA)		 0.97% 1.10% 0.21% -0.52% -0.47% 1.13% 0.82% 2.31% -0.01% -3.21% -3.07%
Return on Equity (ROE)		 15.12% 9.47% 5.29% 9.02% 6.20% 12.13% 13.03% 14.31% 14.23% 19.67% 24.02%
Cash Return on Invested Capital (CROIC)		 -4.99% -17.60% 1.24% 8.22% -1.94% 23.64% 13.23% 0.65% 38.36% 19.69% 10.52%
Operating Return on Assets (OROA)		 13.54% 7.90% 4.84% 4.96% 5.29% 5.50% 4.24% 4.58% 4.75% 7.09% 9.35%
Return on Assets (ROA)		 7.66% 4.44% 2.37% 4.17% 2.97% 3.97% 3.08% 3.24% 3.49% 5.12% 7.01%
Return on Common Equity (ROCE)		 15.12% 9.47% 5.29% 9.02% 6.20% 12.13% 13.03% 14.31% 14.23% 19.67% 24.02%
Return on Equity Simple (ROE_SIMPLE)		 14.03% 9.05% 5.15% 8.63% 6.00% 11.56% 14.42% 13.71% 13.61% 19.47% 0.00%
Net Operating Profit after Tax (NOPAT)		 18 13 9.43 18 13 22 22 23 26 37 49
NOPAT Margin		 2.90% 1.91% 1.23% 2.14% 1.48% 2.08% 2.12% 2.13% 2.27% 3.00% 3.67%
Net Nonoperating Expense Percent (NNEP)		 9.12% 5.04% 4.59% 10.99% 8.15% 5.07% 7.11% 4.15% 14.35% -33.92% -18.58%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 10.73% 14.53% 21.37% 23.00%
Cost of Revenue to Revenue		 70.85% 71.40% 72.39% 73.43% 73.58% 72.69% 72.32% 72.02% 71.34% 70.62% 70.10%
SG&A Expenses to Revenue		 2.80% 2.73% 2.61% 2.53% 2.53% 2.58% 2.69% 2.90% 3.15% 3.12% 3.33%
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		 24.57% 25.71% 25.78% 24.80% 24.57% 24.63% 25.00% 25.21% 25.89% 25.60% 25.24%
Earnings before Interest and Taxes (EBIT)		 29 20 14 15 17 28 28 30 32 47 62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 50 46 44 44 46 59 58 58 61 78 94
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.23 1.45 0.68 1.88 1.04 0.96 1.55 1.40 1.58 3.87 4.30
Price to Tangible Book Value (P/TBV)		 3.39 1.51 0.71 1.95 1.10 1.02 1.69 1.54 1.72 4.20 4.55
Price to Revenue (P/Rev)		 0.60 0.26 0.12 0.32 0.18 0.16 0.21 0.20 0.24 0.54 0.69
Price to Earnings (P/E)		 22.98 15.98 13.26 21.77 17.39 8.33 10.75 10.18 11.63 19.89 19.66
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 3.79% 2.86% 4.17% 3.37% 4.39% 1.21%
Earnings Yield		 4.35% 6.26% 7.54% 4.59% 5.75% 12.01% 9.30% 9.82% 8.60% 5.03% 5.09%
Enterprise Value to Invested Capital (EV/IC)		 2.83 1.31 0.78 1.67 1.03 0.96 1.43 1.30 1.62 4.03 4.59
Enterprise Value to Revenue (EV/Rev)		 0.64 0.34 0.19 0.38 0.24 0.17 0.25 0.24 0.23 0.54 0.67
Enterprise Value to EBITDA (EV/EBITDA)		 7.95 5.20 3.36 7.21 4.71 3.01 4.50 4.58 4.28 8.55 9.55
Enterprise Value to EBIT (EV/EBIT)		 13.87 11.71 10.40 21.30 12.87 6.40 9.20 8.82 8.20 14.18 14.46
Enterprise Value to NOPAT (EV/NOPAT)		 21.95 17.69 15.56 17.65 16.14 8.22 11.65 11.47 10.01 17.89 18.34
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.69 8.28 3.59 7.48 5.77 2.67 4.84 6.70 4.02 9.03 16.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 63.76 20.48 0.00 3.82 10.76 212.00 3.71 20.78 47.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.24 0.47 0.46 0.37 0.37 0.23 0.44 0.39 0.05 0.00 0.00
Long-Term Debt to Equity		 0.24 0.46 0.46 0.37 0.36 0.23 0.43 0.38 0.03 0.00 0.00
Financial Leverage		 0.19 0.33 0.42 0.36 0.32 0.19 0.16 0.29 0.12 -0.06 -0.07
