vs
Side-by-side financial comparison of Compass Diversified Holdings (CODI) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Compass Diversified Holdings is the larger business by last-quarter revenue ($468.6M vs $335.6M, roughly 1.4× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -16.8%, a 20.2% 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 -5.1%). Compass Diversified Holdings produced more free cash flow last quarter ($36.9M vs $11.6M). Over the past eight quarters, Compass Diversified Holdings's revenue compounded faster (6.8% CAGR vs 4.4%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
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.
CODI vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $335.6M |
| Net Profit | $-78.8M | $11.3M |
| Gross Margin | 43.1% | 29.5% |
| Operating Margin | 9.8% | 4.4% |
| Net Margin | -16.8% | 3.4% |
| Revenue YoY | -5.1% | 1.6% |
| Net Profit YoY | -14.4% | 14.0% |
| EPS (diluted) | $-0.91 | $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 | $468.6M | $335.6M | ||
| Q3 25 | $472.6M | $336.1M | ||
| Q2 25 | $478.7M | $328.7M | ||
| Q1 25 | $453.8M | $335.8M | ||
| Q4 24 | $493.9M | $330.2M | ||
| Q3 24 | $456.6M | $322.7M | ||
| Q2 24 | $426.7M | $309.1M | ||
| Q1 24 | $410.8M | $308.1M |
| Q4 25 | $-78.8M | $11.3M | ||
| Q3 25 | $-74.0M | $11.8M | ||
| Q2 25 | $-51.2M | $11.6M | ||
| Q1 25 | $-30.0M | $13.1M | ||
| Q4 24 | $-68.9M | $9.9M | ||
| Q3 24 | $-36.0M | $9.0M | ||
| Q2 24 | $-73.1M | $9.2M | ||
| Q1 24 | $-56.2M | $8.0M |
| Q4 25 | 43.1% | 29.5% | ||
| Q3 25 | 44.0% | 29.5% | ||
| Q2 25 | 43.6% | 29.9% | ||
| Q1 25 | 43.2% | 30.3% | ||
| Q4 24 | 38.6% | 29.9% | ||
| Q3 24 | 43.1% | 29.6% | ||
| Q2 24 | 44.1% | 29.2% | ||
| Q1 24 | 42.6% | 29.3% |
| Q4 25 | 9.8% | 4.4% | ||
| Q3 25 | -2.3% | 4.6% | ||
| Q2 25 | -5.7% | 4.7% | ||
| Q1 25 | 0.8% | 5.2% | ||
| Q4 24 | -3.8% | 4.0% | ||
| Q3 24 | 1.8% | 3.7% | ||
| Q2 24 | 1.8% | 4.2% | ||
| Q1 24 | -2.9% | 3.7% |
| Q4 25 | -16.8% | 3.4% | ||
| Q3 25 | -15.7% | 3.5% | ||
| Q2 25 | -10.7% | 3.5% | ||
| Q1 25 | -6.6% | 3.9% | ||
| Q4 24 | -13.9% | 3.0% | ||
| Q3 24 | -7.9% | 2.8% | ||
| Q2 24 | -17.1% | 3.0% | ||
| Q1 24 | -13.7% | 2.6% |
| Q4 25 | $-0.91 | $0.49 | ||
| Q3 25 | $-1.21 | $0.51 | ||
| Q2 25 | $-0.88 | $0.50 | ||
| Q1 25 | $-0.59 | $0.56 | ||
| Q4 24 | $-0.57 | $0.43 | ||
| Q3 24 | $-0.62 | $0.38 | ||
| Q2 24 | $-1.12 | $0.40 | ||
| Q1 24 | $-1.52 | $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 | $68.0M | $23.2M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $442.0M | $220.0M |
| Total Assets | $3.0B | $668.6M |
| Debt / EquityLower = less leverage | 4.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.0M | $23.2M | ||
| Q3 25 | $61.1M | $17.1M | ||
| Q2 25 | $73.8M | $13.2M | ||
| Q1 25 | $146.2M | $21.2M | ||
| Q4 24 | $59.7M | $6.3M | ||
| Q3 24 | $64.9M | $8.9M | ||
| Q2 24 | $61.5M | $13.9M | ||
| Q1 24 | $59.5M | $11.0M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $442.0M | $220.0M | ||
| Q3 25 | $519.2M | $212.4M | ||
| Q2 25 | $601.9M | $202.5M | ||
| Q1 25 | $680.7M | $193.0M | ||
| Q4 24 | $678.6M | $181.9M | ||
| Q3 24 | $672.2M | $174.3M | ||
| Q2 24 | $711.3M | $167.8M | ||
| Q1 24 | $799.7M | $160.0M |
| Q4 25 | $3.0B | $668.6M | ||
| Q3 25 | $3.2B | $670.5M | ||
| Q2 25 | $3.3B | $659.0M | ||
| Q1 25 | $3.4B | $664.6M | ||
| Q4 24 | $3.3B | $648.9M | ||
| Q3 24 | $3.3B | $655.5M | ||
| Q2 24 | $3.2B | $654.4M | ||
| Q1 24 | $3.3B | $656.6M |
| Q4 25 | 4.25× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | — | ||
| Q1 24 | 2.15× | — |
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 | $47.0M | $21.1M |
| Free Cash FlowOCF − Capex | $36.9M | $11.6M |
| FCF MarginFCF / Revenue | 7.9% | 3.4% |
| Capex IntensityCapex / Revenue | 2.2% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.0M | $21.1M | ||
| Q3 25 | $10.7M | $15.6M | ||
| Q2 25 | $-35.2M | $2.9M | ||
| Q1 25 | $-29.3M | $34.1M | ||
| Q4 24 | $-16.1M | $2.7M | ||
| Q3 24 | $-48.4M | $24.5M | ||
| Q2 24 | $-61.3M | $12.4M | ||
| Q1 24 | $-25.4M | $20.2M |
| Q4 25 | $36.9M | $11.6M | ||
| Q3 25 | $481.0K | $7.5M | ||
| Q2 25 | $-46.0M | $-4.2M | ||
| Q1 25 | $-42.4M | $27.6M | ||
| Q4 24 | $-39.0M | $-6.9M | ||
| Q3 24 | $-63.5M | $18.0M | ||
| Q2 24 | $-72.2M | $3.6M | ||
| Q1 24 | $-33.1M | $9.8M |
| Q4 25 | 7.9% | 3.4% | ||
| Q3 25 | 0.1% | 2.2% | ||
| Q2 25 | -9.6% | -1.3% | ||
| Q1 25 | -9.4% | 8.2% | ||
| Q4 24 | -7.9% | -2.1% | ||
| Q3 24 | -13.9% | 5.6% | ||
| Q2 24 | -16.9% | 1.2% | ||
| Q1 24 | -8.1% | 3.2% |
| Q4 25 | 2.2% | 2.9% | ||
| Q3 25 | 2.2% | 2.4% | ||
| Q2 25 | 2.3% | 2.2% | ||
| Q1 25 | 2.9% | 1.9% | ||
| Q4 24 | 4.6% | 2.9% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 2.6% | 2.9% | ||
| Q1 24 | 1.9% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 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
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
