Recent News
Natural Grocers ran a Colorado celebration event March 3–5, 2026 and promoted seasonal marketing events including a Valentine’s deals campaign in mid-February; the company announced a Lake Geneva, WI store opening planned for spring and scheduled new store debuts in Ruidoso, NM (March 18, 2026) and Rock Springs, WY in spring 2026, while issuing routine corporate releases about its first-quarter fiscal 2026 results.
Technical Analysis
Trend strength registers as strong with ADX at 30.19, indicating a substantive directional move exists; directional indicators create a bearish alignment because DI+ shows a peak-and-reversal while DI– displays a dip-and-reversal, together pointing to declining bullish pressure and increasing downside influence on price.
MACD sits positive at 0.11 versus a 0.03 signal line, yet the MACD trend shows a peak-and-reversal, which denotes waning bullish momentum despite the current MACD remaining above its signal line.
MRO reads 24.76 with a peak-and-reversal trend; the positive MRO implies price currently trades above the model target and that the price carries downward potential as momentum cools.
RSI at 47.02 shows an increasing trend; the indicator sits near neutral but tilting higher, supporting potential for a measured bounce rather than decisive breakout.
Price behavior versus averages: the close at $26.34 lies just above the 20-day average ($26.16) and the 50-day average ($25.81) but remains well below the 200-day average ($34.28), signaling short-term consolidation inside a longer-term downtrend. The 12-day EMA shows a peak-and-reversal, and price sits inside the Bollinger band range (lower $25.34, upper $26.98), indicating contained volatility and limited immediate directional conviction. Volume (123,589) undercuts 10-, 50- and 200-day averages, suggesting reduced participation on recent moves and raising the risk that breakouts lack follow-through.
Fundamental Analysis
Revenue totaled $335,579,000. Reported revenue growth stands at -0.17% and shows larger period changes reported as QoQ -107.38% and YoY -107.13% in the provided metrics; management’s forward revenue figure reads $91,639,414 for the covered forward period. Operating cash flow reached $21,134,000 and free cash flow equals $11,533,000, producing a free cash flow yield of 1.78% while free cash flow growth shows mixed periodic signals.
Profitability: gross margin measures 29.46% (down 1.56% YoY) and operating margin sits at 4.47% (operating margin YoY +10.69%). EBIT equals $14,647,000 with an EBIT margin of 4.37%, slightly above the industry peer mean EBIT margin of 4.25% and below the industry peer median of 4.94% (industry peer mean/median referenced for context only).
Earnings per share outperformed consensus this period: EPS actual $0.49 versus estimate $0.46, an EPS surprise of 6.52%. Forward EPS equals $0.5375 with a forward P/E near 53.59 and a trailing P/E near 57.37; WMDST’s valuation assessment places the stock as under-valued on a holistic basis given earnings power and cash generation versus the current market capitalization and enterprise value.
Leverage and liquidity: total debt equals $324,947,000 and debt-to-assets sits at 48.60%, above the industry peer mean debt-to-assets of 21.30%; interest coverage reads 20.54x, which supports debt service. Current ratio approximates 1.07 and quick ratio 0.25, while cash and short-term investments total $23,210,000. Cash conversion cycle stands at 21.43 days, which remains longer than the industry peer mean but indicates working capital turns remain manageable for a grocer model.
