undamentalytics Newsletter
Sign in

Natural Grocers By Vitamin Cottage, Inc. (NGVC) stock

Add to watchlist

Add holding +

NYSE: NGVC NYSE Food Retail Next results ~November 19, 2026

C Fundamentals grade

Natural Grocers By Vitamin Cottage, Inc. is a US-listed company in the food retail industry. Its financial year ends in September.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$25

Cash-flow model

Base case. Range ~$19–$34 across our lower- and higher-growth cases (-0.9%–9.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 15% above our base value.

Price used: $29.37, November 2, 2026

Natural Grocers By Vitamin Cottage, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds88 adding, 61 cuttingOf 29 active managers that changed their stake, 12 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Natural Grocers By Vitamin Cottage files

Where Natural Grocers By Vitamin Cottage stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.34bn, up 2.0% on a year earlier, slower than the 3.1% growth a quarter earlier. Free-cash-flow margin held at 1.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $24.89 a share, against a share price of $31.02. At that price, our model says the market is pricing in about 8.1% a year of cash-flow growth for five years, faster than the 4.9% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Natural Grocers By Vitamin Cottage, Inc.'s trailing-twelve-month revenue grew 2.0% year on year, with a free-cash-flow margin of 1.7%. Where it stands out: long-term debt as % of assets of 0.2% ranks 1 of 8 food retail companies we cover. Where it lags: change in share count of 0.1% ranks 7 of 7 food retail companies we cover.

Our discounted-cash-flow model values the business at ~$25 per share in the base case (~$19–$34 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 34.7% while net income grew 9.1%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Natural Grocers By Vitamin Cottage, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Weak cash conversion. Free cash flow was 47% of net income over the last 12 months.
  • Below peers: change in share count. Change in share count of 0.1% ranks 7 of 7 food retail companies we cover (median -4.3%).
  • Below peers: change in growth rate. Change in growth rate of -1.1pp ranks 8 of 10 food retail companies we cover (median -0.5pp).
  • Heavily shorted. 11.1% of the shares available to trade are sold short (7.1 days of average volume to cover).

Latest results: FY2026 Q3

Filed August 6, 2026
Earnings per share
$0.48 against an average estimate of $0.52: missed by 7.7%
Revenue
$335m, up 1.8% on a year earlier
Share reaction
-11.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 19, 2026; average EPS estimate $0.56

Natural Grocers By Vitamin Cottage's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week-5.1%
  • 1 month-4.1%
  • This year+19.2%
  • 1 year-6.5%
  • 5 years+174.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
4.7%
Net margin
3.5%
EPS (TTM, diluted)
$2.05

Growth

Revenue growth
+2.0%
Change in growth rate
−1.1 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$22.2M
FCF margin
1.7%
Stock pay % of revenue
0.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 19, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Shareholder vote
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Natural Grocers By Vitamin Cottage, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 6.6% a year of cash-flow growth for five years.That is close to the 4.9% a year revenue growth Natural Grocers By Vitamin Cottage has delivered.

  • Priced in6.6%
  • Last 12 months2.0%
  • 3 years a year6.3%
  • 5 years a year4.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($28.78, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$25
Price used
$28.78close November 3, 2026
Implied change
▼ 12%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Natural Grocers By Vitamin Cottage, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($30M, FY2026 Q3 TTM), growing 4.9% and 4.5% in the next two years (forecasts, guidance and its record), then back to 4.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$19–~$34 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Natural Grocers By Vitamin Cottage, Inc.'s free cash flow after stock-based pay ( $30M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Natural Grocers By Vitamin Cottage, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.65 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$25 ~$19–$34 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$24–$48 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$30 ~$22–$43 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$34 ~$28–$42 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$29 ~$25–$34 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Natural Grocers By Vitamin Cottage, Inc. with Food Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −53%
  • Last year's free-cash-flow margin change, if it persists ▼ −33%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $19$26$35$47$62$82
8.5% $15$20$26$35$46$60
10% $12$16$21$28$36$46

