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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) 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 $186.9M, roughly 1.8× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs 3.4%, a 3.2% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 1.6%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $11.6M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 4.4%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
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.
LMB vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $335.6M |
| Net Profit | $12.3M | $11.3M |
| Gross Margin | 25.7% | 29.5% |
| Operating Margin | 9.4% | 4.4% |
| Net Margin | 6.6% | 3.4% |
| Revenue YoY | 30.1% | 1.6% |
| Net Profit YoY | 25.0% | 14.0% |
| EPS (diluted) | $1.01 | $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 | $186.9M | $335.6M | ||
| Q3 25 | $184.6M | $336.1M | ||
| Q2 25 | $142.2M | $328.7M | ||
| Q1 25 | $133.1M | $335.8M | ||
| Q4 24 | $143.7M | $330.2M | ||
| Q3 24 | $133.9M | $322.7M | ||
| Q2 24 | $122.2M | $309.1M | ||
| Q1 24 | $119.0M | $308.1M |
| Q4 25 | $12.3M | $11.3M | ||
| Q3 25 | $8.8M | $11.8M | ||
| Q2 25 | $7.8M | $11.6M | ||
| Q1 25 | $10.2M | $13.1M | ||
| Q4 24 | $9.8M | $9.9M | ||
| Q3 24 | $7.5M | $9.0M | ||
| Q2 24 | $6.0M | $9.2M | ||
| Q1 24 | $7.6M | $8.0M |
| Q4 25 | 25.7% | 29.5% | ||
| Q3 25 | 24.2% | 29.5% | ||
| Q2 25 | 28.0% | 29.9% | ||
| Q1 25 | 27.6% | 30.3% | ||
| Q4 24 | 30.3% | 29.9% | ||
| Q3 24 | 27.0% | 29.6% | ||
| Q2 24 | 27.4% | 29.2% | ||
| Q1 24 | 26.1% | 29.3% |
| Q4 25 | 9.4% | 4.4% | ||
| Q3 25 | 7.2% | 4.6% | ||
| Q2 25 | 7.5% | 4.7% | ||
| Q1 25 | 5.9% | 5.2% | ||
| Q4 24 | 9.1% | 4.0% | ||
| Q3 24 | 8.1% | 3.7% | ||
| Q2 24 | 6.7% | 4.2% | ||
| Q1 24 | 5.5% | 3.7% |
| Q4 25 | 6.6% | 3.4% | ||
| Q3 25 | 4.8% | 3.5% | ||
| Q2 25 | 5.5% | 3.5% | ||
| Q1 25 | 7.7% | 3.9% | ||
| Q4 24 | 6.9% | 3.0% | ||
| Q3 24 | 5.6% | 2.8% | ||
| Q2 24 | 4.9% | 3.0% | ||
| Q1 24 | 6.4% | 2.6% |
| Q4 25 | $1.01 | $0.49 | ||
| Q3 25 | $0.73 | $0.51 | ||
| Q2 25 | $0.64 | $0.50 | ||
| Q1 25 | $0.85 | $0.56 | ||
| Q4 24 | $0.81 | $0.43 | ||
| Q3 24 | $0.62 | $0.38 | ||
| Q2 24 | $0.50 | $0.40 | ||
| Q1 24 | $0.64 | $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 | $11.3M | $23.2M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $220.0M |
| Total Assets | $381.1M | $668.6M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $23.2M | ||
| Q3 25 | $9.8M | $17.1M | ||
| Q2 25 | $38.9M | $13.2M | ||
| Q1 25 | $38.1M | $21.2M | ||
| Q4 24 | $44.9M | $6.3M | ||
| Q3 24 | $51.2M | $8.9M | ||
| Q2 24 | $59.5M | $13.9M | ||
| Q1 24 | $48.2M | $11.0M |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — | ||
| Q1 24 | $19.4M | — |
| Q4 25 | $195.7M | $220.0M | ||
| Q3 25 | $181.6M | $212.4M | ||
| Q2 25 | $170.5M | $202.5M | ||
| Q1 25 | $161.1M | $193.0M | ||
| Q4 24 | $153.5M | $181.9M | ||
| Q3 24 | $142.2M | $174.3M | ||
| Q2 24 | $133.0M | $167.8M | ||
| Q1 24 | $125.5M | $160.0M |
| Q4 25 | $381.1M | $668.6M | ||
| Q3 25 | $409.1M | $670.5M | ||
| Q2 25 | $343.0M | $659.0M | ||
| Q1 25 | $336.4M | $664.6M | ||
| Q4 24 | $352.1M | $648.9M | ||
| Q3 24 | $324.4M | $655.5M | ||
| Q2 24 | $303.9M | $654.4M | ||
| Q1 24 | $289.2M | $656.6M |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $28.1M | $21.1M |
| Free Cash FlowOCF − Capex | $27.9M | $11.6M |
| FCF MarginFCF / Revenue | 14.9% | 3.4% |
| Capex IntensityCapex / Revenue | 0.1% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.29× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $21.1M | ||
| Q3 25 | $13.3M | $15.6M | ||
| Q2 25 | $2.0M | $2.9M | ||
| Q1 25 | $2.2M | $34.1M | ||
| Q4 24 | $19.3M | $2.7M | ||
| Q3 24 | $4.9M | $24.5M | ||
| Q2 24 | $16.5M | $12.4M | ||
| Q1 24 | $-3.9M | $20.2M |
| Q4 25 | $27.9M | $11.6M | ||
| Q3 25 | $12.8M | $7.5M | ||
| Q2 25 | $1.2M | $-4.2M | ||
| Q1 25 | $11.0K | $27.6M | ||
| Q4 24 | $18.0M | $-6.9M | ||
| Q3 24 | $4.6M | $18.0M | ||
| Q2 24 | $13.2M | $3.6M | ||
| Q1 24 | $-6.5M | $9.8M |
| Q4 25 | 14.9% | 3.4% | ||
| Q3 25 | 7.0% | 2.2% | ||
| Q2 25 | 0.8% | -1.3% | ||
| Q1 25 | 0.0% | 8.2% | ||
| Q4 24 | 12.5% | -2.1% | ||
| Q3 24 | 3.4% | 5.6% | ||
| Q2 24 | 10.8% | 1.2% | ||
| Q1 24 | -5.5% | 3.2% |
| Q4 25 | 0.1% | 2.9% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 1.7% | 1.9% | ||
| Q4 24 | 0.9% | 2.9% | ||
| Q3 24 | 0.3% | 2.0% | ||
| Q2 24 | 2.7% | 2.9% | ||
| Q1 24 | 2.1% | 3.4% |
| Q4 25 | 2.29× | 1.86× | ||
| Q3 25 | 1.52× | 1.32× | ||
| Q2 25 | 0.26× | 0.25× | ||
| Q1 25 | 0.22× | 2.60× | ||
| Q4 24 | 1.96× | 0.27× | ||
| Q3 24 | 0.66× | 2.72× | ||
| Q2 24 | 2.77× | 1.35× | ||
| Q1 24 | -0.52× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
