Fundamental analysis NGVC (Natural Grocers by Vitamin Cottage Inc)

Updated on 06/08/2026

We analyzed Natural Grocers by Vitamin Cottage stock against the 10 quality criteria of Lubin Investment. The company gets a quality score of 6/10, meaning medium quality, and a P/FCF valuation multiple of 50.2×.

Sector: Grocery Stores. Listing: US. Current price: 30.35 USD.

Lubin scoring methodology

Natural Grocers by Vitamin Cottage Inc (NGVC)'s score is calculated automatically from 10 objective financial criteria, with no human intervention or opinion. Each criterion is validated (YES / PARTIAL / NO) based on thresholds drawn from the financial literature (Warren Buffett, Bettin-Mauboussin, Aswath Damodaran). The final score is the sum of validations.

The 10 quantitative criteria analyzed

1. Profitable: positive net margin
2. Growing revenue: revenue growing > 10%/year over 5 years
3. Growing earnings per share: FCF per share adjusted for stock-based compensation, > 10%/year over 5 years
4. Share count under control: stable or declining (net buybacks = value creation for shareholders)
5. Cash profitability: free cash flow margin > 10% of revenue
6. Expanding margins: operating margin widens over 5 years (operating leverage)
7. Return on invested capital: Bettin-Mauboussin Cash ROCE > 15% per year
8. Debt under control: net debt repayable in less than 3 years of free cash flow
9. Earnings converted to cash: free cash flow exceeds accounting net income
10. Net collection period: short or negative cash conversion cycle

Frequently asked questions

Is Natural Grocers by Vitamin Cottage a quality stock?

Natural Grocers by Vitamin Cottage gets a quality score of 6/10 (medium quality), calculated over the 10 Lubin Investment criteria: profitability, revenue and free cash flow growth, share buybacks, margins, debt and return on capital.

How is Natural Grocers by Vitamin Cottage's score calculated?

The score is the total of validated criteria (YES / PARTIAL / NO) using thresholds drawn from the financial literature (Warren Buffett, Mauboussin, Aswath Damodaran), automatically and with no human opinion.

What is Natural Grocers by Vitamin Cottage's P/FCF?

The price-to-free-cash-flow (P/FCF) multiple of Natural Grocers by Vitamin Cottage stock is 50.2×. At Lubin Investment, valuation is judged separately from quality.

Where to see Natural Grocers by Vitamin Cottage's full analysis?

The full interactive analysis (10-criteria detail, history, P/FCF valuation, sector comparisons) is available at https://lubin-investment.com/analyse/NGVC?lng=en.

Other stocks in the Grocery Stores sector

• Zabka Group (ZAB.WA) — score 8/10, P/FCF 13.6×
• Axfood AB (publ) (AXFO.ST) — score 7/10, P/FCF 11.3×
• Loblaw Companies (L.TO) — score 7/10, P/FCF 18.7×
• Sprouts Farmers Market (SFM) — score 7/10, P/FCF 23.7×
• George Weston (WN.TO) — score 7/10, P/FCF 10.4×

Go further

👉 See the full interactive analysis of NGVC

Other resources : Detailed methodology · All stocks in the Grocery Stores sector · Stocks rated 10 out of 10 · Top quality companies · Lubin Investment pricing.