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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and National Storage Affiliates Trust (NSA). 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 $187.0M, roughly 1.8× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 3.4%, a 8.9% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $11.6M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
NGVC vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $187.0M |
| Net Profit | $11.3M | $22.9M |
| Gross Margin | 29.5% | 72.5% |
| Operating Margin | 4.4% | 20.2% |
| Net Margin | 3.4% | 12.2% |
| Revenue YoY | 1.6% | -1.6% |
| Net Profit YoY | 14.0% | 36.8% |
| EPS (diluted) | $0.49 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $336.1M | $188.7M | ||
| Q2 25 | $328.7M | $188.8M | ||
| Q1 25 | $335.8M | $188.4M | ||
| Q4 24 | $330.2M | $190.1M | ||
| Q3 24 | $322.7M | $193.6M | ||
| Q2 24 | $309.1M | $190.4M | ||
| Q1 24 | $308.1M | $196.1M |
| Q4 25 | $11.3M | $22.9M | ||
| Q3 25 | $11.8M | $18.4M | ||
| Q2 25 | $11.6M | $19.5M | ||
| Q1 25 | $13.1M | $13.0M | ||
| Q4 24 | $9.9M | $16.7M | ||
| Q3 24 | $9.0M | $18.7M | ||
| Q2 24 | $9.2M | $17.1M | ||
| Q1 24 | $8.0M | $59.0M |
| Q4 25 | 29.5% | 72.5% | ||
| Q3 25 | 29.5% | 70.7% | ||
| Q2 25 | 29.9% | 70.5% | ||
| Q1 25 | 30.3% | 70.7% | ||
| Q4 24 | 29.9% | 72.5% | ||
| Q3 24 | 29.6% | 72.8% | ||
| Q2 24 | 29.2% | 72.6% | ||
| Q1 24 | 29.3% | 72.1% |
| Q4 25 | 4.4% | 20.2% | ||
| Q3 25 | 4.6% | 15.8% | ||
| Q2 25 | 4.7% | 16.5% | ||
| Q1 25 | 5.2% | 11.0% | ||
| Q4 24 | 4.0% | 14.5% | ||
| Q3 24 | 3.7% | 15.8% | ||
| Q2 24 | 4.2% | 17.2% | ||
| Q1 24 | 3.7% | 48.9% |
| Q4 25 | 3.4% | 12.2% | ||
| Q3 25 | 3.5% | 9.8% | ||
| Q2 25 | 3.5% | 10.3% | ||
| Q1 25 | 3.9% | 6.9% | ||
| Q4 24 | 3.0% | 8.8% | ||
| Q3 24 | 2.8% | 9.7% | ||
| Q2 24 | 3.0% | 9.0% | ||
| Q1 24 | 2.6% | 30.1% |
| Q4 25 | $0.49 | $0.23 | ||
| Q3 25 | $0.51 | $0.17 | ||
| Q2 25 | $0.50 | $0.19 | ||
| Q1 25 | $0.56 | $0.10 | ||
| Q4 24 | $0.43 | $0.19 | ||
| Q3 24 | $0.38 | $0.18 | ||
| Q2 24 | $0.40 | $0.16 | ||
| Q1 24 | $0.35 | $0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.2M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $220.0M | $946.0M |
| Total Assets | $668.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $23.3M | ||
| Q3 25 | $17.1M | $26.3M | ||
| Q2 25 | $13.2M | $26.1M | ||
| Q1 25 | $21.2M | $19.3M | ||
| Q4 24 | $6.3M | $50.4M | ||
| Q3 24 | $8.9M | $69.9M | ||
| Q2 24 | $13.9M | $59.0M | ||
| Q1 24 | $11.0M | $64.2M |
| Q4 25 | $220.0M | $946.0M | ||
| Q3 25 | $212.4M | $973.1M | ||
| Q2 25 | $202.5M | $1.0B | ||
| Q1 25 | $193.0M | $1.0B | ||
| Q4 24 | $181.9M | $1.1B | ||
| Q3 24 | $174.3M | $986.9M | ||
| Q2 24 | $167.8M | $1.2B | ||
| Q1 24 | $160.0M | $1.3B |
| Q4 25 | $668.6M | $5.1B | ||
| Q3 25 | $670.5M | $5.1B | ||
| Q2 25 | $659.0M | $5.2B | ||
| Q1 25 | $664.6M | $5.3B | ||
| Q4 24 | $648.9M | $5.4B | ||
| Q3 24 | $655.5M | $5.4B | ||
| Q2 24 | $654.4M | $5.3B | ||
| Q1 24 | $656.6M | $5.4B |
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 | $21.1M | $338.5M |
| Free Cash FlowOCF − Capex | $11.6M | $299.8M |
| FCF MarginFCF / Revenue | 3.4% | 160.3% |
| Capex IntensityCapex / Revenue | 2.9% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.86× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $338.5M | ||
| Q3 25 | $15.6M | $100.2M | ||
| Q2 25 | $2.9M | $79.9M | ||
| Q1 25 | $34.1M | $85.6M | ||
| Q4 24 | $2.7M | $363.1M | ||
| Q3 24 | $24.5M | $105.7M | ||
| Q2 24 | $12.4M | $83.2M | ||
| Q1 24 | $20.2M | $94.0M |
| Q4 25 | $11.6M | $299.8M | ||
| Q3 25 | $7.5M | $88.0M | ||
| Q2 25 | $-4.2M | $73.8M | ||
| Q1 25 | $27.6M | $79.9M | ||
| Q4 24 | $-6.9M | $344.4M | ||
| Q3 24 | $18.0M | $101.8M | ||
| Q2 24 | $3.6M | $79.5M | ||
| Q1 24 | $9.8M | $88.6M |
| Q4 25 | 3.4% | 160.3% | ||
| Q3 25 | 2.2% | 46.6% | ||
| Q2 25 | -1.3% | 39.1% | ||
| Q1 25 | 8.2% | 42.4% | ||
| Q4 24 | -2.1% | 181.2% | ||
| Q3 24 | 5.6% | 52.6% | ||
| Q2 24 | 1.2% | 41.7% | ||
| Q1 24 | 3.2% | 45.2% |
| Q4 25 | 2.9% | 20.7% | ||
| Q3 25 | 2.4% | 6.5% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | 1.9% | 3.0% | ||
| Q4 24 | 2.9% | 9.8% | ||
| Q3 24 | 2.0% | 2.0% | ||
| Q2 24 | 2.9% | 1.9% | ||
| Q1 24 | 3.4% | 2.7% |
| Q4 25 | 1.86× | 14.79× | ||
| Q3 25 | 1.32× | 5.44× | ||
| Q2 25 | 0.25× | 4.10× | ||
| Q1 25 | 2.60× | 6.59× | ||
| Q4 24 | 0.27× | 21.70× | ||
| Q3 24 | 2.72× | 5.65× | ||
| Q2 24 | 1.35× | 4.88× | ||
| Q1 24 | 2.54× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
NSA
Segment breakdown not available.
