Natural Grocers by Vitamin Cottage (NGVC) Financials

$47.60 +0.77 (+1.64%)

As of 10:24 AM Eastern

Annual Income Statements for Natural Grocers by Vitamin Cottage

This table shows Natural Grocers by Vitamin Cottage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	13	16	11	6.89	13	9.42	20	21	21	23	34
Consolidated Net Income / (Loss)	13	16	11	6.89	13	9.42	20	21	21	23	34
Net Income / (Loss) Continuing Operations	13	16	11	6.89	13	9.42	20	21	21	23	34
Total Pre-Tax Income	22	26	17	10	10	12	26	26	28	28	43
Total Operating Income	24	29	20	14	15	17	28	28	30	32	47
Total Gross Profit	152	182	202	212	226	239	283	292	305	327	365
Total Revenue	521	625	705	769	849	904	1,037	1,056	1,090	1,141	1,242
Operating Revenue	521	625	705	769	849	904	1,037	1,056	1,090	1,141	1,242
Total Cost of Revenue	369	443	504	557	623	665	754	763	785	814	877
Operating Cost of Revenue	369	443	504	557	623	665	754	763	785	814	877
Total Operating Expenses	127	153	181	198	211	222	255	264	275	295	318
Selling, General & Admin Expense	15	18	19	20	22	23	27	28	32	36	39
Other Operating Expenses / (Income)	112	136	162	178	189	199	229	236	243	259	279
Total Other Income / (Expense), net	-2.49	-2.99	-3.04	-3.79	-4.56	-4.95	-2.05	-2.27	-2.37	-3.30	-4.18
Interest Expense	2.50	2.99	3.04	3.79	4.56	4.95	2.05	2.27	2.37	3.30	4.18
Income Tax Expense	8.28	9.43	5.86	3.41	-2.17	2.40	5.69	5.48	6.42	5.13	8.87
Basic Earnings per Share	$0.60	$0.72	$0.51	$0.31	$0.57	$0.42	$0.89	$0.91	$0.94	$1.02	$1.49
Weighted Average Basic Shares Outstanding	22.47M	22.49M	22.49M	22.45M	22.36M	22.42M	22.50M	22.59M	22.67M	22.73M	22.77M
Diluted Earnings per Share	$0.60	$0.72	$0.51	$0.31	$0.56	$0.42	$0.89	$0.91	$0.94	$1.02	$1.47
Weighted Average Diluted Shares Outstanding	22.48M	22.50M	22.51M	22.46M	22.41M	22.55M	22.58M	22.71M	22.82M	22.83M	23.08M
Weighted Average Basic & Diluted Shares Outstanding	22.48M	22.50M	22.51M	22.46M	22.41M	22.48M	22.56M	22.64M	22.71M	22.75M	22.91M

This table shows Natural Grocers by Vitamin Cottage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	3.93	2.16	4.41	5.88	7.07	5.88	7.76	7.96	9.21	9.01	9.94
Consolidated Net Income / (Loss)	3.93	2.16	4.41	5.88	7.07	5.88	7.76	7.96	9.21	9.01	9.94
Net Income / (Loss) Continuing Operations	3.93	2.16	4.41	5.88	7.07	5.88	7.76	7.96	9.21	9.01	9.94
Total Pre-Tax Income	5.05	2.94	5.62	7.60	8.24	6.92	9.91	10	12	11	12
Total Operating Income	5.65	3.62	6.42	8.43	9.08	7.74	11	11	13	12	13
Total Gross Profit	74	76	79	82	81	84	89	90	90	95	99
Total Revenue	266	274	280	283	282	295	302	308	309	323	330
Operating Revenue	266	274	280	283	282	295	302	308	309	323	330
Total Cost of Revenue	193	198	202	201	200	211	213	218	219	227	231
Operating Cost of Revenue	193	198	202	201	200	211	213	218	219	227	231
Total Operating Expenses	68	72	72	74	72	77	78	79	77	83	85
Selling, General & Admin Expense	7.46	8.64	8.25	8.61	9.31	9.81	9.41	9.52	9.55	10	12
Other Operating Expenses / (Income)	60	64	64	65	63	67	69	70	68	73	74
Total Other Income / (Expense), net	-0.60	-0.68	-0.80	-0.83	-0.85	-0.82	-0.89	-1.18	-1.05	-1.05	-0.92
Interest Expense	0.60	0.68	0.80	0.83	0.85	0.82	0.89	1.18	1.05	1.05	0.92
Income Tax Expense	1.12	0.78	1.21	1.71	1.16	1.04	2.15	2.12	2.59	2.00	2.49
Basic Earnings per Share	$0.17	$0.10	$0.19	$0.26	$0.31	$0.26	$0.34	$0.35	$0.40	$0.40	$0.43
Weighted Average Basic Shares Outstanding	22.68M	22.67M	22.71M	22.73M	22.73M	22.73M	22.75M	22.76M	22.79M	22.77M	22.90M
Diluted Earnings per Share	$0.17	$0.10	$0.19	$0.26	$0.31	$0.26	$0.34	$0.35	$0.40	$0.38	$0.43
Weighted Average Diluted Shares Outstanding	22.85M	22.82M	22.80M	22.82M	22.89M	22.83M	22.98M	23.06M	23.12M	23.08M	23.17M
Weighted Average Basic & Diluted Shares Outstanding	22.69M	22.71M	22.72M	22.73M	22.74M	22.75M	22.75M	22.79M	22.79M	22.91M	22.93M

