Natural Grocers by Vitamin Cottage, Inc. (NGVC)
Consumer Defensive · NYQ
Fundamentals
Valuation and ratings
Natural Grocers by Vitamin Cottage, Inc. trades at USD31.36, close to the USD28.77 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 37 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 15.8 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
NGVC dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD0.300 | 2 |
| 2025 | USD0.510 | 4 |
| 2024 | USD0.420 | 4 |
| 2023 | USD1.40 | 4 |
| 2022 | USD0.400 | 4 |
| 2021 | USD0.310 | 4 |
| 2020 | USD2.28 | 4 |
| 2019 | USD0.070 | 1 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
NGVC earnings and analyst estimates
Recommendation mix, 3 analyst ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About Natural Grocers by Vitamin Cottage, Inc.
Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States. The company's stores offer natural and organic grocery products, such as organic produce; private label repackaged bulk products, including dried fruits, nuts, grains, granolas, teas, herbs, and spices, as well as peanut and almond butters; private label products comprising grocery staples, household products, bulk foods, and vitamins and dietary supplements, as well as organic eggs, organic flavored coffee, and organic mustard; dry, frozen, and canned groceries; meat and seafood products; dairy products, dairy substitutes, and eggs; prepared foods; bread and baked products; beverages; and beer, wine, and hard cider products. Its stores also provide name-brand supplements, as well as private label dietary supplements; body care products consisting of cosmetics, skin care, hair care, fragrance, and personal care products containing natural and organic ingredients; pet care and food products; household and general merchandise, including cleaning supplies, paper products, and dish and laundry soaps, as well as other common household products, such as diapers; and books and handouts. The company operates its retail stores under the Natural Grocers, Vitamin Cottage, Health Hotline, Natural Grocers by Vitamin Cottage trademark, as well as Vitamin Cottage Natural Grocers and Health Hotline trademarks. The company also offers science-based nutrition education programs to help customers make informed health and nutrition choices. The company was formerly known as Vitamin Cottage Natural Food Markets, Inc. Natural Grocers by Vitamin Cottage, Inc. was founded in 1955 and is headquartered in Lakewood, Colorado.
Super investor ownership
8 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Two Sigma, TWO SIGMA INVESTMENTS, LP$10.55M · 0.0% of book
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$8.46M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$5.33M · 0.0% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$4.77M · 0.0% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$2.35M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Natural Grocers by Vitamin Cottage, Inc. (NGVC) undervalued?
Against our discounted cash flow estimate of USD28.77, NGVC at USD31.36 is 8% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own NGVC?
8 of the institutions we track reported a position in NGVC in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is NGVC's P/E ratio?
NGVC trades at 15.8 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Natural Grocers by Vitamin Cottage, Inc. (NGVC) pay a dividend?
Yes. Natural Grocers by Vitamin Cottage, Inc. yields 1.82% at the current share price. It has paid USD0.570 per share over the trailing twelve months. It has paid a dividend in each of the last 7 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
When does NGVC report earnings next?
Natural Grocers by Vitamin Cottage, Inc. is scheduled to report on 6 Aug 2026. Companies move earnings dates, so read it as scheduled rather than certain.
The full research page for NGVC, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.