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Side-by-side financial comparison of Grocery Outlet Holding Corp. (GO) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Grocery Outlet Holding Corp. is the larger business by last-quarter revenue ($1.2B vs $335.6M, roughly 3.5× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs 1.0%, a 2.4% gap on every dollar of revenue. On growth, Grocery Outlet Holding Corp. posted the faster year-over-year revenue change (5.4% vs 1.6%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $-21.6M). Over the past eight quarters, Grocery Outlet Holding Corp.'s revenue compounded faster (8.6% CAGR vs 4.4%).
Grocery Outlet Holding Corp. is an American discount closeout retailer consisting exclusively of supermarket locations that offer discounted, overstocked, and closeout products from name-brand and private-label suppliers. The company has stores in California, Oregon, Washington, Idaho, Nevada, Maryland, Pennsylvania, New Jersey, Ohio, and Delaware.
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.
GO vs NGVC — Head-to-Head
Income Statement — Q3 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $335.6M |
| Net Profit | $11.6M | $11.3M |
| Gross Margin | 30.4% | 29.5% |
| Operating Margin | 2.0% | 4.4% |
| Net Margin | 1.0% | 3.4% |
| Revenue YoY | 5.4% | 1.6% |
| Net Profit YoY | -52.0% | 14.0% |
| EPS (diluted) | $0.12 | $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 | — | $335.6M | ||
| Q3 25 | $1.2B | $336.1M | ||
| Q2 25 | $1.2B | $328.7M | ||
| Q1 25 | $1.1B | $335.8M | ||
| Q4 24 | $1.1B | $330.2M | ||
| Q3 24 | $1.1B | $322.7M | ||
| Q2 24 | $1.1B | $309.1M | ||
| Q1 24 | $1.0B | $308.1M |
| Q4 25 | — | $11.3M | ||
| Q3 25 | $11.6M | $11.8M | ||
| Q2 25 | $5.0M | $11.6M | ||
| Q1 25 | $-23.3M | $13.1M | ||
| Q4 24 | $2.3M | $9.9M | ||
| Q3 24 | $24.2M | $9.0M | ||
| Q2 24 | $14.0M | $9.2M | ||
| Q1 24 | $-1.0M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | 30.4% | 29.5% | ||
| Q2 25 | 30.6% | 29.9% | ||
| Q1 25 | 30.4% | 30.3% | ||
| Q4 24 | 29.5% | 29.9% | ||
| Q3 24 | 31.1% | 29.6% | ||
| Q2 24 | 30.9% | 29.2% | ||
| Q1 24 | 29.3% | 29.3% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 2.0% | 4.6% | ||
| Q2 25 | 1.1% | 4.7% | ||
| Q1 25 | -2.0% | 5.2% | ||
| Q4 24 | 1.0% | 4.0% | ||
| Q3 24 | 3.6% | 3.7% | ||
| Q2 24 | 2.3% | 4.2% | ||
| Q1 24 | 0.1% | 3.7% |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 1.0% | 3.5% | ||
| Q2 25 | 0.4% | 3.5% | ||
| Q1 25 | -2.1% | 3.9% | ||
| Q4 24 | 0.2% | 3.0% | ||
| Q3 24 | 2.2% | 2.8% | ||
| Q2 24 | 1.2% | 3.0% | ||
| Q1 24 | -0.1% | 2.6% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | $0.12 | $0.51 | ||
| Q2 25 | $0.05 | $0.50 | ||
| Q1 25 | $-0.24 | $0.56 | ||
| Q4 24 | $0.03 | $0.43 | ||
| Q3 24 | $0.24 | $0.38 | ||
| Q2 24 | $0.14 | $0.40 | ||
| Q1 24 | $-0.01 | $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 | $52.1M | $23.2M |
