Saturday 17 October 2026 Export NGVC’s income statement to Excel — free account

Natural Grocers by Vitamin Cottage, Inc.

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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Market cap: $705.2M
P/E: 14.9×
Fwd P/E: 14.2×
Dividend yield: —
F-score: 7/9
Altman Z: 3.82
Beneish M: −2.60
Dividend safety: 66/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	1	—	—	—	—	—

Insider Ownership 58.25%

Capital & Financial Ratios $m

Market Cap 705.21

Revenue 1,343.84

Net Income 47.64

Free Cash Flow 22.32

Net Debt 25.50

Current Ratio 1.10

Debt/Equity 0.18

P/E ratio 14.86

Fwd P/E 14.20

P/S ratio 0.52

P/B ratio 2.95

Past 5Y EPS Growth 17.58%

This Y EPS Growth (3.35%)

Next Y EPS Growth 8.10%

Next Y revenue growth 2.19%

Next 5Y EPS Growth (0.62%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 28.42%

10-year low 10-year high

P/S against its own 10 years 85.44%

10-year low 10-year high

P/B against its own 10 years 79.47%

10-year low 10-year high

EV/Sales against its own 10 years 84.11%

10-year low 10-year high

EV/FCF against its own 10 years 71.50%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2023	0.30	0.10 0.10 0.10
2022	0.40	0.10 0.10 0.10 0.10
2021	0.31	0.07 0.07 0.07 0.10
2020	2.28	0.07 0.07 0.07 2.07
2019	0.07	0.07
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	10.46	4.79	6.18	8.19	5.41	9.88	8.88	8.00	14.31	24.00	Analyst estimates 2026–2028 Powerpack
	High	22.43	13.79	24.50	16.40	17.39	18.75	24.25	17.49	47.57	61.22
People
People	Employees	3,074	3,270	3,598	3,681	4,272	4,192	4,173	4,173	4,145	4,250
	Revenue/emp, $m	0.23	0.24	0.24	0.25	0.24	0.25	0.26	0.27	0.30	0.31
Income, $m
Income, $m	Revenue	705	769	849	904	1,037	1,056	1,090	1,141	1,242	1,331
	Gross margin, %	28.60	27.61	26.57	26.42	27.31	27.68	27.98	28.66	29.38	29.90
	EBT	17	10	10	12	26	26	28	28	43	59
	EBT margin, %	2.46	1.34	1.24	1.31	2.48	2.47	2.55	2.49	3.45	4.43
	Net income	11	7	13	9	20	21	21	23	34	46
	Depreciation	26	30	29	29	31	30	28	29	31	32
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
	Earnings	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
	Cash flow	1.28	1.82	1.92	1.67	2.96	2.38	1.75	2.84	3.24	2.41
	Capex	(2.39)	(1.71)	(1.06)	(1.42)	(1.31)	(1.25)	(1.39)	(1.67)	(1.70)	(1.36)
	Free cash flow	(1.11)	0.10	0.86	0.24	1.64	1.14	0.36	1.17	1.54	1.05
	Book value	5.63	5.96	6.56	7.00	7.69	6.32	6.87	7.52	7.65	9.26
	Shares, m	22	22	22	22	23	23	23	23	23	23
Valuation, ×
Valuation, ×	P/E	21.46	17.74	28.40	23.79	11.08	12.33	11.48	12.76	19.93	19.80
	P/S	0.36	0.16	0.43	0.25	0.21	0.24	0.22	0.26	0.54	0.69
	P/B	1.98	0.92	2.47	1.43	1.28	1.78	1.57	1.73	3.88	4.32
	EV/Sales	0.44	0.24	0.48	0.31	0.26	0.28	0.27	0.29	0.57	0.71
	EV/FCF	(12.40)	74.25	21.34	50.69	7.25	11.41	35.42	12.49	20.28	39.46
Cash, $m
Cash, $m	Operating cash flow	29	41	43	37	67	54	40	65	74	55
	Capex	(54)	(38)	(24)	(32)	(30)	(28)	(31)	(38)	(39)	(31)
	Free cash flow	(25)	2	19	5	37	26	8	27	35	24
Balance, $m
Balance, $m	Working capital	31	37	31	32	14	2	3	(1)	(17)	9
	Total debt	59	62	54	58	74	63	60	55	43	46
	Net debt	55	55	45	52	46	39	48	36	34	29
	Shareholders’ equity	127	134	147	157	173	143	156	171	174	212
Returns, %
Returns, %	ROA	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
	ROE	9.47	5.29	9.02	6.20	12.13	13.03	14.31	14.23	19.67	24.02

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SFM Sprouts Farmers Market, Inc.	$6.2B	12.4×	14.9×	+4.74% (above 0%: growing)	0.00%	−10.82% (below 0%: shrinking)	38.72%	7.49%	Compare
WMK Weis Markets, Inc.	$1.9B	18.7×	16.0×	+4.64% (above 0%: growing)	−8.91% (below 0%: shrinking)	+16,012.87% (above 0%: growing)	25.75%	2.28%	Compare
IMKTA Ingles Markets, Incorporated	$1.6B	15.4×	— (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	17.9×	9.6×	+13.15% (above 0%: growing)	+157.14% (above 0%: growing)	+90.96% (above 0%: growing)	19.21%	7.24%	Compare
NGVC Natural Grocers by Vitamin Cottage, Inc.	$705.2M	14.9×	14.2×	+1.84% (above 0%: growing)	−5.88% (below 0%: shrinking)	+130.15% (above 0%: growing)	29.28%	4.48%
VLGEA Village Super Market, Inc.	$592.1M	11.3×	12.3×	+1.65% (above 0%: growing)	−20.17% (below 0%: shrinking)	−11.05% (below 0%: shrinking)	28.24%	2.85%	Compare
DNUT Krispy Kreme, Inc.	$537.8M	— (loss-making)	— (loss-making)	−12.84% (below 0%: shrinking)	n/m	+71.54% (above 0%: growing)	74.01%	(3.32%)	Compare
DDL Dingdong (Cayman) Limited Sponsored ADR	$390.1M	5.7×	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	13.9×	12.3×	+1.65%	0.00%	−7.57%	27.00%	2.40%

All 12 Grocery Stores stocks →

Natural Grocers by Vitamin Cottage, Inc. (NGVC) key facts

Strength: 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.
Strength: Net income was $46.4 million, or $2.02 per share (basic), a net margin of 3.49%.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) is a Grocery Stores company in the Consumer Defensive sector, listed on the New York Stock Exchange.
As of October 16, 2026, NGVC traded at $30.61, a market capitalization of $705.2 million.
At that price the stock trades at 14.9× trailing-twelve-month earnings and 0.5× sales; its P/E is higher than 28% of its own readings over the past ten years.
Return on equity was 24.0% and debt-to-equity 0.18.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.82 (safe zone) for fiscal 2025.