Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States. The company's stores offer natural and organic grocery products, such as organic produce; private label repackaged bulk products, including dried fruits, nuts, grains, granolas, teas, herbs, and spices, as well as peanut and almond butters; private label products comprising grocery staples, household products, bulk foods, and vitamins and dietary supplements, as well as organic eggs, organic flavored coffee, and organic mustard; dry, frozen, and canned groceries; meat and seafood products; dairy products, dairy substitutes, and eggs; prepared foods; bread and baked products; beverages; and beer, wine, and hard cider products. Its stores also provide name-brand supplements, as well as private label dietary supplements; body care products consisting of cosmetics, skin care, hair care, fragrance, and personal care products containing natural and organic ingredients; pet care and food products; household and general merchandise, including cleaning supplies, paper products, and dish and laundry soaps, as well as other common household products, such as diapers; and books and handouts. The company operates its retail stores under the Natural Grocers, Vitamin Cottage, Health Hotline, Natural Grocers by Vitamin Cottage trademark, as well as Vitamin Cottage Natural Grocers and Health Hotline trademarks. The company also offers science-based nutrition education programs to help customers make informed health and nutrition choices. The company was formerly known as Vitamin Cottage Natural Food Markets, Inc. Natural Grocers by Vitamin Cottage, Inc. was founded in 1955 and is headquartered in Lakewood, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $94M | $46M | $24M | 21.9% | 7.2% | 36.9% |
| 2024 | $1.2B | $78M | $34M | $35M | 19.5% | 8.9% | 46.0% |
| 2023 | $1.1B | $61M | $23M | $27M | 13.6% | 4.7% | 8.8% |
| 2022 | $1.1B | $58M | $21M | $8M | 13.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,089.62 | 1,140.57 | 1,241.58 | 1,330.84 |
| Operating Revenue | - | 1,089.62 | 1,140.57 | 1,241.58 | 1,330.84 |
| Cost Of Revenue | - | 784.74 | 813.64 | 876.78 | 932.96 |
| Gross Profit | - | 304.88 | 326.93 | 364.81 | 397.88 |
| Operating Expense | - | 273.62 | 293.26 | 316.11 | 334.84 |
| Selling General And Administration | - | 31.56 | 34.37 | 37.05 | 41.43 |
| Total Expenses | - | 1,058.36 | 1,106.89 | 1,192.89 | 1,267.80 |
| Operating Income | - | 31.26 | 33.68 | 48.70 | 63.03 |
| Total Operating Income As Reported | - | 30.16 | 31.67 | 46.98 | 61.99 |
| EBITDA | - | 58.06 | 60.58 | 77.91 | 93.80 |
| Normalized EBITDA | - | 59.17 | 62.58 | 79.63 | 94.85 |
| EBIT | - | 30.16 | 31.67 | 46.98 | 61.99 |
| Interest Expense | - | 2.37 | 3.30 | 4.18 | 3.06 |
| Net Interest Income | - | -2.37 | -3.30 | -4.18 | -3.06 |
| Other Income Expense | - | -1.11 | -2.01 | -1.72 | -1.04 |
| Interest Expense Non Operating | - | 2.37 | 3.30 | 4.18 | 3.06 |
| Net Non Operating Interest Income Expense | - | -2.37 | -3.30 | -4.18 | -3.06 |
| Pretax Income | - | 27.78 | 28.37 | 42.80 | 58.93 |
| Tax Provision | - | 6.42 | 5.13 | 8.87 | 12.48 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.26 | -0.36 | -0.36 | -0.22 |
| Net Income Continuous Operations | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income From Continuing And Discontinued Operation | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income From Continuing Operation Net Minority Interest | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income Common Stockholders | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income Including Noncontrolling Interests | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Normalized Income | - | 22.22 | 24.89 | 35.30 | 47.27 |
| Diluted NI Availto Com Stockholders | - | 21.36 | 23.24 | 33.94 | 46.44 |
| Basic Average Shares | - | 22.67 | 22.73 | 22.77 | 22.94 |
| Diluted Average Shares | - | 22.82 | 22.83 | 23.08 | 23.26 |
| Reconciled Depreciation | - | 27.91 | 28.91 | 30.93 | 31.81 |
| Reconciled Cost Of Revenue | - | 784.74 | 812.11 | 875.85 | 932.08 |
| Total Unusual Items | - | -1.11 | -2.01 | -1.72 | -1.04 |
| Total Unusual Items Excluding Goodwill | - | -1.11 | -2.01 | -1.72 | -1.04 |
| Special Income Charges | - | -1.11 | -2.01 | -1.72 | -1.04 |
| Other Special Charges | - | 1.11 | 2.01 | 1.72 | 1.04 |
| Restructuring And Mergern Acquisition | 0.92 | 1.11 | 2.01 | 1.72 | - |
| Depreciation Amortization Depletion Income Statement | - | - | 27.38 | 30.01 | 30.93 |
| Depreciation And Amortization In Income Statement | - | - | 27.38 | 30.01 | 30.93 |
| General And Administrative Expense | - | 31.56 | 34.37 | 37.05 | 41.43 |
| Other Gand A | - | 31.56 | 34.37 | 37.05 | 41.43 |
| Other Operating Expenses | - | 242.06 | 231.51 | 249.06 | 262.48 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Natural Grocers by Vitamin Cottage, Inc.this co. | NGVC | $670M | 14.44β discount | 3.16 | 21.9% | 10.50 |
| SunOpta Inc. | STKL | $771M | 48.89 | 4.51 | 9.2% | 14.45 |
| Westrock Coffee Company | WEST | $733M | -8.10 | -392.22 | 4841.8% | 87.41 |
| Udemy, Inc. | UDMY | $677M | 177.90 | 3.22 | 1.8% | 13.24 |
| Mama's Creations, Inc. |
| 2021 | - | - | - | - | - | - | - |
| MAMA |
| $622M |
| 117.59 |
| 11.81 |
| 10.0% |
| 50.45 |
| Utz Brands, Inc. | UTZ | $602M | 752.57 | 0.84 | 0.1% | 12.22 |
| Helen of Troy Limited | HELE | $582M | - | 0.73 | -112.6% | - |
| Village Super Market, Inc. | VLGEA | $573M | 11.36 | 1.28 | 11.3% | 7.37 |
| Krispy Kreme, Inc. | DNUT | $564M | - | 0.87 | -80.0% | - |
| Peer Median | - | 83.24 | 1.07 | 5.5% | 13.85 | |