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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and Paymentus Holdings, Inc. (PAY). 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 $330.5M, roughly 1.0× Paymentus Holdings, Inc.). Paymentus Holdings, Inc. runs the higher net margin — 6.3% vs 3.4%, a 2.9% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs 1.6%). Paymentus Holdings, Inc. produced more free cash flow last quarter ($45.0M vs $11.6M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
NGVC vs PAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $330.5M |
| Net Profit | $11.3M | $20.7M |
| Gross Margin | 29.5% | 25.4% |
| Operating Margin | 4.4% | 7.3% |
| Net Margin | 3.4% | 6.3% |
| Revenue YoY | 1.6% | 28.1% |
| Net Profit YoY | 14.0% | 57.2% |
| EPS (diluted) | $0.49 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $336.1M | $310.7M | ||
| Q2 25 | $328.7M | $280.1M | ||
| Q1 25 | $335.8M | $275.2M | ||
| Q4 24 | $330.2M | $257.9M | ||
| Q3 24 | $322.7M | $231.6M | ||
| Q2 24 | $309.1M | $197.4M | ||
| Q1 24 | $308.1M | $184.9M |
| Q4 25 | $11.3M | $20.7M | ||
| Q3 25 | $11.8M | $17.7M | ||
| Q2 25 | $11.6M | $14.7M | ||
| Q1 25 | $13.1M | $13.8M | ||
| Q4 24 | $9.9M | $13.1M | ||
| Q3 24 | $9.0M | $14.4M | ||
| Q2 24 | $9.2M | $9.4M | ||
| Q1 24 | $8.0M | $7.2M |
| Q4 25 | 29.5% | 25.4% | ||
| Q3 25 | 29.5% | 24.1% | ||
| Q2 25 | 29.9% | 25.5% | ||
| Q1 25 | 30.3% | 24.0% | ||
| Q4 24 | 29.9% | 25.6% | ||
| Q3 24 | 29.6% | 26.2% | ||
| Q2 24 | 29.2% | 29.8% | ||
| Q1 24 | 29.3% | 28.5% |
| Q4 25 | 4.4% | 7.3% | ||
| Q3 25 | 4.6% | 6.4% | ||
| Q2 25 | 4.7% | 5.7% | ||
| Q1 25 | 5.2% | 5.7% | ||
| Q4 24 | 4.0% | 5.5% | ||
| Q3 24 | 3.7% | 5.2% | ||
| Q2 24 | 4.2% | 5.2% | ||
| Q1 24 | 3.7% | 4.5% |
| Q4 25 | 3.4% | 6.3% | ||
| Q3 25 | 3.5% | 5.7% | ||
| Q2 25 | 3.5% | 5.3% | ||
| Q1 25 | 3.9% | 5.0% | ||
| Q4 24 | 3.0% | 5.1% | ||
| Q3 24 | 2.8% | 6.2% | ||
| Q2 24 | 3.0% | 4.7% | ||
| Q1 24 | 2.6% | 3.9% |
| Q4 25 | $0.49 | $0.16 | ||
| Q3 25 | $0.51 | $0.14 | ||
| Q2 25 | $0.50 | $0.11 | ||
| Q1 25 | $0.56 | $0.11 | ||
| Q4 24 | $0.43 | $0.11 | ||
| Q3 24 | $0.38 | $0.11 | ||
| Q2 24 | $0.40 | $0.07 | ||
| Q1 24 | $0.35 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $220.0M | $560.4M |
| Total Assets | $668.6M | $667.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $320.9M | ||
| Q3 25 | $17.1M | $287.9M | ||
| Q2 25 | $13.2M | $266.4M | ||
| Q1 25 | $21.2M | $245.8M | ||
| Q4 24 | $6.3M | $205.9M | ||
| Q3 24 | $8.9M | $187.5M | ||
| Q2 24 | $13.9M | $188.8M | ||
| Q1 24 | $11.0M | $180.1M |
| Q4 25 | $220.0M | $560.4M | ||
| Q3 25 | $212.4M | $537.4M | ||
| Q2 25 | $202.5M | $516.7M | ||
| Q1 25 | $193.0M | $500.4M | ||
| Q4 24 | $181.9M | $485.6M | ||
| Q3 24 | $174.3M | $468.8M | ||
| Q2 24 | $167.8M | $451.6M | ||
| Q1 24 | $160.0M | $439.4M |
| Q4 25 | $668.6M | $667.9M | ||
| Q3 25 | $670.5M | $644.4M | ||
| Q2 25 | $659.0M | $609.5M | ||
| Q1 25 | $664.6M | $590.9M | ||
| Q4 24 | $648.9M | $576.2M | ||
| Q3 24 | $655.5M | $552.9M | ||
| Q2 24 | $654.4M | $527.7M | ||
| Q1 24 | $656.6M | $514.0M |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $11.6M | $45.0M |
| FCF MarginFCF / Revenue | 3.4% | 13.6% |
| Capex IntensityCapex / Revenue | 2.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.86× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $45.1M | ||
| Q3 25 | $15.6M | $35.1M | ||
| Q2 25 | $2.9M | $31.5M | ||
| Q1 25 | $34.1M | $50.4M | ||
| Q4 24 | $2.7M | $27.9M | ||
| Q3 24 | $24.5M | $6.7M | ||
| Q2 24 | $12.4M | $18.0M | ||
| Q1 24 | $20.2M | $11.0M |
| Q4 25 | $11.6M | $45.0M | ||
| Q3 25 | $7.5M | $35.0M | ||
| Q2 25 | $-4.2M | $31.4M | ||
| Q1 25 | $27.6M | $50.4M | ||
| Q4 24 | $-6.9M | $27.8M | ||
| Q3 24 | $18.0M | $6.7M | ||
| Q2 24 | $3.6M | $17.8M | ||
| Q1 24 | $9.8M | $10.8M |
| Q4 25 | 3.4% | 13.6% | ||
| Q3 25 | 2.2% | 11.3% | ||
| Q2 25 | -1.3% | 11.2% | ||
| Q1 25 | 8.2% | 18.3% | ||
| Q4 24 | -2.1% | 10.8% | ||
| Q3 24 | 5.6% | 2.9% | ||
| Q2 24 | 1.2% | 9.0% | ||
| Q1 24 | 3.2% | 5.9% |
| Q4 25 | 2.9% | 0.0% | ||
| Q3 25 | 2.4% | 0.0% | ||
| Q2 25 | 2.2% | 0.0% | ||
| Q1 25 | 1.9% | 0.0% | ||
| Q4 24 | 2.9% | 0.0% | ||
| Q3 24 | 2.0% | 0.0% | ||
| Q2 24 | 2.9% | 0.1% | ||
| Q1 24 | 3.4% | 0.1% |
| Q4 25 | 1.86× | 2.18× | ||
| Q3 25 | 1.32× | 1.98× | ||
| Q2 25 | 0.25× | 2.14× | ||
| Q1 25 | 2.60× | 3.65× | ||
| Q4 24 | 0.27× | 2.12× | ||
| Q3 24 | 2.72× | 0.47× | ||
| Q2 24 | 1.35× | 1.93× | ||
| Q1 24 | 2.54× | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
