Natural Grocers By Vitamin Cottage, Inc.

$NGVC Market Cap: $1.033 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$1.242B

TTM

Gross Margin

29.38%

TTM

Net Earnings

$33.94M

TTM

Current Assets

$147.1M

Q3 2024

Current Liabilities

$164.1M

Q3 2024

Current Ratio

89.6%

Q3 2024

Total Assets

$655.5M

Q3 2024

Total Liabilities

$481.2M

Q3 2024

Book Value

$174.3M

Q3 2024

Cash

$8.871M

Q3 2024

P/E

30.43

Nov 29, 2024 EST

Free Cash Flow

$35.19M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.242B	$1.141B	$1.090B	$1.056B	$1.037B	$903.6M	$849.0M	$769.0M	$705.5M	$624.7M	$520.7M	$430.7M	$336.4M	$264.5M	$226.9M	$206.1M
YoY Change	8.86%	4.68%	3.23%	1.8%	14.75%	6.42%	10.4%	9.01%	12.94%	19.97%	20.9%	28.02%	27.16%	16.59%	10.09%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.242B	$1.141B	$1.090B	$1.056B	$1.037B	$903.6M	$849.0M	$769.0M	$705.5M	$624.7M	$520.7M	$430.7M	$336.4M	$264.5M	$226.9M	$206.1M
Cost Of Revenue	$876.8M	$813.6M	$784.7M	$763.3M	$753.7M	$664.8M	$623.5M	$556.7M	$503.7M	$442.6M	$369.2M	$304.9M	$236.9M	$186.7M	$159.4M	$145.9M
Gross Profit	$364.8M	$326.9M	$304.9M	$292.2M	$283.1M	$238.8M	$225.6M	$212.3M	$201.8M	$182.1M	$151.5M	$125.7M	$99.06M	$77.38M	$67.50M	$60.10M
Gross Profit Margin	29.38%	28.66%	27.98%	27.68%	27.31%	26.42%	26.57%	27.61%	28.6%	29.15%	29.1%	29.2%	29.45%	29.25%	29.75%	29.16%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Selling, General & Admin	$317.8M	$261.7M	$274.7M	$230.0M	$221.9M	$193.7M	$181.9M	$169.8M	$156.7M	$132.9M	$110.8M	$93.90M	$77.50M	$62.70M	$53.00M	$51.80M
YoY Change	21.43%	-4.72%	19.47%	3.63%	14.56%	6.49%	7.13%	8.36%	17.91%	19.95%	18.0%	21.16%	23.6%	18.3%	2.32%
% of Gross Profit	87.12%	80.06%	90.11%	78.7%	78.37%	81.13%	80.64%	79.97%	77.66%	72.98%	73.13%	74.68%	78.24%	81.03%	78.52%	86.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$30.93M	$28.91M	$27.91M	$29.63M	$31.19M	$28.98M	$29.43M	$29.51M	$25.53M	$21.34M	$17.21M	$13.50M	$9.949M	$7.691M	$5.510M	$4.210M
YoY Change	7.0%	3.58%	-5.83%	-5.0%	7.65%	-1.54%	-0.27%	15.58%	19.67%	23.97%	27.53%	35.65%	29.36%	39.58%	30.88%
% of Gross Profit	8.48%	8.84%	9.15%	10.14%	11.02%	12.14%	13.05%	13.9%	12.65%	11.72%	11.36%	10.73%	10.04%	9.94%	8.16%	7.0%
Operating Expenses	$317.8M	$293.3M	$274.7M	$262.4M	$255.4M	$222.0M	$210.5M	$198.2M	$181.4M	$153.4M	$127.2M	$106.7M	$87.50M	$70.40M	$58.50M	$51.90M
YoY Change	8.36%	6.77%	4.7%	2.74%	15.05%	5.46%	6.21%	9.26%	18.25%	20.6%	19.21%	21.94%	24.29%	20.34%	12.72%
Operating Profit	$46.98M	$31.67M	$30.16M	$28.33M	$27.75M	$16.77M	$15.05M	$14.10M	$20.38M	$28.63M	$24.25M	$19.09M	$11.99M	$7.411M	$9.000M	$8.200M
