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Grocery Outlet vs Natural Grocers by Vitamin Cottage: revenue, profit, margins and growth compared

Grocery Outlet brought in $4.7B of revenue in fiscal 2025, Natural Grocers by Vitamin Cottage $1.3B in fiscal 2025. Revenue changed by +7.3% at Grocery Outlet and +7.2% at Natural Grocers by Vitamin Cottage on the year before, so Grocery Outlet grew faster. Grocery Outlet kept -4.8% of its revenue as net profit, Natural Grocers by Vitamin Cottage 3.5%. Free cash flow was $23.8M at Grocery Outlet and $24.1M at Natural Grocers by Vitamin Cottage.

Side by side, latest fiscal year

GONGVC
Fiscal year endedFY2025 (January 3, 2026)FY2025 (September 30, 2025)
Revenue$4.7B$1.3B
Revenue growth+7.3%+7.2%
Net income-$224.9M$46.4M
Net margin-4.8%3.5%
Free cash flow$23.8M$24.1M
Free cash flow margin0.5%1.8%
Earnings per share (diluted)-$2.30$2.00
Cash$69.6M$17.1M
Debt$492.9M$0
Price to earningsn/a14.9
Market value$1.1B$684.7M
Dividend yieldn/an/a
Rank by revenue in sector#39 of 93 · Consumer staples#58 of 93 · Consumer staples

Over the years

Revenue
GO FY2019: $2.3BGO FY2019: $2.6BGO FY2020: $3.1BGO FY2021: $3.1BGO FY2022: $3.6BGO FY2023: $4BGO FY2024: $4.4BGO FY2025: $4.7BNGVC FY2018: $849MNGVC FY2019: $903.6MNGVC FY2020: $1BNGVC FY2021: $1.1BNGVC FY2022: $1.1BNGVC FY2023: $1.1BNGVC FY2024: $1.2BNGVC FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
GO $4.7BNGVC $1.3B
Net income
GO FY2019: $15.9MGO FY2019: $15.4MGO FY2020: $106.7MGO FY2021: $62.3MGO FY2022: $65.1MGO FY2023: $79.4MGO FY2024: $39.5MGO FY2025: -$224.9MNGVC FY2018: $12.7MNGVC FY2019: $9.4MNGVC FY2020: $20MNGVC FY2021: $20.6MNGVC FY2022: $21.4MNGVC FY2023: $23.2MNGVC FY2024: $33.9MNGVC FY2025: $46.4MFY18FY19FY20FY21FY22FY23FY24FY25
GO -$224.9MNGVC $46.4M
Net margin
GO FY2019: 0.7%GO FY2019: 0.6%GO FY2020: 3.4%GO FY2021: 2.0%GO FY2022: 1.8%GO FY2023: 2.0%GO FY2024: 0.9%GO FY2025: -4.8%NGVC FY2018: 1.5%NGVC FY2019: 1.0%NGVC FY2020: 1.9%NGVC FY2021: 1.9%NGVC FY2022: 2.0%NGVC FY2023: 2.0%NGVC FY2024: 2.7%NGVC FY2025: 3.5%FY18FY19FY20FY21FY22FY23FY24FY25
GO -4.8%NGVC 3.5%
Revenue growth
GO FY2019: +11.9%GO FY2020: +22.5%GO FY2021: -1.8%GO FY2022: +16.2%GO FY2023: +10.9%GO FY2024: +10.1%GO FY2025: +7.3%NGVC FY2019: +6.4%NGVC FY2020: +14.7%NGVC FY2021: +1.8%NGVC FY2022: +3.2%NGVC FY2023: +4.7%NGVC FY2024: +8.9%NGVC FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
GO +7.3%NGVC +7.2%
Free cash flow
GO FY2019: $41MGO FY2019: $35.6MGO FY2020: $56.3MGO FY2021: $42.2MGO FY2022: $55MGO FY2023: $134.5MGO FY2024: -$74.6MGO FY2025: $23.8MNGVC FY2018: $19.2MNGVC FY2019: $7.4MNGVC FY2020: $39.8MNGVC FY2021: $27.5MNGVC FY2022: $11.7MNGVC FY2023: $28MNGVC FY2024: $36.2MNGVC FY2025: $24.1MFY18FY19FY20FY21FY22FY23FY24FY25
GO $23.8MNGVC $24.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Grocery Outlet and Natural Grocers by Vitamin Cottage

Which is bigger by revenue, Grocery Outlet or Natural Grocers by Vitamin Cottage?

Grocery Outlet is bigger by revenue: $4.7B in fiscal 2025, against $1.3B for Natural Grocers by Vitamin Cottage in fiscal 2025.

Which keeps more of its revenue as profit, Grocery Outlet or Natural Grocers by Vitamin Cottage?

Grocery Outlet had a net margin of -4.8% in fiscal 2025; Natural Grocers by Vitamin Cottage had 3.5% in fiscal 2025.

Which grew revenue faster, Grocery Outlet or Natural Grocers by Vitamin Cottage?

In their latest fiscal years revenue changed by +7.3% at Grocery Outlet and +7.2% at Natural Grocers by Vitamin Cottage.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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