This table details how cash moves in and out of Natural Grocers by Vitamin Cottage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-3.02	-2.20	1.10	2.50	2.88	-3.18	22	-4.86	-12	6.30	-9.47
Net Cash From Operating Activities	32	41	29	41	43	37	67	54	40	65	74
Net Cash From Continuing Operating Activities	32	41	29	41	43	37	67	54	40	65	74
Net Income / (Loss) Continuing Operations	13	16	11	6.89	13	9.42	20	21	21	23	34
Consolidated Net Income / (Loss)	13	16	11	6.89	13	9.42	20	21	21	23	34
Depreciation Expense	17	21	26	30	29	29	31	30	28	29	31
Amortization Expense	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02
Non-Cash Adjustments To Reconcile Net Income	0.14	0.63	0.88	0.74	1.40	1.43	1.34	1.30	7.04	2.18	4.35
Changes in Operating Assets and Liabilities, net	0.90	2.82	-9.07	3.70	-0.80	-2.46	14	2.34	-17	10	4.85
Net Cash From Investing Activities	-35	-42	-54	-38	-24	-32	-30	-28	-31	-38	-39
Net Cash From Continuing Investing Activities	-35	-42	-54	-38	-24	-32	-30	-28	-31	-38	-39
Purchase of Property, Plant & Equipment	-37	-37	-54	-41	-24	-30	-27	-26	-28	-37	-38
Acquisitions	0.00	-5.60	-	-0.09	-0.03	-2.70	-2.83	-1.94	-3.41	-1.53	-1.14
Sale of Property, Plant & Equipment	0.00	0.01	0.02	2.73	0.03	0.84	0.00	0.09	0.02	0.11	0.04
Other Investing Activities, net	0.50	-	0.00	0.00	0.14	0.03	0.03	0.44	0.28	0.04	0.04
Net Cash From Financing Activities	0.10	-0.86	26	0.15	-16	-8.70	-15	-31	-20	-20	-45
Net Cash From Continuing Financing Activities	0.10	-0.86	26	0.15	-16	-8.70	-15	-31	-20	-20	-45
Repayment of Debt	-47	-203	-208	-291	-392	-414	-242	-11	-137	-539	-612
Repurchase of Common Equity	0.00	0.00	-0.83	-0.26	-0.58	-	-	0.00	0.00	-0.18	0.00
Payment of Dividends	-	-	-	-	0.00	0.00	-6.30	-51	-9.07	-9.09	-32
Issuance of Debt	46	203	235	292	376	406	236	35	129	531	604
Other Financing Activities, net	0.32	-0.62	-0.12	-0.07	-0.09	-0.42	-2.61	-3.16	-3.12	-3.08	-5.06
Cash Interest Paid	2.44	2.87	2.97	3.71	4.49	4.94	2.04	2.15	2.43	3.31	4.16
Cash Income Taxes Paid	3.76	8.19	6.37	2.66	1.96	4.73	3.31	6.75	7.01	5.05	14

This table details how cash moves in and out of Natural Grocers by Vitamin Cottage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-8.97	-7.88	4.90	2.03	-10	9.77	-4.72	-2.65	2.95	-5.04	-2.56
Net Cash From Operating Activities	1.92	10	21	14	1.30	28	17	20	12	24	2.68
Net Cash From Continuing Operating Activities	1.92	10	21	14	1.30	28	17	20	12	25	2.68
Net Income / (Loss) Continuing Operations	3.93	2.16	4.41	5.88	7.07	5.88	7.76	7.96	9.21	9.01	9.94
Consolidated Net Income / (Loss)	3.93	2.16	4.41	5.88	7.07	5.88	7.76	7.96	9.21	9.01	9.94
Depreciation Expense	7.07	6.82	7.06	7.15	7.21	7.48	7.45	7.70	7.85	7.93	7.95
Amortization Expense	0.01	0.01	0.01	0.00	0.01	0.01	0.00	0.01	0.01	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	0.05	3.18	0.25	0.80	0.11	1.01	0.44	0.31	1.00	2.59	1.37
Changes in Operating Assets and Liabilities, net	-9.13	-1.97	9.48	-0.19	-13	14	0.97	4.24	-5.63	5.26	-17
Net Cash From Investing Activities	-5.72	-13	-11	-6.49	-6.53	-14	-12	-11	-9.30	-6.79	-9.42
Net Cash From Continuing Investing Activities	-5.72	-13	-11	-6.49	-6.53	-14	-12	-11	-9.30	-6.79	-9.42
Purchase of Property, Plant & Equipment	-5.07	-12	-10	-6.57	-6.26	-13	-12	-10	-8.83	-6.53	-9.62
Acquisitions	-0.71	-1.11	-0.88	0.02	-0.27	-0.39	-0.11	-0.26	-0.47	-0.30	-0.06
Sale of Property, Plant & Equipment	-	0.01	0.02	0.05	0.00	0.03	0.00	0.00	-	0.03	0.03
Other Investing Activities, net	0.05	0.10	0.00	-	-	0.04	0.04	0.00	0.00	-0.00	0.24
Net Cash From Financing Activities	-5.17	-4.94	-5.03	-5.13	-5.16	-5.03	-9.54	-12	-0.19	-23	4.18
Net Cash From Continuing Financing Activities	-5.17	-4.94	-5.03	-5.13	-5.16	-5.03	-9.54	-12	-0.19	-23	4.18
Repayment of Debt	-4.10	-125	-127	-124	-135	-153	-139	-148	-158	-167	-148
Payment of Dividends	-2.27	-2.27	-2.27	-2.27	-2.27	-2.27	-25	-2.28	-2.28	-2.28	-2.75
Issuance of Debt	2.10	123	125	122	133	151	155	139	162	149	157
Other Financing Activities, net	-0.91	-0.67	-0.76	-0.78	-0.79	-0.76	-0.89	-0.89	-1.11	-2.16	-1.97
Cash Interest Paid	0.60	0.67	0.76	0.88	0.83	0.83	0.90	1.05	1.10	1.10	0.80
Cash Income Taxes Paid	1.59	1.70	0.00	2.62	2.38	0.04	0.01	6.46	1.80	5.32	0.16

This table presents Natural Grocers by Vitamin Cottage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	189	234	282	300	307	327	682	655	663	669	655
Total Current Assets	67	82	97	108	111	115	143	136	141	153	147
Cash & Equivalents	5.11	2.92	4.02	6.52	9.40	6.21	29	24	12	18	8.87
Accounts Receivable	2.15	2.58	3.75	4.86	4.74	5.06	8.52	8.49	10	11	13
Inventories, net	58	75	86	94	94	96	100	101	114	119	121
Prepaid Expenses	0.64	1.11	3.23	3.22	2.59	7.73	6.19	2.91	4.37	4.15	4.91
Plant, Property, & Equipment, net	120	145	178	184	189	202	148	151	157	169	179
Total Noncurrent Assets	1.65	6.42	6.62	7.36	7.36	10	390	368	365	348	330
Noncurrent Note & Lease Receivables	-	-	-	-	-	0.00	40	39	44	45	41
Goodwill	0.90	5.62	5.60	5.66	5.65	8.64	10	12	14	14	13
Other Noncurrent Operating Assets	0.71	0.78	0.97	1.64	1.68	1.64	340	317	308	288	276
Total Liabilities & Shareholders' Equity	189	234	282	300	307	327	682	655	663	669	655
Total Liabilities	90	118	156	166	160	170	509	512	507	498	481
Total Current Liabilities	50	70	67	72	80	83	129	134	138	154	164
Accounts Payable	34	50	54	57	61	63	69	69	71	81	88
Accrued Expenses	16	20	12	14	18	19	25	27	27	33	36
Other Current Liabilities	-	-	-	-	-	0.00	35	36	38	39	40
Total Noncurrent Liabilities	40	49	89	95	81	87	380	379	370	344	317
Long-Term Debt	-	0.00	27	28	13	5.69	0.00	22	14	5.94	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	5.41	6.07	12	12	6.45	10	14	15	16	14	10
Other Noncurrent Operating Liabilities	7.25	7.98	8.38	9.16	8.90	7.96	326	302	295	324	307
Total Equity & Noncontrolling Interests	99	115	127	134	147	157	173	143	156	171	174
Total Preferred & Common Equity	99	115	127	134	147	157	173	143	156	171	174
Total Common Equity	99	115	127	134	147	157	173	143	156	171	174
Common Stock	55	55	55	56	56	56	57	57	58	59	60
Retained Earnings	44	60	72	79	92	101	116	85	98	112	114