YoY Change	48.34%	5.02%	6.45%	2.08%	65.51%	11.38%	6.77%	-30.82%	-28.82%	18.07%	27.03%	59.15%	61.84%	-17.66%	9.76%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Interest Expense	-$4.176M	$3.299M	-$2.371M	$2.271M	$2.048M	$4.952M	$4.560M	$3.793M	$3.044M	$2.993M	$2.496M	$2.166M	$568.0K	$669.0K	-$1.000M	-$1.100M
YoY Change	-226.58%	-239.14%	-204.4%	10.89%	-58.64%	8.6%	20.22%	24.61%	1.7%	19.91%	15.24%	281.34%	-15.1%	-166.9%	-9.09%
% of Operating Profit	-8.89%	10.42%	-7.86%	8.02%	7.38%	29.54%	30.29%	26.9%	14.94%	10.45%	10.29%	11.35%	4.74%	9.03%	-11.11%	-13.41%
Other Income/Expense, Net												$0.00	$0.00	$0.00	$0.00	-$100.0K
YoY Change															-100.0%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Pretax Income	$42.80M	$28.37M	$27.78M	$26.06M	$25.70M	$11.81M	$10.49M	$10.31M	$17.34M	$25.64M	$21.75M	$16.93M	$11.43M	$6.777M	$8.100M	$7.100M
YoY Change	50.87%	2.11%	6.63%	1.38%	117.55%	12.59%	1.82%	-40.55%	-32.38%	17.84%	28.49%	48.1%	68.69%	-16.33%	14.08%
Income Tax	$8.866M	$5.127M	$6.419M	$5.475M	$5.692M	$2.398M	-$2.168M	$3.414M	$5.864M	$9.432M	$8.281M	$6.379M	$3.955M	$2.167M	$2.500M	$2.000M
% Of Pretax Income	20.71%	18.07%	23.1%	21.01%	22.15%	20.3%	-20.66%	33.13%	33.83%	36.79%	38.07%	37.68%	34.6%	31.98%	30.86%	28.17%
Net Earnings	$33.94M	$23.24M	$21.37M	$20.58M	$20.01M	$9.416M	$12.66M	$6.891M	$11.47M	$16.20M	$13.47M	$10.55M	$7.477M	$4.610M	$4.400M	$3.500M
YoY Change	46.0%	8.79%	3.81%	2.86%	112.5%	-25.63%	83.73%	-39.93%	-29.21%	20.27%	27.68%	41.13%	62.19%	4.77%	25.71%
Net Earnings / Revenue	2.73%	2.04%	1.96%	1.95%	1.93%	1.04%	1.49%	0.9%	1.63%	2.59%	2.59%	2.45%	2.22%	1.74%	1.94%	1.7%
Basic Earnings Per Share	$1.49	$1.02	$0.94	$0.91	$0.89	$0.42	$0.57	$0.31	$0.51	$0.72	$0.60	$0.47	$0.30	$0.16
Diluted Earnings Per Share	$1.47	$1.02	$936.4K	$0.91	$0.89	$0.42	$0.56	$0.31	$0.51	$0.72	$0.60	$0.47	$0.30	$0.16	$195.6K	$5.833M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Cash & Short-Term Investments	$8.871M	$18.34M	$12.04M	$23.68M	$28.50M	$6.200M	$9.400M	$6.500M	$4.000M	$2.900M	$5.100M	$9.300M	$18.10M	$400.0K	$400.0K
YoY Change	-51.64%	52.35%	-49.16%	-16.92%	359.68%	-34.04%	44.62%	62.5%	37.93%	-43.14%	-45.16%	-48.62%	4425.0%	0.0%
Cash & Equivalents	$8.871M	$18.34M	$12.04M	$23.68M	$28.50M	$6.200M	$9.400M	$6.500M	$4.000M	$2.900M	$5.100M	$8.100M	$17.30M	$400.0K	$400.0K
Short-Term Investments											$0.00	$1.100M	$800.0K	$0.00
Other Short-Term Assets	$4.905M	$4.151M	$4.369M	$2.914M	$6.200M	$7.700M	$2.600M	$3.200M	$3.200M	$2.000M	$1.400M	$2.700M	$1.500M	$1.100M	$900.0K
YoY Change	18.16%	-4.99%	49.93%	-53.0%	-19.48%	196.15%	-18.75%	0.0%	60.0%	42.86%	-48.15%	80.0%	36.36%	22.22%
