Saturday 17 October 2026
Export NGVC’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 1.84%, EPS fell 5.88%, free cash flow grew 130.2% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
30.61
0.01
+0.03%
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| Sep '16 | Sep '17 | Sep '18 | Sep '19 | Sep '20 | Sep '21 | Sep '22 | Sep '23 | Sep '24 | Sep '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.46 | 17.74 | 28.40 | 23.79 | 11.08 | 12.33 | 11.48 | 12.76 | 19.93 | 19.80 |
Piotroski F-Score |
— | 6 | 7 | 4 | 6 | 4 | 8 | 7 | 7 | 7 |
Altman Z-Score |
4.19 | 3.69 | 4.88 | 4.27 | 2.18 | 2.24 | 2.29 | 2.45 | 3.19 | 3.82 |
P/S ratio |
0.36 | 0.16 | 0.43 | 0.25 | 0.21 | 0.24 | 0.22 | 0.26 | 0.54 | 0.69 |
Altman Z″-Score (non-manufacturers) |
2.89 | 2.82 | 2.93 | 2.96 | 1.32 | 1.03 | 1.14 | 1.21 | 1.26 | 1.93 |
P/FCF ratio |
0.00 | 50.57 | 18.88 | 40.84 | 6.01 | 9.87 | 29.57 | 11.12 | 19.26 | 38.20 |
P/Operating CF |
31.01 | 24.74 | 28.83 | 24.65 | 43.97 | 11.09 | 24.01 | 10.40 | 27.62 | 58.71 |
Beneish M-Score |
(2.46) | (2.73) | (2.93) | (2.68) | 4.80 | (2.80) | (2.40) | (2.79) | (2.65) | (2.60) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 66 |
P/B ratio |
1.98 | 0.92 | 2.47 | 1.43 | 1.28 | 1.78 | 1.57 | 1.73 | 3.88 | 4.32 |
Price to Tangible BV |
2.07 | 0.96 | 2.57 | 1.51 | 1.36 | 1.94 | 1.73 | 1.89 | 4.21 | 4.57 |
EV/Sales |
0.44 | 0.24 | 0.48 | 0.31 | 0.26 | 0.28 | 0.27 | 0.29 | 0.57 | 0.71 |
EV/EBITDA |
6.73 | 4.16 | 9.20 | 6.08 | 4.54 | 5.05 | 5.04 | 5.49 | 9.14 | 10.10 |
EV/Operating CF |
10.72 | 4.44 | 9.55 | 7.44 | 4.03 | 5.44 | 7.38 | 5.14 | 9.66 | 17.14 |
EV/FCF |
(12.40) | 74.25 | 21.34 | 50.69 | 7.25 | 11.41 | 35.42 | 12.49 | 20.28 | 39.46 |
Quick Ratio |
0.12 | 0.16 | 0.18 | 0.14 | 0.29 | 0.24 | 0.16 | 0.19 | 0.13 | 0.18 |
Current Ratio |
1.46 | 1.51 | 1.39 | 1.38 | 1.11 | 1.01 | 1.02 | 0.99 | 0.90 | 1.06 |
Net Debt/EBITDA |
1.20 | 1.27 | 1.01 | 1.14 | 0.78 | 0.68 | 0.83 | 0.60 | 0.44 | 0.30 |
Debt/Assets |
21.02% | 20.61% | 17.69% | 17.80% | 10.93% | 9.64% | 9.10% | 8.19% | 6.59% | 6.81% |
Debt/Equity |
0.47 | 0.46 | 0.37 | 0.37 | 0.43 | 0.44 | 0.39 | 0.32 | 0.25 | 0.22 |
Asset Turnover |
2.73 | 2.64 | 2.80 | 2.85 | 2.06 | 1.58 | 1.65 | 1.71 | 1.87 | 2.01 |
Operating CF/Net income |
2.51 | 5.93 | 3.39 | 3.97 | 3.32 | 2.62 | 1.86 | 2.78 | 2.17 | 1.19 |
Capex/Depreciation |
(2.10) | (1.30) | (0.80) | (1.10) | (0.95) | (0.95) | (1.13) | (1.31) | (1.25) | (0.98) |
Interest Coverage |
6.69 | 3.72 | 3.30 | 3.39 | 13.55 | 12.47 | 12.72 | 9.60 | 11.25 | 20.24 |
| 9.47% | 5.29% | 9.02% | 6.20% | 12.13% | 13.03% | 14.31% | 14.23% | 19.67% | 24.02% | |
| 4.44% | 2.37% | 4.17% | 2.97% | 3.97% | 3.08% | 3.24% | 3.49% | 5.12% | 7.01% | |
ROIC |
7.00% | 4.66% | 4.91% | 5.02% | 7.92% | 9.72% | 9.23% | 9.55% | 14.08% | 16.08% |
Return on Tangible Assets |
5.49% | 3.12% | 5.75% | 4.03% | 12.34% | 13.43% | 13.34% | 13.87% | 21.01% | 24.19% |
Average Days of Receivables |
1.94 | 2.31 | 2.04 | 2.04 | 3.00 | 2.94 | 3.52 | 3.46 | 3.71 | 3.28 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
24.86% | 25.28% | 24.53% | 24.42% | 24.48% | 24.91% | 25.11% | 25.71% | 25.46% | 25.16% |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
