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Natural Grocers by Vitamin Cottage Income Statement 2025-2010 | NGVC
Brief overview of financial performance at Natural Grocers by Vitamin Cottage
The figures are compared over a five-year interval. According to figures from Natural Grocers by Vitamin Cottage, revenue changed from $265 million to $1.3 billion over five years. The total change was +402.1%, with a CAGR of approximately 38.1%. Sales grew at a rate typical of a strong expansion phase.
Gross profit changed from $73 million to $398 million (+444.9%). The gross margin was 27.6% at the start and 29.9% at the end. The expansion indicates stronger pricing power or better control of direct costs.
The five-year EBITDA result moved by +157.7%: from $36.4 million to $93.8 million. The operating result developed less favorably than sales. Comparing the endpoints gives EBITDA margins of 13.7% and 7%. A lower EBITDA share weakens the quality of the result.
The net result moved from $20 million to $46.4 million, or +132.1%. Net income reached a five-year high at the end of the interval.
The market value of the business moved from 248 million dollars to 1.1 billion dollars, or +346.5%. A large part of future progress may already be reflected in the valuation.
What the figures show
The figures do not all move in the same direction. The financial profile benefits from a larger revenue base, better sales economics and improving net profitability. The overall view is constrained by a declining EBITDA margin. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Natural Grocers by Vitamin Cottage
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
1.11 B | 995 M | 380 M | 221 M | 318 M | 248 M | 198 M | 411 M | 110 M | 270 M | 539 M | 395 M | 885 M | 455 M | - | - |
Shares |
22.9 M | 22.8 M | 22.7 M | 22.7 M | 22.6 M | 22.5 M | 22.4 M | 22.4 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.4 M | 22.4 M | - | - |
Historical Prices |
48.2 | 43.7 | 16.7 | 9.73 | 14.1 | 11.7 | 8.15 | 12.7 | 7.37 | 9.82 | 16.8 | 23.3 | 35.1 | 15.8 | - | |
Net Income |
46.4 M | 33.9 M | 23.2 M | 21.4 M | 20.6 M | 20 M | 9.42 M | 12.7 M | 6.89 M | 11.5 M | 16.2 M | 13.5 M | 10.6 M | 6.65 M | 3.5 M | - |
Revenue |
1.33 B | 1.24 B | 1.14 B | 274 M | 1.06 B | 265 M | 904 M | 849 M | 769 M | 705 M | 625 M | 521 M | 431 M | 336 M | 265 M | - |
Gross Profit |
398 M | 365 M | 327 M | 305 M | 292 M | 73 M | 239 M | 226 M | 212 M | 202 M | 182 M | 152 M | 126 M | 99.1 M | 77.4 M | - |
Operating Income |
62 M | 47 M | 31.7 M | 30.2 M | 28.3 M | 5.2 M | 16.8 M | 15.1 M | 14.1 M | 20.4 M | 28.6 M | 24.2 M | 19.1 M | 12 M | 7.41 M | - |
Interest Expense |
3.06 M | 4.18 M | 3.3 M | 2.37 M | 2.27 M | 510 K | 4.95 M | 4.56 M | 3.79 M | 3.04 M | 2.99 M | 2.5 M | 2.17 M | 568 K | 669 K | - |
EBITDA |
93.8 M | 77.9 M | 60.6 M | 58.1 M | 58 M | 36.4 M | 45.7 M | 44.5 M | 43.6 M | 45.9 M | 50 M | 41.5 M | 32.6 M | 21.5 M | 15.2 M | - |
Operating Expenses |
317 M | 296 M | 274 M | - | - | - | 222 M | 211 M | 198 M | 181 M | 153 M | 127 M | 107 M | 87.1 M | 70 M | - |
General and Administrative Expenses |
44.4 M | 38.7 M | 36 M | 31.6 M | 28.4 M | 7.3 M | 221 M | 208 M | 194 M | 175 M | 150 M | 123 M | 103 M | - | 70 M | - |
All numbers in USD currency
Quarterly Income Statement Natural Grocers by Vitamin Cottage
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
23 M | 23 M | 23 M | 23 M | 23 M | 22.9 M | 22.9 M | 22.9 M | 22.8 M | 22.8 M | 22.8 M | 22.9 M | 22.7 M | 22.7 M | 22.7 M | 22.7 M | 22.7 M | 22.7 M | 22.6 M | 22.6 M | 22.6 M | 22.6 M | 22.6 M | 22.5 M | 22.5 M | 22.6 M | 22.5 M | 22.5 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.5 M | 22.5 M | 22.4 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | 22.4 M | - | - | - |
Net Income |