Valuation context: enterprise multiple near 41.97 and EV of $949,272,102 contrast with a market cap of $647,535,102 and WMDST’s conclusion of under-valued status given the combination of positive operating leverage, consistent cash generation, and modest margin expansion versus recent periods.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 17.1 M |
| Operating Cash Flow | $ 21.1 M | |
| Capital Expenditures | $ -9.60 M | |
| Change In Working Capital | $ 912.0 K | |
| Dividends Paid | $ -3.46 M | |
| Cash Flow Delta | $ 6.1 M | |
| End Period Cash Flow | $ 23.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 335.6 M | |
| Forward Revenue | $ 91.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 236.7 M | |
| Depreciation | $ 8.0 M | |
| Depreciation and Amortization | $ 8.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 320.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 98.9 M | |
| EBITDA | $ 22.6 M | |
| EBIT | $ 14.6 M | |
| Operating Income | $ 15.0 M | |
| Interest Income | — | |
| Interest Expense | $ 713.0 K | |
| Net Interest Income | $ -713.00 K | |
| Income Before Tax | $ 13.9 M | |
| Tax Provision | $ 2.6 M | |
| Tax Rate | 18.659 % | |
| Net Income | $ 11.3 M | |
| Net Income From Continuing Operations | $ 11.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.46 | |
| EPS Actual | $ 0.49 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 6.522 % | |
| Forward EPS | $ 0.54 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 668.6 M | |
| Intangible Assets | $ 16.5 M | |
| Net Tangible Assets | $ 203.5 M | |
| Total Current Assets | $ 166.8 M | |
| Cash and Short-Term Investments | $ 23.2 M | |
| Cash | $ 23.2 M | |
| Net Receivables | $ 9.9 M | |
| Inventory | $ 127.9 M | |
| Long-Term Investments | $ 2.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 84.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 156.4 M | |
| Net Debt | — | |
| Total Debt | $ 324.9 M | |
| Total Liabilities | $ 448.5 M | |
| EQUITY | ||
| Total Equity | $ 220.0 M | |
| Retained Earnings | $ 157.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.55 | |
| Shares Outstanding | 23.033 M | |
| Revenue Per-Share | $ 14.57 | |
| VALUATION | Market Capitalization | $ 647.5 M |
| Enterprise Value | $ 949.3 M | |
| Enterprise Multiple | 41.966 | |
| Enterprise Multiple QoQ | -14.413 % | |
| Enterprise Multiple YoY | -27.811 % | |
| Enterprise Multiple IPRWA | high: 69.932 median: 69.932 mean: 67.944 NGVC: 41.966 low: 20.914 |
|
| EV/R | 2.829 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.039 | |
| Asset To Liability | 1.49 | |
| Debt To Capital | 0.596 | |
| Debt To Assets | 0.486 | |
| Debt To Assets QoQ | -1.846 % | |
| Debt To Assets YoY | -9.146 % | |
| Debt To Assets IPRWA | high: 0.57 NGVC: 0.486 median: 0.237 mean: 0.213 low: 0.098 |
|
| Debt To Equity | 1.477 | |
| Debt To Equity QoQ | -5.517 % | |
| Debt To Equity YoY | -22.616 % | |
| Debt To Equity IPRWA | high: 3.578 NGVC: 1.477 median: 0.712 mean: 0.694 low: 0.249 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.943 | |
| Price To Book QoQ | -25.457 % | |
| Price To Book YoY | -40.345 % | |
| Price To Book IPRWA | high: 8.477 median: 8.477 mean: 7.976 NGVC: 2.943 low: 0.638 |
|
| Price To Earnings (P/E) | 57.374 | |
| Price To Earnings QoQ | -19.906 % | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 204.672 mean: 168.629 median: 164.816 NGVC: 57.374 low: 24.699 |
|
| PE/G Ratio | -14.629 | |
| Price To Sales (P/S) | 1.93 | |
| Price To Sales QoQ | -22.655 % | |
| Price To Sales YoY | -28.988 % | |
| Price To Sales IPRWA | high: 6.075 mean: 4.762 median: 4.538 NGVC: 1.93 low: 0.1 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.595 | |
| Forward PE/G | -13.665 | |
| Forward P/S | 6.693 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 32.989 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.501 | |
| Asset Turnover Ratio QoQ | -0.878 % | |
| Asset Turnover Ratio YoY | -1.011 % | |
| Asset Turnover Ratio IPRWA | high: 1.035 mean: 0.704 median: 0.642 NGVC: 0.501 low: 0.321 |
|
| Receivables Turnover | 30.624 | |
| Receivables Turnover Ratio QoQ | 12.861 % | |
| Receivables Turnover Ratio YoY | 13.627 % | |
| Receivables Turnover Ratio IPRWA | high: 33.039 NGVC: 30.624 mean: 17.272 median: 15.861 low: 3.088 |