This table presents Natural Grocers by Vitamin Cottage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	664	659	652	656	663	657	654	649
Total Current Assets	144	140	146	140	143	141	145	145
Cash & Equivalents	20	17	19	8.58	14	11	14	6.32
Accounts Receivable	8.09	7.99	6.92	8.87	9.32	8.74	8.92	12
Inventories, net	111	111	116	117	116	117	117	122
Prepaid Expenses	4.22	3.83	3.84	6.07	4.24	3.81	5.03	4.49
Plant, Property, & Equipment, net	149	159	158	162	177	178	178	182
Total Noncurrent Assets	372	359	348	353	343	337	331	322
Noncurrent Note & Lease Receivables	46	44	43	46	44	43	42	40
Goodwill	13	15	14	14	14	14	14	13
Other Noncurrent Operating Assets	313	300	291	293	285	280	275	270
Total Liabilities & Shareholders' Equity	664	659	652	656	663	657	654	649
Total Liabilities	509	500	490	489	509	497	487	467
Total Current Liabilities	131	140	141	136	159	160	152	150
Accounts Payable	69	76	76	73	82	84	79	76
Accrued Expenses	22	24	25	23	32	32	31	35
Other Current Liabilities	38	38	38	38	40	40	40	40
Total Noncurrent Liabilities	377	361	349	353	350	337	335	317
Long-Term Debt	16	12	9.94	7.94	18	11	17	8.90
Noncurrent Deferred & Payable Income Tax Liabilities	16	16	16	16	14	13	12	9.73
Other Noncurrent Operating Liabilities	299	287	323	329	272	313	307	298
Total Equity & Noncontrolling Interests	156	158	162	167	154	160	168	182
Total Preferred & Common Equity	156	158	162	167	154	160	168	182
Total Common Equity	156	158	162	167	154	160	168	182
Common Stock	58	58	59	59	59	60	61	61
Retained Earnings	98	100	103	108	95	100	107	121

