Natural Grocers by Vitamin Cottage, Inc. (NGVC) Stock

Natural Grocers by Vitamin Cottage, Inc. (NGVC) is a Consumer Discretionary stock trading at $27.39 (as of 2026-08-20), with a market capitalization of $631.11M and a trailing P/E of 12.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Natural Grocers by Vitamin Cottage, Inc., through its stores in the United States, retails natural and organic groceries and dietary supplements. It sells private-label grocery and supplement products, including items such as produce, bulk and prepared foods, dairy and dairy substitutes, beverages, and certain personal care and pet-related products.

Understand Natural Grocers by Vitamin Cottage, Inc.: how it makes money

Natural Grocers by Vitamin Cottage retails natural and organic groceries and dietary supplements in the United States, earning money primarily from in-store sales of its grocery assortment and supplements, including a range of private label products.

The company’s operating performance ties to store demand (Comparable Store Sales) and transaction activity (Transaction Count Decrease), while product mix is reflected in Natural Grocers Brand penetration metrics (Natural Grocers Brand Product Penetration and Natural Grocers Brand Products as a Percentage of Net Sales).

Business quality (Mixed): The provided KPIs point to a profit model driven by same-store demand, loyalty-driven net sales participation, and private label product mix, with cost pressures highlighted by product cost inflation metrics.

Valuation: At 15× earnings, NGVC trades 19% below the Retail average (19×). Note: one-time items can distort reported P/E.

Bull case

Comparable Store Sales of 0.5% (percent): This suggests modest same-store momentum in the quarter.
NPower Rewards Net Sales Penetration of 84% (percent) and Empower Net Sales Penetration of 76% (percent): A large share of sales is tied to the company’s loyalty rewards programs.
Natural Grocers Brand Product Penetration of 9.8% (percent), and Natural Grocers Brand Products as a Percentage of Net Sales of 7.7% (percent): Private label mix is present in both item participation and sales participation metrics.

Bear case

Daily Average Transaction Count Decrease of 1.2% (percent) and Transaction Count Decrease of -1.2% (percent): Transaction activity is declining, which can pressure store-level sales volume.
Annualized Product Cost Inflation of 3.0% (percent) and Product Cost Inflation of 7.0% (percent): Rising product costs can squeeze margins if the company cannot offset them through pricing or mix.
Snap Electronic Benefits Transfer as a Percentage of Net Sales of 2.0% (percent): A measurable portion of sales relies on SNAP-related transactions, which can be sensitive to customer usage patterns.

Valuation — source: SEC EDGAR (first-party)
Price	$27.39
Market Cap	$631.11M
P/E Ratio	12.8
EV / EBITDA	6.2
Price / Book	2.64
Price / Sales	0.47
FCF Yield	8.6%
DCF Value (model)	$44.08
DCF Upside vs Price	61.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.33B
Net Margin	3.5%
Revenue Growth (YoY)	1.8%
EPS Growth (YoY)	-5.9%
FCF Growth (YoY)	-8.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.44 (safe)

Valuation vs Sector & Industry
Stock P/E	12.8
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Retail)	19.5
vs Sector	-37.5%
vs Industry	-34.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($23.95M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Retail
CEO	Kemper Isely
Employees	3,332
Country	US
IPO Date	2012-07-25

Related Companies (Business model: Brick-and-Mortar Retail (incl. Omnichannel); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.