Inventory	$120.7M	$119.3M	$113.8M	$100.5M	$100.2M	$96.20M	$94.20M	$93.60M	$86.30M	$74.80M	$58.40M	$45.50M	$37.50M	$29.80M	$25.60M
Prepaid Expenses
Receivables	$12.61M	$10.80M	$10.50M	$8.489M	$8.500M	$5.100M	$4.700M	$4.900M	$3.700M	$2.600M	$2.100M	$2.400M	$1.800M	$2.100M	$2.200M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.700M	$1.000M
Total Short-Term Assets	$147.1M	$152.6M	$140.7M	$135.6M	$143.4M	$115.2M	$111.0M	$108.2M	$97.30M	$82.30M	$67.10M	$59.90M	$58.90M	$35.10M	$30.10M
YoY Change	-3.6%	8.45%	3.71%	-5.42%	24.48%	3.78%	2.59%	11.2%	18.23%	22.65%	12.02%	1.7%	67.81%	16.61%
Property, Plant & Equipment	$494.5M	$502.1M	$507.9M	$507.2M	$527.3M	$201.6M	$188.8M	$184.4M	$178.3M	$145.2M	$120.2M	$98.90M	$64.60M	$41.70M	$28.00M
YoY Change	-1.52%	-1.13%	0.14%	-3.82%	161.56%	6.78%	2.39%	3.42%	22.8%	20.8%	21.54%	53.1%	54.92%	48.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments												$0.00	$1.000M	$0.00
YoY Change												-100.0%
Other Assets	$458.0K	$413.0K	$452.0K	$589.0K	$600.0K	$1.700M	$1.700M	$1.700M	$1.000M	$800.0K	$700.0K	$200.0K	$300.0K	$800.0K	$800.0K
YoY Change	10.9%	-8.63%	-23.26%	-1.83%	-64.71%	0.0%	0.0%	70.0%	25.0%	14.29%	250.0%	-33.33%	-62.5%	0.0%
Total Long-Term Assets	$508.4M	$516.6M	$522.4M	$519.5M	$538.4M	$211.9M	$196.1M	$191.8M	$184.9M	$151.6M	$121.9M	$100.0M	$66.80M	$43.80M	$30.20M
YoY Change	-1.59%	-1.11%	0.58%	-3.52%	154.08%	8.06%	2.24%	3.73%	21.97%	24.36%	21.9%	49.7%	52.51%	45.03%
Total Assets	$655.5M	$669.2M	$663.1M	$655.1M	$681.8M	$327.1M	$307.1M	$300.0M	$282.2M	$233.9M	$189.0M	$159.9M	$125.7M	$78.90M	$60.30M
YoY Change
Accounts Payable	$88.40M	$80.68M	$71.28M	$68.95M	$69.20M	$63.20M	$61.10M	$56.80M	$53.60M	$49.90M	$33.80M	$28.90M	$26.00M	$16.10M	$13.00M
YoY Change	9.57%	13.18%	3.39%	-0.36%	9.49%	3.44%	7.57%	5.97%	7.41%	47.63%	16.96%	11.15%	61.49%	23.85%
Accrued Expenses	$71.77M	$66.05M	$61.47M	$57.74M	$55.30M	$17.70M	$16.40M	$13.30M	$11.60M	$18.80M	$15.10M	$8.700M	$7.800M	$5.300M	$4.900M
YoY Change	8.67%	7.44%	6.46%	4.41%	212.43%	7.93%	23.31%	14.66%	-38.3%	24.5%	73.56%	11.54%	47.17%	8.16%
Deferred Revenue
YoY Change
Short-Term Debt		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.00M	$5.200M
YoY Change													-100.0%	111.54%
Long-Term Debt Due	$3.960M	$5.440M	$4.973M	$4.926M	$2.800M	$1.000M	$700.0K	$500.0K	$500.0K	$300.0K	$200.0K	$200.0K	$300.0K	$1.100M	$1.200M
YoY Change	-27.21%	9.39%	0.95%	75.93%	180.0%	42.86%	40.0%	0.0%	66.67%	50.0%	0.0%	-33.33%	-72.73%	-8.33%
Total Short-Term Liabilities	$164.1M	$154.0M	$137.7M	$133.8M	$129.2M	$83.30M	$79.70M	$71.60M	$66.50M	$69.90M	$49.90M	$38.40M	$34.10M	$34.00M	$24.30M
YoY Change	6.56%	11.84%	2.96%	3.54%	55.1%	4.52%	11.31%	7.67%	-4.86%	40.08%	29.95%	12.61%	0.29%	39.92%
