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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and Wheels Up Experience Inc. (UP). 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 $183.8M, roughly 1.8× Wheels Up Experience Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -15.7%, a 19.1% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -10.2%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $-58.3M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
NGVC vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $183.8M |
| Net Profit | $11.3M | $-28.9M |
| Gross Margin | 29.5% | 14.3% |
| Operating Margin | 4.4% | -0.9% |
| Net Margin | 3.4% | -15.7% |
| Revenue YoY | 1.6% | -10.2% |
| Net Profit YoY | 14.0% | 67.0% |
| EPS (diluted) | $0.49 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $336.1M | $185.5M | ||
| Q2 25 | $328.7M | $189.6M | ||
| Q1 25 | $335.8M | $177.5M | ||
| Q4 24 | $330.2M | $204.8M | ||
| Q3 24 | $322.7M | $193.9M | ||
| Q2 24 | $309.1M | $196.3M | ||
| Q1 24 | $308.1M | $197.1M |
| Q4 25 | $11.3M | $-28.9M | ||
| Q3 25 | $11.8M | $-83.7M | ||
| Q2 25 | $11.6M | $-82.3M | ||
| Q1 25 | $13.1M | $-99.3M | ||
| Q4 24 | $9.9M | $-87.5M | ||
| Q3 24 | $9.0M | $-57.7M | ||
| Q2 24 | $9.2M | $-97.0M | ||
| Q1 24 | $8.0M | $-97.4M |
| Q4 25 | 29.5% | 14.3% | ||
| Q3 25 | 29.5% | 6.8% | ||
| Q2 25 | 29.9% | 8.3% | ||
| Q1 25 | 30.3% | 10.8% | ||
| Q4 24 | 29.9% | 13.9% | ||
| Q3 24 | 29.6% | 13.9% | ||
| Q2 24 | 29.2% | 2.3% | ||
| Q1 24 | 29.3% | -0.6% |
| Q4 25 | 4.4% | -0.9% | ||
| Q3 25 | 4.6% | -33.1% | ||
| Q2 25 | 4.7% | -31.4% | ||
| Q1 25 | 5.2% | -45.5% | ||
| Q4 24 | 4.0% | -26.0% | ||
| Q3 24 | 3.7% | -21.6% | ||
| Q2 24 | 4.2% | -40.3% | ||
| Q1 24 | 3.7% | -42.9% |
| Q4 25 | 3.4% | -15.7% | ||
| Q3 25 | 3.5% | -45.1% | ||
| Q2 25 | 3.5% | -43.4% | ||
| Q1 25 | 3.9% | -55.9% | ||
| Q4 24 | 3.0% | -42.7% | ||
| Q3 24 | 2.8% | -29.8% | ||
| Q2 24 | 3.0% | -49.4% | ||
| Q1 24 | 2.6% | -49.4% |
| Q4 25 | $0.49 | $-0.04 | ||
| Q3 25 | $0.51 | $-0.12 | ||
| Q2 25 | $0.50 | $-0.12 | ||
| Q1 25 | $0.56 | $-0.14 | ||
| Q4 24 | $0.43 | $-0.13 | ||
| Q3 24 | $0.38 | $-0.08 | ||
| Q2 24 | $0.40 | $-0.14 | ||
| Q1 24 | $0.35 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $220.0M | $-392.1M |
| Total Assets | $668.6M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $133.9M | ||
| Q3 25 | $17.1M | $125.3M | ||
| Q2 25 | $13.2M | $107.0M | ||
| Q1 25 | $21.2M | $171.8M | ||
| Q4 24 | $6.3M | $216.4M | ||
| Q3 24 | $8.9M | $115.9M | ||
| Q2 24 | $13.9M | $141.5M | ||
| Q1 24 | $11.0M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $220.0M | $-392.1M | ||
| Q3 25 | $212.4M | $-374.5M | ||
| Q2 25 | $202.5M | $-347.8M | ||
| Q1 25 | $193.0M | $-288.1M | ||
| Q4 24 | $181.9M | $-202.1M | ||
| Q3 24 | $174.3M | $-117.7M | ||
| Q2 24 | $167.8M | $-72.2M | ||
| Q1 24 | $160.0M | $936.0K |
| Q4 25 | $668.6M | $968.8M | ||
| Q3 25 | $670.5M | $973.0M | ||
| Q2 25 | $659.0M | $1.0B | ||
| Q1 25 | $664.6M | $1.1B | ||
| Q4 24 | $648.9M | $1.2B | ||
| Q3 24 | $655.5M | $1.0B | ||
| Q2 24 | $654.4M | $1.1B | ||
| Q1 24 | $656.6M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $11.6M | $-58.3M |
| FCF MarginFCF / Revenue | 3.4% | -31.7% |
| Capex IntensityCapex / Revenue | 2.9% | 21.7% |
| Cash ConversionOCF / Net Profit | 1.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.6M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $-18.4M | ||
| Q3 25 | $15.6M | $-37.1M | ||
| Q2 25 | $2.9M | $-62.9M | ||
| Q1 25 | $34.1M | $-47.9M | ||
| Q4 24 | $2.7M | $37.9M | ||
| Q3 24 | $24.5M | $-16.9M | ||
| Q2 24 | $12.4M | $-25.2M | ||
| Q1 24 | $20.2M | $-73.8M |
| Q4 25 | $11.6M | $-58.3M | ||
| Q3 25 | $7.5M | $-60.4M | ||
| Q2 25 | $-4.2M | $-78.6M | ||
| Q1 25 | $27.6M | $-62.6M | ||
| Q4 24 | $-6.9M | $-70.2M | ||
| Q3 24 | $18.0M | $-21.9M | ||
| Q2 24 | $3.6M | $-30.8M | ||
| Q1 24 | $9.8M | $-77.8M |
| Q4 25 | 3.4% | -31.7% | ||
| Q3 25 | 2.2% | -32.6% | ||
| Q2 25 | -1.3% | -41.5% | ||
| Q1 25 | 8.2% | -35.3% | ||
| Q4 24 | -2.1% | -34.3% | ||
| Q3 24 | 5.6% | -11.3% | ||
| Q2 24 | 1.2% | -15.7% | ||
| Q1 24 | 3.2% | -39.5% |
| Q4 25 | 2.9% | 21.7% | ||
| Q3 25 | 2.4% | 12.5% | ||
| Q2 25 | 2.2% | 8.3% | ||
| Q1 25 | 1.9% | 8.3% | ||
| Q4 24 | 2.9% | 52.8% | ||
| Q3 24 | 2.0% | 2.6% | ||
| Q2 24 | 2.9% | 2.9% | ||
| Q1 24 | 3.4% | 2.0% |
| 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% |
UP
Segment breakdown not available.