13.4 M | 11.3 M | 11.3 M | - | 11.6 M | 13.1 M | 9.94 M | - | 9.21 M | 7.96 M | 7.76 M | - | 7.07 M | 5.88 M | 4.41 M | - | 3.93 M | 6.36 M | 8.92 M | 7.21 M | 5.03 M | 8.92 M | 3.63 M | 3.63 M | 3.63 M | 3.63 M | 1.87 M | 1.36 M | 2 M | 3.86 M | 2.2 M | 2.2 M | 2.2 M | 2.2 M | 5.18 M | 5.66 M | 598 K | 5.18 M | 2.06 M | 1.47 M | 2.68 M | 3.58 M | 3.75 M | 13.3 M | 4.34 M | 3.75 M | 3.56 M | 10.3 M | 3.36 M | 3.56 M | 2.92 M | 2.23 M | 2.89 M | 3.22 M | 2.22 M | 900 K | 2.54 M | 2.22 M | 1.26 M | - | - | - |
Revenue |
337 M | 336 M | 336 M | - | 329 M | 336 M | 330 M | - | 309 M | 308 M | 302 M | - | 282 M | 283 M | 280 M | - | 266 M | 272 M | 277 M | 273 M | 259 M | 259 M | 265 M | 264 M | 265 M | 278 M | 230 M | 227 M | 224 M | 230 M | 222 M | 218 M | 213 M | 216 M | 202 M | 199 M | 195 M | 192 M | 184 M | 181 M | 179 M | 184 M | 168 M | 162 M | 159 M | 168 M | 146 M | 136 M | 134 M | 146 M | 121 M | 115 K | 113 K | 106 K | 95.8 K | - | - | - | - | - | - | - |
Gross Profit |
102 M | 98.9 M | 98.9 M | - | 98.3 M | 102 M | 98.8 M | - | 90.3 M | 90.4 M | 88.8 M | - | 81.4 M | 82.5 M | 78.7 M | - | 73.6 M | 76.8 M | 78.7 M | 75.8 M | 71.5 M | 71.8 M | 73 M | 72.4 M | 72.4 M | 73 M | 60.5 M | 59 M | 58.4 M | 62.2 M | 59.1 M | 57.3 M | 56.8 M | 59.1 M | 53.2 M | 53.2 M | 52.8 M | 53.2 M | 52.2 M | 50.9 M | 50.9 M | 52.2 M | 48.3 M | 46.8 M | 46.1 M | 48.3 M | 42.3 M | 38.8 M | 38.6 M | 42.3 M | 35.4 M | 33.5 K | 32.6 K | 35.4 M | 27.8 K | 26.4 M | 25.4 M | 27.8 M | 21.6 M | - | - | - |
Operating Income |
18.1 M | 14.6 M | 14.6 M | - | 15.6 M | 17.6 M | 13.3 M | - | 12.8 M | 11.3 M | 10.8 M | - | 9.08 M | 8.43 M | 6.42 M | - | 5.65 M | 8.86 M | 12 M | 9.37 M | 7.05 M | 6.71 M | 5.2 M | 4.96 M | 6.69 M | 5.2 M | 2.85 M | 2.77 M | 3.84 M | 6.12 M | 4.04 M | 3.46 M | 3.76 M | 4.04 M | 2.19 M | 2.74 M | 1.68 M | 2.19 M | 4.17 M | 3.22 M | 4.02 M | 4.17 M | 6.69 M | 5.57 M | 7.23 M | 6.69 M | 6.44 M | 5.62 M | 6.08 M | 6.44 M | 5.43 M | 4.57 K | 5.21 K | 5.43 M | 3.79 K | 1.58 M | 3.98 M | 3.79 M | 2.02 M | - | - | - |
Interest Expense |
632 K | 713 K | 713 K | - | 694 K | 750 K | 923 K | - | 1.05 M | 1.18 M | 894 K | - | 848 K | 834 K | 796 K | - | 603 K | 545 K | 544 K | 572 K | 586 K | 603 K | 510 K | 491 K | 505 K | 510 K | 536 K | 1.16 M | 1.26 M | 1.28 M | 1.26 M | 1.18 M | 1.17 M | 1.26 M | 1.09 M | 1.06 M | 876 K | 1.09 M | 983 K | 890 K | 768 K | 983 K | 653 K | 776 K | 768 K | 653 K | 735 K | 379 K | 706 K | 735 K | 707 K | 900 | 610 | 707 K | 255 | 94 K | 144 K | 255 K | 175 K | - | - | - |
EBITDA |
26.3 M | 22.6 M | 22.6 M | - | 23.5 M | 25.4 M | 21.3 M | - | 20.7 M | 19 M | 18.3 M | - | 16.3 M | 15.6 M | 13.5 M | - | 12.7 M | 15.8 M | 19.1 M | 9.37 M | 14.5 M | 14.1 M | 12.8 M | 28.5 M | 14.6 M | 12.8 M | 10.6 M | 2.77 M | 11 M | 13.4 M | 11.3 M | 25.6 M | 11.1 M | 11.3 M | 9.61 M | 24.7 M | 9.2 M | 9.61 M | 11.3 M | 3.22 M | 10.4 M | 11.3 M | 12.7 M | 21.1 M | 12.6 M | 12.7 M | 11.4 M | 18.2 M | 10.6 M | 11.4 M | 9.37 M | 9.69 M | 3.47 M | 9.37 M | 3 M | 8.8 M | 6.48 M | 6.78 M | 4.31 M | - | - | - |
Operating Expenses |
79.3 M | 78.8 M | 78.8 M | - | - | - | 80.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 26.3 M | 24 M | - | 40.8 M | 21.3 M | 19.6 M | - | - | - |
General and Administrative Expenses |
12.1 M | 10.8 M | 10.8 M | - | 10.9 M | 11 M | 11.5 M | - | 9.54 M | 9.52 M | 9.41 M | - | 9.31 M | 8.6 M | 8.25 M | - | 7.46 M | 8.17 M | 7.29 M | 7.42 M | 7.27 M | 6.36 M | 7.3 M | 7.1 M | 6.82 M | 7.3 M | 5.82 M | 5.81 M | 5.95 M | 5.76 M | 5.32 M | 5.16 M | 5.63 M | 5.32 M | 5.26 M | 5.14 M | 5.1 M | 5.26 M | 4.88 M | 4.74 M | 4.81 M | 4.88 M | 4.75 M | 4.81 M | 4.32 M | 4.75 M | 4.23 M | 3.8 M | 3.58 M | 4.23 M | 3.89 M | 3.57 K | 3.24 K | 3.89 M | 3.33 K | 4.45 M | 2.76 M | 3.33 M | 2.71 M | - | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Natural Grocers by Vitamin Cottage (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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