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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) 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 $180.9M, roughly 1.9× AVANOS MEDICAL, INC.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -0.7%, a 4.1% 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 0.7%). AVANOS MEDICAL, INC. produced more free cash flow last quarter ($21.3M vs $11.6M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs 4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $335.6M |
| Net Profit | $-1.3M | $11.3M |
| Gross Margin | 47.5% | 29.5% |
| Operating Margin | 1.4% | 4.4% |
| Net Margin | -0.7% | 3.4% |
| Revenue YoY | 0.7% | 1.6% |
| Net Profit YoY | 99.7% | 14.0% |
| EPS (diluted) | $-0.02 | $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 | $180.9M | $335.6M | ||
| Q3 25 | $177.8M | $336.1M | ||
| Q2 25 | $175.0M | $328.7M | ||
| Q1 25 | $167.5M | $335.8M | ||
| Q4 24 | $179.6M | $330.2M | ||
| Q3 24 | $170.4M | $322.7M | ||
| Q2 24 | $171.7M | $309.1M | ||
| Q1 24 | $166.1M | $308.1M |
| Q4 25 | $-1.3M | $11.3M | ||
| Q3 25 | $-1.4M | $11.8M | ||
| Q2 25 | $-76.8M | $11.6M | ||
| Q1 25 | $6.6M | $13.1M | ||
| Q4 24 | $-397.3M | $9.9M | ||
| Q3 24 | $4.3M | $9.0M | ||
| Q2 24 | $1.8M | $9.2M | ||
| Q1 24 | $-900.0K | $8.0M |
| Q4 25 | 47.5% | 29.5% | ||
| Q3 25 | 48.4% | 29.5% | ||
| Q2 25 | 52.6% | 29.9% | ||
| Q1 25 | 53.6% | 30.3% | ||
| Q4 24 | 54.6% | 29.9% | ||
| Q3 24 | 54.5% | 29.6% | ||
| Q2 24 | 55.7% | 29.2% | ||
| Q1 24 | 57.1% | 29.3% |
| Q4 25 | 1.4% | 4.4% | ||
| Q3 25 | 0.1% | 4.6% | ||
| Q2 25 | -42.6% | 4.7% | ||
| Q1 25 | 6.1% | 5.2% | ||
| Q4 24 | -233.0% | 4.0% | ||
| Q3 24 | 7.0% | 3.7% | ||
| Q2 24 | 3.7% | 4.2% | ||
| Q1 24 | 2.4% | 3.7% |
| Q4 25 | -0.7% | 3.4% | ||
| Q3 25 | -0.8% | 3.5% | ||
| Q2 25 | -43.9% | 3.5% | ||
| Q1 25 | 3.9% | 3.9% | ||
| Q4 24 | -221.2% | 3.0% | ||
| Q3 24 | 2.5% | 2.8% | ||
| Q2 24 | 1.0% | 3.0% | ||
| Q1 24 | -0.5% | 2.6% |
| Q4 25 | $-0.02 | $0.49 | ||
| Q3 25 | $-0.03 | $0.51 | ||
| Q2 25 | $-1.66 | $0.50 | ||
| Q1 25 | $0.14 | $0.56 | ||
| Q4 24 | $-8.64 | $0.43 | ||
| Q3 24 | $0.09 | $0.38 | ||
| Q2 24 | $0.04 | $0.40 | ||
| Q1 24 | $-0.02 | $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 | $89.8M | $23.2M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $220.0M |
| Total Assets | $1.1B | $668.6M |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $23.2M | ||
| Q3 25 | $70.5M | $17.1M | ||
| Q2 25 | $90.3M | $13.2M | ||
| Q1 25 | $97.0M | $21.2M | ||
| Q4 24 | $107.7M | $6.3M | ||
| Q3 24 | $89.0M | $8.9M | ||
| Q2 24 | $92.2M | $13.9M | ||
| Q1 24 | $75.8M | $11.0M |
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | — | ||
| Q4 24 | $125.3M | — | ||
| Q3 24 | $152.6M | — | ||
| Q2 24 | $164.9M | — | ||
| Q1 24 | $167.2M | — |
| Q4 25 | $778.2M | $220.0M | ||
| Q3 25 | $778.0M | $212.4M | ||
| Q2 25 | $776.3M | $202.5M | ||
| Q1 25 | $839.4M | $193.0M | ||
| Q4 24 | $828.5M | $181.9M | ||
| Q3 24 | $1.2B | $174.3M | ||
| Q2 24 | $1.2B | $167.8M | ||
| Q1 24 | $1.2B | $160.0M |
| Q4 25 | $1.1B | $668.6M | ||
| Q3 25 | $1.1B | $670.5M | ||
| Q2 25 | $1.0B | $659.0M | ||
| Q1 25 | $1.1B | $664.6M | ||
| Q4 24 | $1.2B | $648.9M | ||
| Q3 24 | $1.7B | $655.5M | ||
| Q2 24 | $1.7B | $654.4M | ||
| Q1 24 | $1.7B | $656.6M |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.13× | — | ||
| Q1 24 | 0.14× | — |
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 | $28.2M | $21.1M |
| Free Cash FlowOCF − Capex | $21.3M | $11.6M |
| FCF MarginFCF / Revenue | 11.8% | 3.4% |
| Capex IntensityCapex / Revenue | 3.8% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $21.1M | ||
| Q3 25 | $14.0M | $15.6M | ||
| Q2 25 | $6.8M | $2.9M | ||
| Q1 25 | $25.7M | $34.1M | ||
| Q4 24 | $57.9M | $2.7M | ||
| Q3 24 | $23.0M | $24.5M | ||
| Q2 24 | $27.8M | $12.4M | ||
| Q1 24 | $-8.0M | $20.2M |
| Q4 25 | $21.3M | $11.6M | ||
| Q3 25 | $7.0M | $7.5M | ||
| Q2 25 | $-4.2M | $-4.2M | ||
| Q1 25 | $19.0M | $27.6M | ||
| Q4 24 | $53.1M | $-6.9M | ||
| Q3 24 | $20.0M | $18.0M | ||
| Q2 24 | $21.9M | $3.6M | ||
| Q1 24 | $-12.1M | $9.8M |
| Q4 25 | 11.8% | 3.4% | ||
| Q3 25 | 3.9% | 2.2% | ||
| Q2 25 | -2.4% | -1.3% | ||
| Q1 25 | 11.3% | 8.2% | ||
| Q4 24 | 29.6% | -2.1% | ||
| Q3 24 | 11.7% | 5.6% | ||
| Q2 24 | 12.8% | 1.2% | ||
| Q1 24 | -7.3% | 3.2% |
| Q4 25 | 3.8% | 2.9% | ||
| Q3 25 | 3.9% | 2.4% | ||
| Q2 25 | 6.3% | 2.2% | ||
| Q1 25 | 4.0% | 1.9% | ||
| Q4 24 | 2.7% | 2.9% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | 3.4% | 2.9% | ||
| Q1 24 | 2.5% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | 3.89× | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | 5.35× | 2.72× | ||
| Q2 24 | 15.44× | 1.35× | ||
| Q1 24 | — | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
