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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $335.6M, roughly 1.8× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -2.0%, a 5.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 1.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $11.6M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 4.4%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $335.6M |
| Net Profit | $-12.1M | $11.3M |
| Gross Margin | 73.6% | 29.5% |
| Operating Margin | -8.0% | 4.4% |
| Net Margin | -2.0% | 3.4% |
| Revenue YoY | 33.6% | 1.6% |
| Net Profit YoY | 6.0% | 14.0% |
| EPS (diluted) | $-0.03 | $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 | $614.5M | $335.6M | ||
| Q3 25 | $562.0M | $336.1M | ||
| Q2 25 | $512.3M | $328.7M | ||
| Q1 25 | $479.1M | $335.8M | ||
| Q4 24 | $459.9M | $330.2M | ||
| Q3 24 | $430.1M | $322.7M | ||
| Q2 24 | $401.0M | $309.1M | ||
| Q1 24 | $378.6M | $308.1M |
| Q4 25 | $-12.1M | $11.3M | ||
| Q3 25 | $-1.3M | $11.8M | ||
| Q2 25 | $-50.4M | $11.6M | ||
| Q1 25 | $-38.5M | $13.1M | ||
| Q4 24 | $-12.8M | $9.9M | ||
| Q3 24 | $-15.3M | $9.0M | ||
| Q2 24 | $-15.1M | $9.2M | ||
| Q1 24 | $-35.5M | $8.0M |
| Q4 25 | 73.6% | 29.5% | ||
| Q3 25 | 74.0% | 29.5% | ||
| Q2 25 | 74.9% | 29.9% | ||
| Q1 25 | 75.9% | 30.3% | ||
| Q4 24 | 76.4% | 29.9% | ||
| Q3 24 | 77.7% | 29.6% | ||
| Q2 24 | 77.8% | 29.2% | ||
| Q1 24 | 77.5% | 29.3% |
| Q4 25 | -8.0% | 4.4% | ||
| Q3 25 | -6.7% | 4.6% | ||
| Q2 25 | -13.1% | 4.7% | ||
| Q1 25 | -11.1% | 5.2% | ||
| Q4 24 | -7.5% | 4.0% | ||
| Q3 24 | -7.2% | 3.7% | ||
| Q2 24 | -8.7% | 4.2% | ||
| Q1 24 | -14.4% | 3.7% |
| Q4 25 | -2.0% | 3.4% | ||
| Q3 25 | -0.2% | 3.5% | ||
| Q2 25 | -9.8% | 3.5% | ||
| Q1 25 | -8.0% | 3.9% | ||
| Q4 24 | -2.8% | 3.0% | ||
| Q3 24 | -3.6% | 2.8% | ||
| Q2 24 | -3.8% | 3.0% | ||
| Q1 24 | -9.4% | 2.6% |
| Q4 25 | $-0.03 | $0.49 | ||
| Q3 25 | $0.00 | $0.51 | ||
| Q2 25 | $-0.15 | $0.50 | ||
| Q1 25 | $-0.11 | $0.56 | ||
| Q4 24 | $-0.05 | $0.43 | ||
| Q3 24 | $-0.04 | $0.38 | ||
| Q2 24 | $-0.04 | $0.40 | ||
| Q1 24 | $-0.10 | $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 | $943.5M | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $220.0M |
| Total Assets | $6.0B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $23.2M | ||
| Q3 25 | $1.1B | $17.1M | ||
| Q2 25 | $1.5B | $13.2M | ||
| Q1 25 | $204.5M | $21.2M | ||
| Q4 24 | $147.7M | $6.3M | ||
| Q3 24 | $182.9M | $8.9M | ||
| Q2 24 | $157.0M | $13.9M | ||
| Q1 24 | $254.4M | $11.0M |
| Q4 25 | $1.5B | $220.0M | ||
| Q3 25 | $1.3B | $212.4M | ||
| Q2 25 | $1.2B | $202.5M | ||
| Q1 25 | $1.4B | $193.0M | ||
| Q4 24 | $1.0B | $181.9M | ||
| Q3 24 | $973.1M | $174.3M | ||
| Q2 24 | $881.5M | $167.8M | ||
| Q1 24 | $797.2M | $160.0M |
| Q4 25 | $6.0B | $668.6M | ||
| Q3 25 | $5.8B | $670.5M | ||
| Q2 25 | $5.6B | $659.0M | ||
| Q1 25 | $3.7B | $664.6M | ||
| Q4 24 | $3.3B | $648.9M | ||
| Q3 24 | $3.1B | $655.5M | ||
| Q2 24 | $2.9B | $654.4M | ||
| Q1 24 | $2.8B | $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 | $190.4M | $21.1M |
| Free Cash FlowOCF − Capex | $105.2M | $11.6M |
| FCF MarginFCF / Revenue | 17.1% | 3.4% |
| Capex IntensityCapex / Revenue | 13.9% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $21.1M | ||
| Q3 25 | $167.1M | $15.6M | ||
| Q2 25 | $99.8M | $2.9M | ||
| Q1 25 | $145.8M | $34.1M | ||
| Q4 24 | $127.3M | $2.7M | ||
| Q3 24 | $104.7M | $24.5M | ||
| Q2 24 | $74.8M | $12.4M | ||
| Q1 24 | $73.6M | $20.2M |
| Q4 25 | $105.2M | $11.6M | ||
| Q3 25 | $82.5M | $7.5M | ||
| Q2 25 | $39.9M | $-4.2M | ||
| Q1 25 | $59.9M | $27.6M | ||
| Q4 24 | $54.2M | $-6.9M | ||
| Q3 24 | $54.5M | $18.0M | ||
| Q2 24 | $45.2M | $3.6M | ||
| Q1 24 | $41.5M | $9.8M |
| Q4 25 | 17.1% | 3.4% | ||
| Q3 25 | 14.7% | 2.2% | ||
| Q2 25 | 7.8% | -1.3% | ||
| Q1 25 | 12.5% | 8.2% | ||
| Q4 24 | 11.8% | -2.1% | ||
| Q3 24 | 12.7% | 5.6% | ||
| Q2 24 | 11.3% | 1.2% | ||
| Q1 24 | 11.0% | 3.2% |
| Q4 25 | 13.9% | 2.9% | ||
| Q3 25 | 15.1% | 2.4% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 17.9% | 1.9% | ||
| Q4 24 | 15.9% | 2.9% | ||
| Q3 24 | 11.7% | 2.0% | ||
| Q2 24 | 7.4% | 2.9% | ||
| Q1 24 | 8.5% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 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
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
