NGVC · Natural Grocers by Vitamin Cottage, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $337.38M | $335.58M | $328.70M | $335.77M | $330.22M | $309.08M | $308.09M | - | $281.79M | $283.25M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | $102.44M | $98.86M | $98.28M | $101.75M | $98.82M | $90.33M | $90.36M | - | $81.39M | $82.48M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $12.13M | $10.84M | $10.95M | $11.02M | $11.51M | $9.54M | $9.52M | - | $9.31M | $8.61M |
| Total Operating Expenses | $79.28M | $80.33M | - | - | - | - | - | - | - | - |
| D&A | $8.15M | $7.97M | $7.95M | $7.89M | $7.95M | $7.84M | $7.70M | - | $7.21M | $7.15M |
| Operating Income | $18.11M | $14.65M | $15.59M | $17.55M | $13.35M | $12.85M | $11.26M | - | $9.08M | $8.43M |
| Interest Expense | $632.0K | $713.0K | $694.0K | $750.0K | $923.0K | $1.05M | $1.18M | - | $848.0K | $834.0K |
| Income Tax | $4.04M | $2.60M | $3.29M | $3.70M | $2.49M | $2.59M | $2.12M | - | $1.16M | $1.71M |
| Net Income | $13.43M | $11.33M | $11.61M | $13.10M | $9.94M | $9.21M | $7.96M | - | $7.07M | $5.88M |
| EPS - Basic | $0.58 | $0.49 | $0.51 | $0.57 | $0.43 | $0.40 | $0.35 | - | $0.31 | $0.26 |
| EPS - Diluted | $0.58 | $0.49 | $0.50 | $0.56 | $0.43 | $0.40 | $0.35 | - | $0.31 | $0.26 |
Balance Sheet
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.72M | $23.21M | $17.12M | $21.21M | $6.32M | $8.87M | $10.97M | $13.62M | $18.34M | $18.96M |
| Accounts Receivable | $13.10M | $9.95M | $11.97M | $12.45M | $11.89M | $12.61M | $8.74M | $9.32M | $10.80M | $6.92M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $89.64M | $83.95M | $80.99M | $92.00M | $75.58M | $88.40M | $84.18M | $81.59M | $80.67M | $75.71M |
| Current Assets | $170.56M | $166.81M | $168.07M | $163.25M | $144.53M | $147.06M | $140.87M | $143.26M | $152.55M | $145.78M |
| Total Assets | $684.70M | $668.56M | $670.50M | $664.59M | $648.88M | $655.48M | $656.57M | $663.16M | $669.18M | $652.05M |
| Current Liabilities | $162.48M | $156.39M | $158.78M | $167.72M | $150.13M | $164.13M | $159.90M | $158.87M | $154.03M | $140.75M |
| Long-term Debt | $1.45M | - | - | - | $8.90M | $0 | $0 | $0 | $5.94M | $9.94M |
| Total Liabilities | $453.81M | $448.55M | $458.11M | $471.62M | $467.00M | $481.22M | $496.60M | $509.30M | $498.34M | $490.04M |
| Stockholders' Equity | $230.90M | $220.01M | $212.40M | $192.97M | $181.88M | $174.25M | $159.97M | $153.86M | $170.84M | $162.01M |
| Retained Earnings | $167.20M | $157.22M | $149.34M | $131.44M | $121.09M | $113.90M | $100.25M | $94.56M | $111.87M | $103.47M |
Cash Flow
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | $21.13M | - | - | $2.68M | - | - | - | - | - |
| Investing Cash Flow | - | ($9.58M) | - | - | ($9.42M) | - | - | - | - | - |
| Financing Cash Flow | - | ($5.46M) | - | - | $4.18M | - | - | - | - | - |
| CapEx | - | $9.57M | - | - | $9.62M | - | - | - | - | - |
| Free Cash Flow | - | $11.56M | - | - | ($6.94M) | - | - | - | - | - |
Ratios
| Metric | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 30.4% | 29.5% | 29.9% | 30.3% | 29.9% | 29.2% | 29.3% | - | 28.9% | 29.1% |
| Operating margin | 5.4% | 4.4% | 4.7% | 5.2% | 4.0% | 4.2% | 3.7% | - | 3.2% | 3.0% |
| EBITDA margin | 7.8% | 6.7% | 7.2% | 7.6% | 6.4% | 6.7% | 6.2% | - | 5.8% | 5.5% |
| Net margin | 4.0% | 3.4% | 3.5% | 3.9% | 3.0% | 3.0% | 2.6% | - | 2.5% | 2.1% |
| Free cash flow margin | - | 3.4% | - | - | -2.1% | - | - | - | - | - |
| FCF / Net income | - | 1.02 | - | - | -0.70 | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 3.6% | 3.2% | 3.3% | 3.3% | 3.5% | 3.1% | 3.1% | - | 3.3% | 3.0% |
| Effective tax rate | 23.1% | 18.7% | 22.1% | 22.0% | 20.0% | 21.9% | 21.1% | - | 14.1% | 22.5% |
| Return on assets | 2.0% | 1.7% | 1.7% | 2.0% | 1.5% | 1.4% | 1.2% | - | 1.1% | 0.9% |
