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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and SPS COMMERCE INC (SPSC). 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 $192.7M, roughly 1.7× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 3.4%, a 10.0% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 1.6%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $11.6M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
NGVC vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $192.7M |
| Net Profit | $11.3M | $25.8M |
| Gross Margin | 29.5% | 70.4% |
| Operating Margin | 4.4% | 18.0% |
| Net Margin | 3.4% | 13.4% |
| Revenue YoY | 1.6% | 12.7% |
| Net Profit YoY | 14.0% | 47.2% |
| EPS (diluted) | $0.49 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $336.1M | $189.9M | ||
| Q2 25 | $328.7M | $187.4M | ||
| Q1 25 | $335.8M | $181.5M | ||
| Q4 24 | $330.2M | $170.9M | ||
| Q3 24 | $322.7M | $163.7M | ||
| Q2 24 | $309.1M | $153.6M | ||
| Q1 24 | $308.1M | $149.6M |
| Q4 25 | $11.3M | $25.8M | ||
| Q3 25 | $11.8M | $25.6M | ||
| Q2 25 | $11.6M | $19.7M | ||
| Q1 25 | $13.1M | $22.2M | ||
| Q4 24 | $9.9M | $17.6M | ||
| Q3 24 | $9.0M | $23.5M | ||
| Q2 24 | $9.2M | $18.0M | ||
| Q1 24 | $8.0M | $18.0M |
| Q4 25 | 29.5% | 70.4% | ||
| Q3 25 | 29.5% | 69.5% | ||
| Q2 25 | 29.9% | 68.1% | ||
| Q1 25 | 30.3% | 68.7% | ||
| Q4 24 | 29.9% | 67.5% | ||
| Q3 24 | 29.6% | 68.5% | ||
| Q2 24 | 29.2% | 66.1% | ||
| Q1 24 | 29.3% | 65.6% |
| Q4 25 | 4.4% | 18.0% | ||
| Q3 25 | 4.6% | 16.4% | ||
| Q2 25 | 4.7% | 14.1% | ||
| Q1 25 | 5.2% | 14.3% | ||
| Q4 24 | 4.0% | 14.5% | ||
| Q3 24 | 3.7% | 15.6% | ||
| Q2 24 | 4.2% | 15.1% | ||
| Q1 24 | 3.7% | 10.3% |
| Q4 25 | 3.4% | 13.4% | ||
| Q3 25 | 3.5% | 13.5% | ||
| Q2 25 | 3.5% | 10.5% | ||
| Q1 25 | 3.9% | 12.2% | ||
| Q4 24 | 3.0% | 10.3% | ||
| Q3 24 | 2.8% | 14.3% | ||
| Q2 24 | 3.0% | 11.7% | ||
| Q1 24 | 2.6% | 12.0% |
| Q4 25 | $0.49 | $0.69 | ||
| Q3 25 | $0.51 | $0.67 | ||
| Q2 25 | $0.50 | $0.52 | ||
| Q1 25 | $0.56 | $0.58 | ||
| Q4 24 | $0.43 | $0.46 | ||
| Q3 24 | $0.38 | $0.62 | ||
| Q2 24 | $0.40 | $0.48 | ||
| Q1 24 | $0.35 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $220.0M | $973.9M |
| Total Assets | $668.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $151.4M | ||
| Q3 25 | $17.1M | $133.7M | ||
| Q2 25 | $13.2M | $107.6M | ||
| Q1 25 | $21.2M | $94.9M | ||
| Q4 24 | $6.3M | $241.0M | ||
| Q3 24 | $8.9M | $205.8M | ||
| Q2 24 | $13.9M | $271.8M | ||
| Q1 24 | $11.0M | $290.8M |
| Q4 25 | $220.0M | $973.9M | ||
| Q3 25 | $212.4M | $958.9M | ||
| Q2 25 | $202.5M | $949.8M | ||
| Q1 25 | $193.0M | $920.9M | ||
| Q4 24 | $181.9M | $854.7M | ||
| Q3 24 | $174.3M | $829.4M | ||
| Q2 24 | $167.8M | $703.4M | ||
| Q1 24 | $160.0M | $683.0M |
| Q4 25 | $668.6M | $1.2B | ||
| Q3 25 | $670.5M | $1.2B | ||
| Q2 25 | $659.0M | $1.1B | ||
| Q1 25 | $664.6M | $1.1B | ||
| Q4 24 | $648.9M | $1.0B | ||
| Q3 24 | $655.5M | $1.0B | ||
| Q2 24 | $654.4M | $854.5M | ||
| Q1 24 | $656.6M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $11.6M | $38.2M |
| FCF MarginFCF / Revenue | 3.4% | 19.8% |
| Capex IntensityCapex / Revenue | 2.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.86× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $45.9M | ||
| Q3 25 | $15.6M | $60.6M | ||
| Q2 25 | $2.9M | $32.3M | ||
| Q1 25 | $34.1M | $40.0M | ||
| Q4 24 | $2.7M | $40.6M | ||
| Q3 24 | $24.5M | $53.3M | ||
| Q2 24 | $12.4M | $29.4M | ||
| Q1 24 | $20.2M | $34.1M |
| Q4 25 | $11.6M | $38.2M | ||
| Q3 25 | $7.5M | $54.6M | ||
| Q2 25 | $-4.2M | $25.7M | ||
| Q1 25 | $27.6M | $33.8M | ||
| Q4 24 | $-6.9M | $34.3M | ||
| Q3 24 | $18.0M | $48.1M | ||
| Q2 24 | $3.6M | $24.4M | ||
| Q1 24 | $9.8M | $30.5M |
| Q4 25 | 3.4% | 19.8% | ||
| Q3 25 | 2.2% | 28.7% | ||
| Q2 25 | -1.3% | 13.7% | ||
| Q1 25 | 8.2% | 18.6% | ||
| Q4 24 | -2.1% | 20.1% | ||
| Q3 24 | 5.6% | 29.4% | ||
| Q2 24 | 1.2% | 15.9% | ||
| Q1 24 | 3.2% | 20.4% |
| Q4 25 | 2.9% | 4.0% | ||
| Q3 25 | 2.4% | 3.2% | ||
| Q2 25 | 2.2% | 3.6% | ||
| Q1 25 | 1.9% | 3.4% | ||
| Q4 24 | 2.9% | 3.6% | ||
| Q3 24 | 2.0% | 3.2% | ||
| Q2 24 | 2.9% | 3.3% | ||
| Q1 24 | 3.4% | 2.4% |
| Q4 25 | 1.86× | 1.78× | ||
| Q3 25 | 1.32× | 2.37× | ||
| Q2 25 | 0.25× | 1.64× | ||
| Q1 25 | 2.60× | 1.80× | ||
| Q4 24 | 0.27× | 2.31× | ||
| Q3 24 | 2.72× | 2.27× | ||
| Q2 24 | 1.35× | 1.63× | ||
| Q1 24 | 2.54× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
