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NGVC

Natural Grocers by Vitamin Cottage, Inc.

NGVC

Natural Grocers by Vitamin Cottage, Inc. • NYSE
$27.75 ▼ -0.07% (-0.02)
Market Cap $636.98 M
52w High $61.22
52w Low $26.75
Dividend Yield 0.48%
P/E 13.88
Volume 228.24K
Outstanding Shares 22.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $336.141M ▲ $83.524M ▲ $11.8M ▲ 3.51% ▼ $0.51 $15.502M ▼
Q3-2025 $328.705M ▼ $82.692M ▼ $11.605M ▼ 3.531% ▼ $0.51 ▼ $15.587M ▼
Q2-2025 $335.769M ▲ $84.195M ▼ $13.101M ▲ 3.902% ▲ $0.57 ▲ $25.441M ▲
Q1-2025 $330.221M ▲ $85.476M ▼ $9.938M ▲ 3.009% ▲ $0.43 ▲ $21.298M ▼
Q4-2024 $322.661M $95.835M $9.01M 2.792% $0.4 $21.698M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $17.116M ▲ $670.504M ▲ $299.326M ▼ $212.395M ▲
Q3-2025 $13.178M ▼ $658.997M ▼ $456.496M ▼ $202.501M ▲
Q2-2025 $21.209M ▲ $664.59M ▲ $471.615M ▲ $192.975M ▲
Q1-2025 $6.316M ▼ $648.879M ▼ $467.003M ▼ $181.876M ▲
Q4-2024 $8.871M $655.476M $481.222M $174.254M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.605M ▼ $2.933M ▼ $-7.062M ▼ $-3.902M ▲ $-8.031M ▼ $-4.151M ▼
Q2-2025 $13.101M ▲ $34.062M ▲ $-6.463M ▲ $-12.706M ▼ $14.893M ▲ $43.74M ▲
Q1-2025 $9.938M ▲ $2.682M ▼ $-9.417M ▼ $4.18M ▲ $-2.555M ▲ $-6.996M ▼
Q4-2024 $9.01M ▼ $24.48M ▲ $-6.792M ▲ $-22.732M ▼ $-5.044M ▼ $17.655M ▲
Q3-2024 $9.209M $12.433M $-9.298M $-190K $2.945M $3.132M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Dietary Supplements
Dietary Supplements
 $0 ▲$0 ▲$0 ▲$60.00M ▲
Gift Cards
Gift Cards
 $0 ▲$0 ▲$0 ▲$0 ▲
Grocery
Grocery
 $0 ▲$0 ▲$0 ▲$240.00M ▲
Manufactured Product Other
Manufactured Product Other
 $0 ▲$0 ▲$0 ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing steadily over the last several years, not explosively but consistently, which is what you’d expect from a mature, niche grocer. Profitability has inched up along with sales: gross profit has improved, and operating and net income have both trended higher. The most recent year shows a clear step up in earnings per share versus prior years, suggesting better margin management and cost control. That said, this is still a thin‑margin grocery business, so even small shifts in costs or pricing can matter, but the recent direction of travel is favorable.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable and conservative. Total assets have held roughly flat, indicating measured growth rather than aggressive expansion. Debt has been gradually coming down, while equity has been slowly building, which points to a slow improvement in financial strength and leverage. Cash on hand is modest, typical for a grocer that turns inventory quickly, but there’s no obvious sign of balance‑sheet stress. Overall, the company appears to be funding growth without overstretching itself.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been positive and improving over time, which is important for a low‑margin retailer. After spending on new stores and equipment, the company has consistently produced positive free cash flow, and that free cash flow has generally been rising. Capital spending has been fairly steady, suggesting disciplined, planned investment rather than stop‑start spending. Together, this points to a business that is not only profitable on paper but also converting those profits into real cash.

Competitive Edge

Competitive Edge Natural Grocers occupies a focused niche: natural and organic groceries with strict quality standards, value‑oriented pricing, and a strong educational angle. Its commitment to only organic produce and carefully screened products builds trust with health‑conscious shoppers. The small‑store, low‑overhead model helps keep prices relatively affordable compared with many organic competitors. The loyalty program is deeply embedded, driving most of sales and giving good customer insight. On the other hand, the company competes in a crowded space against very large chains and other specialty grocers, and its store base is still relatively small, which limits scale advantages. Maintaining its price/value promise and standards as it expands will be a key test of its competitive strength.

Innovation and R&D

Innovation and R&D This is not a heavy R&D or tech company, but it is innovating in practical, targeted ways. The GardenBox hydroponic farm pilot shows a willingness to test new, ultra‑local supply models that fit its brand and sustainability story. Behind the scenes, the integrated SAP‑based supply chain system aims to squeeze more efficiency out of purchasing and inventory. On the customer side, the {N}power loyalty program and hyper‑local digital marketing provide a data‑driven layer to what is otherwise a very mission‑driven retail model. Product innovation is largely through expanding its own private‑label line, which can lift margins and deepen customer loyalty if executed well.

Summary

Natural Grocers combines steady financial progress with a clear, differentiated positioning in the organic and natural grocery space. Revenues and profits have been growing, margins have improved slightly, and cash flow is solid, all while the balance sheet has inched toward lower debt and higher equity. The business model leans on strict quality standards, value pricing, and free nutrition education, reinforced by a strong loyalty program and a growing private‑label offering. Key opportunities lie in measured store expansion, further private‑label development, and better use of digital and loyalty data. Key risks stem from operating in a low‑margin, highly competitive sector and the challenge of scaling its niche value proposition without diluting quality or price competitiveness.

NEWS

November 21, 2025 · 7:07 AM UTC

Natural Grocers® Receives 2025 Sustainability in the Food Industry Award from The Shelby Report

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November 20, 2025 · 4:11 PM UTC

Natural Grocers by Vitamin Cottage, Inc. Declares Quarterly Dividend

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November 20, 2025 · 4:10 PM UTC

Natural Grocers by Vitamin Cottage Announces Fiscal 2025 Fourth Quarter and Full Year Results

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November 20, 2025 · 3:22 PM UTC

Natural Grocers® Adds Crunch with Three New Non-GMO Pickle and Relish Styles

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November 13, 2025 · 7:27 AM UTC

Natural Grocers® Serves Up Thanksgiving Hot Deals, Good Food and Gratitude

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