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Side-by-side financial comparison of Natural Grocers by Vitamin Cottage, Inc. (NGVC) and USANA HEALTH SCIENCES INC (USNA). 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 $226.2M, roughly 1.5× USANA HEALTH SCIENCES INC). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs 0.1%, a 3.3% 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 -10.0%). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% CAGR vs 3.1%).
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.
Usana Health Sciences, Inc., or USANA, is an American multi-level marketing company based in Salt Lake City, Utah. As of 2021, Usana was the 14th largest direct-selling company in the world by revenue. The company manufactures most of its nutritional products, dietary supplements, and skincare products at a Salt Lake City facility. Its products are sold in 24 countries via a network of independent distributors.
NGVC vs USNA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.6M | $226.2M |
| Net Profit | $11.3M | $180.0K |
| Gross Margin | 29.5% | 78.2% |
| Operating Margin | 4.4% | 1.7% |
| Net Margin | 3.4% | 0.1% |
| Revenue YoY | 1.6% | -10.0% |
| Net Profit YoY | 14.0% | -74.0% |
| EPS (diluted) | $0.49 | $-0.10 |
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 | $226.2M | ||
| Q3 25 | $336.1M | $213.7M | ||
| Q2 25 | $328.7M | $235.8M | ||
| Q1 25 | $335.8M | $249.5M | ||
| Q4 24 | $330.2M | $213.6M | ||
| Q3 24 | $322.7M | $200.2M | ||
| Q2 24 | $309.1M | $212.9M | ||
| Q1 24 | $308.1M | — |
| Q4 25 | $11.3M | $180.0K | ||
| Q3 25 | $11.8M | $-6.5M | ||
| Q2 25 | $11.6M | $9.7M | ||
| Q1 25 | $13.1M | $9.4M | ||
| Q4 24 | $9.9M | $4.5M | ||
| Q3 24 | $9.0M | $10.6M | ||
| Q2 24 | $9.2M | $10.4M | ||
| Q1 24 | $8.0M | — |
| Q4 25 | 29.5% | 78.2% | ||
| Q3 25 | 29.5% | 77.2% | ||
| Q2 25 | 29.9% | 78.7% | ||
| Q1 25 | 30.3% | 79.0% | ||
| Q4 24 | 29.9% | 82.0% | ||
| Q3 24 | 29.6% | 80.4% | ||
| Q2 24 | 29.2% | 81.1% | ||
| Q1 24 | 29.3% | — |
| Q4 25 | 4.4% | 1.7% | ||
| Q3 25 | 4.6% | 0.6% | ||
| Q2 25 | 4.7% | 7.1% | ||
| Q1 25 | 5.2% | 6.3% | ||
| Q4 24 | 4.0% | 3.8% | ||
| Q3 24 | 3.7% | 7.8% | ||
| Q2 24 | 4.2% | 8.4% | ||
| Q1 24 | 3.7% | — |
| Q4 25 | 3.4% | 0.1% | ||
| Q3 25 | 3.5% | -3.1% | ||
| Q2 25 | 3.5% | 4.1% | ||
| Q1 25 | 3.9% | 3.8% | ||
| Q4 24 | 3.0% | 2.1% | ||
| Q3 24 | 2.8% | 5.3% | ||
| Q2 24 | 3.0% | 4.9% | ||
| Q1 24 | 2.6% | — |
| Q4 25 | $0.49 | $-0.10 | ||
| Q3 25 | $0.51 | $-0.36 | ||
| Q2 25 | $0.50 | $0.52 | ||
| Q1 25 | $0.56 | $0.49 | ||
| Q4 24 | $0.43 | $0.23 | ||
| Q3 24 | $0.38 | $0.56 | ||
| Q2 24 | $0.40 | $0.54 | ||
| 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 | $158.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $220.0M | — |
| Total Assets | $668.6M | $742.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.2M | $158.4M | ||
| Q3 25 | $17.1M | $145.3M | ||
| Q2 25 | $13.2M | $151.3M | ||
| Q1 25 | $21.2M | $179.6M | ||
| Q4 24 | $6.3M | $181.8M | ||
| Q3 24 | $8.9M | $364.9M | ||
| Q2 24 | $13.9M | $332.4M | ||
| Q1 24 | $11.0M | — |
| Q4 25 | $220.0M | — | ||
| Q3 25 | $212.4M | $528.1M | ||
| Q2 25 | $202.5M | $531.1M | ||
| Q1 25 | $193.0M | $529.8M | ||
| Q4 24 | $181.9M | $532.1M | ||
| Q3 24 | $174.3M | $533.1M | ||
| Q2 24 | $167.8M | $512.2M | ||
| Q1 24 | $160.0M | — |
| Q4 25 | $668.6M | $742.9M | ||
| Q3 25 | $670.5M | $726.6M | ||
| Q2 25 | $659.0M | $734.5M | ||
| Q1 25 | $664.6M | $746.6M | ||
| Q4 24 | $648.9M | $748.2M | ||
| Q3 24 | $655.5M | $671.3M | ||
| Q2 24 | $654.4M | $631.4M | ||
| Q1 24 | $656.6M | — |
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 | — |
| 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 | — | ||
| Q3 25 | $15.6M | $-2.0M | ||
| Q2 25 | $2.9M | $12.2M | ||
| Q1 25 | $34.1M | $15.5M | ||
| Q4 24 | $2.7M | $5.8M | ||
| Q3 24 | $24.5M | $29.5M | ||
| Q2 24 | $12.4M | $8.0M | ||
| Q1 24 | $20.2M | — |
| Q4 25 | $11.6M | — | ||
| Q3 25 | $7.5M | $-5.2M | ||
| Q2 25 | $-4.2M | $7.2M | ||
| Q1 25 | $27.6M | $12.7M | ||
| Q4 24 | $-6.9M | $4.0M | ||
| Q3 24 | $18.0M | $27.1M | ||
| Q2 24 | $3.6M | $5.3M | ||
| Q1 24 | $9.8M | — |
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.2% | -2.4% | ||
| Q2 25 | -1.3% | 3.0% | ||
| Q1 25 | 8.2% | 5.1% | ||
| Q4 24 | -2.1% | 1.9% | ||
| Q3 24 | 5.6% | 13.6% | ||
| Q2 24 | 1.2% | 2.5% | ||
| Q1 24 | 3.2% | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.4% | 1.5% | ||
| Q2 25 | 2.2% | 2.1% | ||
| Q1 25 | 1.9% | 1.1% | ||
| Q4 24 | 2.9% | 0.8% | ||
| Q3 24 | 2.0% | 1.2% | ||
| Q2 24 | 2.9% | 1.3% | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 0.25× | 1.27× | ||
| Q1 25 | 2.60× | 1.65× | ||
| Q4 24 | 0.27× | 1.29× | ||
| Q3 24 | 2.72× | 2.78× | ||
| Q2 24 | 1.35× | 0.77× | ||
| 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% |
USNA
Segment breakdown not available.