This table displays calculated financial ratios and metrics derived from Natural Grocers by Vitamin Cottage's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.90%	19.97%	12.94%	9.01%	10.40%	6.42%	14.75%	1.80%	3.23%	4.68%	8.86%
EBITDA Growth	27.01%	20.50%	-8.12%	-5.02%	2.00%	2.83%	28.84%	-1.65%	0.17%	4.32%	28.60%
EBIT Growth	27.03%	18.07%	-28.82%	-30.82%	6.77%	11.38%	65.51%	2.08%	6.45%	5.02%	48.34%
NOPAT Growth	26.24%	20.50%	-25.48%	-30.09%	92.66%	-26.43%	61.67%	3.57%	3.64%	11.89%	43.55%
Net Income Growth	27.68%	20.27%	-29.21%	-39.93%	83.73%	-25.63%	112.50%	2.86%	3.81%	8.79%	46.00%
EPS Growth	27.66%	20.00%	-29.17%	-39.22%	80.65%	-25.00%	111.90%	2.25%	3.30%	8.51%	44.12%
Operating Cash Flow Growth	23.46%	29.15%	-29.70%	41.70%	4.93%	-12.79%	77.90%	-18.98%	-26.33%	62.76%	14.17%
Free Cash Flow Firm Growth	73.40%	-4.35%	-344.25%	108.11%	580.41%	-124.87%	1,293.18%	-47.86%	-94.82%	5,471.88%	-54.14%
Invested Capital Growth	22.35%	21.16%	29.85%	3.92%	1.33%	9.00%	-11.90%	-1.00%	12.04%	-21.53%	3.24%
Revenue Q/Q Growth	4.11%	4.46%	2.71%	2.33%	2.29%	1.08%	3.70%	0.81%	0.14%	1.86%	2.27%
EBITDA Q/Q Growth	4.77%	2.26%	-2.63%	0.36%	0.96%	-5.12%	4.75%	7.22%	-9.52%	8.57%	6.53%
EBIT Q/Q Growth	4.49%	-0.16%	-10.34%	-3.31%	5.00%	-3.91%	8.54%	18.45%	-16.03%	14.96%	10.15%
NOPAT Q/Q Growth	4.43%	-0.26%	-8.92%	-0.55%	6.19%	-5.75%	9.46%	18.86%	-17.76%	17.67%	9.73%
Net Income Q/Q Growth	7.67%	-1.79%	-11.06%	-3.23%	7.19%	-7.14%	13.44%	20.36%	-19.13%	19.05%	10.16%
EPS Q/Q Growth	7.14%	-1.37%	-12.07%	0.00%	5.66%	-6.67%	14.10%	19.74%	-18.97%	18.60%	8.89%
Operating Cash Flow Q/Q Growth	-7.22%	9.36%	-11.34%	-7.06%	21.43%	-49.49%	-5.73%	49.42%	-24.21%	39.40%	-5.10%
Free Cash Flow Firm Q/Q Growth	-24.94%	36.48%	-33.28%	150.30%	65.39%	-111.35%	-76.09%	114.69%	-89.36%	28.16%	7.95%
Invested Capital Q/Q Growth	6.40%	2.37%	5.20%	1.11%	-1.57%	19.67%	0.00%	-0.83%	2.00%	-4.45%	-3.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.10%	29.15%	28.60%	27.61%	26.57%	26.42%	27.31%	27.68%	27.98%	28.66%	29.38%
EBITDA Margin	7.97%	8.00%	6.51%	5.67%	5.24%	5.06%	5.69%	5.49%	5.33%	5.31%	6.28%
Operating Margin	4.66%	4.58%	2.89%	1.83%	1.77%	1.86%	2.68%	2.68%	2.77%	2.78%	3.78%
EBIT Margin	4.66%	4.58%	2.89%	1.83%	1.77%	1.86%	2.68%	2.68%	2.77%	2.78%	3.78%
Profit (Net Income) Margin	2.59%	2.59%	1.63%	0.90%	1.49%	1.04%	1.93%	1.95%	1.96%	2.04%	2.73%
Tax Burden Percent	61.93%	63.21%	66.17%	66.87%	120.66%	79.70%	77.85%	78.99%	76.90%	81.93%	79.29%
Interest Burden Percent	89.71%	89.55%	85.06%	73.10%	69.71%	70.46%	92.62%	91.98%	92.14%	89.58%	91.11%
Effective Tax Rate	38.07%	36.79%	33.83%	33.13%	-20.66%	20.30%	22.15%	21.01%	23.10%	18.07%	20.71%
Return on Invested Capital (ROIC)	14.29%	14.15%	8.37%	5.08%	9.54%	6.67%	11.00%	12.22%	12.00%	14.24%	22.88%
ROIC Less NNEP Spread (ROIC-NNEP)	2.78%	5.03%	3.33%	0.49%	-1.45%	-1.47%	5.93%	5.11%	7.85%	-0.11%	56.80%
Return on Net Nonoperating Assets (RNNOA)	0.41%	0.97%	1.10%	0.21%	-0.52%	-0.47%	1.13%	0.82%	2.31%	-0.01%	-3.21%
Return on Equity (ROE)	14.69%	15.12%	9.47%	5.29%	9.02%	6.20%	12.13%	13.03%	14.31%	14.23%	19.67%
Cash Return on Invested Capital (CROIC)	-5.82%	-4.99%	-17.60%	1.24%	8.22%	-1.94%	23.64%	13.23%	0.65%	38.36%	19.69%
Operating Return on Assets (OROA)	13.90%	13.54%	7.90%	4.84%	4.96%	5.29%	5.50%	4.24%	4.58%	4.75%	7.09%
Return on Assets (ROA)	7.72%	7.66%	4.44%	2.37%	4.17%	2.97%	3.97%	3.08%	3.24%	3.49%	5.12%
Return on Common Equity (ROCE)	14.69%	15.12%	9.47%	5.29%	9.02%	6.20%	12.13%	13.03%	14.31%	14.23%	19.67%
Return on Equity Simple (ROE_SIMPLE)	13.63%	14.03%	9.05%	5.15%	8.63%	6.00%	11.56%	14.42%	13.71%	13.61%	19.47%
Net Operating Profit after Tax (NOPAT)	15	18	13	9.43	18	13	22	22	23	26	37
NOPAT Margin	2.88%	2.90%	1.91%	1.23%	2.14%	1.48%	2.08%	2.12%	2.13%	2.27%	3.00%
Net Nonoperating Expense Percent (NNEP)	11.51%	9.12%	5.04%	4.59%	10.99%	8.15%	5.07%	7.11%	4.15%	14.35%	-33.92%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	10.73%	14.53%	21.37%
Cost of Revenue to Revenue	70.90%	70.85%	71.40%	72.39%	73.43%	73.58%	72.69%	72.32%	72.02%	71.34%	70.62%
SG&A Expenses to Revenue	2.85%	2.80%	2.73%	2.61%	2.53%	2.53%	2.58%	2.69%	2.90%	3.15%	3.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.44%	24.57%	25.71%	25.78%	24.80%	24.57%	24.63%	25.00%	25.21%	25.89%	25.60%
Earnings before Interest and Taxes (EBIT)	24	29	20	14	15	17	28	28	30	32	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	50	46	44	44	46	59	58	58	61	78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.70	3.23	1.45	0.68	1.88	1.04	0.96	1.55	1.40	1.58	3.87
Price to Tangible Book Value (P/TBV)	2.73	3.39	1.51	0.71	1.95	1.10	1.02	1.69	1.54	1.72	4.20
Price to Revenue (P/Rev)	0.51	0.60	0.26	0.12	0.32	0.18	0.16	0.21	0.20	0.24	0.54
Price to Earnings (P/E)	19.82	22.98	15.98	13.26	21.77	17.39	8.33	10.75	10.18	11.63	19.89
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.79%	2.86%	4.17%	3.37%	4.39%
Earnings Yield	5.05%	4.35%	6.26%	7.54%	4.59%	5.75%	12.01%	9.30%	9.82%	8.60%	5.03%
Enterprise Value to Invested Capital (EV/IC)	2.45	2.83	1.31	0.78	1.67	1.03	0.96	1.43	1.30	1.62	4.03
Enterprise Value to Revenue (EV/Rev)	0.55	0.64	0.34	0.19	0.38	0.24	0.17	0.25	0.24	0.23	0.54
Enterprise Value to EBITDA (EV/EBITDA)	6.85	7.95	5.20	3.36	7.21	4.71	3.01	4.50	4.58	4.28	8.55
Enterprise Value to EBIT (EV/EBIT)	11.71	13.87	11.71	10.40	21.30	12.87	6.40	9.20	8.82	8.20	14.18
Enterprise Value to NOPAT (EV/NOPAT)	18.91	21.95	17.69	15.56	17.65	16.14	8.22	11.65	11.47	10.01	17.89
Enterprise Value to Operating Cash Flow (EV/OCF)	8.94	9.69	8.28	3.59	7.48	5.77	2.67	4.84	6.70	4.02	9.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	63.76	20.48	0.00	3.82	10.76	212.00	3.71	20.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.24	0.47	0.46	0.37	0.37	0.23	0.44	0.39	0.05	0.00
Long-Term Debt to Equity	0.22	0.24	0.46	0.46	0.37	0.36	0.23	0.43	0.38	0.03	0.00
