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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and Pangaea Logistics Solutions Ltd. (PANL). 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 $183.9M, roughly 1.8× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 3.4%, a 3.1% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 1.6%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 4.4%).
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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
NGVC vs PANL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $183.9M |
| Net Profit | $11.3M | $11.9M |
| Gross Margin | 29.5% | — |
| Operating Margin | 4.4% | 9.5% |
| Net Margin | 3.4% | 6.5% |
| Revenue YoY | 1.6% | 24.9% |
| Net Profit YoY | 14.0% | 40.9% |
| EPS (diluted) | $0.49 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $336.1M | $168.7M | ||
| Q2 25 | $328.7M | $156.7M | ||
| Q1 25 | $335.8M | $122.8M | ||
| Q4 24 | $330.2M | $147.2M | ||
| Q3 24 | $322.7M | $153.1M | ||
| Q2 24 | $309.1M | $131.5M | ||
| Q1 24 | $308.1M | $104.7M |
| Q4 25 | $11.3M | $11.9M | ||
| Q3 25 | $11.8M | $12.2M | ||
| Q2 25 | $11.6M | $-2.7M | ||
| Q1 25 | $13.1M | $-2.0M | ||
| Q4 24 | $9.9M | $8.4M | ||
| Q3 24 | $9.0M | $5.1M | ||
| Q2 24 | $9.2M | $3.7M | ||
| Q1 24 | $8.0M | $11.7M |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 29.9% | — | ||
| Q1 25 | 30.3% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 29.3% | — |
| Q4 25 | 4.4% | 9.5% | ||
| Q3 25 | 4.6% | 10.0% | ||
| Q2 25 | 4.7% | 2.3% | ||
| Q1 25 | 5.2% | 2.4% | ||
| Q4 24 | 4.0% | 10.1% | ||
| Q3 24 | 3.7% | 9.8% | ||
| Q2 24 | 4.2% | 5.8% | ||
| Q1 24 | 3.7% | 10.5% |
| Q4 25 | 3.4% | 6.5% | ||
| Q3 25 | 3.5% | 7.2% | ||
| Q2 25 | 3.5% | -1.8% | ||
| Q1 25 | 3.9% | -1.6% | ||
| Q4 24 | 3.0% | 5.7% | ||
| Q3 24 | 2.8% | 3.3% | ||
| Q2 24 | 3.0% | 2.8% | ||
| Q1 24 | 2.6% | 11.1% |
| Q4 25 | $0.49 | $0.18 | ||
| Q3 25 | $0.51 | $0.19 | ||
| Q2 25 | $0.50 | $-0.04 | ||
| Q1 25 | $0.56 | $-0.03 | ||
| Q4 24 | $0.43 | $0.19 | ||
| Q3 24 | $0.38 | $0.11 | ||
| Q2 24 | $0.40 | $0.08 | ||
| Q1 24 | $0.35 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $220.0M | $429.3M |
| Total Assets | $668.6M | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $103.1M | ||
| Q3 25 | $17.1M | $94.0M | ||
| Q2 25 | $13.2M | $59.3M | ||
| Q1 25 | $21.2M | $63.9M | ||
| Q4 24 | $6.3M | $86.8M | ||
| Q3 24 | $8.9M | $93.1M | ||
| Q2 24 | $13.9M | $77.9M | ||
| Q1 24 | $11.0M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | $220.0M | $429.3M | ||
| Q3 25 | $212.4M | $420.3M | ||
| Q2 25 | $202.5M | $414.4M | ||
| Q1 25 | $193.0M | $420.8M | ||
| Q4 24 | $181.9M | $427.8M | ||
| Q3 24 | $174.3M | $332.6M | ||
| Q2 24 | $167.8M | $331.5M | ||
| Q1 24 | $160.0M | $332.0M |
| Q4 25 | $668.6M | $928.1M | ||
| Q3 25 | $670.5M | $932.1M | ||
| Q2 25 | $659.0M | $916.0M | ||
| Q1 25 | $664.6M | $918.0M | ||
| Q4 24 | $648.9M | $936.5M | ||
| Q3 24 | $655.5M | $749.2M | ||
| Q2 24 | $654.4M | $692.9M | ||
| Q1 24 | $656.6M | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $11.6M | — |
| FCF MarginFCF / Revenue | 3.4% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | 1.86× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $15.1M | ||
| Q3 25 | $15.6M | $28.6M | ||
| Q2 25 | $2.9M | $14.4M | ||
| Q1 25 | $34.1M | $-4.4M | ||
| Q4 24 | $2.7M | $19.3M | ||
| Q3 24 | $24.5M | $28.5M | ||
| Q2 24 | $12.4M | $9.0M | ||
| Q1 24 | $20.2M | $9.0M |
| Q4 25 | $11.6M | — | ||
| Q3 25 | $7.5M | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $27.6M | — | ||
| Q4 24 | $-6.9M | — | ||
| Q3 24 | $18.0M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $9.8M | — |
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | -1.3% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | -2.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 3.2% | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 1.86× | 1.27× | ||
| Q3 25 | 1.32× | 2.34× | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 0.27× | 2.29× | ||
| Q3 24 | 2.72× | 5.57× | ||
| Q2 24 | 1.35× | 2.43× | ||
| Q1 24 | 2.54× | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