|
| Inventory Turnover | 1.815 | |
| Inventory Turnover Ratio QoQ | -1.414 % | |
| Inventory Turnover Ratio YoY | -4.901 % | |
| Inventory Turnover Ratio IPRWA | high: 7.93 mean: 2.607 median: 2.189 low: 1.93 NGVC: 1.815 |
|
| Days Sales Outstanding (DSO) | 2.98 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 21.434 | |
| Cash Conversion Cycle Days QoQ | -2.592 % | |
| Cash Conversion Cycle Days YoY | 11.953 % | |
| Cash Conversion Cycle Days IPRWA | high: 45.318 NGVC: 21.434 median: 4.324 mean: 3.772 low: -14.561 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 32.202 | |
| CapEx To Revenue | -0.029 | |
| CapEx To Depreciation | -1.204 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 220.0 M | |
| Net Invested Capital | $ 220.0 M | |
| Invested Capital | $ 220.0 M | |
| Net Tangible Assets | $ 203.5 M | |
| Net Working Capital | $ 10.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.148 | |
| Current Ratio | 1.067 | |
| Current Ratio QoQ | 0.767 % | |
| Current Ratio YoY | 10.799 % | |
| Current Ratio IPRWA | high: 3.358 NGVC: 1.067 mean: 0.904 low: 0.803 median: 0.803 |
|
| Quick Ratio | 0.249 | |
| Quick Ratio QoQ | 12.564 % | |
| Quick Ratio YoY | 64.56 % | |
| Quick Ratio IPRWA | high: 1.69 mean: 0.358 NGVC: 0.249 median: 0.238 low: 0.205 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 14.365 | |
| Cost Of Debt | 0.177 % | |
| Interest Coverage Ratio | 20.543 | |
| Interest Coverage Ratio QoQ | -7.768 % | |
| Interest Coverage Ratio YoY | 42.051 % | |
| Interest Coverage Ratio IPRWA | high: 21.31 NGVC: 20.543 median: 12.968 mean: 11.541 low: -11.26 |
|
| Operating Cash Flow Ratio | 0.188 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 31.738 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.28 | |
| Dividend Payout Ratio | 0.305 | |
| Dividend Rate | $ 0.15 | |
| Dividend Yield | 0.005 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.291 % | |
| Revenue Growth | -0.167 % | |
| Revenue Growth QoQ | -107.383 % | |
| Revenue Growth YoY | -107.128 % | |
| Revenue Growth IPRWA | high: 11.871 % median: 1.18 % mean: 0.878 % NGVC: -0.167 % low: -10.819 % |
|
| Earnings Growth | -3.922 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 63.636 % NGVC: -3.922 % median: -8.824 % mean: -12.264 % low: -24.59 % |
|
| MARGINS | ||
| Gross Margin | 29.459 % | |
| Gross Margin QoQ | 0.0 % | |
| Gross Margin YoY | -1.564 % | |
| Gross Margin IPRWA | high: 37.994 % NGVC: 29.459 % median: 24.953 % mean: 21.082 % low: 6.581 % |
|
| EBIT Margin | 4.365 % | |
| EBIT Margin QoQ | -5.356 % | |
| EBIT Margin YoY | 7.991 % | |
| EBIT Margin IPRWA | high: 9.498 % median: 4.942 % NGVC: 4.365 % mean: 4.25 % low: -4.855 % |
|
| Return On Sales (ROS) | 4.474 % | |
| Return On Sales QoQ | -4.012 % | |
| Return On Sales YoY | 10.688 % | |
| Return On Sales IPRWA | high: 8.777 % NGVC: 4.474 % median: 3.73 % mean: 3.46 % low: -4.551 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 11.5 M | |
| Free Cash Flow Yield | 1.781 % | |
| Free Cash Flow Yield QoQ | 98.109 % | |
| Free Cash Flow Yield YoY | -328.333 % | |
| Free Cash Flow Yield IPRWA | high: 6.5 % NGVC: 1.781 % mean: 0.438 % median: 0.231 % low: -3.986 % |
|
| Free Cash Growth | 52.978 % | |
| Free Cash Growth QoQ | -118.856 % | |
| Free Cash Growth YoY | -137.943 % | |
| Free Cash Growth IPRWA | high: 146.018 % NGVC: 52.978 % mean: -32.876 % median: -71.126 % low: -433.372 % |
|
| Free Cash To Net Income | 1.018 | |
| Cash Flow Margin | 8.752 % | |
| Cash Flow To Earnings | 2.591 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.693 % | |
| Return On Assets QoQ | -4.62 % | |
| Return On Assets YoY | 11.089 % | |
| Return On Assets IPRWA | high: 2.503 % median: 2.196 % mean: 2.094 % NGVC: 1.693 % low: -2.514 % |
|
| Return On Capital Employed (ROCE) | 2.86 % | |
| Return On Equity (ROE) | 0.052 | |
| Return On Equity QoQ | -7.271 % | |
| Return On Equity YoY | -5.71 % | |
| Return On Equity IPRWA | high: 0.117 median: 0.064 mean: 0.064 NGVC: 0.052 low: -0.003 |
|
| DuPont ROE | 5.242 % | |
| Return On Invested Capital (ROIC) | 5.415 % | |
| Return On Invested Capital QoQ | -6.911 % | |
| Return On Invested Capital YoY | 72.838 % | |
| Return On Invested Capital IPRWA | high: 6.426 % NGVC: 5.415 % mean: 4.842 % median: 4.63 % low: 0.523 % |
|