Leverage Ratio		 1.97 2.13 2.23 2.16 2.09 3.06 4.23 4.42 4.08 3.84 3.43
Compound Leverage Factor		 1.77 1.81 1.63 1.51 1.47 2.83 3.89 4.07 3.65 3.50 3.26
Debt to Total Capital		 19.29% 31.89% 31.59% 27.02% 27.06% 18.58% 30.67% 27.92% 4.31% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.23% 0.26% 0.28% 0.37% 0.49% 0.00% 0.85% 0.81% 0.98% 0.00% 0.00%
Long-Term Debt to Total Capital		 19.06% 31.63% 31.31% 26.66% 26.57% 18.58% 29.82% 27.11% 3.33% 0.00% 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		 80.71% 68.11% 68.41% 72.98% 72.94% 81.42% 69.33% 72.08% 95.69% 100.00% 100.00%
Debt to EBITDA		 0.55 1.29 1.42 1.22 1.27 0.67 1.09 1.04 0.13 0.00 0.00
Net Debt to EBITDA		 0.49 1.20 1.27 1.01 1.14 0.19 0.68 0.83 -0.18 0.00 0.00
Long-Term Debt to EBITDA		 0.55 1.28 1.40 1.20 1.25 0.67 1.06 1.01 0.10 0.00 0.00
Debt to NOPAT		 1.53 4.40 6.56 2.99 4.36 1.83 2.82 2.60 0.30 0.00 0.00
Net Debt to NOPAT		 1.36 4.10 5.87 2.47 3.89 0.51 1.76 2.08 -0.41 0.00 0.00
Long-Term Debt to NOPAT		 1.51 4.36 6.50 2.95 4.28 1.83 2.74 2.53 0.23 0.00 0.00
Altman Z-Score		 5.39 3.93 3.56 4.50 4.06 2.12 2.20 2.26 2.42 3.18 3.81
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		 1.18 1.46 1.51 1.39 1.38 1.11 1.01 1.02 0.99 0.90 1.06
Quick Ratio		 0.08 0.12 0.16 0.18 0.14 0.29 0.24 0.16 0.19 0.13 0.18
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -6.38 -28 2.30 16 -3.89 46 24 1.25 70 32 19
Operating Cash Flow to CapEx		 111.61% 53.64% 106.36% 181.22% 128.05% 248.59% 205.17% 141.67% 177.19% 196.67% 177.78%
Free Cash Flow to Firm to Interest Expense		 -2.13 -9.31 0.61 3.43 -0.79 22.68 10.67 0.53 21.18 7.67 6.19
Operating Cash Flow to Interest Expense		 13.70 9.47 10.77 9.40 7.55 32.47 23.73 16.74 19.58 17.66 18.06
Operating Cash Flow Less CapEx to Interest Expense		 1.43 -8.18 0.64 4.21 1.65 19.41 12.16 4.92 8.53 8.68 7.90
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.95 2.73 2.64 2.80 2.85 2.06 1.58 1.65 1.71 1.87 2.01
Accounts Receivable Turnover		 264.58 223.15 178.70 176.92 184.46 152.72 124.12 114.79 107.13 106.09 108.30
Inventory Turnover		 6.65 6.25 6.19 6.64 6.98 7.68 7.61 7.32 6.98 7.31 7.36
Fixed Asset Turnover		 4.71 4.36 4.24 4.55 4.63 5.93 7.05 7.06 6.99 7.14 7.37
Accounts Payable Turnover		 10.57 9.73 10.08 10.57 10.70 11.39 11.05 11.19 10.71 10.37 11.02
Days Sales Outstanding (DSO)		 1.38 1.64 2.04 2.06 1.98 2.39 2.94 3.18 3.41 3.44 3.37
Days Inventory Outstanding (DIO)		 54.93 58.38 58.99 54.98 52.27 47.54 47.99 49.84 52.27 49.94 49.62
Days Payable Outstanding (DPO)		 34.53 37.50 36.21 34.53 34.11 32.04 33.02 32.61 34.08 35.19 33.13
Cash Conversion Cycle (CCC)		 21.78 22.52 24.82 22.52 20.13 17.89 17.91 20.41 21.59 18.19 19.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 140 182 189 192 209 184 182 204 160 165 195
Invested Capital Turnover		 4.88 4.38 4.14 4.46 4.51 5.28 5.76 5.64 6.26 7.63 7.38
Increase / (Decrease) in Invested Capital		 24 42 7.13 2.51 17 -25 -1.85 22 -44 5.20 30
Enterprise Value (EV)		 397 239 147 321 216 178 261 266 260 666 896
Market Capitalization		 372 183 91 276 164 167 221 218 270 675 913