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$7.85$3.92$11.88$7.03$7.13$9.43$9.30$11.53$28.74$39.14$29.37
Market value$177m$88m$266m$158m$161m$214m$212m$263m$663m$910m$683m
+ Net debt (− = net cash)$23m$22m$4m−$522000−$29m$10000$4m−$11m−$9m−$17m−$16m
Enterprise value$200m$110m$270m$158m$132m$214m$216m$253m$655m$893m$667m
Multiples
Price / sales 0.3x0.1x0.3x0.2x0.2x0.2x0.2x0.2x0.5x0.7x0.5x
Price / earnings 15.4x12.8x21.0x16.8x8.0x10.4x9.9x11.3x19.6x19.6x14.3x
Price / free cash flow ——13.9x21.6x4.0x7.8x18.2x9.4x18.3x37.8x30.1x
EV / EBITDA 4.4x2.5x6.1x3.5x2.2x3.7x3.7x4.2x8.4x9.5x7.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard Natural Grocers By Vitamin Cottage's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.5% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 28.0%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 2.4%; its worst year was 1.7%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 9 of 10 years, at a median 1.7% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.5% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, after the close. Analysts expect revenue of $353m and EPS of $0.56 (range $0.55 to $0.57) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.11 +5% $1.4bn +2%
Next $2.32 +10% $1.4bn +6%

Next year's EPS estimate has moved +0.6% in 90 days, across 3 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.52 $0.48 −7.7%
Mar 2026 $0.55 $0.58 +5.5%
Dec 2025 $0.46 $0.49 +6.5%
Sept 2025 $0.42 $0.51 +21.4%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Natural Grocers By Vitamin Cottage, Inc.'s revenue by +4.9% next year and +4.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.4%, weight 60%) and the company's own record (+4.1%, weight 40%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 202633

Counts of recommendations published by analysts covering Natural Grocers By Vitamin Cottage, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.1%
of tradable shares
Days to cover
7.09
at average volume
Short interest, 1 month
+31%
to September 30, 2026
Held by institutions
41%
of shares
Held by insiders
43.4%
of shares
Employees
3,455
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −6.5%

$31.40 on October 31, 2025 to $29.37

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.3bn +2.0%
Net margin 3.3% 3.5% +7.0%
P/E multiple 16.7x 14.3x −14.2%
Share count 23m 23m −0.1%

Biggest factor: p/e multiple.

Last 3 years +150.0%

$11.75 on November 3, 2023 to $29.37

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.3bn +20.0%
Net margin 1.7% 3.5% +103.3%
P/E multiple 13.7x 14.3x +4.3%
Share count 23m 23m −1.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NGVC+6%−34%+92%+153%−36%+19%
Industry peers (median)+43%+7%+9%+8%−7%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NGVC58%50%83%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NGVC−44%−61%−16%−19%−58%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from November 2, 2015 to October 27, 2017. Getting back needed a 397% gain, reached on April 1, 2022, 1617 days after the low.

