Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 11.6x · ROE 24.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $777M | $930M | $685M | $295M | $246M | $255M | $223M | $225M | $379M | $125M | $251M |
| Enterprise Value | $1.1B | $1.2B | $1.0B | $647M | $628M | $633M | $594M | $277M | $423M | $181M | $306M |
| P/E Ratio → | 16.87 | 20.00 | 20.20 | 12.66 | 11.48 | 12.33 | 11.08 | 23.79 | 30.16 | 18.00 | 21.88 |
| P/S Ratio | 0.58 | 0.70 | 0.55 | 0.26 | 0.23 | 0.24 | 0.21 | 0.25 | 0.45 | 0.16 | 0.36 |
| P/B Ratio | 3.69 | 4.38 | 3.93 | 1.73 | 1.58 | 1.79 | 1.29 | 1.44 | 2.58 | 0.94 | 1.98 |
| P/FCF | 32.25 | 38.59 | 19.54 | 11.12 | 29.84 | 9.96 | 6.03 | 48.47 | 19.77 | — | — |
| P/OCF | 14.06 | 16.82 | 9.29 | 4.56 | 6.20 | 4.73 | 3.35 | 6.03 | 8.83 | 3.07 | 8.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.94 | 0.82 | 0.57 | 0.58 | 0.60 | 0.57 | 0.31 | 0.50 | 0.23 | 0.43 |
| EV / EBITDA | 11.64 | 13.27 | 13.13 | 10.42 | 10.68 | 10.77 | 9.95 | 6.00 | 9.50 | 4.13 | 6.66 |
| EV / EBIT | 17.62 | 20.09 | 21.78 | 20.42 | 20.81 | 22.33 | 21.41 | 16.54 | 28.13 | 12.81 | 15.04 |
| EV / FCF | — | 51.66 | 29.16 | 24.39 | 76.07 | 24.72 | 16.10 | 59.65 | 22.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.9% | 29.9% | 29.4% | 28.7% | 28.0% | 27.7% | 27.3% | 26.4% | 26.6% | 27.6% | 28.6% |
| Operating Margin | 4.7% | 4.7% | 3.8% | 2.8% | 2.8% | 2.7% | 2.7% | 1.9% | 1.8% | 1.8% | 2.9% |
| Net Profit Margin | 3.5% | 3.5% | 2.7% | 2.0% | 2.0% | 1.9% | 1.9% | 1.0% | 1.5% | 0.9% | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.0% | 24.0% | 19.7% | 14.2% | 14.3% | 13.0% | 12.1% | 6.2% | 9.0% | 5.3% | 9.5% |
| ROA | 7.0% | 7.0% | 5.1% | 3.5% | 3.2% | 3.1% | 4.0% | 3.0% | 4.2% | 2.4% | 4.4% |
| ROIC | 8.9% | 8.9% | 6.8% | 4.5% | 4.3% | 4.0% | 5.5% | 6.3% | 5.9% | 5.7% | 9.5% |
| ROCE | 12.4% | 12.4% | 9.3% | 6.1% | 5.8% | 5.3% | 7.0% | 7.1% | 6.6% | 6.3% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.99 | 2.17 | 2.52 | 2.81 | 2.31 | 0.37 | 0.37 | 0.46 | 0.47 |
| Debt / EBITDA | 3.54 | 3.54 | 4.45 | 5.96 | 6.69 | 6.83 | 6.70 | 1.26 | 1.22 | 1.41 | 1.29 |
| Net Debt / Equity | — | 1.48 | 1.94 | 2.06 | 2.45 | 2.65 | 2.15 | 0.33 | 0.31 | 0.41 | 0.44 |
| Net Debt / EBITDA | 3.36 | 3.36 | 4.33 | 5.67 | 6.49 | 6.43 | 6.22 | 1.12 | 1.01 | 1.27 | 1.20 |
| Debt / FCF | — | 13.06 | 9.62 | 13.27 | 46.23 | 14.76 | 10.07 | 11.18 | 2.35 | — | — |
| Interest Coverage | 20.24 | 20.24 | 11.25 | 9.60 | 12.72 | 12.47 | 13.55 | 3.39 | 3.30 | 3.72 | 6.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 0.90 | 0.99 | 1.02 | 1.01 | 1.11 | 1.38 | 1.39 | 1.51 | 1.46 |
| Quick Ratio | 0.22 | 0.22 | 0.16 | 0.22 | 0.20 | 0.26 | 0.33 | 0.23 | 0.21 | 0.20 | 0.17 |
| Cash Ratio | 0.11 | 0.11 | 0.05 | 0.12 | 0.09 | 0.18 | 0.22 | 0.07 | 0.12 | 0.09 | 0.06 |
| Asset Turnover | — | 1.98 | 1.89 | 1.70 | 1.64 | 1.61 | 1.52 | 2.76 | 2.76 | 2.56 | 2.50 |
| Inventory Turnover | 7.02 | 7.02 | 7.27 | 6.82 | 6.90 | 7.59 | 7.52 | 6.91 | 6.62 | 5.95 | 5.83 |
| Days Sales Outstanding | — | 3.28 | 3.71 | 3.46 | 3.52 | 2.94 | 3.00 | 2.04 | 2.04 | 2.31 | 1.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.2% | 1.3% | 3.1% | 3.7% | 20.2% | 2.8% | — | — | — | — |
| Payout Ratio | 23.7% | 23.7% | 27.0% | 39.1% | 42.4% | 250.0% | 31.5% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 5.0% | 5.0% | 7.9% | 8.7% | 8.1% | 9.0% | 4.2% | 3.3% | 5.6% | 4.6% |
| FCF Yield | 3.1% | 2.6% | 5.1% | 9.0% | 3.4% | 10.0% | 16.6% | 2.1% | 5.1% | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| Total Shareholder Yield | 1.6% | 1.3% | 1.5% | 3.1% | 3.8% | 20.3% | 3.0% | 0.2% | 0.2% | 0.2% | 0.3% |
| Shares Outstanding | — | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $22M | $22M | $23M |
Regional labor cost inflation
Based on current market data, NGVC trades at a P/E of 16.05, which appears to discount the company's decelerating top-line momentum compared to the broader grocery sector, suggesting that investors are pricing in a more conservative outlook for future unit expansion and long-term organic revenue growth.
