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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $335.6M, roughly 1.8× Natural Grocers by Vitamin Cottage, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs 3.4%, a 0.8% gap on every dollar of revenue. On growth, Barnes & Noble Education, Inc. posted the faster year-over-year revenue change (6.9% vs 1.6%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $11.6M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 4.4%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
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.
BNED vs NGVC — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $335.6M |
| Net Profit | $25.0M | $11.3M |
| Gross Margin | 21.7% | 29.5% |
| Operating Margin | 6.8% | 4.4% |
| Net Margin | 4.2% | 3.4% |
| Revenue YoY | 6.9% | 1.6% |
| Net Profit YoY | -49.7% | 14.0% |
| EPS (diluted) | $0.72 | $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 | $598.2M | $335.6M | ||
| Q3 25 | $274.2M | $336.1M | ||
| Q2 25 | $233.0M | $328.7M | ||
| Q1 25 | $419.7M | $335.8M | ||
| Q4 24 | $559.7M | $330.2M | ||
| Q3 24 | $250.9M | $322.7M | ||
| Q2 24 | $192.7M | $309.1M | ||
| Q1 24 | $415.4M | $308.1M |
| Q4 25 | $25.0M | $11.3M | ||
| Q3 25 | $-18.3M | $11.8M | ||
| Q2 25 | $-23.0M | $11.6M | ||
| Q1 25 | $17.9M | $13.1M | ||
| Q4 24 | $43.2M | $9.9M | ||
| Q3 24 | $-103.9M | $9.0M | ||
| Q2 24 | $-41.9M | $9.2M | ||
| Q1 24 | $-9.3M | $8.0M |
| Q4 25 | 21.7% | 29.5% | ||
| Q3 25 | 20.2% | 29.5% | ||
| Q2 25 | 30.3% | 29.9% | ||
| Q1 25 | 22.3% | 30.3% | ||
| Q4 24 | 23.0% | 29.9% | ||
| Q3 24 | 17.9% | 29.6% | ||
| Q2 24 | 28.7% | 29.2% | ||
| Q1 24 | 24.2% | 29.3% |
| Q4 25 | 6.8% | 4.4% | ||
| Q3 25 | -8.4% | 4.6% | ||
| Q2 25 | -4.9% | 4.7% | ||
| Q1 25 | 4.5% | 5.2% | ||
| Q4 24 | 8.4% | 4.0% | ||
| Q3 24 | -15.4% | 3.7% | ||
| Q2 24 | -16.3% | 4.2% | ||
| Q1 24 | 0.4% | 3.7% |
| Q4 25 | 4.2% | 3.4% | ||
| Q3 25 | -6.7% | 3.5% | ||
| Q2 25 | -9.9% | 3.5% | ||
| Q1 25 | 4.3% | 3.9% | ||
| Q4 24 | 7.7% | 3.0% | ||
| Q3 24 | -41.4% | 2.8% | ||
| Q2 24 | -21.7% | 3.0% | ||
| Q1 24 | -2.2% | 2.6% |
| Q4 25 | $0.72 | $0.49 | ||
| Q3 25 | $-0.54 | $0.51 | ||
| Q2 25 | $2.97 | $0.50 | ||
| Q1 25 | $0.59 | $0.56 | ||
| Q4 24 | $1.63 | $0.43 | ||
| Q3 24 | $-7.69 | $0.38 | ||
| Q2 24 | $-15.68 | $0.40 | ||
| Q1 24 | $-3.49 | $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 | $11.7M | $23.2M |
| Total DebtLower is stronger | $122.5M | — |
| Stockholders' EquityBook value | $283.2M | $220.0M |
| Total Assets | $1.1B | $668.6M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $23.2M | ||
| Q3 25 | $7.3M | $17.1M | ||
| Q2 25 | $9.1M | $13.2M | ||
| Q1 25 | $9.2M | $21.2M | ||
| Q4 24 | $11.6M | $6.3M | ||
| Q3 24 | $8.2M | $8.9M | ||
| Q2 24 | $10.5M | $13.9M | ||
| Q1 24 | $8.1M | $11.0M |
| Q4 25 | $122.5M | — | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | — | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $220.0M | ||
| Q3 25 | $256.5M | $212.4M | ||
| Q2 25 | $272.2M | $202.5M | ||
| Q1 25 | $292.9M | $193.0M | ||
| Q4 24 | $211.4M | $181.9M | ||
| Q3 24 | $149.8M | $174.3M | ||
| Q2 24 | $80.4M | $167.8M | ||
| Q1 24 | $121.5M | $160.0M |
| Q4 25 | $1.1B | $668.6M | ||
| Q3 25 | $950.8M | $670.5M | ||
| Q2 25 | $790.3M | $659.0M | ||
| Q1 25 | $1.1B | $664.6M | ||
| Q4 24 | $1.0B | $648.9M | ||
| Q3 24 | $973.2M | $655.5M | ||
| Q2 24 | $909.9M | $654.4M | ||
| Q1 24 | $1.2B | $656.6M |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
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 | $66.2M | $21.1M |
| Free Cash FlowOCF − Capex | $61.9M | $11.6M |
| FCF MarginFCF / Revenue | 10.4% | 3.4% |
| Capex IntensityCapex / Revenue | 0.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.65× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $21.1M | ||
| Q3 25 | $-67.6M | $15.6M | ||
| Q2 25 | $52.6M | $2.9M | ||
| Q1 25 | $-41.9M | $34.1M | ||
| Q4 24 | $47.4M | $2.7M | ||
| Q3 24 | $-143.5M | $24.5M | ||
| Q2 24 | $81.7M | $12.4M | ||
| Q1 24 | $-35.8M | $20.2M |
| Q4 25 | $61.9M | $11.6M | ||
| Q3 25 | $-71.3M | $7.5M | ||
| Q2 25 | $49.5M | $-4.2M | ||
| Q1 25 | $-44.7M | $27.6M | ||
| Q4 24 | $44.4M | $-6.9M | ||
| Q3 24 | $-147.5M | $18.0M | ||
| Q2 24 | $79.1M | $3.6M | ||
| Q1 24 | $-39.0M | $9.8M |
| Q4 25 | 10.4% | 3.4% | ||
| Q3 25 | -26.0% | 2.2% | ||
| Q2 25 | 21.3% | -1.3% | ||
| Q1 25 | -10.7% | 8.2% | ||
| Q4 24 | 7.9% | -2.1% | ||
| Q3 24 | -58.8% | 5.6% | ||
| Q2 24 | 41.1% | 1.2% | ||
| Q1 24 | -9.4% | 3.2% |
| Q4 25 | 0.7% | 2.9% | ||
| Q3 25 | 1.4% | 2.4% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.5% | 2.9% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 0.8% | 3.4% |
| Q4 25 | 2.65× | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | -2.34× | 2.60× | ||
| Q4 24 | 1.10× | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
