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
- Website
- naturalgrocers.com
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
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo 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 passSafety
1/1 passCash Flow
2/3 passGrowth
2/2 passFCF 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.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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
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).
Accruals healthy
Cash-backed earnings.
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.
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
Capital allocation quality
Composite score
1.7 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports