NGVC FINANCIAL STATEMENTS

Natural Grocers by Vitamin Cottage Inc — balance sheet, income statement and cash flow trends

NGVCNatural Grocers by Vitamin Cottage Inc

🇺🇸 USA · NYSE · Consumer Defensive · Grocery Stores

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.3 B $+3.1%

Gross Profit390.7 M $+1.1%

Operating Income64.4 M $+15.4%

EBITDA95.9 M $+9.7%

Net Income48.2 M $+16.8%

Peer Comparison· Grocery Stores

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NGVC	3.1%	29.2%	7.2%	3.6%
CRFSA	0.9%	23.2%	-3.8%	-8.3%
TSCO	5.4%	7.5%	6.8%	2.4%
NWC	-0.5%	31.7%	13.0%	5.4%
GMTAS	56.8%	19.3%	9.5%	-1.3%
MGROS	13.5%	24.1%	1.8%	1.6%
Industry median	3.3%	25.6%	6.2%	1.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NGVC	3.1%	29.2%	7.2%	3.6%
VLGEA	4.2%	27.1%	4.7%	2.3%
DNUT	-5.2%	48.1%	-21.2%	-33.7%
GO	6.0%	30.1%	-5.1%	-8.1%
IMKTA	-0.3%	24.5%	5.2%	1.9%
WMK	4.0%	23.1%	4.9%	2.0%
Industry median	3.3%	25.6%	6.2%	1.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity230.9 M $34%
Current Liabilities162.5 M $24%
Long-term Liabilities289.9 M $42%

Key Figures

YoY change

Total Assets684.7 M $+3.0%

Total Liabilities453.8 M $-3.8%

Total Equity230.9 M $+19.7%

Cash & ST Investments20.7 M $-2.3%

Total Debt323.1 M $-3.7%

Net Debt302.3 M $-3.8%

Peer Comparison· Grocery Stores

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NGVC	1.05	139.9%	3.15	33.7%
CRFSA	0.40	-771.4%	-6.29	-7.8%
TSCO	0.59	131.6%	2.18	29.0%
NWC	2.12	57.0%	0.98	49.9%
GMTAS	1.98	0.0%	-0.24	78.8%
MGROS	0.80	41.0%	0.94	38.8%
Industry median	0.90	119.4%	1.93	29.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NGVC	1.05	139.9%	3.15	33.7%
VLGEA	1.17	62.2%	1.69	51.1%
DNUT	0.42	70.4%	-1.15	26.5%
GO	1.28	228.2%	-7.40	27.3%
IMKTA	3.34	31.9%	0.40	64.0%
WMK	2.04	12.7%	-0.10	67.6%
Industry median	0.90	119.4%	1.93	29.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow96.8 M $+31.5%

Capital Expenditures45.6 M $+28.4%

Free Cash Flow51.3 M $-10.9%

Dividends Paid-12.4 M $-223.4%

Peer Comparison· Grocery Stores

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NGVC	7.2%	3.8%	3.4%	201.0%
CRFSA	2.1%	0.7%	1.4%	-25.9%
TSCO	5.6%	3.8%	1.8%	231.8%
NWC	10.5%	5.4%	5.1%	193.6%
GMTAS	-0.0%	-0.1%	1.8%	2.3%
MGROS	8.0%	4.6%	3.3%	501.8%
Industry median	5.5%	3.4%	2.7%	231.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NGVC	7.2%	3.8%	3.4%	201.0%
VLGEA	4.2%	2.4%	1.8%	184.4%
DNUT	4.9%	-0.4%	5.3%	-14.7%
GO	5.2%	-0.1%	5.3%	-64.8%
IMKTA	4.8%	2.8%	2.0%	246.3%
WMK	4.6%	0.5%	4.2%	230.1%
Industry median	5.5%	3.4%	2.7%	231.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.