Natural Grocers by Vitamin Cottage, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Natural Grocers by Vitamin Cottage, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	705	769	849	904	1,037	1,056	1,090	1,141	1,242	1,331
Gross profit	202	212	226	239	283	292	305	327	365	398
Selling and marketing	10.8	10.7	8.2	8.2	6.6	6.3	6.2	6.9	7.9	7
General and administrative	19.2	20.1	21.5	22.8	26.8	28.4	31.6	36	38.7	44.4
Operating expenses								274	296	317
Operating income	20.4	14.1	15.1	16.8	27.7	28.3	30.2	31.7	47	62
Interest expense	3.04	3.79	4.56	4.95	2.05	2.27	2.37	3.3	4.18	3.06
Pre-tax income	17.3	10.3	10.5	11.8	25.7	26.1	27.8	28.4	42.8	58.9
Income tax	5.86	3.41	-2.17	2.4	5.69	5.48	6.42	5.13	8.87	12.5
Net income	11.5	6.89	12.7	9.42	20	20.6	21.4	23.2	33.9	46.4
EBITDA	45.9	43.6	44.5	45.7	58.9	58	58.1	60.6	77.9	93.8
EPS, basic	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
EPS, diluted	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2.00
Shares, basic (weighted)	22.5	22.5	22.4	22.4	22.5	22.6	22.7	22.7	22.8	22.9
Shares, diluted (weighted)	22.5	22.5	22.4	22.6	22.6	22.7	22.8	22.8	23.1	23.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.02	6.52	9.4	6.21	28.5	23.7	12	18.3	8.87	17.1
Receivables	3.75	4.86	4.74	5.06	8.52	8.49	10.5	10.8	12.6	12
Other current assets	3.23	3.22	2.59	7.73	6.19	2.91	4.37	4.15	4.91	6.03
Total current assets	97.3	108	111	115	143	136	141	153	147	168
Property, plant and equipment	178	184	189	202	148	151	157	169	179	183
Lease right-of-use assets				0	339	316	307	288	275	260
Goodwill	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2
Intangible assets	0.4	0.46	0.45	5.27	5.3	6.57	8.93	8.93	8.29	6.56
Other non-current assets								0.4	0.46	5.45
Total assets	282	300	307	327	682	655	663	669	655	671
Accounts payable	53.6	56.8	61.1	63.2	69.2	68.9	71.3	80.7	88.4	81
Accrued liabilities	12.4	14.2	17.9	19.1	25	26.6	26.7	33.1	35.8	37.2
Short-term debt					0	1.75	1.75	1.75	0	0
Total current liabilities	66.5	71.6	79.7	83.3	129	134	138	154	164	159
Long-term debt					0	21.9	13.9	5.94	0	0
Lease liabilities				0	326	302	295	277	263	246
Total liabilities	156	166	160	170	509	512	507	498	481	458
Total debt					0	23.7	15.7	7.69	0	0
Paid-in capital	55.4	55.7	56.2	56.3	56.8	57.3	58.1	59	60.3	63
Retained earnings	72	78.8	91.5	101	116	85.4	97.7	112	114	149
Treasury stock	-0.69	-0.66	-1.04	-0.36	0		0	-0.07	0
Shareholders' equity	127	134	147	157	173	143	156	171	174	212
Total equity	127	134	147	157	173	143	156	171	174	212
Total liabilities and equity	282	300	307	327	682	655	663	669	655	671
Shares outstanding	22.5	22.4	22.4	22.5	22.5	22.6	22.7	22.9	22.9	23

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11.5	6.89	12.7	9.42	20	20.6	21.4	23.2	33.9	46.4
Depreciation and amortization	25.5	29.5	29.4	29	31.2	29.6	27.9	28.9	30.9	31.8
Stock-based compensation	0.88	0.76	0.81	1.19	1.13	0.88	1.19	1.36	2.83	3.96
Deferred income tax	6.97	0.24	-5.97	3.97	3.74	0.86	0.61	-1.48	-3.96	-2.61
Change in receivables	-1.17	-1.1	0.15	-0.32	-3.42	0.03	-2.97	0.32	-1.79	-0.41
Change in inventory	-11.5	-7.28	-0.62	-1.95	-4	-0.37	-13.2	-5.5	-1.41	-12.3
Cash from operations	28.8	40.8	42.9	37.4	66.5	53.9	39.7	64.6	73.8	55.3
Capital expenditures	-53.8	-41.1	-23.7	-30	-26.8	-26.4	-28	-36.6	-37.5	-31.2
Cash from investing	-53.7	-38.5	-23.5	-31.9	-29.6	-27.8	-31.1	-38	-38.6	-31
Debt issued				0	0	35	0	0
Debt repaid				0	0	-11.3	-8	-8	-7.69	0
Share buybacks	-0.83	-0.26	-0.58	0	0	0	0	-0.18	0	0
Dividends paid			0	0	-6.3	-51.5	-9.07	-9.09	-31.9	-11
Cash from financing	26	0.15	-16.4	-8.7	-14.6	-31	-20.2	-20.4	-44.6	-16.1
Net change in cash	1.1	2.5	2.88	-3.18	22.3	-4.86	-11.6	6.3	-9.47	8.25
Free cash flow	-24.9	-0.29	19.2	7.35	39.8	27.5	11.7	28	36.2	24.1
Interest paid	0.33	0.74	0.88	0.79	0.35	0.37	0.63	1.31	2.22	1.18
Income taxes paid	6.37	2.66	1.96	4.73	3.31	6.75	7.01	5.05	13.6	15.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.6%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	7.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.5%	Pre-tax income / revenue.
Net margin	3.5%	Net income / revenue.
FCF margin	1.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.9%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	32.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	36.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-25.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-33.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.2%	Total debt / total assets.
Liabilities / assets	65.2%	Total liabilities / total assets.
Net debt	-$16.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.17x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	23.4x	Operating income / interest expense.
Working capital	$15.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$228.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.95x	Revenue / average total assets.
Fixed asset turnover	6.49x	Revenue / average property, plant and equipment.
Receivables turnover	127x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
FCF conversion	47.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	67.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.77	Revenue / diluted weighted shares.
FCF per share	$0.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.04	Cash from operations / diluted weighted shares.
Book value per share	$10.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.92	Tangible book value / shares outstanding.
Cash per share	$0.76	(Cash + short-term investments) / shares outstanding.
Payout ratio	27.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	57.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$684.7M	Share price x shares outstanding.
Enterprise value	$668.7M	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	0.51x	Market cap / revenue.
P/B	2.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.99x	Market cap / tangible book value, when positive.
P/FCF	30.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.68x	Market cap / cash from operations, when positive.
EV/Sales	0.50x	Enterprise value / revenue.
EV/EBIT	10.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.99x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.50x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Natural Grocers by Vitamin Cottage, Inc.'s revenue in fiscal 2025?

Natural Grocers by Vitamin Cottage, Inc. reported revenue of $1.33B for fiscal 2025, 7.2% higher than the year before.

Was Natural Grocers by Vitamin Cottage, Inc. profitable in fiscal 2025?

Yes. Net income was $46.4M, a net margin of 3.5%.

How much free cash flow did Natural Grocers by Vitamin Cottage, Inc. generate in fiscal 2025?

Cash from operations of $55.3M minus capital expenditures of $31.2M left free cash flow of $24.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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