Book Value per Share		 $5.13 $5.63 $5.97 $6.56 $6.99 $7.68 $6.31 $6.87 $7.51 $7.64 $9.25
Tangible Book Value per Share		 $4.88 $5.38 $5.72 $6.31 $6.60 $7.22 $5.79 $6.24 $6.89 $7.05 $8.74
Total Capital		 143 186 196 201 215 213 206 216 179 174 212
Total Debt		 28 59 62 54 58 40 63 60 7.69 0.00 0.00
Total Long-Term Debt		 27 59 61 54 57 40 61 59 5.94 0.00 0.00
Net Debt		 25 55 55 45 52 11 39 48 -11 -8.87 -17
Capital Expenditures (CapEx)		 37 54 38 24 29 27 26 28 36 38 31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 9.82 27 31 23 27 -14 -20 -7.36 -18 -26 -7.82
Debt-free Net Working Capital (DFNWC)		 13 31 37 32 33 14 3.61 4.68 0.27 -17 9.29
Net Working Capital (NWC)		 12 31 37 31 32 14 1.86 2.93 -1.48 -17 9.29
Net Nonoperating Expense (NNE)		 1.89 2.01 2.54 5.50 3.95 1.59 1.79 1.82 2.70 3.31 2.41
Net Nonoperating Obligations (NNO)		 25 55 55 45 52 11 39 48 -11 -8.87 -17
Total Depreciation and Amortization (D&A)		 21 26 30 29 29 31 30 28 29 31 32
Debt-free, Cash-free Net Working Capital to Revenue		 1.57% 3.86% 3.99% 2.66% 2.96% -1.38% -1.90% -0.68% -1.58% -2.09% -0.59%
Debt-free Net Working Capital to Revenue		 2.04% 4.43% 4.84% 3.77% 3.65% 1.38% 0.34% 0.43% 0.02% -1.38% 0.70%
Net Working Capital to Revenue		 1.99% 4.36% 4.77% 3.68% 3.53% 1.38% 0.18% 0.27% -0.13% -1.38% 0.70%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.72 $0.51 $0.31 $0.57 $0.42 $0.00 $0.00 $0.00 $1.02 $1.49 $2.02
Adjusted Weighted Average Basic Shares Outstanding		 22.49M 22.49M 22.45M 22.36M 22.42M 0.00 0.00 0.00 22.73M 22.77M 22.94M
Adjusted Diluted Earnings per Share		 $0.72 $0.51 $0.31 $0.56 $0.42 $0.00 $0.00 $0.00 $1.02 $1.47 $2.00
Adjusted Weighted Average Diluted Shares Outstanding		 22.50M 22.51M 22.46M 22.41M 22.55M 0.00 0.00 0.00 22.83M 23.08M 23.26M
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		 22.50M 22.45M 22.35M 22.39M 22.48M 0.00 0.00 0.00 22.75M 22.91M 23.03M
Normalized Net Operating Profit after Tax (NOPAT)		 18 13 9.43 11 13 22 22 23 26 37 49
Normalized NOPAT Margin		 2.90% 1.91% 1.23% 1.24% 1.48% 2.08% 2.12% 2.13% 2.27% 3.00% 3.67%
Pre Tax Income Margin		 4.10% 2.46% 1.34% 1.24% 1.31% 2.48% 2.47% 2.55% 2.49% 3.45% 4.43%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.57 6.69 3.72 3.30 3.39 13.55 12.47 12.72 9.60 11.25 20.24
NOPAT to Interest Expense		 6.05 4.43 2.49 3.98 2.70 10.55 9.85 9.78 7.86 8.92 15.95
EBIT Less CapEx to Interest Expense		 -2.71 -10.96 -6.41 -1.89 -2.51 0.49 0.91 0.90 -1.45 2.27 10.08
NOPAT Less CapEx to Interest Expense		 -6.23 -13.22 -7.64 -1.20 -3.20 -2.51 -1.71 -2.04 -3.19 -0.06 5.80
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 31.49% 250.00% 42.44% 39.10% 93.90% 23.70%
Augmented Payout Ratio		 0.00% 7.23% 3.79% 4.59% 0.00% 31.49% 250.00% 42.44% 39.88% 93.90% 23.70%

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - 22,954,109.00 23,033,093.00 23,033,093.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 22,954,109.00 23,033,093.00 23,033,093.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.51 0.49 0.58
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.61% 7.59% 8.77% 9.68% 9.35% 9.44% 8.98% 6.35% 4.18% 1.62% 0.48%
