Natural Grocers by Vitamin Cottage (NGVC) reported a solid fourth quarter of fiscal 2024, underscoring a balanced growth trajectory that the company has demonstrated for years. In Q4, revenue rose 9.3% year-over-year to $322.7 million, with daily average comparable store sales up 7.1% and a two-year comp increase of 14%. Gross margin expanded 100 basis points to 29.6%, supported by occupancy cost leverage and higher product margin, contributing to a 56% rise in quarterly operating income to $12.1 million and a quarterly net income of $9.0 million ($0.39 per diluted share). For the full year, NGVC delivered revenue of $1.24 billion (+8.9%), 7.0% daily average comp store sales growth, 70 basis points of gross margin expansion, and a 100 basis points improvement in operating margin, driving diluted EPS to $1.47 (+44% YoY). Free cash flow was $17.7 million, with $8.9 million in cash and no borrowings on the company’s $75 million revolver at year-end. Management attributed the results to a differentiated merchandising strategy focused on high-quality natural and organic products, durable organic growth in meat, dairy, and produce, and a disciplined capital return program (dividends increased to $0.12 per share). In 2025, NGVC guided to 4–6 new stores, 2–4 remodels/relos, and diluted EPS of $1.52–$1.60, with capital expenditures of $36–$44 million, signaling a continued focus on store productivity, Npower loyalty optimization, and Natural Grocers branded product expansion. However, leverage remains meaningful, and the 2025 plan assumes relatively flat gross margins and stable store expenses as a percent of sales. Investors should monitor store openings cadence, Npower uptake, commodity price trends, and ongoing competitive dynamics in the organic grocery segment.