Natural Grocers by Vitamin Cottage, Inc.
Rank #57HypergrowthNGVC · NYSE · Consumer Defensive
Natural Grocers by Vitamin Cottage, Inc. (NGVC) — Rank #57 by gross profitability (GP/assets 0.58) · ROE 19.4% · Piotroski F-Score N/A.
As-of 2026-09-15 · 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, and dietary supplements 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. 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
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$683.31M
P/E (annual)
14.8
P/S (annual)
0.5
P/B
2.9
P/OCF (annual)
12.4
Shareholder Yield
-1.9%
Employees
3,455
Industry
Grocery Stores
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
12.6%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 3.5% — per-share value needs a total required return of 16.1% once share-count change is priced in.
vs. own 6-year median revenue growth: 22.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
8.0%
r = 10% (base)
12.6%
r = 12%
16.6%
Net debt / market cap: -2.3%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.58
Primary signal (Novy-Marx).
Return on equity
19.4%
Gross margin
29.9%
Revenue growth (YoY)
73.1%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2018 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| 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%
Anti-fragile safety
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.
Cash-flow health
Free cash flow
$24.10M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
-0.48
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.3%
Stock-based comp intensity.
Dividend safety
Composite score
3.2 / 5
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.