InsiderClue
Stocks · Consumer staples · Retail-Grocery Stores

Natural Grocers by Vitamin Cottage, Inc.

NGVC Clue Score61
United States Fiscal year ends September CIK 0001547459
$29.68 -1.33% Close, 9 Oct 2026
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Price $29.68 +160.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue769.0Operating income14.1Net income6.9EPS, diluted0.31Fiscal year 2018Revenue849.0 +10.4%Operating income15.1Net income12.7 +83.7%EPS, diluted0.56 +80.6%Fiscal year 2019Revenue903.6 +6.4%Operating income16.8Net income9.4 −25.6%EPS, diluted0.42 −25.0%Fiscal year 2020Revenue1,036.8 +14.7%Operating income27.7Net income20.0 +112.5%EPS, diluted0.89 +111.9%Fiscal year 2021Revenue1,055.5 +1.8%Operating income28.3Net income20.6 +2.9%EPS, diluted0.91 +2.2%Fiscal year 2022Revenue1,089.6 +3.2%Operating income30.2Net income21.4 +3.8%EPS, diluted0.94 +3.3%Fiscal year 2023Revenue1,140.6 +4.7%Operating income31.7Net income23.2 +8.8%EPS, diluted1.02 +8.5%Fiscal year 2024Revenue1,241.6 +8.9%Operating income47.0Net income33.9 +46.0%EPS, diluted1.47 +44.1%Fiscal year 2025Revenue1,330.8 +7.2%Operating income62.0Net income46.4 +36.9%EPS, diluted2.00 +36.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 769.0 849.0 903.6 1,036.8 1,055.5 1,089.6 1,140.6 1,241.6 1,330.8
Growth +10.4% +6.4% +14.7% +1.8% +3.2% +4.7% +8.9% +7.2%
Operating income 14.1 15.1 16.8 27.7 28.3 30.2 31.7 47.0 62.0
Net income 6.9 12.7 9.4 20.0 20.6 21.4 23.2 33.9 46.4
Growth +83.7% −25.6% +112.5% +2.9% +3.8% +8.8% +46.0% +36.9%
EPS, diluted 0.31 0.56 0.42 0.89 0.91 0.94 1.02 1.47 2.00
Growth +80.6% −25.0% +111.9% +2.2% +3.3% +8.5% +44.1% +36.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin27.6%Operating margin1.8%Net margin0.9%Free cash flow margin−0.0%Fiscal year 2018Gross margin26.6%Operating margin1.8%Net margin1.5%Free cash flow margin2.3%Fiscal year 2019Gross margin26.4%Operating margin1.9%Net margin1.0%Free cash flow margin0.8%Fiscal year 2020Gross margin27.3%Operating margin2.7%Net margin1.9%Free cash flow margin3.8%Fiscal year 2021Gross margin27.7%Operating margin2.7%Net margin1.9%Free cash flow margin2.6%Fiscal year 2022Gross margin28.0%Operating margin2.8%Net margin2.0%Free cash flow margin1.1%Fiscal year 2023Gross margin28.7%Operating margin2.8%Net margin2.0%Free cash flow margin2.5%Fiscal year 2024Gross margin29.4%Operating margin3.8%Net margin2.7%Free cash flow margin2.9%Fiscal year 2025Gross margin29.9%Operating margin4.7%Net margin3.5%Free cash flow margin1.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 27.6% 26.6% 26.4% 27.3% 27.7% 28.0% 28.7% 29.4% 29.9%
Operating margin 1.8% 1.8% 1.9% 2.7% 2.7% 2.8% 2.8% 3.8% 4.7%
Net margin 0.9% 1.5% 1.0% 1.9% 1.9% 2.0% 2.0% 2.7% 3.5%
Free cash flow margin −0.0% 2.3% 0.8% 3.8% 2.6% 1.1% 2.5% 2.9% 1.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow40.8Capital expenditure−41.1Free cash flow−0.3Buybacks−0.3Fiscal year 2018Operating cash flow42.9Capital expenditure−23.7Free cash flow19.2Buybacks−0.6Dividends paid0.0Fiscal year 2019Operating cash flow37.4Capital expenditure−30.0Free cash flow7.4 −61.7%Buybacks0.0Dividends paid0.0Fiscal year 2020Operating cash flow66.5Capital expenditure−26.8Free cash flow39.8 +440.7%Buybacks0.0Dividends paid−6.3Fiscal year 2021Operating cash flow53.9Capital expenditure−26.4Free cash flow27.5 −30.7%Buybacks0.0Dividends paid−51.5Fiscal year 2022Operating cash flow39.7Capital expenditure−28.0Free cash flow11.7 −57.7%Buybacks0.0Dividends paid−9.1Fiscal year 2023Operating cash flow64.6Capital expenditure−36.6Free cash flow28.0 +140.6%Buybacks−0.2Dividends paid−9.1Fiscal year 2024Operating cash flow73.8Capital expenditure−37.5Free cash flow36.2 +29.2%Buybacks0.0Dividends paid−31.9Fiscal year 2025Operating cash flow55.3Capital expenditure−31.2Free cash flow24.1 −33.5%Buybacks0.0Dividends paid−11.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 40.8 42.9 37.4 66.5 53.9 39.7 64.6 73.8 55.3
Capital expenditure −41.1 −23.7 −30.0 −26.8 −26.4 −28.0 −36.6 −37.5 −31.2
Free cash flow −0.3 19.2 7.4 39.8 27.5 11.7 28.0 36.2 24.1
Growth −61.7% +440.7% −30.7% −57.7% +140.6% +29.2% −33.5%
Buybacks −0.3 −0.6 0.0 0.0 0.0 0.0 −0.2 0.0 0.0
Dividends paid n/a 0.0 0.0 −6.3 −51.5 −9.1 −9.1 −31.9 −11.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash6.5Shareholders’ equity133.9Fiscal year 2018Cash9.4Shareholders’ equity146.7Fiscal year 2019Cash6.2Shareholders’ equity156.9Fiscal year 2020Cash28.5Total debt0.0Net cash (debt)28.5Shareholders’ equity173.1Debt to equity0.00Fiscal year 2021Cash23.7Total debt23.7Net cash (debt)−0.0Shareholders’ equity142.7Debt to equity0.17Fiscal year 2022Cash12.0Total debt15.7Net cash (debt)−3.6Shareholders’ equity155.8Debt to equity0.10Fiscal year 2023Cash18.3Total debt7.7Net cash (debt)10.7Shareholders’ equity170.8Debt to equity0.05Fiscal year 2024Cash8.9Total debt0.0Net cash (debt)8.9Shareholders’ equity174.3Debt to equity0.00Fiscal year 2025Cash17.1Total debt0.0Net cash (debt)17.1Shareholders’ equity212.4Debt to equity0.00
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 6.5 9.4 6.2 28.5 23.7 12.0 18.3 8.9 17.1
Total debt n/a n/a n/a 0.0 23.7 15.7 7.7 0.0 0.0
Net cash (debt) n/a n/a n/a 28.5 −0.0 −3.6 10.7 8.9 17.1
Shareholders’ equity 133.9 146.7 156.9 173.1 142.7 155.8 170.8 174.3 212.4
Debt to equity n/a n/a n/a 0.00 0.17 0.10 0.05 0.00 0.00