Price behaviour

52-week range
$23.33 – $33.56
From 52-week high
−12.5%
vs 50-day average
−0.2%
vs 200-day average
+3.4%
Volatility (1 year)
39%
Beta vs S&P 500
-0.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±11.2%
After a week
9 up, 3 down
typical move ±11.9%
After a month
6 up, 6 down
typical move ±15.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −11.1% +0.5% −12.3% −12.1%
May 7, 2026 −2.6% +0.5% +6.5% +11.6%
February 5, 2026 −2.3% +0.6% −4.4% −5.8%
November 20, 2025 −8.1% −0.5% −11.5% −18.7%
August 7, 2025 +2.4% +0.7% +0.5% −0.6%
May 8, 2025 +21.1% +0.6% +4.7% −10.3%
February 6, 2025 +2.5% −0.6% +3.1% −26.2%
November 21, 2024 +31.1% +0.8% +35.3% +12.0%
August 8, 2024 +6.0% +2.8% +2.7% +12.9%
May 9, 2024 +9.1% +0.7% +17.8% +17.3%
February 8, 2024 +18.4% +0.6% +5.0% +22.5%
November 16, 2023 +20.1% +0.2% +38.9% +37.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Natural Grocers By Vitamin Cottage, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Natural Grocers By Vitamin Cottage, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Natural Grocers By Vitamin Cottage, Inc.
$1.1B $1.2B $1.3B $1.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.2B
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.3B
FY25 Q2 $1.3B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
FY26 Q3 $1.3B
Revenue growth, TTM YoY Natural Grocers By Vitamin Cottage, Inc.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.7% Revenue growth, TTM YoY, FY24 Q1: 6.3% Revenue growth, TTM YoY, FY24 Q2: 7.5% Revenue growth, TTM YoY, FY24 Q3: 8.4% Revenue growth, TTM YoY, FY24 Q4: 8.9% Revenue growth, TTM YoY, FY25 Q1: 9.3% Revenue growth, TTM YoY, FY25 Q2: 9.4% Revenue growth, TTM YoY, FY25 Q3: 8.5% Revenue growth, TTM YoY, FY25 Q4: 7.2% Revenue growth, TTM YoY, FY26 Q1: 5.2% Revenue growth, TTM YoY, FY26 Q2: 3.1% Revenue growth, TTM YoY, FY26 Q3: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.7%
FY24 Q1 6.3%
FY24 Q2 7.5%
FY24 Q3 8.4%
FY24 Q4 8.9%
FY25 Q1 9.3%
FY25 Q2 9.4%
FY25 Q3 8.5%
FY25 Q4 7.2%
FY26 Q1 5.2%
FY26 Q2 3.1%
FY26 Q3 2.0%
Operating margin (TTM) Natural Grocers By Vitamin Cottage, Inc.
2.5% 3% 3.5% 4% 4.5% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.8% Operating margin (TTM), FY24 Q1: 3.1% Operating margin (TTM), FY24 Q2: 3.3% Operating margin (TTM), FY24 Q3: 3.5% Operating margin (TTM), FY24 Q4: 3.8% Operating margin (TTM), FY25 Q1: 3.9% Operating margin (TTM), FY25 Q2: 4.3% Operating margin (TTM), FY25 Q3: 4.4% Operating margin (TTM), FY25 Q4: 4.7% Operating margin (TTM), FY26 Q1: 4.7% Operating margin (TTM), FY26 Q2: 4.8% Operating margin (TTM), FY26 Q3: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.8%
FY24 Q1 3.1%
FY24 Q2 3.3%
FY24 Q3 3.5%
FY24 Q4 3.8%
FY25 Q1 3.9%
FY25 Q2 4.3%
FY25 Q3 4.4%
FY25 Q4 4.7%
FY26 Q1 4.7%
FY26 Q2 4.8%
FY26 Q3 4.7%
FCF margin (TTM) Natural Grocers By Vitamin Cottage, Inc.
1% 1.5% 2% 2.5% 3% 3.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.3% FCF margin (TTM), FY24 Q1: 1.8% FCF margin (TTM), FY24 Q2: 2.0% FCF margin (TTM), FY24 Q3: 2.6% FCF margin (TTM), FY24 Q4: 2.8% FCF margin (TTM), FY25 Q1: 1.8% FCF margin (TTM), FY25 Q2: 3.2% FCF margin (TTM), FY25 Q3: 2.6% FCF margin (TTM), FY25 Q4: 1.8% FCF margin (TTM), FY26 Q1: 3.2% FCF margin (TTM), FY26 Q2: 1.3% FCF margin (TTM), FY26 Q3: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.3%
FY24 Q1 1.8%
FY24 Q2 2.0%
FY24 Q3 2.6%
FY24 Q4 2.8%
FY25 Q1 1.8%
FY25 Q2 3.2%
FY25 Q3 2.6%
FY25 Q4 1.8%
FY26 Q1 3.2%
FY26 Q2 1.3%
FY26 Q3 1.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Natural Grocers By Vitamin Cottage took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Cost of revenue $933M · 70.1%
  3. Gross profit $398M · 29.9%
  4. Selling, general and admin $44.4M · 3.3%
  5. Other operating costs $292M · 21.9%
  6. Operating income $62M · 4.7%
  7. Income tax $12.5M · 0.9%
  8. Net income $46.4M · 3.5%