0.12% | 0.10% | 0.10% | 0.13% | 0.11% | 0.08% | 0.11% | 0.12% | 0.23% | 0.30% |
Graham Net Nets |
(0.23) | (0.47) | (0.14) | (0.25) | (1.65) | (1.49) | (1.50) | (1.17) | (0.49) | (0.32) |
Graham Number |
8.12 | 6.45 | 9.17 | 8.13 | 12.41 | 11.37 | 12.06 | 13.14 | 16.02 | 20.52 |
Earnings Yield |
4.66% | 5.64% | 3.52% | 4.20% | 9.03% | 8.11% | 8.71% | 7.83% | 5.02% | 5.05% |
Free Cash Flow Yield |
(9.92%) | 1.98% | 5.30% | 2.45% | 16.64% | 10.13% | 3.38% | 9.00% | 5.19% | 2.62% |
Revenue per Share |
31.37 | 34.25 | 37.97 | 40.29 | 46.08 | 46.72 | 48.07 | 50.19 | 54.52 | 58.02 |
Operating CF per Share |
1.28 | 1.82 | 1.92 | 1.67 | 2.96 | 2.38 | 1.75 | 2.84 | 3.24 | 2.41 |
Capex per Share |
(2.39) | (1.71) | (1.06) | (1.42) | (1.31) | (1.25) | (1.39) | (1.67) | (1.70) | (1.36) |
Free Cash Flow per Share |
(1.11) | 0.10 | 0.86 | 0.24 | 1.64 | 1.14 | 0.36 | 1.17 | 1.54 | 1.05 |
Cash per Share |
0.18 | 0.29 | 0.42 | 0.28 | 1.27 | 1.05 | 0.53 | 0.81 | 0.39 | 0.75 |
Shareholders Equity per Share |
5.63 | 5.96 | 6.56 | 7.00 | 7.69 | 6.32 | 6.87 | 7.52 | 7.65 | 9.26 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
5.63 | 5.96 | 6.56 | 7.00 | 7.69 | 6.32 | 6.87 | 7.52 | 7.65 | 9.26 |
Free Cash Flow |
(24.91) | 2.35 | 19.18 | 5.49 | 36.92 | 25.68 | 8.27 | 26.62 | 35.12 | 24.02 |
Working Capital |
30.79 | 36.65 | 31.26 | 31.91 | 14.26 | 1.86 | 2.93 | (1.48) | (17.07) | 9.29 |
Capital Expenditures |
(53.74) | (38.50) | (23.68) | (31.90) | (29.58) | (28.20) | (31.42) | (37.99) | (38.64) | (31.29) |
Net Current Asset Value |
(58.19) | (57.89) | (49.40) | (55.03) | (365.31) | (376.72) | (366.64) | (345.79) | (334.16) | (290.03) |
EV/EBIT |
15.16 | 12.86 | 27.19 | 16.58 | 9.65 | 10.34 | 9.71 | 10.50 | 15.16 | 15.29 |
Capex to Sales |
0.08 | 0.05 | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 |
Price to Operating Income |
12.32 | 8.76 | 24.05 | 13.36 | 8.00 | 8.95 | 8.11 | 9.34 | 14.39 | 14.80 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.14 | 0.16 | 0.16 | 0.14 | 0.21 | 0.20 | 0.18 | 0.17 | 0.17 | 0.17 |
Cash ROIC |
(13.11%) | 1.16% | 9.11% | 2.48% | 13.37% | 11.19% | 3.62% | 10.91% | 15.52% | 8.73% |
Accounts Receivable Turnover |
223.15 | 178.70 | 176.92 | 184.46 | 152.72 | 124.12 | 114.79 | 107.13 | 106.09 | 108.30 |
Accounts Payable Turnover |
9.73 | 10.08 | 10.57 | 10.70 | 11.39 | 11.05 | 11.19 | 10.71 | 10.37 | 11.02 |
Inventory Turnover |
6.25 | 6.19 | 6.64 | 6.98 | 7.68 | 7.61 | 7.32 | 6.98 | 7.31 | 7.36 |
Average Days of Payables |
38.85 | 37.27 | 35.77 | 34.68 | 33.49 | 32.97 | 33.16 | 36.19 | 36.80 | 31.69 |
Days of Inventory on Hand |
62.55 | 61.38 | 55.16 | 52.80 | 48.51 | 48.08 | 52.91 | 53.50 | 50.24 | 52.02 |
Average Receivables |
3.16 | 4.30 | 4.80 | 4.90 | 6.79 | 8.50 | 9.49 | 10.65 | 11.70 | 12.29 |
Average Payables |
51.76 | 55.23 | 58.98 | 62.13 | 66.16 | 69.06 | 70.12 | 75.98 | 84.54 | 84.69 |
Average Inventory |
80.57 | 89.97 | 93.92 | 95.20 | 98.18 | 100.36 | 107.15 | 116.51 | 119.97 | 126.82 |
Average Assets |
258.09 | 291.12 | 303.54 | 317.10 | 504.45 | 668.44 | 659.09 | 666.15 | 662.33 | 662.99 |
Average Common Equity |
121.11 | 130.30 | 140.30 | 151.82 | 164.99 | 157.90 | 149.27 | 163.33 | 172.55 | 193.32 |
Columns are period end dates