Natural Grocers by Vitamin Cottage Inc (NGVC)

Name: Natural Grocers by Vitamin Cottage Inc Financial Statements
Creator: Quarter Results

Consumer Defensive | Grocery Stores

Latest reporting period: 2025-12-31

Latest Quarter

2025-12-31

Revenue

$336M

Net Income

$11.3M

Operating Margin

4.4%

Free Cash Flow

$24.1M

Debt / Assets

68.3%

Values are in USD and rounded to the nearest whole number unless noted.

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Income statement quarterly history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Income Statement (Quarterly)	2025-12-31	2025-03-31	2024-12-31	2024-09-30
Revenue	335,579,000	335,769,000	330,221,000	322,661,000
Cost of Revenue	236,720,000	234,021,000	231,397,000	227,299,000
Gross Profit	98,859,000	101,748,000	98,824,000	95,362,000
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	10,835,000	0	11,514,000	10,241,000
Operating Expenses	84,212,000	84,195,000	85,476,000	95,835,000
Operating Income	14,647,000	17,553,000	13,348,000	12,066,000
Interest Expense	713,000	-750,000	923,000	1,053,000
Income Before Tax	13,934,000	16,803,000	12,425,000	11,013,000
Income Tax Expense	2,600,000	-3,702,000	2,487,000	2,003,000
Net Income	11,334,000	13,101,000	9,938,000	9,010,000
Per Share
EPS	0.49	0.57	0.43	0.40
EPS Diluted	0.00	0.00	0.00	0.00

Income statement annual history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Income Statement (Annual)	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Revenue	1,330,836,000	1,241,585,000	1,140,568,000	1,089,625,000	1,055,516,000
Cost of Revenue	932,959,000	876,775,000	813,637,000	784,744,000	763,328,000
Gross Profit	397,877,000	364,810,000	326,931,000	304,881,000	292,188,000
Operating Expenses
R&D Expenses	0	0	0	0	0
SG&A Expenses	41,428,000	38,715,000	344,304,000	273,619,000	262,941,000
Operating Expenses	335,887,000	317,833,000	345,604,000	273,619,000	263,861,000
Operating Income	61,990,000	46,977,000	31,669,000	30,155,000	28,327,000
Interest Expense	3,063,000	4,176,000	3,299,000	2,371,000	2,271,000
Income Before Tax	58,927,000	42,801,000	28,370,000	27,784,000	26,056,000
Income Tax Expense	12,483,000	8,866,000	5,127,000	6,419,000	5,475,000
Net Income	46,444,000	33,935,000	23,243,000	21,365,000	20,581,000
Per Share
EPS	2.02	1.49	1.02	0.94	0.91
EPS Diluted	0.00	0.00	0.00	0.00	0.00

Balance sheet quarterly history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Balance Sheet (Quarterly)	2025-09-30	2024-09-30	2023-09-30	2022-09-30
Assets
Cash and Cash Equivalents	17,116,000	8,871,000	18,342,000	12,039,000
Short Term Investments	0	0	0	0
Net Receivables	11,966,000	12,610,000	10,797,000	10,496,000
Inventory	132,967,999	120,672,000	119,260,000	113,756,000
Total Current Assets	168,075,000	147,058,000	152,550,000	140,660,000
Property Plant Equipment	485,222,000	494,472,000	502,111,000	507,865,000
Goodwill and Intangibles	11,740,000	13,469,000	14,129,000	14,131,000
Total Assets	670,504,000	655,476,000	669,185,000	663,108,000
Liabilities
Account Payables	80,991,000	88,397,000	80,675,000	71,283,000
Short Term Debt	40,556,000	39,886,000	40,290,000	39,708,000
Total Current Liabilities	158,783,000	164,130,000	154,029,000	137,728,000
Long Term Debt	537,266,000	306,621,000	329,888,000	353,666,000
Total Liabilities	458,109,000	481,222,000	498,344,000	507,296,000
Shareholders Equity
Retained Earnings	149,339,000	113,904,000	111,871,000	97,717,000
Total Shareholders Equity	212,395,000	174,254,000	170,841,000	155,812,000

