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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) 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 $177.1M, roughly 1.9× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs 3.4%, a 29.5% gap on every dollar of revenue. On growth, GCM Grosvenor Inc. posted the faster year-over-year revenue change (7.2% vs 1.6%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $11.6M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs 4.4%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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.
GCMG vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $335.6M |
| Net Profit | $58.2M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 30.9% | 4.4% |
| Net Margin | 32.8% | 3.4% |
| Revenue YoY | 7.2% | 1.6% |
| Net Profit YoY | 149.2% | 14.0% |
| EPS (diluted) | $0.23 | $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 | $177.1M | $335.6M | ||
| Q3 25 | $135.0M | $336.1M | ||
| Q2 25 | $119.7M | $328.7M | ||
| Q1 25 | $125.8M | $335.8M | ||
| Q4 24 | $165.3M | $330.2M | ||
| Q3 24 | $122.9M | $322.7M | ||
| Q2 24 | $117.0M | $309.1M | ||
| Q1 24 | $108.9M | $308.1M |
| Q4 25 | $58.2M | $11.3M | ||
| Q3 25 | $10.5M | $11.8M | ||
| Q2 25 | $15.4M | $11.6M | ||
| Q1 25 | $463.0K | $13.1M | ||
| Q4 24 | $7.6M | $9.9M | ||
| Q3 24 | $4.2M | $9.0M | ||
| Q2 24 | $4.8M | $9.2M | ||
| Q1 24 | $2.1M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 30.9% | 4.4% | ||
| Q3 25 | 32.7% | 4.6% | ||
| Q2 25 | 16.1% | 4.7% | ||
| Q1 25 | 12.2% | 5.2% | ||
| Q4 24 | 26.4% | 4.0% | ||
| Q3 24 | 20.3% | 3.7% | ||
| Q2 24 | 17.8% | 4.2% | ||
| Q1 24 | -14.7% | 3.7% |
| Q4 25 | 32.8% | 3.4% | ||
| Q3 25 | 7.8% | 3.5% | ||
| Q2 25 | 12.9% | 3.5% | ||
| Q1 25 | 0.4% | 3.9% | ||
| Q4 24 | 4.6% | 3.0% | ||
| Q3 24 | 3.4% | 2.8% | ||
| Q2 24 | 4.1% | 3.0% | ||
| Q1 24 | 2.0% | 2.6% |
| Q4 25 | $0.23 | $0.49 | ||
| Q3 25 | $0.16 | $0.51 | ||
| Q2 25 | $0.05 | $0.50 | ||
| Q1 25 | $-0.02 | $0.56 | ||
| Q4 24 | $0.09 | $0.43 | ||
| Q3 24 | $0.03 | $0.38 | ||
| Q2 24 | $0.04 | $0.40 | ||
| Q1 24 | $-0.13 | $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 | $242.1M | $23.2M |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $27.0M | $220.0M |
| Total Assets | $813.8M | $668.6M |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.1M | $23.2M | ||
| Q3 25 | $182.7M | $17.1M | ||
| Q2 25 | $136.3M | $13.2M | ||
| Q1 25 | $94.5M | $21.2M | ||
| Q4 24 | $89.5M | $6.3M | ||
| Q3 24 | $98.4M | $8.9M | ||
| Q2 24 | $73.9M | $13.9M | ||
| Q1 24 | $41.9M | $11.0M |
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — | ||
| Q1 24 | $384.0M | — |
| Q4 25 | $27.0M | $220.0M | ||
| Q3 25 | $-7.4M | $212.4M | ||
| Q2 25 | $-12.3M | $202.5M | ||
| Q1 25 | $-28.3M | $193.0M | ||
| Q4 24 | $-27.6M | $181.9M | ||
| Q3 24 | $-31.9M | $174.3M | ||
| Q2 24 | $-28.5M | $167.8M | ||
| Q1 24 | $-26.4M | $160.0M |
| Q4 25 | $813.8M | $668.6M | ||
| Q3 25 | $685.9M | $670.5M | ||
| Q2 25 | $636.9M | $659.0M | ||
| Q1 25 | $579.8M | $664.6M | ||
| Q4 24 | $612.7M | $648.9M | ||
| Q3 24 | $575.0M | $655.5M | ||
| Q2 24 | $543.9M | $654.4M | ||
| Q1 24 | $497.3M | $656.6M |
| Q4 25 | 15.87× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $183.5M | $21.1M |
| Free Cash FlowOCF − Capex | $175.0M | $11.6M |
| FCF MarginFCF / Revenue | 98.8% | 3.4% |
| Capex IntensityCapex / Revenue | 4.8% | 2.9% |
| Cash ConversionOCF / Net Profit | 3.16× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $21.1M | ||
| Q3 25 | $79.8M | $15.6M | ||
| Q2 25 | $42.0M | $2.9M | ||
| Q1 25 | $33.3M | $34.1M | ||
| Q4 24 | $148.8M | $2.7M | ||
| Q3 24 | $69.0M | $24.5M | ||
| Q2 24 | $17.5M | $12.4M | ||
| Q1 24 | $24.2M | $20.2M |
| Q4 25 | $175.0M | $11.6M | ||
| Q3 25 | $78.3M | $7.5M | ||
| Q2 25 | $40.8M | $-4.2M | ||
| Q1 25 | $32.1M | $27.6M | ||
| Q4 24 | $132.0M | $-6.9M | ||
| Q3 24 | $62.2M | $18.0M | ||
| Q2 24 | $12.8M | $3.6M | ||
| Q1 24 | $20.0M | $9.8M |
| Q4 25 | 98.8% | 3.4% | ||
| Q3 25 | 58.0% | 2.2% | ||
| Q2 25 | 34.1% | -1.3% | ||
| Q1 25 | 25.5% | 8.2% | ||
| Q4 24 | 79.9% | -2.1% | ||
| Q3 24 | 50.6% | 5.6% | ||
| Q2 24 | 10.9% | 1.2% | ||
| Q1 24 | 18.4% | 3.2% |
| Q4 25 | 4.8% | 2.9% | ||
| Q3 25 | 1.1% | 2.4% | ||
| Q2 25 | 1.0% | 2.2% | ||
| Q1 25 | 0.9% | 1.9% | ||
| Q4 24 | 10.1% | 2.9% | ||
| Q3 24 | 5.5% | 2.0% | ||
| Q2 24 | 4.0% | 2.9% | ||
| Q1 24 | 3.9% | 3.4% |
| Q4 25 | 3.16× | 1.86× | ||
| Q3 25 | 7.61× | 1.32× | ||
| Q2 25 | 2.72× | 0.25× | ||
| Q1 25 | 71.84× | 2.60× | ||
| Q4 24 | 19.54× | 0.27× | ||
| Q3 24 | 16.60× | 2.72× | ||
| Q2 24 | 3.64× | 1.35× | ||
| Q1 24 | 11.40× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