EBITDA Growth		 45.82% 35.40% 21.68% 26.98% 31.40% 16.66% 34.13% 13.74% 17.62% 6.21% 3.21%
EBIT Growth		 113.97% 68.35% 33.57% 41.42% 55.95% 23.56% 55.87% 21.33% 28.48% 9.73% 3.14%
NOPAT Growth		 147.35% 68.05% 36.15% 28.59% 50.07% 26.28% 53.94% 21.09% 25.16% 11.59% 1.71%
Net Income Growth		 172.22% 75.97% 35.30% 30.22% 53.23% 28.15% 64.56% 26.02% 30.97% 14.05% 2.54%
EPS Growth		 160.00% 78.95% 34.62% 29.03% 46.15% 26.47% 60.00% 25.00% 34.21% 13.95% 3.57%
Operating Cash Flow Growth		 179.22% -21.61% 48.15% 854.92% -13.95% -83.87% 68.43% -76.41% -36.16% 687.99% -33.34%
Free Cash Flow Firm Growth		 362.09% 86.25% -101.56% -85.66% -90.74% 2,536.28% 1,044.83% -191.43% -475.18% -101.16% -553.15%
Invested Capital Growth		 -21.53% 4.97% 6.15% 2.54% 3.24% -12.38% 4.86% 10.14% 18.08% 6.69% 23.20%
Revenue Q/Q Growth		 4.71% 2.26% 2.10% 0.32% 4.39% 2.34% 1.68% -2.10% 2.26% -0.17% 0.54%
EBITDA Q/Q Growth		 -6.61% 19.94% 3.89% 9.12% -3.36% 6.49% 19.45% -7.47% -0.06% -3.85% 16.08%
EBIT Q/Q Growth		 -14.83% 39.63% 4.24% 14.08% -6.08% 10.62% 31.50% -11.20% -0.55% -5.52% 23.61%
NOPAT Q/Q Growth		 -15.67% 28.53% 5.15% 12.82% -1.58% 8.15% 28.19% -11.25% 1.72% -3.57% 16.84%
Net Income Q/Q Growth		 -16.86% 31.89% 2.66% 15.68% -2.16% 10.30% 31.83% -11.42% 1.68% -3.95% 18.53%
EPS Q/Q Growth		 -16.13% 30.77% 2.94% 14.29% -5.00% 13.16% 30.23% -10.71% 2.00% -3.92% 18.37%
Operating Cash Flow Q/Q Growth		 2,084.87% -41.56% 21.65% -38.52% 96.90% -89.04% 1,170.02% -91.39% 432.80% 35.24% 7.43%
Free Cash Flow Firm Q/Q Growth		 25.41% -102.99% 59.84% 1,053.35% -19.04% 685.96% -84.42% -192.25% -232.21% 97.57% -5,973.67%
Invested Capital Q/Q Growth		 -4.45% 31.43% -22.19% 4.94% -3.79% 11.54% -6.88% 10.22% 3.15% 0.78% 7.53%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 28.58% 29.42% 29.33% 29.23% 29.55% 29.93% 30.30% 29.90% 29.46% 29.46% 30.36%
EBITDA Margin		 5.16% 6.05% 6.16% 6.70% 6.20% 6.45% 7.58% 7.16% 7.00% 6.74% 7.78%
Operating Margin		 2.62% 3.58% 3.66% 4.16% 3.74% 4.04% 5.23% 4.74% 4.61% 4.36% 5.37%
EBIT Margin		 2.62% 3.58% 3.66% 4.16% 3.74% 4.04% 5.23% 4.74% 4.61% 4.36% 5.37%
Profit (Net Income) Margin		 1.99% 2.57% 2.58% 2.98% 2.79% 3.01% 3.90% 3.53% 3.51% 3.38% 3.98%
Tax Burden Percent		 85.02% 78.26% 78.95% 78.08% 81.81% 79.98% 77.97% 77.92% 79.70% 81.34% 76.88%
Interest Burden Percent		 89.39% 91.72% 89.55% 91.81% 91.27% 93.09% 95.73% 95.55% 95.51% 95.13% 96.51%
Effective Tax Rate		 14.98% 21.74% 21.05% 21.92% 18.19% 20.02% 22.03% 22.08% 20.30% 18.66% 23.12%
Return on Invested Capital (ROIC)		 13.96% 15.84% 21.53% 23.21% 23.33% 20.79% 31.53% 26.95% 27.12% 24.89% 28.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.25% 14.42% 69.56% -11.01% 32.16% 18.30% 38.25% 38.86% 31.39% 30.51% 31.19%
Return on Net Nonoperating Assets (RNNOA)		 1.18% 4.58% -0.84% -0.16% -1.82% 3.23% -1.88% -0.95% -2.11% -1.57% -2.98%
Return on Equity (ROE)		 15.14% 20.42% 20.69% 23.05% 21.52% 24.02% 29.64% 26.00% 25.01% 23.32% 25.81%
Cash Return on Invested Capital (CROIC)		 38.36% 9.44% 13.97% 17.49% 19.69% 33.19% 21.63% 16.02% 10.52% 19.81% 5.46%
