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Natural Grocers by Vitamin Cottage, Inc.

NGVC Consumer Defensive Grocery Stores

Natural Grocers by Vitamin Cottage, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.3 billion, up 7.19% from fiscal 2024.

Revenue
+1.84%
EPS
−5.88%
Free cash flow
+130.2%
Total debt
−0.65%

Quarter to June 2026, against a year earlier

28.61 0.65 −2.22%
Market cap
$674.3M
P/E
13.9×
Fwd P/E
13.7×
Dividend yield
—
F-score
7/9
Altman Z
3.82
Beneish M
−2.60
Dividend safety
66/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 58.25%

Capital & Financial Ratios $m

Size
Market Cap 674.33
Revenue ttm 1,343.84
Net income ttm 47.64
Free cash flow ttm 22.32
Net debt Q 25.50
Valuation
P/E 13.94
Forward P/E 13.70
Price / sales 0.49
Forward P/S Powerpack
Price / FCF 29.65
Price / book 2.76
Financial health
Current ratio Q 1.10
Debt / equity Q 0.18 (at or below 0.5: strong)
Interest coverage Q 22.62
Growth
Revenue growth Q +1.84% (above 0%: growing)
Operating income growth Q −3.79% (below 0%: shrinking)
EPS, this year −3.42% (below 0%: weak)
EPS, next year A +8.11%
Revenue, next year A +2.19%
EPS, past 5 yrs +17.58% (at or above 15%: strong)
EPS, next 5 yrs A −0.62% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.4×; over the ten years it ranged from 0.2× in 2017 to 0.9× in 2025.
P/E against its own 10 years 19.28%
10-year low 10-year high
P/S against its own 10 years 81.63%
10-year low 10-year high
P/B against its own 10 years 73.79%
10-year low 10-year high
EV/Sales against its own 10 years 79.00%
10-year low 10-year high
EV/FCF against its own 10 years 68.02%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2019–23
+43.9%/yr
  1. 0.07 ’19
  2. 2.28 ’20 +3157
  3. 0.31 ’21 −86
  4. 0.40 ’22 +29
  5. 0.30 ’23 −25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 18 9 17 17
Receivables 11 13 12 11
Inventory 119 121 133 135
Other — — — —
153 147 168 174
2023 2024 2025 Q'26
Payables 81 88 81 90
ST’ Debt 2 — — 0
Other — — — —
154 164 159 158

Compound Annual Growth %

10y 5y 3y
Sales 7.86% 5.12% 6.89%
Cash Flow 3.04% (3.62%) 11.69%
Earnings 11.10% 18.34% 29.54%
Book Value 6.28% 4.18% 10.88%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY18 Estimate 0.02 Actual 0.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY17 0.05 0.06 Beat by 0.01
Q1 FY18 0.07 0.04 Miss by 0.03
Q2 FY18 0.11 0.15 Beat by 0.04
Q3 FY18 0.02 0.09 Beat by 0.07

