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Side-by-side financial comparison of Andersons, Inc. (ANDE) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $329.5M, roughly 1.0× Andersons, Inc.). Andersons, Inc. runs the higher net margin — 20.5% vs 3.4%, a 17.1% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -2.4%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $-77.1M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
ANDE vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $335.6M |
| Net Profit | $67.4M | $11.3M |
| Gross Margin | 70.3% | 29.5% |
| Operating Margin | 26.6% | 4.4% |
| Net Margin | 20.5% | 3.4% |
| Revenue YoY | -2.4% | 1.6% |
| Net Profit YoY | 49.6% | 14.0% |
| EPS (diluted) | — | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $329.5M | $335.6M | ||
| Q3 25 | $295.8M | $336.1M | ||
| Q2 25 | $535.0M | $328.7M | ||
| Q1 25 | $370.8M | $335.8M | ||
| Q4 24 | $337.5M | $330.2M | ||
| Q3 24 | $231.9M | $322.7M | ||
| Q2 24 | $492.5M | $309.1M | ||
| Q1 24 | $341.4M | $308.1M |
| Q4 25 | $67.4M | $11.3M | ||
| Q3 25 | $20.1M | $11.8M | ||
| Q2 25 | $7.9M | $11.6M | ||
| Q1 25 | $284.0K | $13.1M | ||
| Q4 24 | $45.1M | $9.9M | ||
| Q3 24 | $27.4M | $9.0M | ||
| Q2 24 | $36.0M | $9.2M | ||
| Q1 24 | $5.6M | $8.0M |
| Q4 25 | 70.3% | 29.5% | ||
| Q3 25 | 57.8% | 29.5% | ||
| Q2 25 | 29.6% | 29.9% | ||
| Q1 25 | 41.2% | 30.3% | ||
| Q4 24 | 63.1% | 29.9% | ||
| Q3 24 | 76.4% | 29.6% | ||
| Q2 24 | 35.6% | 29.2% | ||
| Q1 24 | 37.6% | 29.3% |
| Q4 25 | 26.6% | 4.4% | ||
| Q3 25 | 8.7% | 4.6% | ||
| Q2 25 | 4.6% | 4.7% | ||
| Q1 25 | 0.9% | 5.2% | ||
| Q4 24 | 19.9% | 4.0% | ||
| Q3 24 | 26.8% | 3.7% | ||
| Q2 24 | 11.6% | 4.2% | ||
| Q1 24 | 4.1% | 3.7% |
| Q4 25 | 20.5% | 3.4% | ||
| Q3 25 | 6.8% | 3.5% | ||
| Q2 25 | 1.5% | 3.5% | ||
| Q1 25 | 0.1% | 3.9% | ||
| Q4 24 | 13.4% | 3.0% | ||
| Q3 24 | 11.8% | 2.8% | ||
| Q2 24 | 7.3% | 3.0% | ||
| Q1 24 | 1.6% | 2.6% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | $0.59 | $0.51 | ||
| Q2 25 | $0.23 | $0.50 | ||
| Q1 25 | $0.01 | $0.56 | ||
| Q4 24 | $1.31 | $0.43 | ||
| Q3 24 | $0.80 | $0.38 | ||
| Q2 24 | $1.05 | $0.40 | ||
| Q1 24 | $0.16 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $98.3M | $23.2M |
| Total DebtLower is stronger | $560.0M | — |
| Stockholders' EquityBook value | $1.2B | $220.0M |
| Total Assets | $3.7B | $668.6M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | $23.2M | ||
| Q3 25 | — | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | $561.8M | $6.3M | ||
| Q3 24 | — | $8.9M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $220.0M | ||
| Q3 25 | $1.2B | $212.4M | ||
| Q2 25 | $1.4B | $202.5M | ||
| Q1 25 | $1.4B | $193.0M | ||
| Q4 24 | $1.4B | $181.9M | ||
| Q3 24 | $1.3B | $174.3M | ||
| Q2 24 | $1.3B | $167.8M | ||
| Q1 24 | $1.3B | $160.0M |
| Q4 25 | $3.7B | $668.6M | ||
| Q3 25 | $3.3B | $670.5M | ||
| Q2 25 | $3.4B | $659.0M | ||
| Q1 25 | $3.8B | $664.6M | ||
| Q4 24 | $4.1B | $648.9M | ||
| Q3 24 | $3.4B | $655.5M | ||
| Q2 24 | $3.3B | $654.4M | ||
| Q1 24 | $3.3B | $656.6M |
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.2M | $21.1M |
| Free Cash FlowOCF − Capex | $-77.1M | $11.6M |
| FCF MarginFCF / Revenue | -23.4% | 3.4% |
| Capex IntensityCapex / Revenue | 21.5% | 2.9% |
| Cash ConversionOCF / Net Profit | -0.09× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.2M | $21.1M | ||
| Q3 25 | $233.9M | $15.6M | ||
| Q2 25 | $299.3M | $2.9M | ||
| Q1 25 | $-350.0M | $34.1M | ||
| Q4 24 | $268.8M | $2.7M | ||
| Q3 24 | $-2.1M | $24.5M | ||
| Q2 24 | $304.4M | $12.4M | ||
| Q1 24 | $-239.6M | $20.2M |
| Q4 25 | $-77.1M | $11.6M | ||
| Q3 25 | $167.0M | $7.5M | ||
| Q2 25 | $250.5M | $-4.2M | ||
| Q1 25 | $-396.6M | $27.6M | ||
| Q4 24 | $212.9M | $-6.9M | ||
| Q3 24 | $-40.0M | $18.0M | ||
| Q2 24 | $275.8M | $3.6M | ||
| Q1 24 | $-266.4M | $9.8M |
| Q4 25 | -23.4% | 3.4% | ||
| Q3 25 | 56.5% | 2.2% | ||
| Q2 25 | 46.8% | -1.3% | ||
| Q1 25 | -106.9% | 8.2% | ||
| Q4 24 | 63.1% | -2.1% | ||
| Q3 24 | -17.2% | 5.6% | ||
| Q2 24 | 56.0% | 1.2% | ||
| Q1 24 | -78.0% | 3.2% |
| Q4 25 | 21.5% | 2.9% | ||
| Q3 25 | 22.6% | 2.4% | ||
| Q2 25 | 9.1% | 2.2% | ||
| Q1 25 | 12.6% | 1.9% | ||
| Q4 24 | 16.6% | 2.9% | ||
| Q3 24 | 16.3% | 2.0% | ||
| Q2 24 | 5.8% | 2.9% | ||
| Q1 24 | 7.8% | 3.4% |
| Q4 25 | -0.09× | 1.86× | ||
| Q3 25 | 11.61× | 1.32× | ||
| Q2 25 | 38.10× | 0.25× | ||
| Q1 25 | -1232.46× | 2.60× | ||
| Q4 24 | 5.96× | 0.27× | ||
| Q3 24 | -0.08× | 2.72× | ||
| Q2 24 | 8.46× | 1.35× | ||
| Q1 24 | -42.94× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