Shares of revenue. Source: Natural Grocers By Vitamin Cottage's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 265 336 431 521 625 705 769 849 904 1,037 1,056 1,090 1,141 1,242 1,331 1,344
Gross profit 77 99 126 152 182 202 212 226 239 283 292 305 327 365 398 398
EBITDA 15 22 33 41 50 46 44 44 46 59 58 58 61 78 94 96
Operating income 7 12 19 24 29 20 14 15 17 28 28 30 32 47 62 63
Net income 4 7 11 13 16 11 7 13 9 20 21 21 23 34 46 48
Diluted EPS $0.16 $0.30 $0.47 $0.60 $0.72 $0.51 $0.31 $0.56 $0.42 $0.89 $0.91 $0.94 $1.02 $1.47 $2.00 $2.05
Growth (year on year)
Revenue — +27.2% +28.0% +20.9% +20.0% +12.9% +9.0% +10.4% +6.4% +14.7% +1.8% +3.2% +4.7% +8.9% +7.2% +2.0%
EBITDA — +45.3% +48.5% +27.2% +20.5% −8.1% −5.0% +2.0% +2.8% +28.9% −1.7% +0.2% +4.3% +28.6% +20.4% +6.0%
Operating income — +61.8% +59.1% +27.0% +18.1% −28.8% −30.8% — — — +2.1% +6.5% +5.0% +48.3% +32.0% +8.0%
Net income — — — +27.7% +20.3% −29.2% — — — — — — — +46.0% +36.9% +9.1%
Diluted EPS — — — +27.7% +20.0% −29.2% — — — — — — — +44.1% +36.1% +9.1%
Margins
Gross margin 29.3% 29.4% 29.2% 29.1% 29.2% 28.6% 27.6% 26.6% 26.4% 27.3% 27.7% 28.0% 28.7% 29.4% 29.9% 29.6%
EBITDA margin 5.7% 6.5% 7.6% 8.0% 8.0% 6.5% 5.7% 5.2% 5.1% 5.7% 5.5% 5.3% 5.3% 6.3% 7.0% 7.1%
Operating margin 2.8% 3.6% 4.4% 4.7% 4.6% 2.9% 1.8% 1.8% 1.9% 2.7% 2.7% 2.8% 2.8% 3.8% 4.7% 4.7%
Net margin 1.3% 2.0% 2.5% 2.6% 2.6% 1.6% 0.9% 1.5% 1.0% 1.9% 1.9% 2.0% 2.0% 2.7% 3.5% 3.5%
Free-cash-flow margin −1.4% −0.0% −3.2% −0.9% 0.7% −3.5% −0.0% 2.3% 0.8% 3.8% 2.6% 1.1% 2.5% 2.9% 1.8% 1.7%
Cash flow
Cash from operations 17 25 26 32 41 29 41 43 37 67 54 40 65 74 55 71
Capital spending 20 25 40 37 37 54 41 24 30 27 26 28 37 38 31 48
Free cash flow −4 −0 −14 −5 4 −25 −0 19 7 40 28 12 28 36 24 23
Stock-based pay 0 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4
Free cash flow after stock pay −4 −1 −15 −5 4 −26 −1 18 6 39 27 10 27 33 20 19
Balance sheet
Cash 0 17 8 5 3 4 7 9 6 29 24 12 18 9 17 17
Total debt 0 4 — 0 0 27 28 13 6 0 24 16 8 0 0 1
Net debt (negative = net cash) −0 −13 −8 −5 −3 23 22 4 −1 −29 0 4 −11 −9 −17 −16
Diluted shares 22m 22m 22m 22m 23m 23m 22m 22m 23m 23m 23m 23m 23m 23m 23m 23m
Returned to shareholders
Dividends — — — — — — — 0 0 6 51 9 9 32 11 13
Buybacks — — — — — 1 0 1 0 0 0 0 0 0 0 —
Total returned — — — — — 1 0 1 0 6 51 9 9 32 11 13

