Natural Grocers by Vitamin Cottage, Inc. (NGVC) intrinsic value & 10-year financials
Natural Grocers by Vitamin Cottage, Inc. (NGVC) has a Graham intrinsic value of $66.43 per share. At $30.61 on Oct 17, 2026, the stock trades 54% below that value. Over the last 10 fiscal years revenue grew 7.3% a year to $1.3B, with an average return on invested capital of 7.7%.
- Graham intrinsic value
- $66.43
- Share price (Oct 17, 2026)
- $30.61
- Price vs Graham value
- 54% below
- Market cap
- $711.8M
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 7.3%
- ROIC (10-yr avg)
- 7.7%
- Free cash flow (FY2025)
- $24.1M
NGVC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $46.4M | $2.00 | $24.1M | 4.7% | 10.2% |
| FY2024 | $1.2B | $33.9M | $1.47 | $36.2M | 3.8% | 7.8% |
| FY2023 | $1.1B | $23.2M | $1.02 | $28.0M | 2.8% | 5.3% |
| FY2022 | $1.1B | $21.4M | $0.94 | $11.7M | 2.8% | 4.7% |
| FY2021 | $1.1B | $20.6M | $0.91 | $27.5M | 2.7% | 4.5% |
| FY2020 | $1.0B | $20.0M | $0.89 | $39.8M | 2.7% | 6.5% |
| FY2019 | $903.6M | $9.4M | $0.42 | $7.4M | 1.9% | 8.9% |
| FY2018 | $849.0M | $12.7M | $0.56 | $19.1M | 1.8% | 10.7% |
| FY2017 | $769.0M | $6.9M | $0.31 | -$382.0K | 1.8% | 7.2% |
| FY2016 | $705.5M | $11.5M | $0.51 | -$24.9M | 2.9% | 10.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Natural Grocers by Vitamin Cottage, Inc. has demonstrated mature, steady growth, with revenue compounding at 7.3% annually over the past decade.
Natural Grocers by Vitamin Cottage, Inc. has historically struggled to out-earn its cost of capital, averaging just 7.6% ROIC.
Natural Grocers by Vitamin Cottage, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Natural Grocers by Vitamin Cottage, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $66.43 per share.