The forward P/E of 15.15 indicates that the market expects limited earnings expansion, likely reflecting the company's reliance on a niche, high-cost organic model. This valuation multiple warrants caution, as it may not fully account for the potential margin compression if the company fails to pass through inflationary costs to its price-sensitive core demographic.
As reported in financial statements, NGVC's ROIC has hovered between 1.6% and 2.7% over the last ten quarters, a trend that suggests the company is struggling to generate returns on invested capital that meaningfully exceed its cost of capital in the current high-interest rate environment.
The persistent low ROIC indicates that the company's small-box format and specialized inventory requirements may be capital-intensive relative to the operating income generated. Investors should monitor whether management can improve asset utilization, as current returns appear insufficient to drive significant long-term shareholder value creation.
According to quarterly data, the company's cash conversion cycle has remained relatively stable, fluctuating between 17 and 22 days, which indicates a consistent but constrained ability to manage inventory turnover and supplier payment terms within its specialized, high-service grocery retail business model.
The inventory turnover remains a critical bottleneck, as the reliance on perishable organic goods limits the company's ability to optimize stock levels without risking product quality. This operational rigidity suggests that any disruption in the supply chain could lead to rapid inventory obsolescence and further pressure on working capital efficiency.
Based on the provided balance sheet figures, NGVC maintains a current ratio near 1.05, a level that appears lean compared to industry peers and suggests that the company possesses limited financial cushion to absorb unexpected operational shocks or sudden shifts in consumer demand for organic products.
The quick ratio of 0.25 highlights a heavy dependence on inventory to meet short-term obligations, which may pose a risk if the company faces a sudden liquidity crunch. This tight positioning warrants further investigation into the company's access to revolving credit facilities to ensure it can navigate potential periods of economic volatility.
The most commonly misapplied metric for NGVC is the standard EV/EBITDA multiple, which obscures the company's true financial leverage by failing to account for the significant off-balance-sheet obligations associated with long-term store leases that are inherent to its small-box, high-occupancy retail strategy.
Analysts should instead utilize a lease-adjusted leverage metric to gain a clearer picture of the company's actual debt burden and enterprise value. Relying solely on reported EBITDA multiples likely leads to an overestimation of the company's financial health by ignoring the fixed-cost commitments that define its operational risk profile.
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Quick answers to the most common questions about buying NGVC stock.
Natural Grocers by Vitamin Cottage, Inc.'s current P/E ratio is 16.9x. The historical average is 28.5x. This places it at the 29th percentile of its historical range.
Natural Grocers by Vitamin Cottage, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Natural Grocers by Vitamin Cottage, Inc.'s return on equity (ROE) is 24.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.4%.
Based on historical data, Natural Grocers by Vitamin Cottage, Inc. is trading at a P/E of 16.9x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Natural Grocers by Vitamin Cottage, Inc.'s current dividend yield is 1.40% with a payout ratio of 23.7%.
Natural Grocers by Vitamin Cottage, Inc. has 29.9% gross margin and 4.7% operating margin.
Natural Grocers by Vitamin Cottage, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.