Operating Return on Assets (OROA)		 4.49% 6.29% 6.63% 7.70% 7.01% 7.83% 10.27% 9.51% 9.26% 8.85% 10.64%
Return on Assets (ROA)		 3.41% 4.52% 4.69% 5.52% 5.23% 5.83% 7.67% 7.08% 7.05% 6.85% 7.90%
Return on Common Equity (ROCE)		 15.14% 20.42% 20.69% 23.05% 21.52% 24.02% 29.64% 26.00% 25.01% 23.32% 25.81%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 17.28% 17.92% 18.36% 0.00% 19.86% 21.38% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 6.58 8.45 8.89 10 9.87 11 14 12 12 12 14
NOPAT Margin		 2.23% 2.80% 2.89% 3.25% 3.06% 3.23% 4.08% 3.70% 3.68% 3.55% 4.13%
Net Nonoperating Expense Percent (NNEP)		 3.71% 1.41% -48.03% 34.22% -8.82% 2.49% -6.73% -11.91% -4.27% -5.62% -2.40%
Return On Investment Capital (ROIC_SIMPLE)		 3.68% 3.77% - - 5.67% 5.60% 7.09% 6.00% 5.82% 5.42% 5.99%
Cost of Revenue to Revenue		 71.42% 70.58% 70.67% 70.77% 70.45% 70.07% 69.70% 70.10% 70.54% 70.54% 69.64%
SG&A Expenses to Revenue		 3.32% 3.12% 3.09% 3.09% 3.17% 3.49% 3.28% 3.33% 3.23% 3.23% 3.59%
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		 25.96% 25.84% 25.67% 25.07% 25.82% 25.88% 25.08% 25.16% 24.85% 25.09% 25.00%
Earnings before Interest and Taxes (EBIT)		 7.74 11 11 13 12 13 18 16 16 15 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 15 18 19 21 20 21 25 24 24 23 26
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.58 2.32 2.56 2.88 3.87 5.00 4.78 4.45 4.30 2.62 2.58
Price to Tangible Book Value (P/TBV)		 1.72 2.56 2.80 3.14 4.20 5.39 5.11 4.73 4.55 2.76 2.71
Price to Revenue (P/Rev)		 0.24 0.31 0.34 0.40 0.54 0.72 0.71 0.68 0.69 0.43 0.45
Price to Earnings (P/E)		 11.63 13.45 14.26 15.69 19.89 25.19 22.34 20.64 19.66 12.06 12.36
Dividend Yield		 3.37% 8.26% 7.24% 6.13% 4.39% 1.06% 1.09% 1.17% 1.21% 2.04% 2.09%
Earnings Yield		 8.60% 7.43% 7.01% 6.38% 5.03% 3.97% 4.48% 4.85% 5.09% 8.29% 8.09%
Enterprise Value to Invested Capital (EV/IC)		 1.62 1.97 2.52 2.84 4.03 4.95 5.24 4.69 4.59 2.81 2.72
Enterprise Value to Revenue (EV/Rev)		 0.23 0.36 0.35 0.40 0.54 0.72 0.69 0.67 0.67 0.41 0.43
Enterprise Value to EBITDA (EV/EBITDA)		 4.28 6.34 6.01 6.67 8.55 11.27 10.30 9.83 9.55 5.82 6.00
Enterprise Value to EBIT (EV/EBIT)		 8.20 11.49 10.62 11.43 14.18 18.42 16.14 15.16 14.46 8.75 9.02
Enterprise Value to NOPAT (EV/NOPAT)		 10.01 14.11 13.02 14.36 17.89 23.12 20.35 19.15 18.34 11.05 11.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.02 6.90 6.20 6.27 9.03 15.25 12.23 13.84 16.20 7.51 9.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.71 21.36 18.58 16.42 20.78 13.92 24.82 30.68 47.26 14.67 55.02
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.46 0.09 0.11 0.00 0.05 0.00 0.00 0.00 0.00 0.01
Long-Term Debt to Equity		 0.03 0.42 0.07 0.10 0.00 0.05 0.00 0.00 0.00 0.00 0.01
Financial Leverage		 0.12 0.32 -0.01 0.01 -0.06 0.18 -0.05 -0.02 -0.07 -0.05 -0.10
Leverage Ratio		 4.08 4.24 4.06 3.91 3.84 3.91 3.74 3.55 3.43 3.28 3.18
Compound Leverage Factor		 3.65 3.89 3.64 3.59 3.50 3.64 3.58 3.39 3.28 3.12 3.07
Debt to Total Capital		 4.31% 31.36% 8.62% 9.83% 0.00% 4.67% 0.00% 0.00% 0.00% 0.00% 0.62%
