Natural Grocers by Vitamin Cottage, Inc. NGVC

Consumer discretionary SIC 5411 - Retail-Grocery Stores NAICS Retail Trade › Food and Beverage Retailers › Grocery and Convenience Retailers › Supermarkets and Other Grocery Retailers (except Convenience Retailers) derived NYSE

Natural Grocers® is an expanding specialty retailer of natural and organic groceries and dietary supplements. We focus on providing high-quality products at affordable prices, exceptional customer service, nutrition education and community outreach. We strive to generate long-term relationships with our customers based on transparency and trust by:

selling only natural and organic groceries, body care products and dietary supplements that meet our strict quality guidelines - we do not approve for sale grocery products that are known to contain artificial flavors, preservatives or sweeteners, synthetic colors, or partially hydrogenated or hydrogenated oils;

utilizing an efficient and flexible smaller-store format to offer affordable prices and a convenient, clean and shopper-friendly retail environment;

Last close 31.46 2026-10-23
Market cap $725.0M 2026-06-30 share count
52-week range 23.47 - 40.42

Valuation FY2025 figures against the last close

P/S0.5x
P/E15.7x
P/FCF30.1x
EV/EBITDA7.7x
Dividend yield1.5%
Diluted EPS2.00

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.33B$1.24B$1.14B$1.09B$1.06B$1.04B$903.6M$849.0M$769.0M$705.5M
Gross profit $397.9M$364.8M$326.9M$304.9M$292.2M$283.1M$238.8M$225.6M$212.3M$201.8M
SG&A $44.4M$38.7M$36.0M$31.6M$28.4M$26.8M$22.8M$21.5M$20.1M$19.2M
Total operating expenses $316.7M$296.4M$274.2M———————
Operating income $62.0M$47.0M$31.7M$30.2M$28.3M$27.7M$16.8M$15.1M$14.1M$20.4M
Interest expense $3.1M$4.2M$3.3M$2.4M$2.3M$2.0M$5.0M$4.6M$3.8M$3.0M
Pre-tax income $58.9M$42.8M$28.4M$27.8M$26.1M$25.7M$11.8M$10.5M$10.3M$17.3M
Income tax $12.5M$8.9M$5.1M$6.4M$5.5M$5.7M$2.4M$2.2M$3.4M$5.9M
Net income $46.4M$33.9M$23.2M$21.4M$20.6M$20.0M$9.4M$12.7M$6.9M$11.5M
EPS, basic 2.021.491.020.940.910.890.420.570.310.51
EPS, diluted 2.001.471.020.940.910.890.420.560.310.51
Shares, diluted (wtd. avg.) 23.3M23.1M22.8M22.8M22.7M22.6M22.6M22.4M22.5M22.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $17.1M$8.9M$18.3M$12.0M$23.7M$28.5M$6.2M$9.4M$6.5M$4.0M
Receivables $12.0M$12.6M$10.8M$10.5M$8.5M$8.5M$5.1M$4.7M$4.9M$3.7M
Total current assets $168.1M$147.1M$152.6M$140.7M$135.6M$143.4M$115.2M$111.0M$108.2M$97.3M
Property, plant and equipment $182.7M$178.6M$169.1M$157.2M$151.4M$147.9M$201.6M$188.8M$184.4M$178.3M
Goodwill $5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M
Other intangibles $6.6M$8.3M$8.9M$8.9M$6.6M$5.3M$3.4M$450.0K$457.0K$403.0K
Total assets $670.5M$655.5M$669.2M$663.1M$655.1M$681.8M$327.1M$307.1M$300.0M$282.2M
Accounts payable $81.0M$88.4M$80.7M$71.3M$68.9M$69.2M$63.2M$61.1M$56.8M$53.6M
Short-term debt —$0$1.8M$1.8M$1.8M$0————
Total current liabilities $158.8M$164.1M$154.0M$137.7M$133.8M$129.2M$83.3M$79.7M$71.6M$66.5M
Long-term debt —$0$5.9M$13.9M$21.9M$0————
Total liabilities $458.1M$481.2M$498.3M$507.3M$512.3M$508.7M$170.2M$160.4M$166.1M$155.5M
Retained earnings $149.3M$113.9M$111.9M$97.7M$85.4M$116.3M$100.9M$91.5M$78.8M$72.0M
Total equity $212.4M$174.3M$170.8M$155.8M$142.7M$173.1M$156.9M$146.7M$133.9M$126.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $55.3M$73.8M$64.6M$39.7M$53.9M$66.5M$37.4M$42.9M$40.8M$28.8M
Depreciation and amortisation $31.8M$30.9M$28.9M$27.9M$29.6M$31.2M$29.0M$29.4M$29.5M$25.5M
Stock-based compensation $4.0M$2.8M$1.4M$1.2M$877.0K$1.1M$1.2M$810.0K$758.0K$879.0K
Capital expenditure $31.2M$37.5M$36.6M$28.0M$26.4M$26.8M$30.0M$23.7M$41.1M$53.8M
Investing cash flow -$31.0M-$38.6M-$38.0M-$31.1M-$27.8M-$29.6M-$31.9M-$23.5M-$38.5M-$53.7M
Financing cash flow -$16.1M-$44.6M-$20.4M-$20.2M-$31.0M-$14.6M-$8.7M-$16.4M$154.0K$26.0M
Dividends paid $11.0M$31.9M$9.1M$9.1M$51.5M$6.3M$0$0——
Buybacks $0$0$181.0K$0$0$0$0$581.0K$261.0K$829.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-25-037556.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 705.5M Gross profit, FY2016: 201.8M Net income, FY2016: 11.5M Revenue, FY2017: 769M Gross profit, FY2017: 212.3M Net income, FY2017: 6.9M Revenue, FY2018: 849M Gross profit, FY2018: 225.6M Net income, FY2018: 12.7M Revenue, FY2019: 903.6M Gross profit, FY2019: 238.8M Net income, FY2019: 9.4M Revenue, FY2020: 1B Gross profit, FY2020: 283.1M Net income, FY2020: 20M Revenue, FY2021: 1.1B Gross profit, FY2021: 292.2M Net income, FY2021: 20.6M Revenue, FY2022: 1.1B Gross profit, FY2022: 304.9M Net income, FY2022: 21.4M Revenue, FY2023: 1.1B Gross profit, FY2023: 326.9M Net income, FY2023: 23.2M Revenue, FY2024: 1.2B Gross profit, FY2024: 364.8M Net income, FY2024: 33.9M Revenue, FY2025: 1.3B Gross profit, FY2025: 397.9M Net income, FY2025: 46.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $705.5M $769.0M $849.0M $903.6M $1.04B $1.06B $1.09B $1.14B $1.24B $1.33B
Gross profit $201.8M $212.3M $225.6M $238.8M $283.1M $292.2M $304.9M $326.9M $364.8M $397.9M
Net income $11.5M $6.9M $12.7M $9.4M $20.0M $20.6M $21.4M $23.2M $33.9M $46.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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