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
27.6% 26.6% 26.4% 27.3% 27.7% 28.0% 28.7% 29.4% 29.9%
1.8% 1.8% 1.9% 2.7% 2.7% 2.8% 2.8% 3.8% 4.7%
1.3% 1.2% 1.3% 2.5% 2.5% 2.5% 2.5% 3.4% 4.4%
0.9% 1.5% 1.0% 1.9% 1.9% 2.0% 2.0% 2.7% 3.5%
−0.0% 2.3% 0.8% 3.8% 2.6% 1.1% 2.5% 2.9% 1.8%
Spending
2.6% 2.5% 2.5% 2.6% 2.7% 2.9% 3.2% 3.1% 3.3%
5.3% 2.8% 3.3% 2.6% 2.5% 2.6% 3.2% 3.0% 2.3%
33.1% −20.7% 20.3% 22.1% 21.0% 23.1% 18.1% 20.7% 21.2%
Returns
5.1% 8.6% 6.0% 11.6% 14.4% 13.7% 13.6% 19.5% 21.9%
2.3% 4.1% 2.9% 2.9% 3.1% 3.2% 3.5% 5.2% 6.9%
Balance and payout
n/a n/a n/a 0.00 0.17 0.10 0.05 0.00 0.00
55.4% 52.2% 52.0% 74.6% 78.2% 76.5% 74.5% 73.4% 68.3%
n/a 0.0% 0.0% 31.5% 250.0% 42.4% 39.1% 93.9% 23.7%
n/a 3.0% 0.0% 15.9% 186.9% 77.8% 33.1% 88.0% 45.7%