Short-Term Debt to Total Capital		 0.98% 2.54% 2.11% 0.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 3.33% 28.82% 6.51% 8.92% 0.00% 4.67% 0.00% 0.00% 0.00% 0.00% 0.62%
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		 95.69% 68.64% 91.38% 90.17% 100.00% 95.33% 100.00% 100.00% 100.00% 100.00% 99.38%
Debt to EBITDA		 0.13 1.08 0.22 0.25 0.00 0.11 0.00 0.00 0.00 0.00 0.02
Net Debt to EBITDA		 -0.18 0.87 0.06 0.06 0.00 0.03 0.00 0.00 0.00 0.00 -0.20
Long-Term Debt to EBITDA		 0.10 0.99 0.17 0.23 0.00 0.11 0.00 0.00 0.00 0.00 0.02
Debt to NOPAT		 0.30 2.39 0.48 0.54 0.00 0.23 0.00 0.00 0.00 0.00 0.03
Net Debt to NOPAT		 -0.41 1.93 0.13 0.13 0.00 0.07 0.00 0.00 0.00 0.00 -0.38
Long-Term Debt to NOPAT		 0.23 2.20 0.36 0.49 0.00 0.23 0.00 0.00 0.00 0.00 0.03
Altman Z-Score		 2.30 2.40 2.54 2.73 3.01 3.45 3.48 3.56 3.59 3.19 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		 0.99 0.90 0.88 0.96 0.90 0.96 0.97 1.02 1.06 1.07 1.05
Quick Ratio		 0.19 0.14 0.12 0.15 0.13 0.12 0.20 0.17 0.18 0.21 0.21
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 51 -1.51 -0.61 5.78 4.68 37 5.72 -5.28 -18 -0.43 -26
Operating Cash Flow to CapEx		 213.95% 141.67% 193.60% 140.76% 377.14% 27.96% 531.97% 41.40% 194.66% 220.79% 111.63%
Free Cash Flow to Firm to Interest Expense		 61.53 -1.69 -0.51 5.49 4.44 39.81 7.63 -7.61 -25.20 -0.60 -41.04
Operating Cash Flow to Interest Expense		 34.65 18.60 17.18 11.82 23.25 2.91 45.42 4.23 22.45 29.64 35.93
Operating Cash Flow Less CapEx to Interest Expense		 18.45 5.47 8.31 3.42 17.08 -7.49 36.88 -5.98 10.92 16.22 3.74
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.71 1.76 1.81 1.85 1.87 1.94 1.96 2.01 2.01 2.03 1.98
Accounts Receivable Turnover		 107.13 134.25 151.52 136.45 106.09 119.71 122.49 121.24 108.30 122.33 104.74
Inventory Turnover		 6.98 7.25 7.21 7.35 7.31 7.53 7.53 7.63 7.36 7.52 7.38
Fixed Asset Turnover		 6.99 6.91 7.06 7.13 7.14 7.07 7.23 7.33 7.37 7.19 6.95
Accounts Payable Turnover		 10.71 10.50 10.53 11.31 10.37 11.39 10.35 11.41 11.02 11.76 10.34
Days Sales Outstanding (DSO)		 3.41 2.72 2.41 2.68 3.44 3.05 2.98 3.01 3.37 2.98 3.48
Days Inventory Outstanding (DIO)		 52.27 50.32 50.60 49.65 49.94 48.50 48.48 47.83 49.62 48.57 49.45
Days Payable Outstanding (DPO)		 34.08 34.76 34.66 32.26 35.19 32.04 35.27 31.98 33.13 31.03 35.30
Cash Conversion Cycle (CCC)		 21.59 18.28 18.35 20.07 18.19 19.51 16.19 18.87 19.85 20.52 17.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 160 211 164 172 165 184 172 189 195 197 212
Invested Capital Turnover		 6.26 5.65 7.46 7.15 7.63 6.43 7.73 7.29 7.38 7.01 6.98
Increase / (Decrease) in Invested Capital		 -44 9.96 9.50 4.26 5.20 -26 7.96 17 30 12 40
Enterprise Value (EV)		 260 414 413 488 666 912 901 888 896 554 576
Market Capitalization		 270 358 409 483 675 910 922 901 913 577 595
Book Value per Share		 $7.51 $6.76 $7.03 $7.36 $7.64 $7.94 $8.42 $8.82 $9.25 $9.55 $10.02
Tangible Book Value per Share		 $6.89 $6.15 $6.42 $6.76 $7.05 $7.37 $7.86 $8.29 $8.74 $9.06 $9.53
Total Capital		 179 224 175 186 174 191 193 203 212 220 232
Total Debt		 7.69 70 15 18 0.00 8.90 0.00 0.00 0.00 0.00 1.45