Long-Term Debt	$43.22M	$53.08M	$58.60M	$61.39M	$39.50M	$57.20M	$53.60M	$61.30M	$58.90M	$27.30M	$21.70M	$19.60M	$5.500M	$16.30M	$17.40M
YoY Change	-18.58%	-9.42%	-4.54%	55.41%	-30.94%	6.72%	-12.56%	4.07%	115.75%	25.81%	10.71%	256.36%	-66.26%	-6.32%
Other Long-Term Liabilities	$263.4M	$276.8M	$295.1M	$301.9M	$325.6M	$19.40M	$20.60M	$20.90M	$17.90M	$15.20M	$13.10M	$10.40M	$8.900M	$7.700M	$5.400M
YoY Change	-4.84%	-6.19%	-2.26%	-7.28%	1578.35%	-5.83%	-1.44%	16.76%	17.76%	16.03%	25.96%	16.85%	15.58%	42.59%
Total Long-Term Liabilities	$306.6M	$329.9M	$353.7M	$363.3M	$365.1M	$76.60M	$74.20M	$82.20M	$76.80M	$42.50M	$34.80M	$30.00M	$14.40M	$24.00M	$22.80M
YoY Change	-7.05%	-6.72%	-2.65%	-0.5%	376.63%	3.23%	-9.73%	7.03%	80.71%	22.13%	16.0%	108.33%	-40.0%	5.26%
Total Liabilities	$481.2M	$498.3M	$507.3M	$512.3M	$508.7M	$170.2M	$160.4M	$166.1M	$155.5M	$118.4M	$90.10M	$75.40M	$52.70M	$64.50M	$49.40M
YoY Change	-3.44%	-1.76%	-0.99%	0.72%	198.88%	6.11%	-3.43%	6.82%	31.33%	31.41%	19.5%	43.07%	-18.29%	30.57%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Basic Shares Outstanding	22.77M	22.73M	22.67M	22.59M	22.50M	22.42M	22.36M	22.45M	22.49M	22.49M	22.47M	22.40M	22.37M	22.37M shares
Diluted Shares Outstanding	23.08M	22.83M	22.82M	22.71M	22.58M	22.55M	22.41M	22.46M	22.51M	22.50M	22.48M	22.44M	22.46M	22.46M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $1.0325 Billion

About Natural Grocers by Vitamin Cottage, Inc.

Natural Grocers by Vitamin Cottage, Inc. engages in the retail of natural and organic groceries and dietary supplements. The company is headquartered in Lakewood, Colorado and currently employs 3,235 full-time employees. The company went IPO on 2012-07-25. In the Company's grocery departments, it only sells United States Department of Agriculture certified organic produce and does not approve for sale grocery products that contain artificial colors, flavors, preservatives or sweeteners or partially hydrogenated or hydrogenated oils. Its grocery product categories include Natural Grocers brand products; dry, frozen and canned groceries; meats and seafood; dairy products, and dairy substitutes and eggs. The company sells a wide selection of private label repackaged bulk products. Its dietary supplement department sells name-brand supplements and a line of Natural Grocers brand private label dietary supplements. The company offers different formulations and potencies for each type of product. The company offers natural pet care and food products, and household and general merchandise. The company has around 167 stores in 21 states.

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