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Side-by-side financial comparison of CORVEL CORP (CRVL) 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 $235.6M, roughly 1.4× CORVEL CORP). CORVEL CORP runs the higher net margin — 10.3% vs 3.4%, a 6.9% gap on every dollar of revenue. On growth, CORVEL CORP posted the faster year-over-year revenue change (3.4% vs 1.6%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $11.6M). Over the past eight quarters, CORVEL CORP's revenue compounded faster (6.6% CAGR vs 4.4%).
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
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.
CRVL vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $235.6M | $335.6M |
| Net Profit | $24.2M | $11.3M |
| Gross Margin | 23.3% | 29.5% |
| Operating Margin | 13.7% | 4.4% |
| Net Margin | 10.3% | 3.4% |
| Revenue YoY | 3.4% | 1.6% |
| Net Profit YoY | 1.7% | 14.0% |
| EPS (diluted) | $0.47 | $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 | $235.6M | $335.6M | ||
| Q3 25 | $239.6M | $336.1M | ||
| Q2 25 | $234.7M | $328.7M | ||
| Q1 25 | $231.5M | $335.8M | ||
| Q4 24 | $228.0M | $330.2M | ||
| Q3 24 | $224.4M | $322.7M | ||
| Q2 24 | $211.7M | $309.1M | ||
| Q1 24 | $207.2M | $308.1M |
| Q4 25 | $24.2M | $11.3M | ||
| Q3 25 | $27.9M | $11.8M | ||
| Q2 25 | $27.2M | $11.6M | ||
| Q1 25 | $26.4M | $13.1M | ||
| Q4 24 | $23.8M | $9.9M | ||
| Q3 24 | $23.4M | $9.0M | ||
| Q2 24 | $21.6M | $9.2M | ||
| Q1 24 | $19.5M | $8.0M |
| Q4 25 | 23.3% | 29.5% | ||
| Q3 25 | 24.3% | 29.5% | ||
| Q2 25 | 24.2% | 29.9% | ||
| Q1 25 | 25.0% | 30.3% | ||
| Q4 24 | 23.2% | 29.9% | ||
| Q3 24 | 22.6% | 29.6% | ||
| Q2 24 | 22.7% | 29.2% | ||
| Q1 24 | 20.9% | 29.3% |
| Q4 25 | 13.7% | 4.4% | ||
| Q3 25 | 15.0% | 4.6% | ||
| Q2 25 | 15.0% | 4.7% | ||
| Q1 25 | 14.4% | 5.2% | ||
| Q4 24 | 13.5% | 4.0% | ||
| Q3 24 | 12.8% | 3.7% | ||
| Q2 24 | 13.2% | 4.2% | ||
| Q1 24 | 10.9% | 3.7% |
| Q4 25 | 10.3% | 3.4% | ||
| Q3 25 | 11.6% | 3.5% | ||
| Q2 25 | 11.6% | 3.5% | ||
| Q1 25 | 11.4% | 3.9% | ||
| Q4 24 | 10.4% | 3.0% | ||
| Q3 24 | 10.4% | 2.8% | ||
| Q2 24 | 10.2% | 3.0% | ||
| Q1 24 | 9.4% | 2.6% |
| Q4 25 | $0.47 | $0.49 | ||
| Q3 25 | $0.54 | $0.51 | ||
| Q2 25 | $0.52 | $0.50 | ||
| Q1 25 | $-1.23 | $0.56 | ||
| Q4 24 | $0.46 | $0.43 | ||
| Q3 24 | $1.35 | $0.38 | ||
| Q2 24 | $1.25 | $0.40 | ||
| Q1 24 | $1.12 | $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 | $230.0M | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $375.7M | $220.0M |
| Total Assets | $644.8M | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0M | $23.2M | ||
| Q3 25 | $207.5M | $17.1M | ||
| Q2 25 | $202.0M | $13.2M | ||
| Q1 25 | $170.6M | $21.2M | ||
| Q4 24 | $162.9M | $6.3M | ||
| Q3 24 | $138.3M | $8.9M | ||
| Q2 24 | $131.9M | $13.9M | ||
| Q1 24 | $105.6M | $11.0M |
| Q4 25 | $375.7M | $220.0M | ||
| Q3 25 | $362.8M | $212.4M | ||
| Q2 25 | $342.5M | $202.5M | ||
| Q1 25 | $322.0M | $193.0M | ||
| Q4 24 | $300.9M | $181.9M | ||
| Q3 24 | $282.8M | $174.3M | ||
| Q2 24 | $263.9M | $167.8M | ||
| Q1 24 | $247.6M | $160.0M |
| Q4 25 | $644.8M | $668.6M | ||
| Q3 25 | $611.7M | $670.5M | ||
| Q2 25 | $597.4M | $659.0M | ||
| Q1 25 | $546.0M | $664.6M | ||
| Q4 24 | $538.8M | $648.9M | ||
| Q3 24 | $518.6M | $655.5M | ||
| Q2 24 | $486.2M | $654.4M | ||
| Q1 24 | $454.7M | $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 | $46.1M | $21.1M |
| Free Cash FlowOCF − Capex | $35.2M | $11.6M |
| FCF MarginFCF / Revenue | 14.9% | 3.4% |
| Capex IntensityCapex / Revenue | 4.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.91× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $104.3M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.1M | $21.1M | ||
| Q3 25 | $25.0M | $15.6M | ||
| Q2 25 | $55.0M | $2.9M | ||
| Q1 25 | $22.9M | $34.1M | ||
| Q4 24 | $41.6M | $2.7M | ||
| Q3 24 | $22.3M | $24.5M | ||
| Q2 24 | $40.4M | $12.4M | ||
| Q1 24 | $15.2M | $20.2M |
| Q4 25 | $35.2M | $11.6M | ||
| Q3 25 | $15.3M | $7.5M | ||
| Q2 25 | $39.5M | $-4.2M | ||
| Q1 25 | $14.3M | $27.6M | ||
| Q4 24 | $32.1M | $-6.9M | ||
| Q3 24 | $12.4M | $18.0M | ||
| Q2 24 | $32.8M | $3.6M | ||
| Q1 24 | $5.2M | $9.8M |
| Q4 25 | 14.9% | 3.4% | ||
| Q3 25 | 6.4% | 2.2% | ||
| Q2 25 | 16.8% | -1.3% | ||
| Q1 25 | 6.2% | 8.2% | ||
| Q4 24 | 14.1% | -2.1% | ||
| Q3 24 | 5.5% | 5.6% | ||
| Q2 24 | 15.5% | 1.2% | ||
| Q1 24 | 2.5% | 3.2% |
| Q4 25 | 4.7% | 2.9% | ||
| Q3 25 | 4.1% | 2.4% | ||
| Q2 25 | 6.6% | 2.2% | ||
| Q1 25 | 3.7% | 1.9% | ||
| Q4 24 | 4.2% | 2.9% | ||
| Q3 24 | 4.4% | 2.0% | ||
| Q2 24 | 3.6% | 2.9% | ||
| Q1 24 | 4.8% | 3.4% |
| Q4 25 | 1.91× | 1.86× | ||
| Q3 25 | 0.90× | 1.32× | ||
| Q2 25 | 2.02× | 0.25× | ||
| Q1 25 | 0.87× | 2.60× | ||
| Q4 24 | 1.75× | 0.27× | ||
| Q3 24 | 0.95× | 2.72× | ||
| Q2 24 | 1.87× | 1.35× | ||
| Q1 24 | 0.78× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
