NGVC Financials Natural Grocers by Vitamin Cottage, Inc.

11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:15 UTC Overview →

Growth & profitability

Revenue has grown 5.1% per year over the past 5 years.
Net income has grown faster than revenue (18.3% vs 5.1% per year).
Operating margin has expanded, at 4.7% in the latest year.
Free cash flow has declined 9.5% per year over the past 5 years.

Financial health

The company holds more cash ($17M) than total debt ($0).
Operating income covered interest expense 20× in the latest year, up from 14× 5 years ago.

Shareholder returns

Dividends have been paid for 6 consecutive years, consuming 23.7% of earnings and 45.7% of free cash flow.
The dividend has grown 11.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.3B	$46M	29.9%	4.7%	21.9%	6.9%	$24M	$0	$17M
2024	$1.2B	$34M	29.4%	3.8%	19.5%	5.2%	$36M	$0	$9M
2023	$1.1B	$23M	28.7%	2.8%	13.6%	3.5%	$28M	$8M	$18M
2022	$1.1B	$21M	28.0%	2.8%	13.7%	3.2%	$12M	$16M	$12M
2021	$1.1B	$21M	27.7%	2.7%	14.4%	3.1%	$28M	$24M	$24M
2020	$1.0B	$20M	27.3%	2.7%	11.6%	2.9%	$40M	$0	$29M
2019	$904M	$9M	26.4%	1.9%	6.0%	2.9%	$7M	—	$6M
2018	$849M	$13M	26.6%	1.8%	8.6%	4.1%	$19M	—	$9M
2017	$769M	$7M	27.6%	1.8%	5.1%	2.3%	-$290000	—	$7M
2016	—	$11M	—	—	9.1%	4.1%	-$25M	—	$4M
2015	—	$16M	—	—	14.0%	6.9%	$4M	—	$3M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$335M	$11M	29.3%	4.5%	4.6%	1.6%	$1M	$1M	$17M
Mar '26	$337M	$13M	30.4%	5.4%	5.8%	2.0%	$2M	$1M	$21M
Dec '25	$336M	$11M	29.5%	4.4%	5.2%	1.7%	$12M	—	$23M
Sep '25	$336M	$12M	29.5%	4.6%	5.6%	1.8%	$8M	$0	$17M
Jun '25	$329M	$12M	29.9%	4.7%	5.7%	1.8%	-$4M	—	$13M
Mar '25	$336M	$13M	30.3%	5.2%	6.8%	2.0%	$28M	—	$21M
Dec '24	$330M	$10M	29.9%	4.0%	5.5%	1.5%	-$7M	$9M	$6M
Sep '24	$323M	$9M	29.6%	3.7%	5.2%	1.4%	$18M	$0	$9M
Jun '24	$309M	$9M	29.2%	4.2%	5.5%	1.4%	$4M	$2M	$14M
Mar '24	$308M	$8M	29.3%	3.7%	5.0%	1.2%	$10M	$4M	$11M
Dec '23	$302M	$8M	29.4%	3.6%	5.0%	1.2%	$5M	$6M	$14M
Sep '23	$295M	$6M	28.6%	2.6%	3.4%	0.9%	$15M	$8M	$18M
Jun '23	$282M	$7M	28.9%	3.2%	4.2%	1.1%	-$5M	$10M	$9M
Mar '23	$283M	$6M	29.1%	3.0%	3.6%	0.9%	$7M	$12M	$19M
Dec '22	$280M	$4M	28.1%	2.3%	2.8%	0.7%	$11M	$14M	$17M
Sep '22	$274M	$2M	27.6%	1.3%	1.4%	0.3%	-$2M	$16M	$12M
Jun '22	$266M	$4M	27.6%	2.1%	2.5%	0.6%	-$3M	$18M	$20M
Mar '22	$272M	$6M	28.2%	3.3%	4.1%	1.0%	$9M	$20M	$29M
Dec '21	$277M	$9M	28.4%	4.3%	6.0%	1.4%	$7M	$22M	$25M
Sep '21	$273M	$7M	27.8%	3.4%	5.1%	1.1%	$12M	$24M	$24M

Valuation over time

How the market has priced NGVC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 12.7× (Mar '23) to 14.6× (Nov '26).
The price-to-sales ratio has risen from 0.2× (Mar '23) to 0.5× (Nov '26).
The dividend yield has fallen from 3.3% (Mar '23) to 1.6% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NGVC growing its revenue and profit?

Over the past 5 years, Natural Grocers by Vitamin Cottage, Inc.'s revenue has grown 5.1% per year, and net income grown 18.3% per year. These are computed facts, not advice.

How much debt does NGVC have?

As of FY2025, Natural Grocers by Vitamin Cottage, Inc. reported $0 of total debt against $17M of cash; operating income covered interest expense 20×.

What is NGVC's profit margin?

In FY2025, gross margin was 29.9%, operating margin 4.7%, and net margin 3.5%.

What is NGVC's P/E ratio?

Natural Grocers by Vitamin Cottage, Inc.'s P/E (TTM) is 14.21 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NGVC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 14.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.