Total Long-Term Debt		 5.94 65 11 17 0.00 8.90 0.00 0.00 0.00 0.00 1.45
Net Debt		 -11 57 4.12 4.37 -8.87 2.58 -21 -13 -17 -23 -19
Capital Expenditures (CapEx)		 13 12 10 8.83 6.49 9.59 6.40 7.08 8.03 9.57 20
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -18 -24 -26 -19 -26 -12 -26 -11 -7.82 -13 -13
Debt-free Net Working Capital (DFNWC)		 0.27 -9.92 -15 -4.63 -17 -5.60 -4.48 2.48 9.29 10 8.08
Net Working Capital (NWC)		 -1.48 -16 -19 -6.32 -17 -5.60 -4.48 2.48 9.29 10 8.08
Net Nonoperating Expense (NNE)		 0.70 0.70 0.93 0.82 0.86 0.74 0.58 0.54 0.55 0.58 0.49
Net Nonoperating Obligations (NNO)		 -11 57 3.83 4.10 -8.87 2.58 -21 -13 -17 -23 -19
Total Depreciation and Amortization (D&A)		 7.49 7.46 7.71 7.85 7.94 7.95 7.89 7.95 8.02 7.97 8.15
Debt-free, Cash-free Net Working Capital to Revenue		 -1.58% -2.03% -2.22% -1.53% -2.09% -0.94% -1.98% -0.81% -0.59% -0.96% -0.95%
Debt-free Net Working Capital to Revenue		 0.02% -0.85% -1.29% -0.38% -1.38% -0.44% -0.34% 0.19% 0.70% 0.78% 0.60%
Net Working Capital to Revenue		 -0.13% -1.34% -1.60% -0.52% -1.38% -0.44% -0.34% 0.19% 0.70% 0.78% 0.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.26 $0.34 $0.35 $0.40 $0.40 $0.43 $0.57 $0.51 $0.51 $0.49 $0.58
Adjusted Weighted Average Basic Shares Outstanding		 22.73M 22.75M 22.76M 22.79M 22.77M 22.90M 22.94M 22.95M 22.94M 23.01M 23.04M
Adjusted Diluted Earnings per Share		 $0.26 $0.34 $0.35 $0.40 $0.38 $0.43 $0.56 $0.50 $0.51 $0.49 $0.58
Adjusted Weighted Average Diluted Shares Outstanding		 22.83M 22.98M 23.06M 23.12M 23.08M 23.17M 23.27M 23.31M 23.26M 23.25M 23.22M
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		 22.75M 22.75M 22.79M 22.79M 22.91M 22.93M 22.95M 22.95M 23.03M 23.03M 23.04M
Normalized Net Operating Profit after Tax (NOPAT)		 6.58 8.45 8.89 10 9.87 11 14 12 12 12 14
Normalized NOPAT Margin		 2.23% 2.80% 2.89% 3.25% 3.06% 3.23% 4.08% 3.70% 3.68% 3.55% 4.13%
Pre Tax Income Margin		 2.34% 3.28% 3.27% 3.82% 3.41% 3.76% 5.00% 4.53% 4.40% 4.15% 5.18%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.42 12.08 9.57 12.21 11.46 14.46 23.40 22.46 22.27 20.54 28.65
NOPAT to Interest Expense		 8.01 9.46 7.55 9.53 9.37 11.57 18.25 17.50 17.75 16.71 22.03
EBIT Less CapEx to Interest Expense		 -6.77 -1.04 0.69 3.82 5.29 4.07 14.87 12.25 10.74 7.12 -3.53
NOPAT Less CapEx to Interest Expense		 -8.18 -3.67 -1.32 1.14 3.21 1.17 9.71 7.29 6.22 3.28 -10.16
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 39.10% 119.76% 111.11% 103.42% 93.90% 26.54% 24.38% 24.14% 23.70% 24.49% 25.78%
Augmented Payout Ratio		 39.88% 119.76% 111.44% 103.42% 93.90% 26.54% 24.38% 24.14% 23.70% 24.49% 25.78%

Financials Breakdown Chart

Key Financial Trends

Natural Grocers by Vitamin Cottage (NYSE: NGVC) has shown a fairly steady operating profile over the last several years, with revenue gradually rising and profitability staying positive. The company continues to generate solid operating cash flow, but it is also running a fairly levered balance sheet and has a large amount of noncurrent liabilities tied to its store and lease structure.