Financial Leverage	0.15	0.19	0.33	0.42	0.36	0.32	0.19	0.16	0.29	0.12	-0.06
Leverage Ratio	1.90	1.97	2.13	2.23	2.16	2.09	3.06	4.23	4.42	4.08	3.84
Compound Leverage Factor	1.71	1.77	1.81	1.63	1.51	1.47	2.83	3.89	4.07	3.65	3.50
Debt to Total Capital	18.19%	19.29%	31.89%	31.59%	27.02%	27.06%	18.58%	30.67%	27.92%	4.31%	0.00%
Short-Term Debt to Total Capital	0.19%	0.23%	0.26%	0.28%	0.37%	0.49%	0.00%	0.85%	0.81%	0.98%	0.00%
Long-Term Debt to Total Capital	18.00%	19.06%	31.63%	31.31%	26.66%	26.57%	18.58%	29.82%	27.11%	3.33%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.81%	80.71%	68.11%	68.41%	72.98%	72.94%	81.42%	69.33%	72.08%	95.69%	100.00%
Debt to EBITDA	0.53	0.55	1.29	1.42	1.22	1.27	0.67	1.09	1.04	0.13	0.00
Net Debt to EBITDA	0.41	0.49	1.20	1.27	1.01	1.14	0.19	0.68	0.83	-0.18	0.00
Long-Term Debt to EBITDA	0.52	0.55	1.28	1.40	1.20	1.25	0.67	1.06	1.01	0.10	0.00
Debt to NOPAT	1.46	1.53	4.40	6.56	2.99	4.36	1.83	2.82	2.60	0.30	0.00
Net Debt to NOPAT	1.12	1.36	4.10	5.87	2.47	3.89	0.51	1.76	2.08	-0.41	0.00
Long-Term Debt to NOPAT	1.45	1.51	4.36	6.50	2.95	4.28	1.83	2.74	2.53	0.23	0.00
Altman Z-Score	5.39	5.39	3.93	3.56	4.50	4.06	2.12	2.20	2.26	2.42	3.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.18	1.46	1.51	1.39	1.38	1.11	1.01	1.02	0.99	0.90
Quick Ratio	0.15	0.08	0.12	0.16	0.18	0.14	0.29	0.24	0.16	0.19	0.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.12	-6.38	-28	2.30	16	-3.89	46	24	1.25	70	32
Operating Cash Flow to CapEx	86.96%	111.61%	53.64%	106.36%	181.22%	128.05%	248.59%	205.17%	141.67%	177.19%	196.67%
Free Cash Flow to Firm to Interest Expense	-2.45	-2.13	-9.31	0.61	3.43	-0.79	22.68	10.67	0.53	21.18	7.67
Operating Cash Flow to Interest Expense	12.72	13.70	9.47	10.77	9.40	7.55	32.47	23.73	16.74	19.58	17.66
Operating Cash Flow Less CapEx to Interest Expense	-1.91	1.43	-8.18	0.64	4.21	1.65	19.41	12.16	4.92	8.53	8.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.98	2.95	2.73	2.64	2.80	2.85	2.06	1.58	1.65	1.71	1.87
Accounts Receivable Turnover	229.02	264.58	223.15	178.70	176.92	184.46	152.72	124.12	114.79	107.13	106.09
Inventory Turnover	7.11	6.65	6.25	6.19	6.64	6.98	7.68	7.61	7.32	6.98	7.31
Fixed Asset Turnover	4.75	4.71	4.36	4.24	4.55	4.63	5.93	7.05	7.06	6.99	7.14
Accounts Payable Turnover	11.77	10.57	9.73	10.08	10.57	10.70	11.39	11.05	11.19	10.71	10.37
Days Sales Outstanding (DSO)	1.59	1.38	1.64	2.04	2.06	1.98	2.39	2.94	3.18	3.41	3.44
Days Inventory Outstanding (DIO)	51.34	54.93	58.38	58.99	54.98	52.27	47.54	47.99	49.84	52.27	49.94
Days Payable Outstanding (DPO)	31.02	34.53	37.50	36.21	34.53	34.11	32.04	33.02	32.61	34.08	35.19
Cash Conversion Cycle (CCC)	21.91	21.78	22.52	24.82	22.52	20.13	17.89	17.91	20.41	21.59	18.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	116	140	182	189	192	209	184	182	204	160	165
Invested Capital Turnover	4.95	4.88	4.38	4.14	4.46	4.51	5.28	5.76	5.64	6.26	7.63
Increase / (Decrease) in Invested Capital	21	24	42	7.13	2.51	17	-25	-1.85	22	-44	5.20
Enterprise Value (EV)	284	397	239	147	321	216	178	261	266	260	666
Market Capitalization	267	372	183	91	276	164	167	221	218	270	675
Book Value per Share	$4.40	$5.13	$5.63	$5.97	$6.56	$6.99	$7.68	$6.31	$6.87	$7.51	$7.64
Tangible Book Value per Share	$4.36	$4.88	$5.38	$5.72	$6.31	$6.60	$7.22	$5.79	$6.24	$6.89	$7.05
Total Capital	121	143	186	196	201	215	213	206	216	179	174
Total Debt	22	28	59	62	54	58	40	63	60	7.69	0.00
Total Long-Term Debt	22	27	59	61	54	57	40	61	59	5.94	0.00
Net Debt	17	25	55	55	45	52	11	39	48	-11	-8.87
Capital Expenditures (CapEx)	37	37	54	38	24	29	27	26	28	36	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	9.82	27	31	23	27	-14	-20	-7.36	-18	-26
Debt-free Net Working Capital (DFNWC)	17	13	31	37	32	33	14	3.61	4.68	0.27	-17
Net Working Capital (NWC)	17	12	31	37	31	32	14	1.86	2.93	-1.48	-17
Net Nonoperating Expense (NNE)	1.54	1.89	2.01	2.54	5.50	3.95	1.59	1.79	1.82	2.70	3.31
Net Nonoperating Obligations (NNO)	17	25	55	55	45	52	11	39	48	-11	-8.87
Total Depreciation and Amortization (D&A)	17	21	26	30	29	29	31	30	28	29	31
Debt-free, Cash-free Net Working Capital to Revenue	2.37%	1.57%	3.86%	3.99%	2.66%	2.96%	-1.38%	-1.90%	-0.68%	-1.58%	-2.09%
Debt-free Net Working Capital to Revenue	3.35%	2.04%	4.43%	4.84%	3.77%	3.65%	1.38%	0.34%	0.43%	0.02%	-1.38%
Net Working Capital to Revenue	3.31%	1.99%	4.36%	4.77%	3.68%	3.53%	1.38%	0.18%	0.27%	-0.13%	-1.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.60	$0.72	$0.51	$0.31	$0.57	$0.42	$0.00	$0.00	$0.00	$1.02	$1.49
Adjusted Weighted Average Basic Shares Outstanding	22.47M	22.49M	22.49M	22.45M	22.36M	22.42M	0.00	0.00	0.00	22.73M	22.77M
Adjusted Diluted Earnings per Share	$0.60	$0.72	$0.51	$0.31	$0.56	$0.42	$0.00	$0.00	$0.00	$1.02	$1.47
Adjusted Weighted Average Diluted Shares Outstanding	22.48M	22.50M	22.51M	22.46M	22.41M	22.55M	0.00	0.00	0.00	22.83M	23.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.49M	22.50M	22.45M	22.35M	22.39M	22.48M	0.00	0.00	0.00	22.75M	22.91M
Normalized Net Operating Profit after Tax (NOPAT)	15	18	13	9.43	11	13	22	22	23	26	37
Normalized NOPAT Margin	2.88%	2.90%	1.91%	1.23%	1.24%	1.48%	2.08%	2.12%	2.13%	2.27%	3.00%
Pre Tax Income Margin	4.18%	4.10%	2.46%	1.34%	1.24%	1.31%	2.48%	2.47%	2.55%	2.49%	3.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.71	9.57	6.69	3.72	3.30	3.39	13.55	12.47	12.72	9.60	11.25
NOPAT to Interest Expense	6.02	6.05	4.43	2.49	3.98	2.70	10.55	9.85	9.78	7.86	8.92
EBIT Less CapEx to Interest Expense	-4.91	-2.71	-10.96	-6.41	-1.89	-2.51	0.49	0.91	0.90	-1.45	2.27
NOPAT Less CapEx to Interest Expense	-8.61	-6.23	-13.22	-7.64	-1.20	-3.20	-2.51	-1.71	-2.04	-3.19	-0.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.49%	250.00%	42.44%	39.10%	93.90%
Augmented Payout Ratio	0.00%	0.00%	7.23%	3.79%	4.59%	0.00%	31.49%	250.00%	42.44%	39.88%	93.90%