| Return on equity | 5.8% | 5.2% | 5.5% | 6.8% | 5.5% | 5.3% | 5.0% | - | 4.1% | 3.6% |
| Return on invested capital | 6.0% | - | - | - | 5.6% | 5.8% | 5.6% | - | 4.4% | 3.8% |
| Liquidity | ||||||||||
| Current ratio | 1.05 | 1.07 | 1.06 | 0.97 | 0.96 | 0.90 | 0.88 | 0.90 | 0.99 | 1.04 |
| Quick ratio | 1.05 | 1.07 | 1.06 | 0.97 | 0.96 | 0.90 | 0.88 | 0.90 | 0.99 | 1.04 |
| Cash ratio | 0.13 | 0.15 | 0.11 | 0.13 | 0.04 | 0.05 | 0.07 | 0.09 | 0.12 | 0.13 |
| Leverage | ||||||||||
| Debt / Equity | 0.01 | - | - | - | 0.05 | 0.00 | 0.00 | 0.00 | 0.03 | 0.06 |
| Debt / Assets | 0.00 | - | - | - | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 |
| Debt / EBITDA | 0.06 | - | - | - | 0.42 | 0.00 | 0.00 | - | 0.36 | 0.64 |
| Interest coverage | 28.6x | 20.5x | 22.5x | 23.4x | 14.5x | 12.2x | 9.6x | - | 10.7x | 10.1x |
| Equity multiplier | 2.97 | 3.04 | 3.16 | 3.44 | 3.57 | 3.76 | 4.10 | 4.31 | 3.92 | 4.02 |
| Liabilities / Assets | 0.66 | 0.67 | 0.68 | 0.71 | 0.72 | 0.73 | 0.76 | 0.77 | 0.74 | 0.75 |
| Efficiency | ||||||||||
| Asset turnover | 0.49 | 0.50 | 0.49 | 0.51 | 0.51 | 0.47 | 0.47 | - | 0.42 | 0.43 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 14d | 11d | 13d | 14d | 13d | 15d | 10d | - | 14d | 9d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 44.6x | 51.1x | 80.0x | 71.8x | 92.4x | 74.2x | 51.6x | - | 41.6x | 45.2x |
| P / B | 2.6x | 2.6x | 4.4x | 4.8x | 5.1x | 3.9x | 2.6x | - | 1.7x | 1.7x |
| P / S | 1.8x | 1.7x | 2.8x | 2.8x | 2.8x | 2.2x | 1.4x | - | 1.0x | 0.9x |
| EV / EBITDA | 22.1x | 24.7x | 38.9x | 35.9x | 43.3x | 32.7x | 21.4x | - | 17.4x | 16.6x |
| Growth | ||||||||||
| Revenue growth (YoY) | 0.5% | 1.6% | 6.3% | 9.0% | - | 9.7% | 8.8% | - | 5.8% | 4.2% |
| Revenue CAGR (3y) | 6.0% | - | 7.3% | 7.3% | 6.0% | 6.1% | 5.9% | - | - | - |
| Revenue CAGR (5y) | 5.4% | 4.8% | - | - | - | 3.1% | 2.1% | - | 5.7% | 8.1% |
| Gross profit growth (YoY) | 0.7% | 0.0% | 8.8% | 12.6% | - | 11.0% | 9.6% | - | 10.6% | 7.4% |
| Operating income growth (YoY) | 3.1% | 9.7% | 21.3% | 55.9% | - | 41.4% | 33.6% | - | 60.8% | -4.9% |
| Net income growth (YoY) | 2.5% | 14.0% | 26.0% | 64.6% | - | 30.2% | 35.3% | - | 79.8% | -7.4% |
| EPS growth (YoY) | 3.6% | 14.0% | 25.0% | 60.0% | - | 29.0% | 34.6% | - | 82.4% | -7.1% |
| EPS CAGR (3y) | 30.7% | - | 43.3% | 26.0% | 3.3% | 22.1% | 18.6% | - | - | - |
| EPS CAGR (5y) | 22.5% | 25.1% | - | - | - | 13.8% | -4.0% | - | 28.1% | 11.6% |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | 5.0% | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 19.7% | 21.0% | 21.9% | 20.6% | - | 2.0% | -1.3% | -2.7% | 9.6% | 5.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Product / service
$1.34B totalGrocery$952.17M · 71.1%
Dietary Supplements$252.94M · 18.9%
Manufactured Product Other$125.72M · 9.4%
Vendor Reimbursements$9.30M · 0.7%
Peer comparison
Same SIC group: Retail-Grocery Stores
Comparing Natural Grocers by Vitamin Cottage against the 5 most active filers in the same SIC group.
Dividends
$0.57/share trailing 12 months · +23.9% YoY
| Ex-date | Per share |
|---|---|
| May 18, 2026 | $0.1500 |
| Mar 2, 2026 | $0.1500 |
| Dec 1, 2025 | $0.1500 |
| Sep 2, 2025 | $0.1200 |
| May 27, 2025 | $0.1200 |
| Mar 3, 2025 | $0.1200 |
| Dec 2, 2024 | $0.1200 |
| Sep 3, 2024 | $0.1000 |
| Jun 3, 2024 | $0.1000 |
| Mar 1, 2024 | $0.1000 |
| Nov 24, 2023 | $1.1000 |
| Aug 25, 2023 | $0.1000 |
| May 26, 2023 | $0.1000 |
| Feb 24, 2023 | $0.1000 |
| Nov 25, 2022 | $0.1000 |
| Aug 26, 2022 | $0.1000 |
| May 27, 2022 | $0.1000 |
| Feb 25, 2022 | $0.1000 |
| Nov 26, 2021 | $0.1000 |
| Aug 27, 2021 | $0.0700 |
| May 28, 2021 | $0.0700 |
| Feb 26, 2021 | $0.0700 |
| Nov 27, 2020 | $2.0700 |
| Aug 28, 2020 | $0.0700 |