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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.33B | $1.24B | $1.14B | $1.09B | $1.06B | $1.04B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | $397.88M | $364.81M | $326.93M | $304.88M | $292.19M | $283.14M |
| R&D | - | - | - | - | - | - |
| SG&A | $44.35M | $38.72M | $35.97M | $31.56M | $28.36M | $26.78M |
| Total Operating Expenses | $296.38M | - | - | - | - | - |
| D&A | $31.81M | $30.93M | $28.91M | $27.91M | $29.63M | $31.19M |
| Operating Income | $61.99M | $46.98M | $31.67M | $30.16M | $28.33M | $27.75M |
| Interest Expense | $3.06M | $4.18M | $3.30M | $2.37M | $2.27M | $2.05M |
| Income Tax | $12.48M | $8.87M | $5.13M | $6.42M | $5.47M | $5.69M |
| Net Income | $46.44M | $33.94M | $23.24M | $21.36M | $20.58M | $20.01M |
| EPS - Basic | $2.02 | $1.49 | $1.02 | $0.94 | $0.91 | $0.89 |
| EPS - Diluted | $2.00 | $1.47 | $1.02 | $0.94 | $0.91 | $0.89 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.12M | $8.87M | $18.34M | $12.04M | $23.68M | $28.53M |
| Accounts Receivable | $11.97M | $12.61M | $10.80M | $10.50M | $8.49M | $8.52M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $80.99M | $88.40M | $80.67M | $71.28M | $68.95M | $69.16M |
| Current Assets | $168.07M | $147.06M | $152.55M | $140.66M | $135.63M | $143.41M |
| Total Assets | $670.50M | $655.48M | $669.18M | $663.11M | $655.08M | $681.79M |
| Current Liabilities | $158.78M | $164.13M | $154.03M | $137.73M | $133.77M | $129.15M |
| Long-term Debt | - | $0 | $5.94M | $13.94M | $21.94M | - |
| Total Liabilities | $458.11M | $481.22M | $498.34M | $507.30M | $512.35M | $508.73M |
| Stockholders' Equity | $212.40M | $174.25M | $170.84M | $155.81M | $142.73M | $173.07M |
| Retained Earnings | $149.34M | $113.90M | $111.87M | $97.72M | $85.42M | $116.29M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $55.30M | $73.76M | $64.61M | $39.69M | $53.88M | $66.50M |
| Investing Cash Flow | ($30.97M) | ($38.60M) | ($37.95M) | ($31.14M) | ($27.75M) | ($29.56M) |
| Financing Cash Flow | ($16.09M) | ($44.63M) | ($20.35M) | ($20.19M) | ($30.98M) | ($14.63M) |
| CapEx | $31.20M | $37.54M | $36.57M | $28.04M | $26.35M | $26.75M |
| Free Cash Flow | $24.10M | $36.22M | $28.04M | $11.65M | $27.53M | $39.75M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 29.9% | 29.4% | 28.7% | 28.0% | 27.7% | 27.3% |
| Operating margin | 4.7% | 3.8% | 2.8% | 2.8% | 2.7% | 2.7% |
| EBITDA margin | 7.0% | 6.3% | 5.3% | 5.3% | 5.5% | 5.7% |
| Net margin | 3.5% | 2.7% | 2.0% | 2.0% | 1.9% | 1.9% |
| Free cash flow margin | 1.8% | 2.9% | 2.5% | 1.1% | 2.6% | 3.8% |
| FCF / Net income | 0.52 | 1.07 | 1.21 | 0.55 | 1.34 | 1.99 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 3.3% | 3.1% | 3.2% | 2.9% | 2.7% | 2.6% |
| Effective tax rate | 21.2% | 20.7% | 18.1% | 23.1% | 21.0% | 22.1% |
| Return on assets | 6.9% | 5.2% | 3.5% | 3.2% | 3.1% | 2.9% |
| Return on equity | 21.9% | 19.5% | 13.6% | 13.7% | 14.4% | 11.6% |
| Return on invested capital | - | 21.4% | 14.7% | 13.7% | 13.6% | - |
| Liquidity | ||||||
| Current ratio | 1.06 | 0.90 | 0.99 | 1.02 | 1.01 | 1.11 |
| Quick ratio | 1.06 | 0.90 | 0.99 | 1.02 | 1.01 | 1.11 |
| Cash ratio | 0.11 | 0.05 | 0.12 | 0.09 | 0.18 | 0.22 |
| Leverage | ||||||
| Debt / Equity | - | 0.00 | 0.03 | 0.09 | 0.15 | - |
| Debt / Assets | - | 0.00 | 0.01 | 0.02 | 0.03 | - |
| Debt / EBITDA | - | 0.00 | 0.10 | 0.24 | 0.38 | - |
| Interest coverage | 20.2x | 11.2x | 9.6x | 12.7x | 12.5x | 13.5x |
| Equity multiplier | 3.16 | 3.76 | 3.92 | 4.26 | 4.59 | 3.94 |
| Liabilities / Assets | 0.68 | 0.73 | 0.74 | 0.77 | 0.78 | 0.75 |
| Efficiency | ||||||
| Asset turnover | 1.98 | 1.89 | 1.70 | 1.64 | 1.61 | 1.52 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 3d | 4d | 3d | 4d | 3d | 3d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 20.0x | 20.2x | 12.7x | 11.5x | 12.3x | 11.1x |
| P / B | 4.4x | 3.9x | 1.7x | 1.6x | 1.8x | 1.3x |
| P / S | 0.7x | 0.6x | 0.3x | 0.2x | 0.2x | 0.2x |
| EV / EBITDA | 9.7x | 8.7x | 4.7x | 4.3x | 4.4x | 3.3x |
| Growth | ||||||
| Revenue growth (YoY) | 7.2% | 8.9% | 4.7% | 3.2% | 1.8% | 14.7% |
| Revenue CAGR (3y) | 6.9% | 5.6% | 3.2% | 6.4% | 14.4% | 10.5% |
| Revenue CAGR (5y) | 5.1% | 6.6% | 10.1% | 7.2% | 8.4% | 10.7% |
| Gross profit growth (YoY) | 9.1% | 11.6% | 7.2% | 4.3% | 3.2% | 18.6% |
| Operating income growth (YoY) | 32.0% | 48.3% | 5.0% | 6.5% | 2.1% | 65.5% |
| Net income growth (YoY) | 36.9% | 46.0% | 8.8% | 3.8% | 2.9% | 112.5% |
| EPS growth (YoY) | 36.1% | 44.1% | 8.5% | 3.3% | 2.2% | 111.9% |
| EPS CAGR (3y) | 28.6% | 17.3% | 4.6% | 30.8% | 17.6% | 42.1% |
| EPS CAGR (5y) | 17.6% | 28.5% | 12.7% | 24.8% | 12.3% | 4.3% |
| FCF growth (YoY) | -33.5% | 29.2% | 140.6% | -57.7% | -30.7% | 440.7% |
| FCF CAGR (5y) | -9.5% | 37.6% | 7.9% | - | - | 56.4% |
| Book value growth (YoY) | 21.9% | 2.0% | 9.6% | 9.2% | -17.5% | 10.3% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.66
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
8/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
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 |