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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.3× IHS Holding Ltd). On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $11.6M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $335.6M |
| Net Profit | — | $11.3M |
| Gross Margin | 83.6% | 29.5% |
| Operating Margin | — | 4.4% |
| Net Margin | — | 3.4% |
| Revenue YoY | 0.1% | 1.6% |
| Net Profit YoY | — | 14.0% |
| EPS (diluted) | — | $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 | $254.0M | $335.6M | ||
| Q3 25 | $455.1M | $336.1M | ||
| Q2 25 | $433.3M | $328.7M | ||
| Q1 25 | $439.6M | $335.8M | ||
| Q4 24 | $253.8M | $330.2M | ||
| Q3 24 | $420.3M | $322.7M | ||
| Q2 24 | $435.4M | $309.1M | ||
| Q1 24 | $417.7M | $308.1M |
| Q4 25 | — | $11.3M | ||
| Q3 25 | $147.4M | $11.8M | ||
| Q2 25 | $32.3M | $11.6M | ||
| Q1 25 | $30.7M | $13.1M | ||
| Q4 24 | — | $9.9M | ||
| Q3 24 | $-205.7M | $9.0M | ||
| Q2 24 | $-124.3M | $9.2M | ||
| Q1 24 | $-1.6B | $8.0M |
| Q4 25 | 83.6% | 29.5% | ||
| Q3 25 | 47.5% | 29.5% | ||
| Q2 25 | 51.3% | 29.9% | ||
| Q1 25 | 51.4% | 30.3% | ||
| Q4 24 | 72.1% | 29.9% | ||
| Q3 24 | 52.0% | 29.6% | ||
| Q2 24 | 52.5% | 29.2% | ||
| Q1 24 | 39.1% | 29.3% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 35.1% | 4.6% | ||
| Q2 25 | 33.8% | 4.7% | ||
| Q1 25 | 37.1% | 5.2% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 29.9% | 3.7% | ||
| Q2 24 | 34.0% | 4.2% | ||
| Q1 24 | -1.7% | 3.7% |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 32.4% | 3.5% | ||
| Q2 25 | 7.5% | 3.5% | ||
| Q1 25 | 7.0% | 3.9% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | -48.9% | 2.8% | ||
| Q2 24 | -28.5% | 3.0% | ||
| Q1 24 | -372.8% | 2.6% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | $0.44 | $0.51 | ||
| Q2 25 | $0.10 | $0.50 | ||
| Q1 25 | $0.10 | $0.56 | ||
| Q4 24 | — | $0.43 | ||
| Q3 24 | $-0.61 | $0.38 | ||
| Q2 24 | $-0.36 | $0.40 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $23.2M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $220.0M |
| Total Assets | $4.5B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $23.2M | ||
| Q3 25 | $647.6M | $17.1M | ||
| Q2 25 | $531.8M | $13.2M | ||
| Q1 25 | $629.0M | $21.2M | ||
| Q4 24 | $578.0M | $6.3M | ||
| Q3 24 | $397.5M | $8.9M | ||
| Q2 24 | $445.7M | $13.9M | ||
| Q1 24 | $333.2M | $11.0M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $220.0M | ||
| Q3 25 | $38.1M | $212.4M | ||
| Q2 25 | $-98.4M | $202.5M | ||
| Q1 25 | $-184.4M | $193.0M | ||
| Q4 24 | $-314.4M | $181.9M | ||
| Q3 24 | $-284.7M | $174.3M | ||
| Q2 24 | $-308.3M | $167.8M | ||
| Q1 24 | $-163.2M | $160.0M |
| Q4 25 | $4.5B | $668.6M | ||
| Q3 25 | $4.7B | $670.5M | ||
| Q2 25 | $4.5B | $659.0M | ||
| Q1 25 | $4.4B | $664.6M | ||
| Q4 24 | $4.2B | $648.9M | ||
| Q3 24 | $4.6B | $655.5M | ||
| Q2 24 | $4.5B | $654.4M | ||
| Q1 24 | $4.6B | $656.6M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $21.1M |
| Free Cash FlowOCF − Capex | $178.6M | $11.6M |
| FCF MarginFCF / Revenue | 70.3% | 3.4% |
| Capex IntensityCapex / Revenue | 26.9% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $21.1M | ||
| Q3 25 | $251.3M | $15.6M | ||
| Q2 25 | $237.7M | $2.9M | ||
| Q1 25 | $200.3M | $34.1M | ||
| Q4 24 | $344.4M | $2.7M | ||
| Q3 24 | $174.5M | $24.5M | ||
| Q2 24 | $134.7M | $12.4M | ||
| Q1 24 | $75.8M | $20.2M |
| Q4 25 | $178.6M | $11.6M | ||
| Q3 25 | $189.2M | $7.5M | ||
| Q2 25 | $197.7M | $-4.2M | ||
| Q1 25 | $153.2M | $27.6M | ||
| Q4 24 | $282.9M | $-6.9M | ||
| Q3 24 | $122.3M | $18.0M | ||
| Q2 24 | $74.2M | $3.6M | ||
| Q1 24 | $14.8M | $9.8M |
| Q4 25 | 70.3% | 3.4% | ||
| Q3 25 | 41.6% | 2.2% | ||
| Q2 25 | 45.6% | -1.3% | ||
| Q1 25 | 34.8% | 8.2% | ||
| Q4 24 | 111.5% | -2.1% | ||
| Q3 24 | 29.1% | 5.6% | ||
| Q2 24 | 17.0% | 1.2% | ||
| Q1 24 | 3.5% | 3.2% |
| Q4 25 | 26.9% | 2.9% | ||
| Q3 25 | 13.6% | 2.4% | ||
| Q2 25 | 9.2% | 2.2% | ||
| Q1 25 | 10.7% | 1.9% | ||
| Q4 24 | 24.2% | 2.9% | ||
| Q3 24 | 12.4% | 2.0% | ||
| Q2 24 | 13.9% | 2.9% | ||
| Q1 24 | 14.6% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | 1.70× | 1.32× | ||
| Q2 25 | 7.36× | 0.25× | ||
| Q1 25 | 6.52× | 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
IHS
Segment breakdown not available.
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
