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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.8× BLACKLINE, INC.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs 2.7%, a 0.7% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 1.6%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $11.6M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 4.4%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $335.6M |
| Net Profit | $4.9M | $11.3M |
| Gross Margin | 75.2% | 29.5% |
| Operating Margin | 3.7% | 4.4% |
| Net Margin | 2.7% | 3.4% |
| Revenue YoY | 8.1% | 1.6% |
| Net Profit YoY | -91.3% | 14.0% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $335.6M | ||
| Q3 25 | $178.3M | $336.1M | ||
| Q2 25 | $172.0M | $328.7M | ||
| Q1 25 | $166.9M | $335.8M | ||
| Q4 24 | $169.5M | $330.2M | ||
| Q3 24 | $165.9M | $322.7M | ||
| Q2 24 | $160.5M | $309.1M | ||
| Q1 24 | $157.5M | $308.1M |
| Q4 25 | $4.9M | $11.3M | ||
| Q3 25 | $5.3M | $11.8M | ||
| Q2 25 | $8.3M | $11.6M | ||
| Q1 25 | $6.1M | $13.1M | ||
| Q4 24 | $56.4M | $9.9M | ||
| Q3 24 | $17.2M | $9.0M | ||
| Q2 24 | $76.7M | $9.2M | ||
| Q1 24 | $10.8M | $8.0M |
| Q4 25 | 75.2% | 29.5% | ||
| Q3 25 | 75.1% | 29.5% | ||
| Q2 25 | 75.2% | 29.9% | ||
| Q1 25 | 75.5% | 30.3% | ||
| Q4 24 | 75.6% | 29.9% | ||
| Q3 24 | 75.2% | 29.6% | ||
| Q2 24 | 74.9% | 29.2% | ||
| Q1 24 | 75.2% | 29.3% |
| Q4 25 | 3.7% | 4.4% | ||
| Q3 25 | 4.3% | 4.6% | ||
| Q2 25 | 4.4% | 4.7% | ||
| Q1 25 | 2.1% | 5.2% | ||
| Q4 24 | 3.7% | 4.0% | ||
| Q3 24 | 5.0% | 3.7% | ||
| Q2 24 | 1.4% | 4.2% | ||
| Q1 24 | 1.1% | 3.7% |
| Q4 25 | 2.7% | 3.4% | ||
| Q3 25 | 3.0% | 3.5% | ||
| Q2 25 | 4.8% | 3.5% | ||
| Q1 25 | 3.6% | 3.9% | ||
| Q4 24 | 33.3% | 3.0% | ||
| Q3 24 | 10.4% | 2.8% | ||
| Q2 24 | 47.8% | 3.0% | ||
| Q1 24 | 6.9% | 2.6% |
| Q4 25 | $0.07 | $0.49 | ||
| Q3 25 | $0.09 | $0.51 | ||
| Q2 25 | $0.13 | $0.50 | ||
| Q1 25 | $0.10 | $0.56 | ||
| Q4 24 | $0.79 | $0.43 | ||
| Q3 24 | $0.27 | $0.38 | ||
| Q2 24 | $0.22 | $0.40 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $220.0M |
| Total Assets | $1.8B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $23.2M | ||
| Q3 25 | $419.9M | $17.1M | ||
| Q2 25 | $459.1M | $13.2M | ||
| Q1 25 | $479.5M | $21.2M | ||
| Q4 24 | $885.9M | $6.3M | ||
| Q3 24 | $725.3M | $8.9M | ||
| Q2 24 | $616.6M | $13.9M | ||
| Q1 24 | $331.4M | $11.0M |
| Q4 25 | $332.3M | $220.0M | ||
| Q3 25 | $328.3M | $212.4M | ||
| Q2 25 | $414.0M | $202.5M | ||
| Q1 25 | $417.9M | $193.0M | ||
| Q4 24 | $446.7M | $181.9M | ||
| Q3 24 | $367.9M | $174.3M | ||
| Q2 24 | $325.8M | $167.8M | ||
| Q1 24 | $279.8M | $160.0M |
| Q4 25 | $1.8B | $668.6M | ||
| Q3 25 | $1.7B | $670.5M | ||
| Q2 25 | $1.8B | $659.0M | ||
| Q1 25 | $1.8B | $664.6M | ||
| Q4 24 | $1.8B | $648.9M | ||
| Q3 24 | $1.7B | $655.5M | ||
| Q2 24 | $1.9B | $654.4M | ||
| Q1 24 | $2.1B | $656.6M |
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 | $26.7M | $21.1M |
| Free Cash FlowOCF − Capex | $26.1M | $11.6M |
| FCF MarginFCF / Revenue | 14.2% | 3.4% |
| Capex IntensityCapex / Revenue | 0.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 5.46× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $21.1M | ||
| Q3 25 | $63.8M | $15.6M | ||
| Q2 25 | $32.3M | $2.9M | ||
| Q1 25 | $46.7M | $34.1M | ||
| Q4 24 | $43.8M | $2.7M | ||
| Q3 24 | $55.9M | $24.5M | ||
| Q2 24 | $40.7M | $12.4M | ||
| Q1 24 | $50.4M | $20.2M |
| Q4 25 | $26.1M | $11.6M | ||
| Q3 25 | $63.3M | $7.5M | ||
| Q2 25 | $31.4M | $-4.2M | ||
| Q1 25 | $40.8M | $27.6M | ||
| Q4 24 | $43.0M | $-6.9M | ||
| Q3 24 | $55.5M | $18.0M | ||
| Q2 24 | $40.0M | $3.6M | ||
| Q1 24 | $50.1M | $9.8M |
| Q4 25 | 14.2% | 3.4% | ||
| Q3 25 | 35.5% | 2.2% | ||
| Q2 25 | 18.2% | -1.3% | ||
| Q1 25 | 24.4% | 8.2% | ||
| Q4 24 | 25.4% | -2.1% | ||
| Q3 24 | 33.5% | 5.6% | ||
| Q2 24 | 24.9% | 1.2% | ||
| Q1 24 | 31.8% | 3.2% |
| Q4 25 | 0.3% | 2.9% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 3.6% | 1.9% | ||
| Q4 24 | 0.4% | 2.9% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.4% | 2.9% | ||
| Q1 24 | 0.2% | 3.4% |
| Q4 25 | 5.46× | 1.86× | ||
| Q3 25 | 12.07× | 1.32× | ||
| Q2 25 | 3.90× | 0.25× | ||
| Q1 25 | 7.72× | 2.60× | ||
| Q4 24 | 0.78× | 0.27× | ||
| Q3 24 | 3.24× | 2.72× | ||
| Q2 24 | 0.53× | 1.35× | ||
| Q1 24 | 4.66× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