This table displays calculated financial ratios and metrics derived from Natural Grocers by Vitamin Cottage's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.97%	0.57%	1.14%	4.20%	5.81%	7.61%	7.59%	8.77%	9.68%	9.35%	9.44%
EBITDA Growth	-12.00%	-36.92%	-29.57%	-1.19%	28.10%	45.82%	35.40%	21.68%	26.98%	31.40%	16.66%
EBIT Growth	-19.82%	-61.41%	-46.63%	-4.88%	60.75%	113.97%	68.35%	33.57%	41.42%	55.95%	23.56%
NOPAT Growth	-19.78%	-65.38%	-46.12%	-3.60%	77.16%	147.35%	68.05%	36.15%	28.59%	50.07%	26.28%
Net Income Growth	-21.84%	-70.05%	-50.57%	-7.44%	79.81%	172.22%	75.97%	35.30%	30.22%	53.23%	28.15%
EPS Growth	-22.73%	-68.75%	-51.28%	-7.14%	82.35%	160.00%	78.95%	34.62%	29.03%	46.15%	26.47%
Operating Cash Flow Growth	-85.96%	-55.45%	75.86%	-12.06%	-32.33%	179.22%	-21.61%	48.15%	854.92%	-13.95%	-83.87%
Free Cash Flow Firm Growth	93.26%	-302.28%	-373.06%	647.78%	435.40%	362.09%	86.25%	-101.56%	-85.66%	-90.74%	2,536.28%
Invested Capital Growth	8.93%	12.04%	8.67%	-17.30%	-16.23%	-21.53%	4.97%	6.15%	2.54%	3.24%	-12.38%
Revenue Q/Q Growth	-2.03%	2.97%	2.28%	0.99%	-0.51%	4.71%	2.26%	2.10%	0.32%	4.39%	2.34%
EBITDA Q/Q Growth	-19.35%	-17.96%	29.17%	15.61%	4.55%	-6.61%	19.94%	3.89%	9.12%	-3.36%	6.49%
EBIT Q/Q Growth	-36.25%	-36.01%	77.46%	31.39%	7.75%	-14.83%	39.63%	4.24%	14.08%	-6.08%	10.62%
NOPAT Q/Q Growth	-35.00%	-39.60%	89.18%	29.79%	19.45%	-15.67%	28.53%	5.15%	12.82%	-1.58%	8.15%
Net Income Q/Q Growth	-38.13%	-45.08%	104.03%	33.51%	20.19%	-16.86%	31.89%	2.66%	15.68%	-2.16%	10.30%
EPS Q/Q Growth	-39.29%	-41.18%	90.00%	36.84%	19.23%	-16.13%	30.77%	2.94%	14.29%	-5.00%	13.16%
Operating Cash Flow Q/Q Growth	-87.60%	429.52%	108.16%	-35.63%	-90.46%	2,084.87%	-41.56%	21.65%	-38.52%	96.90%	-89.04%
Free Cash Flow Firm Q/Q Growth	-331.41%	-60.50%	43.07%	453.65%	3.80%	25.41%	-102.99%	59.84%	1,053.35%	-19.04%	685.96%
Invested Capital Q/Q Growth	7.26%	2.00%	-1.74%	-23.06%	8.64%	-4.45%	31.43%	-22.19%	4.94%	-3.79%	11.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.62%	27.64%	28.07%	29.12%	28.88%	28.58%	29.42%	29.33%	29.23%	29.55%	29.93%
EBITDA Margin	4.78%	3.81%	4.81%	5.50%	5.78%	5.16%	6.05%	6.16%	6.70%	6.20%	6.45%
Operating Margin	2.12%	1.32%	2.29%	2.98%	3.22%	2.62%	3.58%	3.66%	4.16%	3.74%	4.04%
EBIT Margin	2.12%	1.32%	2.29%	2.98%	3.22%	2.62%	3.58%	3.66%	4.16%	3.74%	4.04%
Profit (Net Income) Margin	1.48%	0.79%	1.57%	2.08%	2.51%	1.99%	2.57%	2.58%	2.98%	2.79%	3.01%
Tax Burden Percent	77.91%	73.54%	78.40%	77.45%	85.87%	85.02%	78.26%	78.95%	78.08%	81.81%	79.98%
Interest Burden Percent	89.33%	81.22%	87.60%	90.11%	90.66%	89.39%	91.72%	89.55%	91.81%	91.27%	93.09%
Effective Tax Rate	22.09%	26.46%	21.60%	22.55%	14.13%	14.98%	21.74%	21.05%	21.92%	18.19%	20.02%
Return on Invested Capital (ROIC)	9.37%	5.47%	10.18%	14.94%	16.86%	13.96%	15.84%	21.53%	23.21%	23.33%	20.79%
ROIC Less NNEP Spread (ROIC-NNEP)	8.34%	4.33%	8.57%	9.78%	13.63%	10.25%	14.42%	69.56%	-11.01%	32.16%	18.30%
Return on Net Nonoperating Assets (RNNOA)	2.60%	1.27%	2.15%	0.78%	1.91%	1.18%	4.58%	-0.84%	-0.16%	-1.82%	3.23%
Return on Equity (ROE)	11.98%	6.74%	12.33%	15.71%	18.77%	15.14%	20.42%	20.69%	23.05%	21.52%	24.02%
Cash Return on Invested Capital (CROIC)	6.14%	0.65%	1.49%	29.87%	29.65%	38.36%	9.44%	13.97%	17.49%	19.69%	33.19%
Operating Return on Assets (OROA)	3.52%	2.18%	3.81%	5.03%	5.47%	4.49%	6.29%	6.63%	7.70%	7.01%	7.83%
Return on Assets (ROA)	2.45%	1.30%	2.62%	3.51%	4.26%	3.41%	4.52%	4.69%	5.52%	5.23%	5.83%
Return on Common Equity (ROCE)	11.98%	6.74%	12.33%	15.71%	18.77%	15.14%	20.42%	20.69%	23.05%	21.52%	24.02%
Return on Equity Simple (ROE_SIMPLE)	16.97%	0.00%	10.66%	10.11%	11.69%	0.00%	17.28%	17.92%	18.36%	0.00%	19.86%
Net Operating Profit after Tax (NOPAT)	4.40	2.66	5.03	6.53	7.80	6.58	8.45	8.89	10	9.87	11
NOPAT Margin	1.65%	0.97%	1.79%	2.31%	2.77%	2.23%	2.80%	2.89%	3.25%	3.06%	3.23%
Net Nonoperating Expense Percent (NNEP)	1.03%	1.14%	1.61%	5.16%	3.22%	3.71%	1.41%	-48.03%	34.22%	-8.82%	2.49%
Return On Investment Capital (ROIC_SIMPLE)	-	1.23%	-	-	-	3.68%	3.77%	-	-	5.67%	5.60%
Cost of Revenue to Revenue	72.38%	72.36%	71.93%	70.88%	71.12%	71.42%	70.58%	70.67%	70.77%	70.45%	70.07%
SG&A Expenses to Revenue	2.80%	3.15%	2.94%	3.04%	3.30%	3.32%	3.12%	3.09%	3.09%	3.17%	3.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.50%	26.33%	25.78%	26.14%	25.66%	25.96%	25.84%	25.67%	25.07%	25.82%	25.88%
Earnings before Interest and Taxes (EBIT)	5.65	3.62	6.42	8.43	9.08	7.74	11	11	13	12	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	10	13	16	16	15	18	19	21	20	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.06	1.40	1.19	1.50	1.53	1.58	2.32	2.56	2.88	3.87	5.00
Price to Tangible Book Value (P/TBV)	2.26	1.54	1.31	1.65	1.68	1.72	2.56	2.80	3.14	4.20	5.39
Price to Revenue (P/Rev)	0.30	0.20	0.17	0.22	0.23	0.24	0.31	0.34	0.40	0.54	0.72
Price to Earnings (P/E)	12.16	10.18	11.12	14.85	13.12	11.63	13.45	14.26	15.69	19.89	25.19
Dividend Yield	2.61%	4.17%	4.85%	3.74%	3.55%	3.37%	8.26%	7.24%	6.13%	4.39%	1.06%
Earnings Yield	8.22%	9.82%	8.99%	6.73%	7.62%	8.60%	7.43%	7.01%	6.38%	5.03%	3.97%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.30	1.15	1.53	1.54	1.62	1.97	2.52	2.84	4.03	4.95
Enterprise Value to Revenue (EV/Rev)	0.34	0.24	0.21	0.21	0.23	0.23	0.36	0.35	0.40	0.54	0.72
Enterprise Value to EBITDA (EV/EBITDA)	5.70	4.58	4.38	4.52	4.61	4.28	6.34	6.01	6.67	8.55	11.27
Enterprise Value to EBIT (EV/EBIT)	10.19	8.82	9.36	9.79	9.34	8.20	11.49	10.62	11.43	14.18	18.42
Enterprise Value to NOPAT (EV/NOPAT)	12.97	11.47	12.18	12.67	11.67	10.01	14.11	13.02	14.36	17.89	23.12
Enterprise Value to Operating Cash Flow (EV/OCF)	6.98	6.70	4.71	5.03	5.55	4.02	6.90	6.20	6.27	9.03	15.25
Enterprise Value to Free Cash Flow (EV/FCFF)	31.04	212.00	80.10	4.64	4.72	3.71	21.36	18.58	16.42	20.78	13.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.39	0.38	0.07	0.06	0.05	0.46	0.09	0.11	0.00	0.05
Long-Term Debt to Equity	0.40	0.38	0.36	0.06	0.05	0.03	0.42	0.07	0.10	0.00	0.05
