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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $335.6M, roughly 1.1× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -19.6%, a 23.0% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 1.6%). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
NGVC vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $384.8M |
| Net Profit | $11.3M | $-75.5M |
| Gross Margin | 29.5% | — |
| Operating Margin | 4.4% | -40.0% |
| Net Margin | 3.4% | -19.6% |
| Revenue YoY | 1.6% | 3.8% |
| Net Profit YoY | 14.0% | -28.8% |
| EPS (diluted) | $0.49 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $336.1M | $345.3M | ||
| Q2 25 | $328.7M | $355.8M | ||
| Q1 25 | $335.8M | $373.2M | ||
| Q4 24 | $330.2M | $370.7M | ||
| Q3 24 | $322.7M | $362.1M | ||
| Q2 24 | $309.1M | $379.2M | ||
| Q1 24 | $308.1M | $388.5M |
| Q4 25 | $11.3M | $-75.5M | ||
| Q3 25 | $11.8M | $-31.6M | ||
| Q2 25 | $11.6M | $-20.4M | ||
| Q1 25 | $13.1M | $-20.5M | ||
| Q4 24 | $9.9M | $-58.6M | ||
| Q3 24 | $9.0M | $-46.5M | ||
| Q2 24 | $9.2M | $-12.0M | ||
| Q1 24 | $8.0M | $-18.7M |
| 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% | -40.0% | ||
| Q3 25 | 4.6% | -12.8% | ||
| Q2 25 | 4.7% | -9.6% | ||
| Q1 25 | 5.2% | -10.2% | ||
| Q4 24 | 4.0% | -37.4% | ||
| Q3 24 | 3.7% | -29.5% | ||
| Q2 24 | 4.2% | -8.3% | ||
| Q1 24 | 3.7% | -11.3% |
| Q4 25 | 3.4% | -19.6% | ||
| Q3 25 | 3.5% | -9.1% | ||
| Q2 25 | 3.5% | -5.7% | ||
| Q1 25 | 3.9% | -5.5% | ||
| Q4 24 | 3.0% | -15.8% | ||
| Q3 24 | 2.8% | -12.8% | ||
| Q2 24 | 3.0% | -3.2% | ||
| Q1 24 | 2.6% | -4.8% |
| Q4 25 | $0.49 | $-23.08 | ||
| Q3 25 | $0.51 | $-9.67 | ||
| Q2 25 | $0.50 | $-6.23 | ||
| Q1 25 | $0.56 | $-6.28 | ||
| Q4 24 | $0.43 | $-23.13 | ||
| Q3 24 | $0.38 | $-15.70 | ||
| Q2 24 | $0.40 | $-7.37 | ||
| Q1 24 | $0.35 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $220.0M | $-155.2M |
| Total Assets | $668.6M | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $25.0M | ||
| Q3 25 | $17.1M | $37.7M | ||
| Q2 25 | $13.2M | $38.6M | ||
| Q1 25 | $21.2M | $40.1M | ||
| Q4 24 | $6.3M | $38.8M | ||
| Q3 24 | $8.9M | $63.0M | ||
| Q2 24 | $13.9M | $73.1M | ||
| Q1 24 | $11.0M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $220.0M | $-155.2M | ||
| Q3 25 | $212.4M | $-18.7M | ||
| Q2 25 | $202.5M | $44.5M | ||
| Q1 25 | $193.0M | $63.3M | ||
| Q4 24 | $181.9M | $75.9M | ||
| Q3 24 | $174.3M | $120.5M | ||
| Q2 24 | $167.8M | $166.8M | ||
| Q1 24 | $160.0M | $146.6M |
| Q4 25 | $668.6M | $656.6M | ||
| Q3 25 | $670.5M | $683.6M | ||
| Q2 25 | $659.0M | $731.6M | ||
| Q1 25 | $664.6M | $783.9M | ||
| Q4 24 | $648.9M | $783.4M | ||
| Q3 24 | $655.5M | $833.3M | ||
| Q2 24 | $654.4M | $892.8M | ||
| Q1 24 | $656.6M | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $11.6M | — |
| FCF MarginFCF / Revenue | 3.4% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | 1.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $-25.7M | ||
| Q3 25 | $15.6M | $-15.4M | ||
| Q2 25 | $2.9M | $-16.6M | ||
| Q1 25 | $34.1M | $-33.5M | ||
| Q4 24 | $2.7M | $-57.2M | ||
| Q3 24 | $24.5M | $-22.6M | ||
| Q2 24 | $12.4M | $-10.2M | ||
| Q1 24 | $20.2M | $-20.0M |
| 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% | 0.0% | ||
| Q3 24 | 2.0% | 0.0% | ||
| Q2 24 | 2.9% | 0.0% | ||
| Q1 24 | 3.4% | 0.0% |
| 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
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
