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Natural Grocers by Vitamin Cottage, Inc.（NGVC）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
Natural Grocers by Vitamin Cottage, Inc.的季度营收约是SPS COMMERCE INC的1.7倍（$335.6M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs 3.4%，领先10.0%），SPS COMMERCE INC同比增速更快（12.7% vs 1.6%），SPS COMMERCE INC自由现金流更多（$38.2M vs $11.6M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% vs 4.4%）
Natural Grocers by Vitamin Cottage, Inc.是美国本土的特色零售连锁企业，主营认证有机食品、膳食补充剂、天然个护及环保家居类产品，面向健康意识较强的消费群体，门店覆盖美国多州，执行严格品控标准，拒绝售卖含人工添加剂的商品。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
NGVC vs SPSC — 直观对比
营收规模更大
NGVC
是对方的1.7倍
$192.7M
营收增速更快
SPSC
高出11.1%
1.6%
净利率更高
SPSC
高出10.0%
3.4%
自由现金流更多
SPSC
多$26.7M
$11.6M
两年增速更快
SPSC
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.6M | $192.7M |
| 净利润 | $11.3M | $25.8M |
| 毛利率 | 29.5% | 70.4% |
| 营业利润率 | 4.4% | 18.0% |
| 净利率 | 3.4% | 13.4% |
| 营收同比 | 1.6% | 12.7% |
| 净利润同比 | 14.0% | 47.2% |
| 每股收益（稀释后） | $0.49 | $0.69 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NGVCSPSC
| 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 |
净利润NGVCSPSC
| 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 |
毛利率NGVCSPSC
| 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% |
营业利润率NGVCSPSC
| 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% |
净利率NGVCSPSC
| 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% |
每股收益（稀释后）NGVCSPSC
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $23.2M | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $220.0M | $973.9M |
| 总资产 | $668.6M | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NGVCSPSC
| 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 |
股东权益NGVCSPSC
| 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 |
总资产NGVCSPSC
| 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 |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $21.1M | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $11.6M | $38.2M |
| 自由现金流率自由现金流/营收 | 3.4% | 19.8% |
| 资本支出强度资本支出/营收 | 2.9% | 4.0% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.78× |
| 过去12个月自由现金流最近4个季度 | $42.6M | $152.3M |
8季度趋势，按日历期对齐
经营现金流NGVCSPSC
| 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 |
自由现金流NGVCSPSC
| 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 |
自由现金流率NGVCSPSC
| 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% |
资本支出强度NGVCSPSC
| 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% |
现金转化率NGVCSPSC
| 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× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
