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Ingles Markets vs Natural Grocers by Vitamin Cottage: revenue, profit, margins and growth compared

Ingles Markets brought in $5.3B of revenue in fiscal 2025, Natural Grocers by Vitamin Cottage $1.3B in fiscal 2025. Revenue changed by -5.4% at Ingles Markets and +7.2% at Natural Grocers by Vitamin Cottage on the year before, so Natural Grocers by Vitamin Cottage grew faster. Ingles Markets kept 1.6% of its revenue as net profit, Natural Grocers by Vitamin Cottage 3.5%. Free cash flow was $39.6M at Ingles Markets and $24.1M at Natural Grocers by Vitamin Cottage.

Side by side, latest fiscal year

IMKTANGVC
Fiscal year endedFY2025 (September 27, 2025)FY2025 (September 30, 2025)
Revenue$5.3B$1.3B
Revenue growth-5.4%+7.2%
Net income$83.6M$46.4M
Net margin1.6%3.5%
Free cash flow$39.6M$24.1M
Free cash flow margin0.7%1.8%
Earnings per share (diluted)n/a$2.00
Cash$366.2M$17.1M
Debt$514.8M$0
Price to earningsn/a14.9
Market value$1.6B$684.7M
Dividend yieldn/an/a
Rank by revenue in sector#36 of 93 · Consumer staples#58 of 93 · Consumer staples

Over the years

Revenue
IMKTA FY2018: $4.1BIMKTA FY2019: $4.2BIMKTA FY2020: $4.6BIMKTA FY2021: $5BIMKTA FY2022: $5.7BIMKTA FY2023: $5.9BIMKTA FY2024: $5.6BIMKTA FY2025: $5.3BNGVC FY2018: $849MNGVC FY2019: $903.6MNGVC FY2020: $1BNGVC FY2021: $1.1BNGVC FY2022: $1.1BNGVC FY2023: $1.1BNGVC FY2024: $1.2BNGVC FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
IMKTA $5.3BNGVC $1.3B
Net income
IMKTA FY2018: $97.4MIMKTA FY2019: $81.6MIMKTA FY2020: $178.6MIMKTA FY2021: $249.7MIMKTA FY2022: $272.8MIMKTA FY2023: $210.8MIMKTA FY2024: $105.5MIMKTA FY2025: $83.6MNGVC FY2018: $12.7MNGVC FY2019: $9.4MNGVC FY2020: $20MNGVC FY2021: $20.6MNGVC FY2022: $21.4MNGVC FY2023: $23.2MNGVC FY2024: $33.9MNGVC FY2025: $46.4MFY18FY19FY20FY21FY22FY23FY24FY25
IMKTA $83.6MNGVC $46.4M
Net margin
IMKTA FY2018: 2.4%IMKTA FY2019: 1.9%IMKTA FY2020: 3.9%IMKTA FY2021: 5.0%IMKTA FY2022: 4.8%IMKTA FY2023: 3.6%IMKTA FY2024: 1.9%IMKTA FY2025: 1.6%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
IMKTA 1.6%NGVC 3.5%
Revenue growth
IMKTA FY2019: +2.7%IMKTA FY2020: +9.7%IMKTA FY2021: +8.2%IMKTA FY2022: +13.9%IMKTA FY2023: +3.8%IMKTA FY2024: -4.3%IMKTA FY2025: -5.4%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
IMKTA -5.4%NGVC +7.2%
Free cash flow
IMKTA FY2018: $10.8MIMKTA FY2019: $49.8MIMKTA FY2020: $227.3MIMKTA FY2021: $165.7MIMKTA FY2022: $219.9MIMKTA FY2023: $92.8MIMKTA FY2024: $51.7MIMKTA FY2025: $39.6MNGVC FY2018: $19.2MNGVC FY2019: $7.4MNGVC FY2020: $39.8MNGVC FY2021: $27.5MNGVC FY2022: $11.7MNGVC FY2023: $28MNGVC FY2024: $36.2MNGVC FY2025: $24.1MFY18FY19FY20FY21FY22FY23FY24FY25
IMKTA $39.6MNGVC $24.1M

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

Questions about Ingles Markets and Natural Grocers by Vitamin Cottage

Which is bigger by revenue, Ingles Markets or Natural Grocers by Vitamin Cottage?

Ingles Markets is bigger by revenue: $5.3B in fiscal 2025, against $1.3B for Natural Grocers by Vitamin Cottage in fiscal 2025.

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

Ingles Markets had a net margin of 1.6% in fiscal 2025; Natural Grocers by Vitamin Cottage had 3.5% in fiscal 2025.

Which grew revenue faster, Ingles Markets or Natural Grocers by Vitamin Cottage?

In their latest fiscal years revenue changed by -5.4% at Ingles Markets 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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