EPS $

Dec Mar Jun Sep Year
’26 0.49 0.58 0.48 — —
’25 0.43 0.56 0.50 0.51 2.00
’24 0.34 0.35 0.40 0.39 1.47
’23 0.19 0.26 0.31 0.26 1.02
’22 0.39 0.28 0.17 0.09 0.94
’21 0.16 0.21 0.22 0.32 0.91
’20 0.08 0.43 0.21 0.16 0.89
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 336 337 335 — —
’25 330 336 329 336 1,331
’24 302 308 309 323 1,242
’23 280 283 282 295 1,141
’22 277 272 266 274 1,090
’21 265 259 259 273 1,056
’20 230 278 265 264 1,037
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 21 23 11 — —
’25 3 34 3 16 55
’24 17 20 12 24 74
’23 21 14 1 28 65
’22 12 16 2 10 40
’21 12 5 14 23 54
’20 10 43 8 5 67
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 12 2 1 — —
’25 (7) 28 (4) 8 24
’24 5 10 3 18 35
’23 10 7 (5) 15 27
’22 7 8 (4) (3) 8
’21 9 (1) 6 12 26
’20 (2) 35 3 1 37
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 705 769 849 904 1,037 1,056 1,090 1,141 1,242 1,331 1,344 +7.3% 1,360 1,435 1,389 +1.4%
Gross margin, % 28.60 27.61 26.57 26.42 27.31 27.68 27.98 28.66 29.38 29.90 29.64 +1.3 pt
EBT 17 10 10 12 26 26 28 28 43 59 61 +14.6%
EBT margin, % 2.46 1.34 1.24 1.31 2.48 2.47 2.55 2.49 3.45 4.43 4.51 +2.0 pt
Net income 11 7 13 9 20 21 21 23 34 46 48 +16.8%
Per share, $
Per share, $ Revenue 31.37 34.25 37.97 40.29 46.08 46.72 48.07 50.19 54.52 58.02 58.32 +7.1%
Earnings 0.51 0.31 0.57 0.42 0.89 0.91 0.94 1.02 1.49 2.02 2.06 +16.5%
Cash flow 1.28 1.82 1.92 1.67 2.96 2.38 1.75 2.84 3.24 2.41 3.07 +7.3%
Capex (2.39) (1.71) (1.06) (1.42) (1.31) (1.25) (1.39) (1.67) (1.70) (1.36) (2.10) (6.0%)
Free cash flow (1.11) 0.10 0.86 0.24 1.64 1.14 0.36 1.17 1.54 1.05 0.97 n/m
Book value 5.63 5.96 6.56 7.00 7.69 6.32 6.87 7.52 7.65 9.26 10.39 +5.7%
Shares, m 22 22 22 22 23 23 23 23 23 23 23 +0.2%
Valuation, ×
Valuation, × P/E 21.46 17.74 28.40 23.79 11.08 12.33 11.48 12.76 19.93 19.80 13.94 17.9
P/S 0.36 0.16 0.43 0.25 0.21 0.24 0.22 0.26 0.54 0.69 0.49 0.3
P/B 1.98 0.92 2.47 1.43 1.28 1.78 1.57 1.73 3.88 4.32 2.76 2.1
EV/Sales 0.44 0.24 0.48 0.31 0.26 0.28 0.27 0.29 0.57 0.71 0.51 0.4
EV/FCF (12.40) 74.25 21.34 50.69 7.25 11.41 35.42 12.49 20.28 39.46 30.80 26.0
Cash, $m
Cash, $m Operating cash flow 29 41 43 37 67 54 40 65 74 55 71 +7.5%
Capex (54) (38) (24) (32) (30) (28) (31) (38) (39) (31) (48) (5.8%)
Free cash flow (25) 2 19 5 37 26 8 27 35 24 22 n/m
Balance, $m
Balance, $m Working capital 31 37 31 32 14 2 3 (1) (17) 9 16 (12.5%)
Net debt 55 55 45 52 46 39 48 36 34 29 26 (7.1%)
Shareholders’ equity 127 134 147 157 173 143 156 171 174 212 239 +5.9%
Returns, %
Returns, % ROA 4.44 2.37 4.17 2.97 3.97 3.08 3.24 3.49 5.12 7.01 7.08 +2.6 pt
ROIC 7.00 4.66 4.91 5.02 7.92 9.72 9.23 9.55 14.08 16.08 14.92 +9.1 pt
ROE 9.47 5.29 9.02 6.20 12.13 13.03 14.31 14.23 19.67 24.02 21.56 +14.5 pt
People
People Employees 3,074 3,270 3,598 3,681 4,272 4,192 4,173 4,173 4,145 4,250 — +3.7%
Revenue/emp, $m 0.23 0.24 0.24 0.25 0.24 0.25 0.26 0.27 0.30 0.31 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Natural Grocers by Vitamin Cottage, Inc. vs peers in Grocery Stores (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMK Weis Markets, Inc. $2.0B 19.4× 16.0× +4.64% (above 0%: growing) −8.91% (below 0%: shrinking) +16,012.87% (above 0%: growing) 25.75% 2.28% Compare
YSWY Yesway Inc. $1.6B — — — — — 19.26% 5.19% Compare
IMKTA Ingles Markets, Incorporated $1.6B 14.7× — (loss-making) +1.64% (above 0%: growing) −1.42% (below 0%: shrinking) −4.33% (below 0%: shrinking) 24.30% 2.52% Compare
GO Grocery Outlet Holding Corp. $1.3B — (loss-making) — (loss-making) +1.10% (above 0%: growing) +20.00% (above 0%: growing) −95.75% (below 0%: shrinking) 30.24% 1.32% Compare
ASAIY Sendas Distribuidora S.A. Sponsored ADR $1.3B 11.4× 8.3× +13.15% (above 0%: growing) +157.14% (above 0%: growing) +90.96% (above 0%: growing) 19.21% 7.24% Compare
DNUT Krispy Kreme, Inc. $798.1M — (loss-making) — (loss-making) −12.40% (below 0%: shrinking) n/m −43.97% (below 0%: shrinking) 73.90% (2.73%) Compare
NGVC Natural Grocers by Vitamin Cottage, Inc. $674.3M 13.9× 13.7× +1.84% (above 0%: growing) −5.88% (below 0%: shrinking) +130.15% (above 0%: growing) 29.28% 4.48%
VLGEA Village Super Market, Inc. $569.1M 10.4× 12.3× +1.65% (above 0%: growing) −12.82% (below 0%: shrinking) −11.47% (below 0%: shrinking) 28.24% 2.85% Compare
DDL Dingdong (Cayman) Limited Sponsored ADR $329.9M 4.9× 10.6× −98.71% (below 0%: shrinking) +200.00% (above 0%: growing) −81.43% (below 0%: shrinking) 15.27% (96.20%) Compare
Median of peers $1.3B 11.4× 11.5× +1.64% +9.29% −11.47% 25.03% 2.40%

All 14 Grocery Stores stocks →

Pay and ownership Proxy statement filed 22 January 2026

Ownership

Directors and executive officers, together 58.30%
Isely Family Group 57.90%
Kemper Isely 14.40%
Zephyr Isely 14.20%
Elizabeth Isely 5.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Natural Grocers by Vitamin Cottage, Inc. (NGVC) Latest News

1 Oct

Impact 3 · · PR Newswire

21 Sep

Impact 4 · · TheStreet

17 Sep

Impact 3 · · grocerydive.com

7 Sep

Impact 3 ·

3 Sep

Impact 3 ·

13 Aug

Impact 4 · · The Motley Fool transcript

12 Aug

Impact 3 ·

8 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 · · supermarketnews.com
Impact 3 · · Moby
Impact 3 ·

14 May

Impact 3 · · Zacks

13 May

Impact 3 · · MarketBeat

9 May

Impact 4 · · The Motley Fool transcript

8 May

Impact 3 · · Moby

7 May

Impact 4 · · PR Newswire

7 Apr

Impact 3 · · PR Newswire

11 Feb

Impact 3 · · Zacks

10 Feb

Impact 4 ·

9 Feb

Impact 4 · · grocerydive.com

6 Feb

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com
Impact 3 · · PR Newswire

5 Feb

Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 4 · · PR Newswire

4 Feb

Impact 4 · · PR Newswire

3 Feb

Impact 3 · · PR Newswire

28 Jan

Impact 4 ·

15 Jan

Impact 3 · · PR Newswire
stockrow.com/NGVC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com