Balance sheet annual history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Balance Sheet (Annual)	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Assets
Cash and Cash Equivalents	17,116,000	8,871,000	18,342,000	12,039,000	23,678,000
Short Term Investments	0	0	0	0	0
Net Receivables	11,966,000	12,610,000	10,797,000	10,496,000	8,489,000
Inventory	132,967,999	120,672,000	119,260,000	113,756,000	100,546,000
Total Current Assets	168,075,000	147,058,000	152,550,000	140,660,000	135,627,000
Property Plant Equipment	485,222,000	494,472,000	502,111,000	507,865,000	507,154,000
Goodwill and Intangibles	11,740,000	13,469,000	14,129,000	14,131,000	11,709,000
Total Assets	670,504,000	655,476,000	669,185,000	663,108,000	655,079,000
Liabilities
Account Payables	80,991,000	88,397,000	80,675,000	71,283,000	68,949,000
Short Term Debt	40,556,000	39,886,000	40,290,000	39,708,000	38,234,000
Total Current Liabilities	158,783,000	164,130,000	154,029,000	137,728,000	133,772,000
Long Term Debt	537,266,000	306,621,000	329,888,000	353,666,000	363,283,000
Total Liabilities	458,109,000	481,222,000	498,344,000	507,296,000	512,348,000
Shareholders Equity
Retained Earnings	149,339,000	113,904,000	111,871,000	97,717,000	85,419,000
Total Shareholders Equity	212,395,000	174,254,000	170,841,000	155,812,000	142,731,000

Cash flow quarterly history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Cash Flow Statement (Quarterly)	2025-09-30	2024-09-30	2023-09-30	2022-09-30
Operating Activities
Net Income	46,444,000	33,935,000	23,243,000	21,365,000
Depreciation & Amortization	31,814,000	30,930,000	28,906,000	27,906,000
Stock Based Compensation	3,960,000	2,829,000	1,360,000	1,186,000
Change in Working Capital	10,068,000	8,052,000	10,906,000	-14,393,000
Operating Cash Flow	55,304,000	73,760,000	64,606,000	39,693,000
Investing Activities
Capital Expenditure	-31,201,000	-38,680,000	-38,093,000	-31,444,000
Investments	0	-37,541,000	-38,093,000	-31,444,000
Investing Cash Flow	-30,971,000	-38,600,000	-37,950,000	-31,143,000
Financing Activities
Debt Repayment	-38,256,999	-11,298,000	-541,879,000	-139,719,000
Common Stock Issued/Repurchased	-1,254,000	-1,449,000	530,919,000	0
Dividends Paid	-11,009,000	-31,866,000	-9,089,000	-9,067,000
Financing Cash Flow	-16,088,000	-44,631,000	-20,353,000	-20,189,000
Summary
Free Cash Flow	24,103,000	35,080,000	26,513,000	8,249,000
Net Change in Cash	8,245,000	-9,471,000	6,303,000	-11,639,000

Cash flow annual history for Natural Grocers by Vitamin Cottage Inc (NGVC).
Cash Flow Statement (Annual)	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Operating Activities
Net Income	46,444,000	33,935,000	23,243,000	21,365,000	20,581,000
Depreciation & Amortization	31,814,000	30,930,000	28,906,000	27,906,000	29,633,000
Stock Based Compensation	3,960,000	2,829,000	1,360,000	1,186,000	877,000
Change in Working Capital	10,068,000	8,052,000	10,906,000	-14,393,000	537,000
Operating Cash Flow	55,304,000	73,760,000	64,606,000	39,693,000	53,880,000
Investing Activities
Capital Expenditure	-31,201,000	-38,680,000	-38,093,000	-31,444,000	-28,287,000
Investments	0	-37,541,000	-38,093,000	-31,444,000	-26,350,000
Investing Cash Flow	-30,971,000	-38,600,000	-37,950,000	-31,143,000	-27,755,000
Financing Activities
Debt Repayment	-38,256,999	-11,298,000	-541,879,000	-139,719,000	-80,036,000
Common Stock Issued/Repurchased	-1,254,000	-1,449,000	530,919,000	0	0
Dividends Paid	-11,009,000	-31,866,000	-9,089,000	-9,067,000	-51,453,000
Financing Cash Flow	-16,088,000	-44,631,000	-20,353,000	-20,189,000	-30,981,000
Summary
Free Cash Flow	24,103,000	35,080,000	26,513,000	8,249,000	25,593,000
Net Change in Cash	8,245,000	-9,471,000	6,303,000	-11,639,000	-4,856,000