# Natural Grocers by Vitamin Cottage Inc. (NGVC) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Consumer Defensive / Food & Staples Retailing. Price $27.93, market value $644 million.

## Valuation
- **P/E (trailing): 13.6×** (5-yr avg 14.2×, 3-yr avg 16.9×). Natural Grocers by Vitamin Cottage Inc. trades at 13.6× trailing earnings, close to its own five-year average of 14.2×. The Consumer Defensive median in the September 2026 study was 20.1×. Forward P/E is 12.1×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.34**. A PEG of 0.34 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.5×**. Each dollar of revenue is priced at 0.5×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 2.7×**. The shares trade at 2.7× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 6.5×**. Enterprise value is 6.5× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 3.5%** (5-yr avg 7.4%). Free cash flow equals 3.5% of the market value, below its five-year average of 7.4%, so the shares are pricier on cash than usual.
- **Earnings yield: 7.3%**. The inverse of the P/E: 7.3% of the price is earned each year.

## Profitability
- **Gross margin: 29.6%**. Natural Grocers by Vitamin Cottage Inc. keeps 29.6% of revenue after the direct cost of what it sells.
- **Operating margin: 4.7%**. 4.7% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: 3.5%**. 3.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 21.9%**. 21.9% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 25.6%**. Return on all capital, debt included, is 25.6%: comfortably above what that capital costs.
- **Return on assets: 7.1%**. Each dollar of assets produces 7.1% of profit.

## Growth
- **Revenue growth (1 yr): 7.2%** (3-yr 6.9%/yr, 5-yr 5.1%/yr). Revenue grew 7.2% over the last year, against 5.1% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 36.1%** (3-yr 28.6%/yr, 5-yr 17.6%/yr). Earnings per share rose 36.1%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 27.4%/yr**. Free cash flow has compounded at 27.4% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.00**. Debt is 0.00 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Natural Grocers by Vitamin Cottage Inc. holds more cash than debt.
- **Altman Z-score: 3.58**. A Z-score of 3.58 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 2.15%** ($0.57 per share, trailing). Natural Grocers by Vitamin Cottage Inc. yields 2.15%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 24%** (58% of free cash flow). 24% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): -25.9%/yr** (1-yr 21.4%). The dividend has not grown over five years.

## Price and momentum
- **Total return (1 yr): -27.7%** (YTD 12.7%, 3-mo -7.2%). The shares are down 27.7% over twelve months including dividends.
- **From 52-week high: -32.1%** (19.0% above the low). Trading 32% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): -0.00** (volatility 41%). Beta of -0.00 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NGVC · Page: https://foliofundamentals.com/stocks/ngvc

Not investment advice.