Natural Grocers by Vitamin Cottage, Inc. NGVC
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;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.02 | 1.49 | 1.02 | 0.94 | 0.91 | 0.89 | 0.42 | 0.57 | 0.31 | 0.51 |
| EPS, diluted | 2.00 | 1.47 | 1.02 | 0.94 | 0.91 | 0.89 | 0.42 | 0.56 | 0.31 | 0.51 |
| Shares, diluted (wtd. avg.) | $23.3M | $23.1M | $22.8M | $22.8M | $22.7M | $22.6M | $22.6M | $22.4M | $22.5M | $22.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 5411
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|---|---|---|---|---|
| KR | KROGER CO | $35.90B | 38.0x | 0.4% |
| SFM | Sprouts Farmers Market, Inc. | $7.59B | 15.3x | 14.1% |
| ACI | Albertsons Companies, Inc. | $6.09B | 31.4x | 3.5% |
| WMK | WEIS MARKETS INC | $1.78B | 19.7x | 3.5% |
| GO | Grocery Outlet Holding Corp. | $1.23B | — | 7.3% |
| HCWC | HEALTHY CHOICE WELLNESS CORP. | $227.9M | — | 12.7% |
| MSS | Maison Solutions Inc. | $38.2M | 21.6x | 114.0% |
| VLGEA | VILLAGE SUPER MARKET INC | — | — | 3.8% |