NGVC
Natural Grocers by Vitamin Cottage, Inc.
Next earnings Aug 5, 2026 · consensus $0.53 EPS, $350M rev
Last earnings +2.4% on 2026-05-07
$32.11
▲ +1.90%$32.11▼ -20.69%
over 1Y
L $23.45EODHDH $43.18
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.9%
1W+6.1%
1M+7.8%
3M+24.3%
YTD+31.4%
1Y-20.7%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Debt-free natural grocer compounding comps at 7%+ with 22% ROE, trading at just 16x earnings and 0.6x sales.
The read
Quality fundamentals and an attractive price line up (~137% below fair value) — the rarer case where both the business and the entry look good.
Natural Grocers is quietly executing one of the cleanest small-cap growth stories in grocery retail. FY2025 revenue grew 7.2% to $1.33B, but the real signal is that daily average comparable store sales rose 7.3% — meaning growth is coming from existing-store productivity, not just new units (the company opened only two stores in FY2025 against a stated 4-5% target). Operating income jumped 32% to $62M and net income surged 36.9% to $46.4M, expanding net margin to 3.5% from the FY2021 level of ~1.9%. EPS of $2.00 yields a 21.9% ROE — exceptional for grocery, where peers like Kroger and Sprouts run mid-teens at best.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.06B | $1.09B | $1.14B | $1.24B | $1.33B |
| Gross profit | $292M | $305M | $327M | $365M | $398M |
| Operating income | $28.3M | $30.2M | $31.7M | $47.0M | $62.0M |
| Net income | $20.6M | $21.4M | $23.2M | $33.9M | $46.4M |
| Diluted EPS | $0.91 | $0.94 | $1.02 | $1.47 | $2.00 |
| Net margin | 1.9% | 2.0% | 2.0% | 2.7% | 3.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$722M
EV / EBITDA7.7
EV / Sales0.5
EV / FCF30.0
P / FCF30.7
PEG (trailing)0.44
Earnings yield6.3%
FCF yield3.3%
Quality & risk
ROIC (est.)23.1%
Free cash flow$24.1M
Total debt$0.00
Net cash$17.1M
Altman Z-Score3.59 safe
Piotroski F-Score8/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)1.5%
Shareholder yield1.5%
Shares Δ YoY+0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Earnings results2026-05-07
Q2 FY26 financials filed; reflects ongoing comp-store growth
- 10-Q Quarterly report2026-05-07
Q2 FY26 financials filed; reflects ongoing comp-store growth
- 8-K Shareholder vote2026-03-10
Annual meeting vote results disclosed; routine shareholder matters
- 8-K Earnings results2026-02-05
Q1 FY26 financials filed; first read on FY26 trajectory
- 10-Q Quarterly report2026-02-05
Q1 FY26 financials filed; first read on FY26 trajectory
- DEF 14A Proxy statement2026-01-22
- 10-K Annual report2025-12-11
FY25: rev $1.33B (+7.2%), net inc $46.4M (+36.9%), EPS $2.00, debt-free
- 8-K Earnings results2025-11-20
Q4/FY25 earnings: net sales +7.2%, net income +36.9%, EBITDA +20.4%
- 8-K Officer / director change2025-10-29
Officer/director change disclosed under Item 5.02
Recent filings
all on EDGAR ↗4Period ending 2026-05-292026-06-02open ↗144Filing2026-05-27open ↗8-KPeriod ending 2026-05-072026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-03-042026-03-10open ↗4Period ending 2026-03-042026-03-06open ↗4Period ending 2026-03-042026-03-06open ↗4Period ending 2026-03-042026-03-06open ↗8-KPeriod ending 2026-02-052026-02-05open ↗10-QPeriod ending 2025-12-312026-02-05open ↗ARSPeriod ending 2025-09-302026-01-22open ↗DEFA14AFiling2026-01-22open ↗
Frequently asked
- Is Natural Grocers by Vitamin Cottage, Inc. (NGVC) a buy?
- NGVC currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Debt-free natural grocer compounding comps at 7%+ with 22% ROE, trading at just 16x earnings and 0.6x sales.
- What is NGVC's fair value?
- A Modified-Graham model based on NGVC's SEC fundamentals estimates a fair value of about $76.00. It is an estimate from reported earnings, not a price target.
- Is NGVC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, NGVC currently appears undervalued relative to its SEC-grounded earnings power.
- What is Natural Grocers by Vitamin Cottage, Inc.'s quality score?
- NGVC scores 75.4313725490196/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001547459, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 3:09:04 PM.
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