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $688m
Short-term assets $174mLonger-term assets $514m
What it owes, and who funded it · $688m
Short-term liabilities $158mLonger-term liabilities $290mShareholders' equity $239m
  • Short-term assets cover short-term liabilities $174m of assets due within a year against $158m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $174m short-term assets against $290m of longer-dated liabilities.
  • More cash than debt $17m of cash against $1m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 13% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $71m of operating cash flow against $1m of debt.
  • Operating profit covers interest at least five times over Operating income of $63m against $3m of interest.

From Natural Grocers By Vitamin Cottage, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$13.1M
Buybacks, last 3 fiscal years
$181,000
Diluted share count
+0.1%
year over year
Total shareholder yield
1.9%
dividends 1.9% + buybacks 0.0% of market value
Dividend payout ratio
28%
of net income paid out

Competitors: side by side with peers

Closest by revenue in food retail
Last 12 months unless stated NGVC VLGEA GO WMK IMKTA SFM Median
Revenue, last 12 months $1.3bn $2.4bn $4.7bn $5.1bn $5.4bn $9.1bn $5.2bn
Revenue growth, last 12 months 2.0% 3.7% 5.1% 4.7% 1.0% 5.3% 3.0%
Revenue growth, 3-year average 6.3% 3.6% 7.4% 1.8% −2.0% 10.7% 3.6%
Revenue growth, latest quarter 1.8% 1.6% 1.1% 4.6% 1.6% 4.7% 1.7%
Gross margin 29.6% 28.2% 30.0% 25.5% 24.5% 38.6% 27.6%
Operating margin 4.7% 2.7% −7.9% 2.5% 2.6% 7.3% 2.5%
Operating margin, 3-year average 4.2% 2.9% −1.7% 2.5% 2.6% 7.1% 2.5%
Net margin 3.5% 2.2% −8.0% 2.0% 1.9% 5.4% 1.9%
Cash from operations / revenue 5.3% 4.5% 3.9% 4.8% 4.6% 7.6% 4.6%
Free-cash-flow margin 1.7% 2.3% −0.1% 0.8% 2.8% 3.7% 1.6%
Free-cash-flow margin, 3-year average 2.3% 1.5% −0.5% 0.7% 1.5% 4.6% 1.5%
Stock pay / revenue 0.3% 0.2% 0.2% — — 0.3% 0.2%
Change in share count 0.1% — −0.1% −7.5% — −4.3% −4.3%

Median of all 10 companies we cover in food retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 food retail companies
Measure Company Peer median Rank
Revenue growth Growth 2.0% 3.7% 7 of 10
Change in growth rate Growth -1.1pp -0.5pp 8 of 10
Gross margin Profitability 29.6% 29.6% 4 of 8
Operating margin Profitability 4.7% 2.5% 2 of 9
Net margin Profitability 3.5% 2.0% 3 of 10
Free-cash-flow margin Cash generation 1.7% 1.7% 5 of 10
Stock pay as % of revenue Cash generation 0.3% 0.2% 5 of 7
Long-term debt as % of assets Balance sheet 0.2% 18.3% 1 of 8
Change in share count Balance sheet 0.1% -4.3% 7 of 7

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Grocery $952M 71.1% ▲ 8.4%
Dietary Supplements $253M 18.9% ▲ 3.7%
Manufactured Product Other $126M 9.4% ▲ 5.3%
Vendor Reimbursements $9.3M 0.7% ▲ 17.7%

From Natural Grocers By Vitamin Cottage, Inc.'s 10-K filed December 11, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$286M
Institutions reporting
157
Shares held vs prior quarter
▲ 6.1%
Positions opened / closed
26 / 22

