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

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.3%

$7.20

vs $29.12 price

Levered DCF

$6.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.54

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.8×	19.93×	12.66×	11.48×	12.33×	11.08×	23.79×	28.4×
P/B	4.32×	3.88×	1.72×	1.57×	1.78×	1.28×	1.43×	2.47×
P/S	0.69×	0.54×	0.26×	0.22×	0.24×	0.21×	0.25×	0.43×
EV / EBITDA	13.14×	13.01×	10.65×	10.78×	10.89×	16.26×	6.03×	9.15×
Gross margin	29.9%	29.4%	28.7%	28.0%	27.7%	27.3%	26.4%	26.6%
Operating margin	4.7%	3.8%	2.8%	2.8%	2.7%	2.7%	1.9%	1.8%
Net margin	3.5%	2.7%	2.0%	2.0%	1.9%	1.9%	1.0%	1.5%
Current ratio	1.06×	0.9×	0.99×	1.02×	1.01×	1.11×	1.38×	1.39×
Debt / equity	1.56×	1.99×	2.17×	2.52×	2.81×	4.42×	0.37×	0.37×
Interest coverage	20.24×	11.25×	9.6×	12.72×	12.47×	13.55×	3.39×	3.3×
Dividend yield	1.2%	4.7%	3.1%	3.7%	20.3%	2.8%	0.0%	0.0%
Payout ratio	23.7%	93.9%	39.1%	42.4%	250.0%	31.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.9%	19.5%	13.6%	13.7%	14.4%	11.6%	6.0%	8.6%
Return on invested capital	8.8%	7.0%	4.7%	4.1%	4.0%	3.7%	5.5%	6.6%
Return on assets	6.9%	5.2%	3.5%	3.2%	3.1%	2.9%	2.9%	4.1%
Free cash flow yield	2.6%	5.2%	9.0%	3.4%	10.1%	16.6%	2.1%	5.3%
Earnings yield	5.1%	5.0%	7.9%	8.7%	8.1%	9.0%	4.2%	3.5%
Enterprise value	$1.2B	$1B	$645.2M	$625.9M	$631.3M	$958.6M	$276M	$407M
Net debt / EBITDA	3.36×	4.33×	5.81×	6.57×	6.52×	12.5×	1.14×	1.01×
Cash conversion cycle (days)	24	17	21	23	18	18	20	21