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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $335.6M, roughly 1.1× Natural Grocers by Vitamin Cottage, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs 3.4%, a 7.8% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 1.6%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $11.6M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
NGVC vs SKWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $385.6M |
| Net Profit | $11.3M | $43.2M |
| Gross Margin | 29.5% | — |
| Operating Margin | 4.4% | 14.2% |
| Net Margin | 3.4% | 11.2% |
| Revenue YoY | 1.6% | 26.7% |
| Net Profit YoY | 14.0% | 200.1% |
| EPS (diluted) | $0.49 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $336.1M | $382.5M | ||
| Q2 25 | $328.7M | $319.9M | ||
| Q1 25 | $335.8M | $328.5M | ||
| Q4 24 | $330.2M | $304.4M | ||
| Q3 24 | $322.7M | $300.9M | ||
| Q2 24 | $309.1M | $279.9M | ||
| Q1 24 | $308.1M | $265.0M |
| Q4 25 | $11.3M | $43.2M | ||
| Q3 25 | $11.8M | $45.9M | ||
| Q2 25 | $11.6M | $38.8M | ||
| Q1 25 | $13.1M | $42.1M | ||
| Q4 24 | $9.9M | $14.4M | ||
| Q3 24 | $9.0M | $36.7M | ||
| Q2 24 | $9.2M | $31.0M | ||
| Q1 24 | $8.0M | $36.8M |
| 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% | 14.2% | ||
| Q3 25 | 4.6% | 15.8% | ||
| Q2 25 | 4.7% | 15.6% | ||
| Q1 25 | 5.2% | 15.7% | ||
| Q4 24 | 4.0% | 6.1% | ||
| Q3 24 | 3.7% | 15.6% | ||
| Q2 24 | 4.2% | 14.4% | ||
| Q1 24 | 3.7% | 17.7% |
| Q4 25 | 3.4% | 11.2% | ||
| Q3 25 | 3.5% | 12.0% | ||
| Q2 25 | 3.5% | 12.1% | ||
| Q1 25 | 3.9% | 12.8% | ||
| Q4 24 | 3.0% | 4.7% | ||
| Q3 24 | 2.8% | 12.2% | ||
| Q2 24 | 3.0% | 11.1% | ||
| Q1 24 | 2.6% | 13.9% |
| Q4 25 | $0.49 | $1.03 | ||
| Q3 25 | $0.51 | $1.10 | ||
| Q2 25 | $0.50 | $0.93 | ||
| Q1 25 | $0.56 | $1.01 | ||
| Q4 24 | $0.43 | $0.33 | ||
| Q3 24 | $0.38 | $0.89 | ||
| Q2 24 | $0.40 | $0.75 | ||
| Q1 24 | $0.35 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $220.0M | $1.0B |
| Total Assets | $668.6M | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $168.5M | ||
| Q3 25 | $17.1M | $160.1M | ||
| Q2 25 | $13.2M | $136.6M | ||
| Q1 25 | $21.2M | $112.9M | ||
| Q4 24 | $6.3M | $121.6M | ||
| Q3 24 | $8.9M | $105.6M | ||
| Q2 24 | $13.9M | $73.0M | ||
| Q1 24 | $11.0M | $85.1M |
| Q4 25 | $220.0M | $1.0B | ||
| Q3 25 | $212.4M | $961.4M | ||
| Q2 25 | $202.5M | $899.9M | ||
| Q1 25 | $193.0M | $850.7M | ||
| Q4 24 | $181.9M | $794.0M | ||
| Q3 24 | $174.3M | $797.5M | ||
| Q2 24 | $167.8M | $723.6M | ||
| Q1 24 | $160.0M | $692.3M |
| Q4 25 | $668.6M | $4.8B | ||
| Q3 25 | $670.5M | $4.6B | ||
| Q2 25 | $659.0M | $4.3B | ||
| Q1 25 | $664.6M | $4.0B | ||
| Q4 24 | $648.9M | $3.7B | ||
| Q3 24 | $655.5M | $3.6B | ||
| Q2 24 | $654.4M | $3.4B | ||
| Q1 24 | $656.6M | $3.2B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | $11.6M | $402.6M |
| FCF MarginFCF / Revenue | 3.4% | 104.4% |
| Capex IntensityCapex / Revenue | 2.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.86× | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $408.1M | ||
| Q3 25 | $15.6M | $171.4M | ||
| Q2 25 | $2.9M | $88.2M | ||
| Q1 25 | $34.1M | $96.8M | ||
| Q4 24 | $2.7M | $305.1M | ||
| Q3 24 | $24.5M | $168.0M | ||
| Q2 24 | $12.4M | $21.0M | ||
| Q1 24 | $20.2M | $94.3M |
| Q4 25 | $11.6M | $402.6M | ||
| Q3 25 | $7.5M | $168.9M | ||
| Q2 25 | $-4.2M | $87.1M | ||
| Q1 25 | $27.6M | $96.6M | ||
| Q4 24 | $-6.9M | $300.9M | ||
| Q3 24 | $18.0M | $167.6M | ||
| Q2 24 | $3.6M | $18.4M | ||
| Q1 24 | $9.8M | $94.0M |
| Q4 25 | 3.4% | 104.4% | ||
| Q3 25 | 2.2% | 44.2% | ||
| Q2 25 | -1.3% | 27.2% | ||
| Q1 25 | 8.2% | 29.4% | ||
| Q4 24 | -2.1% | 98.8% | ||
| Q3 24 | 5.6% | 55.7% | ||
| Q2 24 | 1.2% | 6.6% | ||
| Q1 24 | 3.2% | 35.5% |
| Q4 25 | 2.9% | 1.4% | ||
| Q3 25 | 2.4% | 0.6% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 1.9% | 0.1% | ||
| Q4 24 | 2.9% | 1.4% | ||
| Q3 24 | 2.0% | 0.1% | ||
| Q2 24 | 2.9% | 0.9% | ||
| Q1 24 | 3.4% | 0.1% |
| Q4 25 | 1.86× | 9.44× | ||
| Q3 25 | 1.32× | 3.73× | ||
| Q2 25 | 0.25× | 2.27× | ||
| Q1 25 | 2.60× | 2.30× | ||
| Q4 24 | 0.27× | 21.18× | ||
| Q3 24 | 2.72× | 4.58× | ||
| Q2 24 | 1.35× | 0.68× | ||
| Q1 24 | 2.54× | 2.56× |
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% |
SKWD
Segment breakdown not available.