  • Revenue continues to trend higher on a year-over-year basis, with Q2 2026 revenue at $337.4 million versus $308.1 million in Q2 2024 and $280.5 million in Q1 2023.
  • Profitability has remained consistent, with Q2 2026 net income of $13.4 million and Q1 2026 net income of $11.3 million.
  • Operating cash flow remains healthy, at $22.7 million in Q2 2026 and $21.1 million in Q1 2026.
  • The company continues to produce meaningful gross profit, with Q2 2026 gross profit of $102.4 million, supporting positive operating income.
  • Capital spending appears manageable relative to cash generation, with Q2 2026 capex of $20.4 million funded by operating cash flow.
  • Quarterly revenue growth has been modest rather than explosive, suggesting a stable but not especially fast-growing business.
  • Earnings per share have improved over time, but the gains are incremental, with Q2 2026 diluted EPS at $0.58 versus $0.35 in Q2 2024 and $0.19 in Q1 2023.
  • Inventory levels remain sizable at $129.7 million in Q2 2026, which is normal for a grocery retailer but still a key working-capital item to watch.
  • The balance sheet is highly leveraged by design, with total liabilities of $453.8 million against equity of $230.9 million in Q2 2026.
  • A large portion of liabilities sits in other noncurrent operating liabilities and lease-related obligations, which reduces financial flexibility.
  • Q2 2026 was a cash outflow quarter overall, with net cash change of negative $2.5 million after heavy debt-related financing activity.
  • Interest and debt activity remain a big part of the financial profile, including large debt repayments and new borrowings that offset each other in the cash flow statement.

Looking at the broader trend, NGVC appears to be a steady, profitable operator with reliable cash generation, but the company does not have a pristine balance sheet. Revenue and earnings have improved gradually, while operating cash flow has generally been strong enough to cover capital spending and dividends. However, the balance sheet still carries meaningful leverage and lease-related liabilities, so investors should focus on whether management can keep earnings and cash flow growing without increasing financial risk.

06/14/26 03:55 AM ETAI Generated. May Contain Errors.

Natural Grocers by Vitamin Cottage Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Natural Grocers by Vitamin Cottage's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Natural Grocers by Vitamin Cottage's net income appears to be on an upward trend, with a most recent value of $46.44 million in 2025, rising from $16.20 million in 2015. The previous period was $33.94 million in 2024. See where experts think Natural Grocers by Vitamin Cottage is headed by visiting Natural Grocers by Vitamin Cottage's forecast page.

Natural Grocers by Vitamin Cottage's total operating income in 2025 was $61.99 million, based on the following breakdown:
  • Total Gross Profit: $397.88 million
  • Total Operating Expenses: $335.89 million

Over the last 10 years, Natural Grocers by Vitamin Cottage's total revenue changed from $624.68 million in 2015 to $1.33 billion in 2025, a change of 113.0%.

Natural Grocers by Vitamin Cottage's total liabilities were at $458.11 million at the end of 2025, a 4.8% decrease from 2024, and a 286.8% increase since 2015.

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 $17.12 million as of their latest financial filing in 2025.

Over the last 10 years, Natural Grocers by Vitamin Cottage's book value per share changed from 5.13 in 2015 to 9.25 in 2025, a change of 80.2%.


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Financial statements for NYSE:NGVC last updated on 6/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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