Natural Grocers by Vitamin Cottage
NGVCNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $29.37 Prior regular-session close from the quote source.
- $28.93–$29.65 Regular-session low and high so far today.
- 68.8K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 19 projected Projected for 2026-11-19 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $23.47–$34.59 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NGVC if its focused natural/organic grocery and dietary-supplement proposition keeps enough customer trust and pricing discipline to grow without surrendering margins to larger grocers and online supplement sellers.
NGVC price history
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Investment thesis
What must happen next
Natural Grocers’ specialist positioning in natural and organic groceries and dietary supplements continues to give customers a reason to choose it over broader conventional grocers and online alternatives.StrengtheningMateriality: High
GAAP annual revenue increased from $1.0896 billion in FY2022 to $1.3308 billion in FY2025. If the positioning remains distinct, sales growth can continue without requiring destructive discounting; if it fades, the company becomes a small grocer competing mainly on price.
Watch: Whole Foods Market, Sprouts, Kroger, Walmart, or Costco materially narrow the assortment and trust gap in natural and organic groceries while undercutting Natural Grocers on price.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $1.0896 billion in FY2022 to $1.3308 billion in FY2025.
Open source ↗Natural Grocers’ product curation and mix allow it to defend merchandise economics rather than buying growth through broad price promotion.StrengtheningMateriality: High
GAAP annual gross_profit rose from $304.9 million in FY2022 to $397.9 million in FY2025. Gross-margin durability is what separates healthy specialty-retail growth from revenue that destroys earnings power.
Watch: Sprouts or Whole Foods initiate sustained price competition in natural/organic categories that forces Natural Grocers to invest margin to keep traffic.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross_profit rose from $304.9 million in FY2022 to $397.9 million in FY2025.
Open source ↗Store-level execution and cost discipline allow incremental sales to convert into operating leverage rather than being absorbed by labor, occupancy, and shrink.StrengtheningMateriality: Medium
GAAP annual operating_income increased from $30.2 million in FY2022 to $62.0 million in FY2025. If operating leverage persists, earnings can compound faster than sales; if it reverses, the company remains a low-margin grocery retailer with limited valuation support.
Watch: Wage inflation, benefits costs, or staffing shortages in Natural Grocers’ markets overwhelm store productivity gains.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income increased from $30.2 million in FY2022 to $62.0 million in FY2025.
Open source ↗Natural Grocers can fund its specialty-retail model largely from internal cash generation rather than relying on balance-sheet strain or shareholder dilution.HoldingMateriality: Medium
GAAP annual operating_cash_flow was positive in each year shown, including $39.7 million in FY2022, $64.6 million in FY2023, $73.8 million in FY2024, and $55.3 million in FY2025. Self-funded growth lets owners benefit from store expansion and earnings growth; cash-consuming expansion would make growth lower quality and riskier.
Watch: Inventory needs, supplier terms, or working-capital swings consume cash as the company expands.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow was positive in each year shown, including $39.7 million in FY2022, $64.6 million in FY2023, $73.8 million.
Open source ↗
Full investment case & evidence
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Original research
Natural Grocers’ specialist positioning in natural and organic groceries and dietary supplements continues to give customers a reason to choose it over broader conventional grocers and online alternatives. If the positioning remains distinct, sales growth can continue without requiring destructive discounting; if it fades, the company becomes a small grocer competing mainly on price.
Natural Grocers’ product curation and mix allow it to defend merchandise economics rather than buying growth through broad price promotion. Gross-margin durability is what separates healthy specialty-retail growth from revenue that destroys earnings power.
Store-level execution and cost discipline allow incremental sales to convert into operating leverage rather than being absorbed by labor, occupancy, and shrink. If operating leverage persists, earnings can compound faster than sales; if it reverses, the company remains a low-margin grocery retailer with limited valuation support.
Natural Grocers can fund its specialty-retail model largely from internal cash generation rather than relying on balance-sheet strain or shareholder dilution. Self-funded growth lets owners benefit from store expansion and earnings growth; cash-consuming expansion would make growth lower quality and riskier.
All standing thesis claims
Original report summary
its focused natural/organic grocery and dietary-supplement proposition keeps enough customer trust and pricing discipline to grow without surrendering margins to larger grocers and online supplement sellers.
Bull case and bear case
Bull case and bear case for Natural Grocers by Vitamin Cottage
Where the evidence on Natural Grocers by Vitamin Cottage stands: Holding on the latest evidence (Nov 10, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Natural Grocers’ specialist positioning in natural and organic groceries and dietary supplements continues to give customers a reason to choose it over broader conventional grocers and online alternatives.
Natural Grocers’ product curation and mix allow it to defend merchandise economics rather than buying growth through broad price promotion.
Store-level execution and cost discipline allow incremental sales to convert into operating leverage rather than being absorbed by labor, occupancy, and shrink.
Natural Grocers can fund its specialty-retail model largely from internal cash generation rather than relying on balance-sheet strain or shareholder dilution.
Bear case: what would count against it
Whole Foods Market, Sprouts, Kroger, Walmart, or Costco materially narrow the assortment and trust gap in natural and organic groceries while undercutting Natural Grocers on price.
Sprouts or Whole Foods initiate sustained price competition in natural/organic categories that forces Natural Grocers to invest margin to keep traffic.
Wage inflation, benefits costs, or staffing shortages in Natural Grocers’ markets overwhelm store productivity gains.
Thesis-Break Engine
Thesis-break watch · Natural Grocers by Vitamin Cottage
No break has crossed Natural Grocers by Vitamin Cottage’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Natural Grocers by Vitamin Cottage filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Natural Grocers by Vitamin Cottage filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Whole Foods Market, Sprouts, Kroger, Walmart, or Costco materially narrow the assortment and trust gap in natural and organic groceries while undercutting Natural Grocers on price.
- Sprouts or Whole Foods initiate sustained price competition in natural/organic categories that forces Natural Grocers to invest margin to keep traffic.
- Wage inflation, benefits costs, or staffing shortages in Natural Grocers’ markets overwhelm store productivity gains.
- Inventory needs, supplier terms, or working-capital swings consume cash as the company expands.
NGVC news
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Financial statements
NGVC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NGVC: quick answers
- When does Natural Grocers by Vitamin Cottage (NGVC) report earnings next?
- Natural Grocers by Vitamin Cottage's next results are projected for November 19, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 6, 2026. Earnings calendar
- What is NGVC's short interest?
- As of October 30, 2026, 942,809 NGVC shares were sold short, 4.09% of its shares outstanding, down 4.8% from the count before. At the stock's average daily volume that is 9.5 days to cover. FINRA publishes the count twice a month. NGVC short interest history