Top buyers and sellers, Q2 2026: 88 institutions bought and 61 sold ; the biggest buyer was Royce & Associates LP (+600K shares) and the biggest seller Millennium Management LLC (−159K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $30.8M 992K 10.7% ▲ 7.1%
American Century Companies Inc $20.2M 653K 7.1% ▲ 16.1%
Dimensional Fund Advisors LP $20.2M 652K 7.1% ▲ 1.1%
Royce & Associates LP $18.6M 600K 6.5% New
Vanguard Capital Management LLC $16.6M 535K 5.8% ▼ 1.9%
Morgan Stanley $14.6M 472K 5.1% ▼ 20.8%
Two Sigma Investments, LP $10.5M 337K 3.7% ▼ 17.3%
Geode Capital Management, LLC $9.4M 304K 3.3% ▲ 8.9%
AQR Capital Management LLC $9.2M 298K 3.2% ▲ 61.7%
Vanguard Portfolio Management LLC $9.2M 296K 3.2% ▲ 13.2%
Renaissance Technologies LLC $9.1M 295K 3.2% ▼ 9.8%
State Street Corp $9.1M 294K 3.2% ▲ 8.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Natural Grocers By Vitamin Cottage, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $87,120 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $87,120 net selling
Insider Date Trade Shares Price Value
Isely Charity 10% owner May 29, 2026 Sell 3,000 $29.04 $87,120

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 19, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • November 20, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Natural Grocers By Vitamin Cottage, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Natural Grocers By Vitamin Cottage, Inc. in brief

What does Natural Grocers By Vitamin Cottage, Inc. do?
Natural Grocers By Vitamin Cottage, Inc. is a US-listed company in the food retail industry. Its financial year ends in September.
What is Natural Grocers By Vitamin Cottage, Inc.'s stock ticker?
Natural Grocers By Vitamin Cottage, Inc. trades under the ticker NGVC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Natural Grocers By Vitamin Cottage, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Natural Grocers By Vitamin Cottage, Inc. reported revenue of $1.3B, 2.0% higher than a year earlier, according to its SEC filings.
What is Natural Grocers By Vitamin Cottage, Inc.'s free cash flow?
Natural Grocers By Vitamin Cottage, Inc.'s free-cash-flow margin is 1.7% of revenue over the trailing twelve months, ranking 5 of the 10 food retail companies we cover.
What is Natural Grocers By Vitamin Cottage, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Natural Grocers By Vitamin Cottage, Inc.'s free cash flow after stock-based pay gives ~$25 per share in the base case, and ~$19–$34 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Natural Grocers By Vitamin Cottage, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., American Century Companies Inc and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Natural Grocers By Vitamin Cottage, Inc.'s market cap?
On November 2, 2026, Natural Grocers By Vitamin Cottage, Inc.'s market capitalisation was about $683M, with a price-to-earnings ratio of 14.3 and net debt of -$16M. Market figures come from third-party market data and may be delayed.
Does Natural Grocers By Vitamin Cottage, Inc. pay a dividend?
Yes: Natural Grocers By Vitamin Cottage, Inc. paid $13.1M in dividends over the trailing twelve months, a dividend yield of 1.94% and a payout ratio of 27.5%.
How much debt does Natural Grocers By Vitamin Cottage, Inc. have?
Natural Grocers By Vitamin Cottage, Inc.'s debt-to-equity ratio is 0.6%, from its latest balance sheet (13.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Natural Grocers By Vitamin Cottage, Inc.'s competitors?
In our Food Retail peer group, the companies closest to Natural Grocers By Vitamin Cottage, Inc. are Village Super Market Inc, Grocery Outlet Holding Corp., Weis Markets Inc, Ingles Markets Inc and Sprouts Farmers Market, Inc. The side-by-side comparison below sets their revenue, margins and growth against Natural Grocers By Vitamin Cottage, Inc.'s.
Are insiders buying or selling Natural Grocers By Vitamin Cottage, Inc. stock?
Over the last 12 months, Natural Grocers By Vitamin Cottage, Inc.'s directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Natural Grocers By Vitamin Cottage, Inc.'s next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Natural Grocers By Vitamin Cottage, Inc. announces its own schedule.