Revenue growth has decelerated sharply from 9.4% in 2025Q1 to 0.5% in 2026Q2, while gross margins have contracted to 28.0% from a 30.3% peak in 2025Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 |
|---|
| Sales/Revenue | 1.34B | 1.33B | 1.24B | 1.14B | 1.09B | 1.06B | 1.04B | 903.58M | 849.04M | 769.03M | 705.5M | 624.68M | 520.67M | 430.65M | 336.39M | 264.54M | 226.91M |
| Revenue Growth % | 3.09% | 7.19% | 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% | - |
| Cost of Goods Sold | 947.12M | 932.96M | 876.77M | 813.64M | 784.74M | 763.33M | 753.7M | 664.83M | 623.47M | 556.69M | 503.73M | 442.58M | 369.17M | 304.92M | 237.33M | 187.16M | 159.8M |
| COGS % of Revenue | - | 70.1% | 70.62% | 71.34% | 72.02% | 72.32% | 72.69% | 73.58% | 73.43% | 72.39% | 71.4% | 70.85% | 70.9% | 70.8% | 70.55% | 70.75% | 70.42% |
| Gross Profit | 390.68M | 397.88M | 364.81M | 326.93M | 304.88M | 292.19M | 283.14M | 238.75M | 225.57M | 212.34M | 201.77M | 182.1M | 151.5M | 125.73M | 99.06M | 77.38M | 67.11M |
| Gross Margin % | 29.2% | 29.9% | 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% | 29.58% |
| Gross Profit Growth % | - | 9.06% | 11.59% | 7.23% | 4.34% | 3.2% | 18.59% | 5.84% | 6.23% | 5.24% | 10.81% | 20.19% | 20.5% | 26.93% | 28.01% | 15.3% | - |
| Operating Expenses | 326.27M | 335.89M | 317.83M | 295.26M | 274.73M | 263.86M | 255.39M | 221.99M | 210.52M | 198.24M | 181.39M | 153.47M | 127.25M | 106.64M | 87.06M | 69.97M | 58.09M |
| OpEx % of Revenue | - | 25.24% | 25.6% | 25.89% | 25.21% | 25% | 24.63% | 24.57% | 24.8% | 25.78% | 25.71% | 24.57% | 24.44% | 24.76% | 25.88% | 26.45% | 25.6% |
| Selling, General & Admin | 113.43M | 41.43M | 37.05M | 34.37M | 31.56M | 28.36M | 26.78M | 22.84M | 21.51M | 20.09M | 19.24M | 17.51M | 14.82M | 13.48M | 12.73M | 10.4M | 53.01M |
| SG&A % of Revenue | - | 3.11% | 2.98% | 3.01% | 2.9% | 2.69% | 2.58% | 2.53% | 2.53% | 2.61% | 2.73% | 2.8% | 2.85% | 3.13% | 3.79% | 3.93% | 23.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 294.46M | 280.79M | 260.9M | 243.16M | 235.51M | 228.61M | 199.15M | 189.01M | 178.15M | 162.15M | 135.95M | 112.43M | 93.17M | 74.33M | 59.57M | 5.08M |
| Operating Income | 64.41M | 61.99M | 46.98M | 31.67M | 30.16M | 28.33M | 27.75M | 16.77M | 15.05M | 14.1M | 20.38M | 28.63M | 24.25M | 19.09M | 12.29M | 7.41M | 9.03M |
| Operating Margin % | 4.81% | 4.66% | 3.78% | 2.78% | 2.77% | 2.68% | 2.68% | 1.86% | 1.77% | 1.83% | 2.89% | 4.58% | 4.66% | 4.43% | 3.65% | 2.8% | 3.98% |
| Operating Income Growth % | - | 31.96% | 48.34% | 5.02% | 6.45% | 2.08% | 65.51% | 11.38% | 6.77% | -30.82% | -28.82% | 18.07% | 27.03% | 55.25% | 65.9% | -17.9% | - |
| EBITDA | 96.51M | 93.8M | 77.91M | 62.08M | 58.76M | 58.76M | 59.74M | 46.24M | 44.58M | 43.71M | 46.01M | 49.97M | 41.46M | 32.61M | 22.24M | 15.17M | 14.6M |
| EBITDA Margin % | 7.21% | 7.05% | 6.27% | 5.44% | 5.39% | 5.57% | 5.76% | 5.12% | 5.25% | 5.68% | 6.52% | 8% | 7.96% | 7.57% | 6.61% | 5.73% | 6.44% |
| EBITDA Growth % | 10.38% | 20.41% | 25.5% | 5.64% | 0% | -1.64% | 29.19% | 3.72% | 2% | -5.01% | -7.91% | 20.52% | 27.14% | 46.61% | 46.63% | 3.88% | - |
