Quality Investor

Natural Grocers by Vitamin Cottage, Inc.

Rank #55Capital ReturnWatchlistCompare with other stocks

NGVC · NYSE · Consumer Defensive

Natural Grocers by Vitamin Cottage, Inc. (NGVC) — Rank #55 by gross profitability (GP/assets 0.58) · ROE 19.4% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0001547459 · all metrics point-in-time as of the filing date.

About

Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, dietary supplements, and body care products in the United States.

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The company's stores offer natural and organic grocery products, such as organic produce; private label repackaged bulk products, including dried fruits, nuts, grains, granolas, teas, herbs, and spices, as well as peanut and almond butters; private label products comprising grocery staples, household products, bulk foods, and vitamins and dietary supplements, as well as organic eggs, organic flavored coffee, and organic mustard; dry, frozen, and canned groceries; meat and seafood products; dairy products, dairy substitutes, and eggs; prepared foods; bread and baked products; beverages; and beer, wine, and hard cider products. Its stores also provide name-brand supplements, as well as private label dietary supplements; body care products consisting of cosmetics, skin care, hair care, fragrance, and personal care products containing natural and organic ingredients; pet care and food products; household and general merchandise, including cleaning supplies, paper products, and dish and laundry soaps, as well as other common household products, such as diapers; and books and handouts. The company operates its retail stores under the Natural Grocers, Vitamin Cottage, Health Hotline, Natural Grocers by Vitamin Cottage trademark, as well as Vitamin Cottage Natural Grocers and Health Hotline trademarks. The company also offers science-based nutrition education programs to help customers make informed health and nutrition choices. The company was formerly known as Vitamin Cottage Natural Food Markets, Inc. and changed its name to Vitamin Cottage Natural Food Markets, Inc. in April 2012. Natural Grocers by Vitamin Cottage, Inc.

was founded in 1955 and is headquartered in Lakewood, Colorado.

Industry
Grocery Stores
Sector
Consumer Defensive
State
DE
Filer Category
Accelerated filer
Fiscal Year End
September 30

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

3,455

Industry

Grocery Stores

Exchange

NYSE

11/11

Flags passed

NGVC passes 11/11 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.58
Return on equity
19.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.87
Current ratio
1.10×
Net cash
$16.02M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.3%

Growth

2/2 pass
Revenue growth
7.2%
Piotroski F-Score
N/A
Share dilution
0.7%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.58

Gross profitability (GP / assets)

0.58

Primary signal (Novy-Marx).

Return on equity

19.4%

Gross margin

29.9%

Revenue growth (YoY)

7.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

6.9%

Revenue CAGR (5Y)

5.1%

Earnings CAGR (3Y)

29.5%

FCF CAGR (3Y)

27.4%

Cash Flow Health

Is the cash real?

No warning flags · FCF 48% below net income

Free cash flow

$24.10M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-48.1%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $16.02M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.87

Current ratio

1.10×

Quick ratio

0.18×

Net cash

$16.02M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

3.2 / 5

Good
Payout ratio
23.7%5/5 Strong
FCF coverage
2.19×4/5 Strong
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 1.87 · IC 20.24×4/5 Strong

Capital allocation quality

Composite score

1.7 / 5

Weak
Share count trend
0.7%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr0/5 Weak
Net debt trajectory
-0.1%3/5 Good

Lifecycle Phase History

20202025
Capital Return
Value

Price History

NGVC+246.7% · +28.1% CAGRSPY+82.9% · +12.8% CAGR