| Total DebtLower is stronger | $500.3M | — |
| Stockholders' EquityBook value | $1.2B | $220.0M |
| Total Assets | $3.4B | $668.6M |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.2M | ||
| Q3 25 | $52.1M | $17.1M | ||
| Q2 25 | $55.2M | $13.2M | ||
| Q1 25 | $50.9M | $21.2M | ||
| Q4 24 | $62.8M | $6.3M | ||
| Q3 24 | $68.7M | $8.9M | ||
| Q2 24 | $67.1M | $13.9M | ||
| Q1 24 | $66.9M | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | $500.3M | — | ||
| Q2 25 | $473.9M | — | ||
| Q1 25 | $475.7M | — | ||
| Q4 24 | $477.5M | — | ||
| Q3 24 | $429.3M | — | ||
| Q2 24 | $379.2M | — | ||
| Q1 24 | $291.0M | — |
| Q4 25 | — | $220.0M | ||
| Q3 25 | $1.2B | $212.4M | ||
| Q2 25 | $1.2B | $202.5M | ||
| Q1 25 | $1.2B | $193.0M | ||
| Q4 24 | $1.2B | $181.9M | ||
| Q3 24 | $1.2B | $174.3M | ||
| Q2 24 | $1.2B | $167.8M | ||
| Q1 24 | $1.2B | $160.0M |
| Q4 25 | — | $668.6M | ||
| Q3 25 | $3.4B | $670.5M | ||
| Q2 25 | $3.3B | $659.0M | ||
| Q1 25 | $3.3B | $664.6M | ||
| Q4 24 | $3.2B | $648.9M | ||
| Q3 24 | $3.1B | $655.5M | ||
| Q2 24 | $3.1B | $654.4M | ||
| Q1 24 | $3.0B | $656.6M |
| Q4 25 | — | — | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.40× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.24× | — |
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 | $17.3M | $21.1M |
| Free Cash FlowOCF − Capex | $-21.6M | $11.6M |
| FCF MarginFCF / Revenue | -1.8% | 3.4% |
| Capex IntensityCapex / Revenue | 3.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.49× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-28.3M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.1M | ||
| Q3 25 | $17.3M | $15.6M | ||
| Q2 25 | $73.6M | $2.9M | ||
| Q1 25 | $58.9M | $34.1M | ||
| Q4 24 | $39.5M | $2.7M | ||
| Q3 24 | $23.0M | $24.5M | ||
| Q2 24 | $41.6M | $12.4M | ||
| Q1 24 | $7.8M | $20.2M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | $-21.6M | $7.5M | ||
| Q2 25 | $14.4M | $-4.2M | ||
| Q1 25 | $-1.5M | $27.6M | ||
| Q4 24 | $-19.6M | $-6.9M | ||
| Q3 24 | $-19.3M | $18.0M | ||
| Q2 24 | $2.7M | $3.6M | ||
| Q1 24 | $-38.4M | $9.8M |
| Q4 25 | — | 3.4% | ||
| Q3 25 | -1.8% | 2.2% | ||
| Q2 25 | 1.2% | -1.3% | ||
| Q1 25 | -0.1% | 8.2% | ||
| Q4 24 | -1.8% | -2.1% | ||
| Q3 24 | -1.7% | 5.6% | ||
| Q2 24 | 0.2% | 1.2% | ||
| Q1 24 | -3.7% | 3.2% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | 3.3% | 2.4% | ||
| Q2 25 | 5.0% | 2.2% | ||
| Q1 25 | 5.4% | 1.9% | ||
| Q4 24 | 5.4% | 2.9% | ||
| Q3 24 | 3.8% | 2.0% | ||
| Q2 24 | 3.4% | 2.9% | ||
| Q1 24 | 4.5% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | 1.49× | 1.32× | ||
| Q2 25 | 14.84× | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | 17.09× | 0.27× | ||
| Q3 24 | 0.95× | 2.72× | ||
| Q2 24 | 2.97× | 1.35× | ||
| Q1 24 | — | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GO
| Non Perishable | $727.2M | 62% |
| Perishable | $441.0M | 38% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
