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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,089.62 | 1,140.57 | 1,241.59 | 1,330.84 |
| Cost Of Revenue | 784.74 | 813.64 | 876.77 | 932.96 |
| Gross Profit | 304.88 | 326.93 | 364.81 | 397.88 |
| Operating Expense | 273.62 | 293.25 | 316.11 | 334.84 |
| Operating Income | 31.26 | 33.68 | 48.70 | 63.03 |
| EBITDA | 58.06 | 60.58 | 77.91 | 93.80 |
| EBIT | 30.16 | 31.67 | 46.98 | 61.99 |
| Pretax Income | 27.78 | 28.37 | 42.80 | 58.93 |
| Tax Provision | 6.42 | 5.13 | 8.87 | 12.48 |
| Net Income | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income Common Stockholders | 21.36 | 23.24 | 33.94 | 46.44 |
| Total Expenses | 1,058.36 | 1,106.89 | 1,192.89 | 1,267.80 |
| Interest Expense | 2.37 | 3.30 | 4.18 | 3.06 |
| Selling General And Administration | 31.56 | 34.37 | 37.05 | 41.43 |
| Normalized EBITDA | 59.17 | 62.58 | 79.63 | 94.85 |
| Normalized Income | 22.22 | 24.89 | 35.30 | 47.27 |
| Basic EPS | 0.94 | 1.02 | 1.49 | 2.02 |
| Diluted EPS | 0.94 | 1.02 | 1.47 | 2 |
| Tax Effect Of Unusual Items | -0.26 | -0.36 | -0.36 | -0.22 |
| Tax Rate For Calcs | 0.23 | 0.18 | 0.21 | 0.21 |
| Total Unusual Items | -1.11 | -2.01 | -1.72 | -1.04 |
| Total Unusual Items Excluding Goodwill | -1.11 | -2.01 | -1.72 | -1.04 |
| Net Income From Continuing Operation Net Minority Interest | 21.36 | 23.24 | 33.94 | 46.44 |
| Reconciled Depreciation | 27.91 | 28.91 | 30.93 | 31.81 |
| Reconciled Cost Of Revenue | 784.74 | 812.11 | 875.85 | 932.08 |
| Net Interest Income | -2.37 | -3.30 | -4.18 | -3.06 |
| Net Income From Continuing And Discontinued Operation | 21.36 | 23.24 | 33.94 | 46.44 |
| Total Operating Income As Reported | 30.16 | 31.67 | 46.98 | 61.99 |
| Diluted Average Shares | 22.82 | 22.83 | 23.08 | 23.26 |
| Basic Average Shares | 22.67 | 22.73 | 22.77 | 22.94 |
| Diluted NI Availto Com Stockholders | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income Including Noncontrolling Interests | 21.36 | 23.24 | 33.94 | 46.44 |
| Net Income Continuous Operations | 21.36 | 23.24 | 33.94 | 46.44 |
| Other Income Expense | -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 | 1.11 | 2.01 | 1.72 | 0 |
| Net Non Operating Interest Income Expense | -2.37 | -3.30 | -4.18 | -3.06 |
| Interest Expense Non Operating | 2.37 | 3.30 | 4.18 | 3.06 |
| Other Operating Expenses | 242.06 | 231.51 | 249.06 | 262.49 |
| Depreciation Amortization Depletion Income Statement | 0 | 27.38 | 30.01 | 30.93 |
| Depreciation And Amortization In Income Statement | 0 | 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 |
| Operating Revenue | 1,089.62 | 1,140.57 | 1,241.59 | 1,330.84 |
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 | $640M | 13.48β discount | 2.91 | 21.9% | 9.70 |
| SunOpta Inc. | STKL | $769M | 49.85 | 4.49 | 9.2% | 13.09 |
| Udemy, Inc. | UDMY | $709M | 162.00 | 3.41 | 1.8% | 62.74 |
| Utz Brands, Inc. | UTZ | $685M | 775.00 | 0.95 | 0.1% | 24.01 |
| Krispy Kreme, Inc. | DNUT |
| $629M |
| - |
| 0.96 |
| -79.0% |
| 26.58 |
| Village Super Market, Inc. | VLGEA | $625M | 11.08 | 1.21 | - | 7.17 |
| Helen of Troy Limited | HELE | $554M | - | 0.69 | -112.6% | 8.27 |
| Westrock Coffee Company | WEST | $553M | - | -298.42 | -33.3% | 68.91 |
| Calavo Growers, Inc. | CVGW | $502M | 31.19 | 2.44 | 9.5% | 18.10 |
| Peer Median | - | 49.85 | 1.09 | 0.1% | 21.05 | |