Natural Grocers by Vitamin Cottage, Inc.
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Range $40 – $40
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About the company
Natural Grocers by Vitamin Cottage, Inc. (NGVC) operates as a retailer specializing in natural and organic food items and dietary supplements across the United States. Its stores provide an extensive array of natural and organic groceries, including fresh produce and bulk foods.
- CEO
- Kemper Isely
- IPO
- 2012
- Employees
- 3,853
- HQ
- Lakewood, CO, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $694.91M
- P/E
- 14.64
- Fwd P/E
- 13.30
- PEG
- 1.86
- P/S
- 0.52
- P/B
- 2.90
- EV/EBITDA
- 8.93
- Div Yield
- 1.99%
- Gross Margin
- 29.05%
- Op Margin
- 4.75%
- Net Margin
- 3.55%
- ROE
- 21.11%
- ROIC
- 8.79%
Latest fiscal year · YoY change
- Revenue
- $1.33B+7.2%
- Gross Profit
- $397.88M+9.1%
- Op Income
- $61.99M
- Net Income
- $46.44M+36.9%
- EPS
- $2.02+35.6%
- OCF Growth
- -25.0%
- FCF Growth
- -31.8%
- 52W High
- $41.07
- 52W Low
- $23.47
- 50D MA
- $29.26
- 200D MA
- $28.08
- Beta
- 1.25
- RSI (14)
- 55
- Avg Volume
- 143.00K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Natural Grocers delivered modest sales growth, softer gross margin, and raised its store-expansion emphasis while trimming full-year sales and EPS guidance slightly.· August 6, 2026
- Daily average comparable store sales rose 1.2%, accelerating from 0.5% in Q2 despite a challenging consumer backdrop.
- Net sales increased 1.8% to $334.7 million; net income was $11.1 million, or $0.48 diluted EPS, versus $11.6 million and $0.50 a year ago.
- Gross margin fell 60 basis points to 29.3% due to lower product margin, mix, higher shrink, and freight costs; management said the margin issue should be isolated to this quarter.
- The company opened 3 stores in Q3 and 6 year-to-date, and still expects 6 to 7 new stores this year, including one more in Q4.
- E-commerce and loyalty are becoming bigger growth levers, with DoorDash rollout, upcoming {N}power integration, and curbside pickup coming across all stores.
Third-quarter net sales increased 1.8% year over year to $334.7 million. Daily average comparable store sales increased 1.2%, driven by a 3.1% increase in basket size and a 1.8% decline in transaction count. Gross margin was 29.3%, down 60 basis points from the prior year. Net income was $11.1 million, or $0.48 diluted EPS, versus $11.6 million, or $0.50 diluted EPS in the third quarter of fiscal 2025. Adjusted EBITDA decreased 7.6% to $22.5 million. For the first nine months, cash from operations was $55.1 million, net capital expenditures were $40.3 million, and free cash flow was $14.8 million. Fiscal 2026 outlook was refined to 6 to 7 new stores, 2 store relocations/remodels, daily average comparable store sales growth of 1.5% to 2%, diluted EPS of $2.07 to $2.11, and capital expenditures of $45 million to $50 million.
Kemper Isely emphasized that the business is still seeing positive comp growth even in a weak consumer environment, with customers gravitating toward value, health, and wellness. He said the company’s always-affordable pricing, natural/organic standards, and {N}power Rewards program are helping drive loyalty and traffic, while new store openings are performing strongly. His tone was confident about long-term growth, especially around unit expansion, brand awareness in new markets, and new e-commerce capabilities through DoorDash, Instacart, and curbside pickup.
Richard Hallé highlighted that third-quarter net sales were $334.7 million, comp sales were up 1.2%, and gross margin was 29.3%, down 60 basis points because of lower product margin, mix, shrink, and freight. He noted administrative expenses fell to $9.5 million from $10.9 million, though that included a $2 million insurance recovery gain, and preopening expense reduced EPS by about $0.04 in the quarter and $0.08 for the full year. He also pointed to a strong balance sheet with $17.5 million in cash, no revolver borrowings, and $67.3 million available on the credit facility, plus $55.1 million of operating cash flow year-to-date. Guidance was narrowed modestly for comp sales and EPS while capex stayed at $45 million to $50 million.
Analysts pressed on whether downtrading or competitor pricing was hurting margins; management said it has not seen much downtrading in its stores and believes the gross-margin pressure was tied to unusual, largely one-time comparisons. They also asked why the new stores are opening so strongly, and management credited effective pre-opening marketing and brand resonance in new markets such as Wisconsin and South Dakota. On {N}power, management said it stands out because it offers targeted discounts on valued items like eggs and avocados, personalized offers, and games, rather than just generic fuel discounts. Another question focused on the GMO disclosure court ruling, and management said Natural Grocers was a plaintiff and sees it as supportive of its clean-diet positioning.
The call showed improving comp momentum, with comps accelerating to 1.2% and management seeing loyalty gains and stronger engagement from {N}power members. New stores are opening very strongly, management is expanding e-commerce access, and leadership believes health-and-wellness demand and clean-label trends continue to favor the brand.
Gross margin compressed by 60 basis points, and management acknowledged higher shrink and freight along with unfavorable mix, even if it expects the issue to be mostly isolated to the quarter. Management also described some weakness among marginal customers who may be under economic pressure, and it narrowed full-year comp and EPS guidance slightly, while noting one fewer selling day in Q4 because stores will close on Labor Day.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 45.9%
- Shares Outstanding
- 23.04M
- Float Shares
- 10.57M
of shares held by institutions
155 13F filers
Buy/sell ratio 2.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 991.82K | ▲ 65.47K |
| Vanguard Group Inc | 891.40K | ▲ 131.53K |
| American Century Companies Inc | 652.77K | ▲ 90.74K |
| Dimensional Fund Advisors LP | 651.75K | ▲ 7.22K |
| Royce & Associates LP | 600.26K | ▲ 600.26K |
| Vanguard Capital Management LLC | 534.65K | ▼ 10.35K |
| Morgan Stanley | 472.23K | ▼ 123.70K |
| Two Sigma Investments, LP | 337.31K | ▼ 70.70K |
| Geode Capital Management, LLC | 304.07K | ▲ 24.73K |
| Aqr Capital Management LLC | 298.07K | ▲ 113.69K |
| Vanguard Portfolio Management LLC | 295.76K | ▲ 34.43K |
| Renaissance Technologies LLC | 294.90K | ▼ 32.20K |
Held by 213 ETFs
Biggest fund positions in NGVC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 29, 26 | Isely Charity | sell | 3,000 |
| Mar 5, 26 | Rooney David C. | other | 1,532 |
| Mar 4, 26 | Rooney David C. | other | 2,253 |
| Mar 5, 26 | Rooney David C. | other | 1,532 |
| Mar 5, 26 | Cerkovnik Edward | other | 1,532 |
| Mar 4, 26 | Cerkovnik Edward | other | 2,253 |
| Mar 5, 26 | Cerkovnik Edward | other | 1,532 |
| Mar 5, 26 | Buffa Sandra | other | 1,532 |
| Mar 4, 26 | Buffa Sandra | other | 0 |
| Mar 5, 26 | Buffa Sandra | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NGVC coverage
Recent articles, reports, and earnings notes.
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