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 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
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
FCF
Total debt
Cash
2025
$1.3B
$46M
29.9%
4.7%
$24M
$0
$17M
2024
$1.2B
$34M
29.4%
3.8%
$36M
$0
$9M
2023
$1.1B
$23M
28.7%
2.8%
$28M
$8M
$18M
2022
$1.1B
$21M
28.0%
2.8%
$12M
$16M
$12M
2021
$1.1B
$21M
27.7%
2.7%
$28M
$24M
$24M
2020
$1.0B
$20M
27.3%
2.7%
$40M
$0
$29M
2019
$904M
$9M
26.4%
1.9%
$7M
—
$6M
2018
$849M
$13M
26.6%
1.8%
$19M
—
$9M
2017
$769M
$7M
27.6%
1.8%
-$290000
—
$7M
2016
—
$11M
—
—
-$25M
—
$4M
2015
—
$16M
—
—
$4M
—
$3M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$337M
$13M
30.4%
5.4%
$2M
$1M
$21M
Dec '25
$336M
$11M
29.5%
4.4%
$12M
—
$23M
Sep '25
$336M
$12M
29.5%
4.6%
$8M
$0
$17M
Jun '25
$329M
$12M
29.9%
4.7%
-$4M
—
$13M
Mar '25
$336M
$13M
30.3%
5.2%
$28M
—
$21M
Dec '24
$330M
$10M
29.9%
4.0%
-$7M
$9M
$6M
Sep '24
$323M
$9M
29.6%
3.7%
$18M
$0
$9M
Jun '24
$309M
$9M
29.2%
4.2%
$4M
$2M
$14M
Mar '24
$308M
$8M
29.3%
3.7%
$10M
$4M
$11M
Dec '23
$302M
$8M
29.4%
3.6%
$5M
$6M
$14M
Sep '23
$295M
$6M
28.6%
2.6%
$15M
$8M
$18M
Jun '23
$282M
$7M
28.9%
3.2%
-$5M
$10M
$9M
Mar '23
$283M
$6M
29.1%
3.0%
$7M
$12M
$19M
Dec '22
$280M
$4M
28.1%
2.3%
$11M
$14M
$17M
Sep '22
$274M
$2M
27.6%
1.3%
-$2M
$16M
$12M
Jun '22
$266M
$4M
27.6%
2.1%
-$3M
$18M
$20M
Mar '22
$272M
$6M
28.2%
3.3%
$9M
$20M
$29M
Dec '21
$277M
$9M
28.4%
4.3%
$7M
$22M
$25M
Sep '21
$273M
$7M
27.8%
3.4%
$12M
$24M
$24M
Jun '21
$259M
$5M
27.7%
2.7%
$7M
$24M
$15M
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 15.6× (Jun '26).
The price-to-sales ratio has risen from 0.2× (Mar '23) to 0.5× (Jun '26).
The dividend yield has fallen from 3.3% (Mar '23) to 1.5% (Jun '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?
As of Jun '26, Natural Grocers by Vitamin Cottage, Inc. traded at a price-to-earnings ratio of about 15.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.