Financial Leverage	0.31	0.29	0.25	0.08	0.14	0.12	0.32	-0.01	0.01	-0.06	0.18
Leverage Ratio	4.48	4.42	4.27	4.14	4.09	4.08	4.24	4.06	3.91	3.84	3.91
Compound Leverage Factor	4.00	3.59	3.74	3.73	3.71	3.65	3.89	3.64	3.59	3.50	3.64
Debt to Total Capital	29.27%	27.92%	27.27%	6.73%	5.49%	4.31%	31.36%	8.62%	9.83%	0.00%	4.67%
Short-Term Debt to Total Capital	0.80%	0.81%	0.80%	1.01%	0.99%	0.98%	2.54%	2.11%	0.91%	0.00%	0.00%
Long-Term Debt to Total Capital	28.47%	27.11%	26.47%	5.72%	4.49%	3.33%	28.82%	6.51%	8.92%	0.00%	4.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.73%	72.08%	72.73%	93.27%	94.51%	95.69%	68.64%	91.38%	90.17%	100.00%	95.33%
Debt to EBITDA	1.00	1.04	1.13	0.22	0.17	0.13	1.08	0.22	0.25	0.00	0.11
Net Debt to EBITDA	0.69	0.83	0.81	-0.14	0.02	-0.18	0.87	0.06	0.06	0.00	0.03
Long-Term Debt to EBITDA	0.98	1.01	1.10	0.19	0.14	0.10	0.99	0.17	0.23	0.00	0.11
Debt to NOPAT	2.28	2.60	3.14	0.63	0.44	0.30	2.39	0.48	0.54	0.00	0.23
Net Debt to NOPAT	1.58	2.08	2.25	-0.39	0.05	-0.41	1.93	0.13	0.13	0.00	0.07
Long-Term Debt to NOPAT	2.22	2.53	3.05	0.53	0.36	0.23	2.20	0.36	0.49	0.00	0.23
Altman Z-Score	2.27	2.13	2.13	2.27	2.31	2.30	2.40	2.54	2.73	3.01	3.45
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.02	1.00	1.04	1.03	0.99	0.90	0.88	0.96	0.90	0.96
Quick Ratio	0.21	0.16	0.18	0.18	0.13	0.19	0.14	0.12	0.15	0.13	0.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	-19	-11	39	40	51	-1.51	-0.61	5.78	4.68	37
Operating Cash Flow to CapEx	37.95%	84.14%	204.07%	209.55%	20.80%	213.95%	141.67%	193.60%	140.76%	377.14%	27.96%
Free Cash Flow to Firm to Interest Expense	-19.92	-28.39	-13.79	46.53	47.50	61.53	-1.69	-0.51	5.49	4.44	39.81
Operating Cash Flow to Interest Expense	3.19	15.00	26.64	16.37	1.54	34.65	18.60	17.18	11.82	23.25	2.91
Operating Cash Flow Less CapEx to Interest Expense	-5.22	-2.83	13.59	8.56	-5.85	18.45	5.47	8.31	3.42	17.08	-7.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.66	1.65	1.66	1.69	1.70	1.71	1.76	1.81	1.85	1.87	1.94
Accounts Receivable Turnover	135.21	114.79	124.27	168.20	132.02	107.13	134.25	151.52	136.45	106.09	119.71
Inventory Turnover	7.40	7.32	7.39	7.13	7.03	6.98	7.25	7.21	7.35	7.31	7.53
Fixed Asset Turnover	7.40	7.06	7.08	7.23	7.20	6.99	6.91	7.06	7.13	7.14	7.07
Accounts Payable Turnover	12.07	11.19	11.21	11.04	11.27	10.71	10.50	10.53	11.31	10.37	11.39
Days Sales Outstanding (DSO)	2.70	3.18	2.94	2.17	2.76	3.41	2.72	2.41	2.68	3.44	3.05
Days Inventory Outstanding (DIO)	49.33	49.84	49.36	51.21	51.94	52.27	50.32	50.60	49.65	49.94	48.50
Days Payable Outstanding (DPO)	30.25	32.61	32.57	33.05	32.38	34.08	34.76	34.66	32.26	35.19	32.04
Cash Conversion Cycle (CCC)	21.78	20.41	19.73	20.33	22.32	21.59	18.28	18.35	20.07	18.19	19.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	200	204	201	154	168	160	211	164	172	165	184
Invested Capital Turnover	5.67	5.64	5.67	6.48	6.09	6.26	5.65	7.46	7.15	7.63	6.43
Increase / (Decrease) in Invested Capital	16	22	16	-32	-32	-44	9.96	9.50	4.26	5.20	-26
Enterprise Value (EV)	366	266	230	236	257	260	414	413	488	666	912
Market Capitalization	321	218	187	243	256	270	358	409	483	675	910
Book Value per Share	$6.86	$6.87	$6.96	$7.13	$7.34	$7.51	$6.76	$7.03	$7.36	$7.64	$7.94
Tangible Book Value per Share	$6.27	$6.24	$6.31	$6.50	$6.72	$6.89	$6.15	$6.42	$6.76	$7.05	$7.37
Total Capital	220	216	218	174	177	179	224	175	186	174	191
Total Debt	64	60	59	12	9.69	7.69	70	15	18	0.00	8.90
Total Long-Term Debt	63	59	58	9.94	7.94	5.94	65	11	17	0.00	8.90
Net Debt	44	48	42	-7.28	1.11	-11	57	4.12	4.37	-8.87	2.58
Capital Expenditures (CapEx)	5.07	12	10	6.51	6.26	13	12	10	8.83	6.49	9.59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.95	-7.36	-15	-12	-2.43	-18	-24	-26	-19	-26	-12
Debt-free Net Working Capital (DFNWC)	14	4.68	2.35	6.78	6.15	0.27	-9.92	-15	-4.63	-17	-5.60
Net Working Capital (NWC)	12	2.93	0.60	5.03	4.40	-1.48	-16	-19	-6.32	-17	-5.60
Net Nonoperating Expense (NNE)	0.47	0.50	0.62	0.65	0.73	0.70	0.70	0.93	0.82	0.86	0.74
Net Nonoperating Obligations (NNO)	44	48	42	-7.70	0.71	-11	57	3.83	4.10	-8.87	2.58
Total Depreciation and Amortization (D&A)	7.07	6.82	7.07	7.16	7.22	7.49	7.46	7.71	7.85	7.94	7.95
Debt-free, Cash-free Net Working Capital to Revenue	-0.55%	-0.68%	-1.34%	-1.10%	-0.22%	-1.58%	-2.03%	-2.22%	-1.53%	-2.09%	-0.94%
Debt-free Net Working Capital to Revenue	1.28%	0.43%	0.21%	0.61%	0.55%	0.02%	-0.85%	-1.29%	-0.38%	-1.38%	-0.44%
Net Working Capital to Revenue	1.12%	0.27%	0.05%	0.46%	0.39%	-0.13%	-1.34%	-1.60%	-0.52%	-1.38%	-0.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.17	$0.10	$0.19	$0.26	$0.31	$0.26	$0.34	$0.35	$0.40	$0.40	$0.43
Adjusted Weighted Average Basic Shares Outstanding	22.68M	22.67M	22.71M	22.73M	22.73M	22.73M	22.75M	22.76M	22.79M	22.77M	22.90M
Adjusted Diluted Earnings per Share	$0.17	$0.10	$0.19	$0.26	$0.31	$0.26	$0.34	$0.35	$0.40	$0.38	$0.43
Adjusted Weighted Average Diluted Shares Outstanding	22.85M	22.82M	22.80M	22.82M	22.89M	22.83M	22.98M	23.06M	23.12M	23.08M	23.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.69M	22.71M	22.72M	22.73M	22.74M	22.75M	22.75M	22.79M	22.79M	22.91M	22.93M
Normalized Net Operating Profit after Tax (NOPAT)	4.40	2.66	5.03	6.53	7.80	6.58	8.45	8.89	10	9.87	11
Normalized NOPAT Margin	1.65%	0.97%	1.79%	2.31%	2.77%	2.23%	2.80%	2.89%	3.25%	3.06%	3.23%
Pre Tax Income Margin	1.90%	1.07%	2.00%	2.68%	2.92%	2.34%	3.28%	3.27%	3.82%	3.41%	3.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.37	5.33	8.06	10.11	10.71	9.42	12.08	9.57	12.21	11.46	14.46
NOPAT to Interest Expense	7.30	3.92	6.32	7.83	9.20	8.01	9.46	7.55	9.53	9.37	11.57
EBIT Less CapEx to Interest Expense	0.96	-12.51	-4.99	2.30	3.33	-6.77	-1.04	0.69	3.82	5.29	4.07
NOPAT Less CapEx to Interest Expense	-1.11	-13.92	-6.73	0.02	1.82	-8.18	-3.67	-1.32	1.14	3.21	1.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.72%	42.44%	53.84%	55.42%	46.54%	39.10%	119.76%	111.11%	103.42%	93.90%	26.54%
Augmented Payout Ratio	31.72%	42.44%	53.84%	55.94%	47.47%	39.88%	119.76%	111.44%	103.42%	93.90%	26.54%

