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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
TIC Solutions, Inc. is the larger business by last-quarter revenue ($508.3M vs $335.6M, roughly 1.5× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -9.3%, a 12.7% gap on every dollar of revenue. TIC Solutions, Inc. produced more free cash flow last quarter ($37.1M vs $11.6M).
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.
NGVC vs TIC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $508.3M |
| Net Profit | $11.3M | $-47.2M |
| Gross Margin | 29.5% | 35.2% |
| Operating Margin | 4.4% | -3.8% |
| Net Margin | 3.4% | -9.3% |
| Revenue YoY | 1.6% | — |
| Net Profit YoY | 14.0% | — |
| EPS (diluted) | $0.49 | — |
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 | $508.3M | ||
| Q3 25 | $336.1M | $473.9M | ||
| Q2 25 | $328.7M | $313.9M | ||
| Q1 25 | $335.8M | $234.2M | ||
| Q4 24 | $330.2M | — | ||
| Q3 24 | $322.7M | — | ||
| Q2 24 | $309.1M | — | ||
| Q1 24 | $308.1M | — |
| Q4 25 | $11.3M | $-47.2M | ||
| Q3 25 | $11.8M | $-13.9M | ||
| Q2 25 | $11.6M | $-233.0K | ||
| Q1 25 | $13.1M | $-25.8M | ||
| Q4 24 | $9.9M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $9.2M | — | ||
| Q1 24 | $8.0M | — |
| Q4 25 | 29.5% | 35.2% | ||
| Q3 25 | 29.5% | 32.2% | ||
| Q2 25 | 29.9% | 23.6% | ||
| Q1 25 | 30.3% | 18.6% | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 29.3% | — |
| Q4 25 | 4.4% | -3.8% | ||
| Q3 25 | 4.6% | -1.4% | ||
| Q2 25 | 4.7% | 5.8% | ||
| Q1 25 | 5.2% | -4.0% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 3.7% | — |
| Q4 25 | 3.4% | -9.3% | ||
| Q3 25 | 3.5% | -2.9% | ||
| Q2 25 | 3.5% | -0.1% | ||
| Q1 25 | 3.9% | -11.0% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 2.6% | — |
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.51 | $-0.08 | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.43 | — | ||
| Q3 24 | $0.38 | — | ||
| Q2 24 | $0.40 | — | ||
| Q1 24 | $0.35 | — |
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 | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $220.0M | $2.2B |
| Total Assets | $668.6M | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $439.5M | ||
| Q3 25 | $17.1M | $164.4M | ||
| Q2 25 | $13.2M | $130.1M | ||
| Q1 25 | $21.2M | $155.7M | ||
| Q4 24 | $6.3M | — | ||
| Q3 24 | $8.9M | — | ||
| Q2 24 | $13.9M | — | ||
| Q1 24 | $11.0M | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $220.0M | $2.2B | ||
| Q3 25 | $212.4M | $2.0B | ||
| Q2 25 | $202.5M | $1.2B | ||
| Q1 25 | $193.0M | $1.1B | ||
| Q4 24 | $181.9M | — | ||
| Q3 24 | $174.3M | — | ||
| Q2 24 | $167.8M | — | ||
| Q1 24 | $160.0M | — |
| Q4 25 | $668.6M | $4.4B | ||
| Q3 25 | $670.5M | $4.2B | ||
| Q2 25 | $659.0M | $2.2B | ||
| Q1 25 | $664.6M | $2.2B | ||
| Q4 24 | $648.9M | — | ||
| Q3 24 | $655.5M | — | ||
| Q2 24 | $654.4M | — | ||
| Q1 24 | $656.6M | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $49.7M |
| Free Cash FlowOCF − Capex | $11.6M | $37.1M |
| FCF MarginFCF / Revenue | 3.4% | 7.3% |
| Capex IntensityCapex / Revenue | 2.9% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $49.7M | ||
| Q3 25 | $15.6M | $19.0M | ||
| Q2 25 | $2.9M | $-6.5M | ||
| Q1 25 | $34.1M | $32.8M | ||
| Q4 24 | $2.7M | — | ||
| Q3 24 | $24.5M | — | ||
| Q2 24 | $12.4M | — | ||
| Q1 24 | $20.2M | — |
| Q4 25 | $11.6M | $37.1M | ||
| Q3 25 | $7.5M | $10.3M | ||
| Q2 25 | $-4.2M | $-14.5M | ||
| Q1 25 | $27.6M | $28.3M | ||
| Q4 24 | $-6.9M | — | ||
| Q3 24 | $18.0M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $9.8M | — |
| Q4 25 | 3.4% | 7.3% | ||
| Q3 25 | 2.2% | 2.2% | ||
| Q2 25 | -1.3% | -4.6% | ||
| Q1 25 | 8.2% | 12.1% | ||
| Q4 24 | -2.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 3.2% | — |
| Q4 25 | 2.9% | 2.5% | ||
| Q3 25 | 2.4% | 1.8% | ||
| Q2 25 | 2.2% | 2.6% | ||
| Q1 25 | 1.9% | 1.9% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 3.4% | — |
| 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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
