NGVC

MKT CAP:$626M

Natural Grocers by Vitamin Cottage, Inc.

Market Cap

$626M

Consumer Defensive·Grocery Stores·🇺🇸 United States·NYSE

Consumer Def.·Grocery Stores·🇺🇸·NYSE

Stock Price

$27.54+$2.84 (+11.50%)

Apr 22, 2026

Company Details

Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States. The company's stores offer natural and organic grocery products, such as organic ...

CEO

Kemper Isely

IPO Date

Jul 25, 2012

Website

www.naturalgrocers.com

Key Metrics TTM

Revenue

$1.3B

+5.2% YoY

Net Income

$48M

EPS (Diluted)

$2.06

Free Cash Flow

$93M

Revenue / Share

$57.47

Gross Margin

29.8%

Operating Margin

4.7%

Net Margin

3.6%

FCF Margin

7.0%

P/S

0.5x

P/E

13.1x

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 5, 2026

$336M+1.6%EPS $0.49

FY 2025

Dec 11, 2025

$1.3B+7.2%EPS $2.00

Q4 2025

Dec 11, 2025

$336M+4.2%EPS $0.51

Q3 2025

Aug 7, 2025

$329M+6.3%EPS $0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$272M	$77M	$9M
Q3 22	$266M	$74M	$6M
Q4 22	$274M	$76M	$4M
Q1 23	$280M	$79M	$6M
Q2 23	$283M	$82M	$8M
Q3 23	$282M	$81M	$9M
Q4 23	$295M	$84M	$8M
Q1 24	$302M	$89M	$11M
Q2 24	$308M	$90M	$11M
Q3 24	$309M	$90M	$13M
Q4 24	$323M	$95M	$12M
Q1 25	$330M	$99M	$13M
Q2 25	$336M	$102M	$18M
Q3 25	$329M	$98M	$16M
Q4 25	$336M	$99M	$16M
Q1 26	$336M	$99M	$15M

Valuation

Quarter	P/S	P/E
Q2 22	0.6x	22.8x
Q3 22	0.6x	23.7x
Q4 22	0.6x	29.3x
Q1 23	0.6x	37.2x
Q2 23	0.6x	38.2x
Q3 23	0.6x	32.1x
Q4 23	0.5x	26.9x
Q1 24	0.5x	23.6x
Q2 24	0.5x	21.8x
Q3 24	0.5x	20.3x
Q4 24	0.5x	18.5x
Q1 25	0.5x	17.3x
Q2 25	0.5x	15.2x
Q3 25	0.5x	14.3x
Q4 25	0.5x	13.5x
Q1 26	0.5x	13.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$16M	$8M
Q3 22	$2M	-$4M
Q4 22	$10M	-$3M
Q1 23	$21M	$10M
Q2 23	$14M	$7M
Q3 23	$1M	-$5M
Q4 23	$28M	$15M
Q1 24	$17M	$5M
Q2 24	$20M	$10M
Q3 24	$12M	$3M
Q4 24	$24M	$18M
Q1 25	$3M	-$7M
Q2 25	$34M	$44M
Q3 25	$3M	-$4M
Q4 25	$50M	$42M
Q1 26	$21M	$12M

Capital Expenditures

Quarter	CapEx
Q2 22	$7M
Q3 22	$6M
Q4 22	$13M
Q1 23	$11M
Q2 23	$7M
Q3 23	$7M
Q4 23	$14M
Q1 24	$12M
Q2 24	$11M
Q3 24	$9M
Q4 24	$7M
Q1 25	$10M
Q2 25	$10M
Q3 25	$7M
Q4 25	$8M
Q1 26	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+4.9%	+4.1%
Q3 22	+3.0%	+3.6%
Q4 22	+0.6%	+2.8%
Q1 23	+1.1%	+3.3%
Q2 23	+4.2%	+4.5%
Q3 23	+5.8%	+4.6%
Q4 23	+7.6%	+6.2%
Q1 24	+7.6%	+6.2%
Q2 24	+8.8%	+8.0%
Q3 24	+9.7%	+8.6%
Q4 24	+9.3%	+8.1%
Q1 25	+9.4%	+8.9%
Q2 25	+9.0%	+7.2%
Q3 25	+6.3%	+5.7%
Q4 25	+4.2%	+3.2%
Q1 26	+1.6%	+1.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$296.0K	0.1%
Q3 22	$297.0K	0.1%
Q4 22	$299.0K	0.1%
Q1 23	$357.0K	0.1%
Q2 23	$356.0K	0.1%
Q3 23	$333.0K	0.1%
Q4 23	$314.0K	0.1%
Q1 24	$406.0K	0.1%
Q2 24	$432.0K	0.1%
Q3 24	$1M	0.3%
Q4 24	$929.0K	0.3%
Q1 25	$1M	0.4%
Q2 25	$822.0K	0.2%
Q3 25	$843.0K	0.3%
Q4 25	$860.0K	0.3%
Q1 26	$857.0K	0.3%

OpEx Breakdown

Quarter	G&A
Q2 22	$8M
Q3 22	$7M
Q4 22	$9M
Q1 23	$8M
Q2 23	$9M
Q3 23	$9M
Q4 23	$10M
Q1 24	$9M
Q2 24	$10M
Q3 24	$10M
Q4 24	$10M
Q1 25	$12M
Q2 25	$11M
Q3 25	$11M
Q4 25	$8M
Q1 26	$11M

Revenue Segments

Quarter	Dietary Supplements	Gift Cards	Grocery	Manufactured Product, Other
Q3 25	$62M	$100.0K	$235M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$29M	$0	$29M
Q3 22	$20M	$0	$20M
Q4 22	$12M	$0	$12M
Q1 23	$17M	$0	$17M
Q2 23	$19M	$0	$19M
Q3 23	$9M	$0	$9M
Q4 23	$18M	$0	$18M
Q1 24	$14M	$0	$14M
Q2 24	$11M	$0	$11M
Q3 24	$14M	$0	$14M
Q4 24	$9M	$0	$9M
Q1 25	$6M	$0	$6M
Q2 25	$21M	$0	$21M
Q3 25	$13M	$0	$13M
Q4 25	$17M	$0	$17M
Q1 26	$23M	$0	$23M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	23M	+0.3%	+0.4%
Q3 22	23M	+0.2%	+0.6%
Q4 22	23M	-0.1%	+0.6%
Q1 23	23M	-0.2%	+0.2%
Q2 23	23M	+0.1%	+0.0%
Q3 23	23M	+0.3%	+0.1%
Q4 23	23M	+0.3%	+0.5%
Q1 24	23M	+0.1%	+0.8%
Q2 24	23M	+0.4%	+1.0%
Q3 24	23M	+0.2%	+1.0%
Q4 24	23M	+0.3%	+1.0%
Q1 25	23M	-0.0%	+0.8%
Q2 25	23M	+0.5%	+0.9%
Q3 25	23M	+0.2%	+0.9%
Q4 25	23M	-0.1%	+0.5%
Q1 26	23M	-0.2%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$84.5K	3K
Q3 22	$82.8K	3K
Q4 22	$84.8K	3K
Q1 23	$86.7K	3K
Q2 23	$87.6K	3K
Q3 23	$87.1K	3K
Q4 23	$91.2K	3K
Q1 24	$93.3K	3K
Q2 24	$95.2K	3K
Q3 24	$95.5K	3K
Q4 24	$96.8K	3K
Q1 25	$99.1K	3K
Q2 25	$100.8K	3K
Q3 25	$98.7K	3K
Q4 25	$97.3K	3K
Q1 26	$97.1K	3K

Revenue / Employee