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Natural Grocers by Vitamin Cott (NGVC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Natural Grocers by Vitamin Cott
NYSE•Consumer Defensive•Grocery Stores
$28.56+0.55(0.02%)Pre-market
Market Cap
$676.54M
P/E
14.2x
P/S
0.5x
P/B
2.8x

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

B

How this company scores

GoodMetricSide Score: 65/100

Strongest: Balance Sheet & Red Flags (23/25); weakest: Cash & Earnings Quality (10/25).

Profitability16/25
Growth16/25
Balance Sheet & Red Flags23/25
Cash & Earnings Quality10/25
Strengths
High ROELow leverageInterest easily coveredProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 14.2x5y range 12.1x – 40.6x
P/E 14.2x · below its 20-quarter median

Currently below its 20-quarter median.

P/S · 0.5x5y range 0.4x – 0.7x
P/S 0.5x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 2.8x5y range 2.6x – 5.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume
Market Cap $676.54M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$1.34B
7Q
Q. Revenue
$334.74M
2%
TTM EBITDA
$95.73M
6%
TTM Op. Income
$63.25M
8%
Q. Op. Income
$15.00M
4%
TTM Net Income
$47.64M
9%
Q. Net Income
$11.07M
5%
EPS
$0.48
6%
Shares Out.
$23.04M
7Q
$1.34B in TTM revenue grew 2.0% YoY, reaching $334.74M last quarter. TTM EBITDA of $95.73M and TTM operating income of $63.25M show growth is flowing through to the bottom line. TTM net income of $47.64M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
29.3%
2%
EBITDA Margin
7.0%
3%
Op. Margin
4.5%
6%
Net Margin
3.3%
6%
Op. margin of 4.5% is down 0.3% YoY — costs are rising relative to revenue. Net margin at 3.3% and gross margin of 29.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 6% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
14.2x
2Q
P/S Ratio
0.5x
2Q
P/B Ratio
2.8x
2Q
At 14.2x P/E, the stock trades below typical market levels. P/S of 0.5x and P/B of 2.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$687.69M
2Q
Cash
$17.47M
2Q
Long-Term Debt
$1.39M
2Q
Book Value
$239.42M
7Q
D/E Ratio
0.0
2Q
Debt/EBITDA
0.1
2Q
With $687.69M in assets and $1.39M in long-term debt, D/E is 0.0and book value is $239.42M — a conservative capital structure with a cushion to weather downturns. Across the last 3 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$11.26M
284%
TTM Free Cash Flow
$22.71M
34%
FCF Margin
1.7%
35%
FCF / Net Income
0.5
40%
TTM FCF of $22.71M on $11.26M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 34% — an improving trend.

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· below its 20-quarter median

Currently below its 20-quarter median.