| D&A (Non-Cash Add-back) | 32.1M | 31.81M | 30.93M | 30.41M | 28.61M | 30.43M | 31.99M | 29.48M | 29.53M | 29.61M | 25.63M | 21.34M | 17.21M | 13.52M | 9.95M | 7.76M | 5.58M |
| EBIT | 64.41M | 61.99M | 46.98M | 31.67M | 30.16M | 28.33M | 27.75M | 16.77M | 15.05M | 14.1M | 20.38M | 28.63M | 24.25M | 19.09M | 12M | 7.45M | 9.03M |
| Net Interest Income | -2.73M | -3.06M | -4.18M | -3.3M | -2.37M | -2.27M | -2.05M | -4.95M | -4.56M | -3.79M | -3.04M | -2.99M | -2.5M | -2.17M | -568K | -669K | -960.83K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.1K | 10.08K | 6.72K |
| Interest Expense | 2.73M | 3.06M | 4.18M | 3.3M | 2.37M | 2.27M | 2.05M | 4.95M | 4.56M | 3.79M | 3.04M | 2.99M | 2.5M | 2.17M | 568.5K | 669.13K | 967.55K |
| Other Income/Expense | -3.3M | -3.06M | -4.18M | -3.3M | -2.37M | -2.27M | -2.05M | -4.95M | -4.56M | -3.79M | -3.04M | -2.99M | -2.49M | -2.16M | -562.21K | -634.03K | -964.5K |
| Pretax Income | 61.11M | 58.93M | 42.8M | 28.37M | 27.78M | 26.06M | 25.7M | 11.81M | 10.49M | 10.3M | 17.34M | 25.64M | 21.75M | 16.93M | 11.43M | 6.78M | 8.06M |
| Pretax Margin % | 4.57% | 4.43% | 3.45% | 2.49% | 2.55% | 2.47% | 2.48% | 1.31% | 1.24% | 1.34% | 2.46% | 4.1% | 4.18% | 3.93% | 3.4% | 2.56% | 3.55% |
| Income Tax | 12.93M | 12.48M | 8.87M | 5.13M | 6.42M | 5.47M | 5.69M | 2.4M | -2.17M | 3.41M | 5.86M | 9.43M | 8.28M | 6.38M | 3.96M | 2.17M | 2.47M |
| Effective Tax Rate % | 21.16% | 21.18% | 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% | 31.97% | 30.58% |
| Net Income | 48.17M | 46.44M | 33.94M | 23.24M | 21.36M | 20.58M | 20.01M | 9.42M | 12.66M | 6.89M | 11.47M | 16.2M | 13.47M | 10.55M | 6.65M | 3.5M | 4.41M |
| Net Margin % | 3.6% | 3.49% | 2.73% | 2.04% | 1.96% | 1.95% | 1.93% | 1.04% | 1.49% | 0.9% | 1.63% | 2.59% | 2.59% | 2.45% | 1.98% | 1.32% | 1.94% |
| Net Income Growth % | 16.76% | 36.86% | 46% | 8.79% | 3.81% | 2.86% | 112.5% | -25.63% | 83.73% | -39.93% | -29.21% | 20.27% | 27.68% | 58.71% | 89.76% | -20.51% | - |
| Net Income (Continuing) | 48.17M | 46.44M | 33.94M | 23.24M | 21.36M | 20.58M | 20.01M | 9.42M | 12.66M | 6.89M | 11.47M | 16.2M | 13.47M | 10.55M | 7.48M | 4.61M | 5.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.53M | 1.41M |
| EPS (Diluted) | 2.09 | 2.00 | 1.47 | 1.02 | 0.94 | 0.91 | 0.89 | 0.42 | 0.56 | 0.31 | 0.51 | 0.72 | 0.60 | 0.47 | 0.30 | 0.16 | 0.20 |
| EPS Growth % | 16.85% | 36.05% | 44.12% | 8.51% | 3.3% | 2.25% | 111.9% | -25% | 80.65% | -39.22% | -29.17% | 20% | 27.66% | 56.67% | 87.5% | -20% | - |
| EPS (Basic) | - | 2.02 | 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 | 0.20 |
| Diluted Shares Outstanding | 23.1M | 23.26M | 23.08M | 22.83M | 22.82M | 22.71M | 22.58M | 22.55M | 22.41M | 22.46M | 22.51M | 22.5M | 22.48M | 22.44M | 22.46M | 22.46M | 22.46M |
| Basic Shares Outstanding | 23.1M | 22.94M | 22.77M | 22.73M | 22.67M | 22.59M | 22.5M | 22.42M | 22.36M | 22.45M | 22.49M | 22.49M | 22.47M | 22.4M | 22.37M | 22.37M | 22.37M |
| Dividend Payout Ratio | - | 23.7% | 27.01% | 39.1% | 42.44% | 250% | 31.49% | - | - | - | - | - | - | - | - | - | - |
Regional labor cost inflation
