NGVCNYSERetail-Grocery StoresFiscal year ends September 30
Natural Grocers by Vitamin Cottage, Inc.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$29.75−0.86 (-2.81%)
Close on Oct 19, 2026
- Market cap
- $692.09M
- P/E (TTM)
- 14.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
29.9%+2.6 pts over 5 years
Operating margin
4.7%+2.0 pts over 5 years
Net margin
3.5%+1.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.2% | +6.9% | +5.1% | +7.9% | |
| Gross profit | +9.1% | +9.3% | +7.0% | +8.1% | |
| Operating income | +32.0% | +27.2% | +17.4% | +8.0% | |
| Net income | +36.9% | +29.5% | +18.3% | +11.1% | |
| EPS, diluted | +36.1% | +28.6% | +17.6% | +10.8% | |
| Free cash flow | -33.5% | +27.4% | -9.5% | +18.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.5% | 12.1% | 24.0% | |
| Return on assets | 4.4% | 4.0% | 7.0% | |
| Current ratio | 1.46 | 1.11 | 1.06 | |
| Debt to equity | – | 0.00 | 0.00 | |
| Net debt to EBITDA | – | -0.48× | -0.18× | |
| Interest coverage | 6.7× | 13.5× | 20.2× | |
| Capex to revenue | 7.6% | 2.6% | 2.3% | |
| Diluted shares | 23M | 23M | 23M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Natural Grocers by Vitamin Cottage generated $287.24M from operations and spent $272.36M on capital expenditure, dividends and share buybacks. 59% of that went back into the business.
Generated
$287.24M
Used
$272.36M
Capital expenditure$159.70M59%Dividends$112.48M41%Share buybacks$181.00K0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.5%
×Asset turnover2.01×
×Equity multiplier3.43×
=Return on equity, FY202524.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.5% | 2.01× | 3.43× | 24.0% |
| FY2024 | 2.7% | 1.87× | 3.84× | 19.7% |
| FY2023 | 2.0% | 1.71× | 4.08× | 14.2% |
| FY2022 | 2.0% | 1.65× | 4.42× | 14.3% |
| FY2021 | 1.9% | 1.58× | 4.23× | 13.0% |
| FY2020 | 1.9% | 2.06× | 3.06× | 12.1% |
| FY2019 | 1.0% | 2.85× | 2.09× | 6.2% |
| FY2018 | 1.5% | 2.80× | 2.16× | 9.0% |
| FY2017 | 0.9% | 2.64× | 2.23× | 5.3% |
| FY2016 | 1.6% | 2.73× | 2.13× | 9.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$46.44M
- Cash generatingOperating cash flow above zero$55.30M
- Return on assets improvedROA up on the prior year5.1% → 7.1%
- Earnings backed by cashOperating cash flow above net income$55.30M vs $46.44M
- Less leverageLong-term debt to assets fell0.0% → 0.0%
- Better liquidityCurrent ratio rose0.90 → 1.06
- No dilutionShare count did not rise23M → 23M
- Gross margin improvedGross margin up on the prior year29.38% → 29.90%
- More efficientAsset turnover rose1.86 → 2.03