Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $705M | $769M | $849M | $904M | $1.04B | $1.06B | $1.09B | $1.14B | $1.24B | $1.33B |
| Revenue growth | — | 9.0% | 10.4% | 6.4% | 14.7% | 1.8% | 3.2% | 4.7% | 8.9% | 7.2% |
| Gross profit | $202M | $212M | $226M | $239M | $283M | $292M | $305M | $327M | $365M | $398M |
| Gross margin | 28.6% | 27.6% | 26.6% | 26.4% | 27.3% | 27.7% | 28.0% | 28.7% | 29.4% | 29.9% |
| Operating income | $20.4M | $14.1M | $15.1M | $16.8M | $27.7M | $28.3M | $30.2M | $31.7M | $47.0M | $62.0M |
| Operating margin | 2.9% | 1.8% | 1.8% | 1.9% | 2.7% | 2.7% | 2.8% | 2.8% | 3.8% | 4.7% |
| Net income | $11.5M | $6.89M | $12.7M | $9.42M | $20.0M | $20.6M | $21.4M | $23.2M | $33.9M | $46.4M |
| Net margin | 1.6% | 0.9% | 1.5% | 1.0% | 1.9% | 1.9% | 2.0% | 2.0% | 2.7% | 3.5% |
| EPS (diluted) | $0.51 | $0.31 | $0.56 | $0.42 | $0.89 | $0.91 | $0.94 | $1.02 | $1.47 | $2.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $28.8M | $40.8M | $42.9M | $37.4M | $66.5M | $53.9M | $39.7M | $64.6M | $73.8M | $55.3M |
| Capital expenditures | $53.8M | $41.1M | $23.7M | $30.0M | $26.8M | $26.4M | $28.0M | $36.6M | $37.5M | $31.2M |
| Free cash flow | -$24.9M | -$290K | $19.2M | $7.35M | $39.8M | $27.5M | $11.7M | $28.0M | $36.2M | $24.1M |
| Share buybacks | $829K | $261K | $581K | $0.00 | $0.00 | $0.00 | $0.00 | $181K | $0.00 | $0.00 |
| Dividends paid | — | — | $0.00 | $0.00 | $6.30M | $51.5M | $9.07M | $9.09M | $31.9M | $11.0M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.02M | $6.52M | $9.40M | $6.21M | $28.5M | $23.7M | $12.0M | $18.3M | $8.87M | $17.1M |
| Total assets | $282M | $300M | $307M | $327M | $682M | $655M | $663M | $669M | $655M | $671M |
| Total liabilities | $156M | $166M | $160M | $170M | $509M | $512M | $507M | $498M | $481M | $458M |
| Long-term debt | — | — | — | — | $0.00 | $21.9M | $13.9M | $5.94M | $0.00 | — |
| Shareholders' equity | $127M | $134M | $147M | $157M | $173M | $143M | $156M | $171M | $174M | $212M |
| Retained earnings | $72.0M | $78.8M | $91.5M | $101M | $116M | $85.4M | $97.7M | $112M | $114M | $149M |
| Shares (wtd avg diluted) | 22.5M | 22.5M | 22.4M | 22.6M | 22.6M | 22.7M | 22.8M | 22.8M | 23.1M | 23.3M |
Every figure is extracted from Natural Grocers by Vitamin Cottage, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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