As reported in recent financial filings, NGVC's year-over-year revenue growth has decelerated significantly from 9.4% in 2025Q1 to a mere 0.5% by 2026Q2, suggesting that the company's ability to drive top-line expansion through pricing or volume is currently encountering substantial resistance in its core markets.
The sharp decline in revenue growth rates indicates that the company's specialized organic value proposition may be losing its elasticity as consumer discretionary spending tightens. Investors should monitor whether this deceleration reflects a permanent saturation of the company's small-box footprint or a temporary pause in demand for premium-priced grocery items.
Based on the provided income statement data, NGVC's gross margin contracted to 28.0% in 2026Q2, marking a notable departure from the 30.3% peak observed in 2025Q2 and highlighting potential challenges in maintaining pricing power amidst rising wholesale costs for organic perishables.
The erosion of gross margins suggests that the company is struggling to pass through inflationary pressures to its health-conscious customer base without sacrificing volume. This trend warrants further investigation into whether the shift toward private-label products is successfully offsetting the rising costs of sourcing high-quality organic inventory.
According to the latest quarterly data, operating income scaled to $18.7M in 2026Q2, yet the operating margin of 5.5% remains structurally thin, indicating that the company's fixed-cost base continues to exert significant pressure on profitability despite modest fluctuations in top-line performance.
The lack of meaningful operating leverage suggests that the company's small-format store model may be reaching a point of diminishing returns regarding overhead efficiency. Analysts should evaluate whether the current SG&A structure is sufficiently flexible to support profitability if revenue growth remains stagnant in future periods.
Based on reported figures, the company's net income of $13.4M in 2026Q2 appears relatively clean, with stock-based compensation expenses effectively neutralized to zero in the most recent quarter, suggesting a conservative approach to equity-based incentives that benefits the quality of reported earnings per share.
The absence of significant non-operating items or stock-based compensation dilution in the latest period provides a clearer view of core operational performance. However, investors should remain cautious regarding the sustainability of these earnings if the company is forced to increase marketing or labor expenditures to defend its market share.
Quick answers to the most common questions about buying NGVC stock.
For fiscal year 2025, Natural Grocers by Vitamin Cottage, Inc. (NGVC) reported total revenue of $1.33B. This represents a 486.5% increase compared to $226.9M in 2010.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) is profitable, generating $46.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) reported an operating income of $62.0M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Natural Grocers by Vitamin Cottage, Inc. (NGVC) generated $397.9M in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.