NGVC
Natural Grocers by Vitamin Cottage, Inc.
NGVC's fundamentals are mixed: earnings per share grew 10%, but free cash flow fell 34%. At 14x earnings, it's trading in line with its usual 16x.
NGVC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Strong |
NGVC's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow is under pressure.
NGVC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $28.09 | -3.8% |
| Current | 14x | $29.19 | — |
| Fair | 16x | $32.02 | +9.7% |
| Expensive | 22x | $44.48 | +52% |
Historical ranges are pointers, not guarantees.
NGVC's PE is in its cheap range at 14x.
NGVC Forward outlook
There aren't enough analyst estimates for NGVC to show an outlook.
NGVC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $2.06 | +10% |
| Q1 2026 | $2.08 | +18% |
| Q4 2025 | $2.06 | +32% |
| Q3 2025 | $2.00 | +36% |
| Q2 2025 | $1.87 | +39% |
| Q1 2025 | $1.77 | +40% |
| Q4 2024 | $1.56 | +33% |
| Q3 2024 | $1.47 | +44% |
NGVC's earnings per share have climbed steadily: $2.06 over the past year, up 10% from the year before, and higher year over year for 12 quarters in a row.
NGVC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $334.7M | +1.8% |
| Q1 2026 | $337.4M | +0.5% |
| Q4 2025 | $335.6M | +1.6% |
| Q3 2025 | $336.1M | +4.2% |
| Q2 2025 | $328.7M | +6.3% |
| Q1 2025 | $335.8M | +9% |
| Q4 2024 | $330.2M | +9.4% |
| Q3 2024 | $322.7M | +9.3% |
NGVC's revenue has grown year over year for 20 quarters in a row: $335M last quarter, up 1.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 4.5% | -0.3 points |
| Q1 2026 | 5.4% | +0.1 points |
| Q4 2025 | 4.4% | +0.3 points |
| Q3 2025 | 4.6% | +0.9 points |
| Q2 2025 | 4.7% | +0.6 points |
| Q1 2025 | 5.2% | +1.6 points |
| Q4 2024 | 4% | +0.5 points |
| Q3 2024 | 3.7% | +1.1 points |
NGVC's operating margin was 4.5% last quarter, about level with the same quarter a year ago.
NGVC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.3M | +$5.4M |
| Q1 2026 | $2.3M | -92% |
| Q4 2025 | $11.6M | +$18.5M |
| Q3 2025 | $7.6M | -58% |
| Q2 2025 | -$4.2M | -215% |
| Q1 2025 | $27.6M | +183% |
| Q4 2024 | -$6.9M | -242% |
| Q3 2024 | $18M | +19% |
NGVC still generates free cash flow, though less than at its 2020 peak: $23M over the past year.
NGVC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +48.3K shares |
| 1 year | -0.2% | -48.5K shares |
| 3 years | +1.6% | +375K shares |
| 5 years | +2.4% | +552K shares |
| Available history | +3.1% | +709K shares |
NGVC has 23M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2024 | — |
| Q2 2024 | — |
| Q3 2023 | — |
| Q2 2023 | $95,000 |
NGVC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | 0.0x | Very low |
| Q3 2024 | -0.1x | Net Cash |
NGVC has more cash than debt.
NGVC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.7 | Neutral |
| Stochastic | 39.4 | Neutral |
NGVC's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
NGVC PE vs Consumer Defensive Sector
| Metric | NGVC | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 19x | 27% below |
| PE % | 24 | 18 | 6 pts above |
NGVC is trading at 14x earnings, a 27% discount to the Consumer Defensive sector's median of 19x.
NGVC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.8 | 2.1% below |
| 20 week MA | $29.9 | 2.4% below |
| 50 week MA | $28.2 | 3.4% above |
| 100 week MA | $34.6 | 16% below |
| 200 week MA | $26.2 | 11% above |
NGVC's trend is mixed: it's above two of its five weekly moving averages, and 11% above its 200-week average.
NGVC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $13.3 | +32% |
| 2021 | $13.3 | $14.3 | +7.4% |
| 2022 | $14.3 | $9.08 | -36% |
| 2023 | $9.08 | $16.0 | +76% |
| 2024 | $16.0 | $39.3 | +146% |
| 2025 | $39.3 | $25.8 | -34% |
| 2026 YTD | $25.8 | $29.2 | +13% |
NGVC has finished higher in four of the last six years, two of them by more than 50%. It's up 13% so far in 2026.