Frequently Asked Questions About Natural Grocers by Vitamin Cottage's Financials

When does Natural Grocers by Vitamin Cottage's financial year end?

According to the most recent income statement we have on file, Natural Grocers by Vitamin Cottage's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Natural Grocers by Vitamin Cottage's net income changed over the last 10 years?

Natural Grocers by Vitamin Cottage's net income appears to be on an upward trend, with a most recent value of $33.94 million in 2024, rising from $13.47 million in 2014. The previous period was $23.24 million in 2023.

What is Natural Grocers by Vitamin Cottage's operating income?

Natural Grocers by Vitamin Cottage's total operating income in 2024 was $46.98 million, based on the following breakdown:

Total Gross Profit: $364.81 million
Total Operating Expenses: $317.83 million

How has Natural Grocers by Vitamin Cottage revenue changed over the last 10 years?

Over the last 10 years, Natural Grocers by Vitamin Cottage's total revenue changed from $520.67 million in 2014 to $1.24 billion in 2024, a change of 138.5%.

How much debt does Natural Grocers by Vitamin Cottage have?

Natural Grocers by Vitamin Cottage's total liabilities were at $481.22 million at the end of 2024, a 3.4% decrease from 2023, and a 433.9% increase since 2014.

How much cash does Natural Grocers by Vitamin Cottage have?

In the past 10 years, Natural Grocers by Vitamin Cottage's cash and equivalents has ranged from $2.92 million in 2015 to $28.53 million in 2020, and is currently $8.87 million as of their latest financial filing in 2024.

How has Natural Grocers by Vitamin Cottage's book value per share changed over the last 10 years?

Over the last 10 years, Natural Grocers by Vitamin Cottage's book value per share changed from 4.40 in 2014 to 7.64 in 2024, a change of 73.7%.

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This page (NYSE:NGVC) was last updated on 4/15/2025 by MarketBeat.com Staff

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Natural Grocers by Vitamin Cottage (NGVC) Financials

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Natural Grocers by Vitamin Cottage (NGVC) Financials

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