Recent News
On February 6, 2026 Natural Grocers announced plans to open its first Wisconsin store in Lake Geneva this spring and hosted local hiring events in mid-February. On February 5, 2026 the company declared a quarterly cash dividend of $0.15 per share payable March 18, 2026 to holders of record March 2, 2026. The company reiterated a plan to open six to eight new stores in fiscal 2026.
Technical Analysis
ADX registers 18.06, indicating no established trend; directional readings show downside bias as DI+ (22.93) trends decreasing while DI- (18.26) shows a dip & reversal, both signaling net directional pressure toward sellers relative to buyers.
MACD sits at -0.17 with a peak-and-reversal pattern and the MACD line below the signal line (-0.14), consistent with bearish momentum at present and limiting immediate upside until momentum re-accumulates.
MRO reads 15.97 and currently positive, implying price sits above the model target and carries downward pressure; the magnitude suggests a moderate reversion tendency absent fresh buying interest.
RSI at 45.94 with a peak-and-reversal pattern shows momentum weakening and places the stock in neutral-to-slightly-weak territory rather than oversold support for a durable bounce.
Price mechanics: last close $25.32 sits just below the 12-day EMA ($25.48) and the 20-day average ($25.47); the 50-day average at $25.90 and the 200-day average at $32.91 remain above price, defining higher resistance levels. Bollinger bands (upper ~ $26.09, lower ~ $24.85) contain recent trading activity and the SuperTrend upper band at $27.14 marks nearby resistance.
Volume trends show current daily volume (92,263) below the 10-day (140,816) and 50-day (191,429) averages, indicating muted participation during recent price action and reducing the chance of a strong break without renewed volume.
Fundamental Analysis
Total revenue stands at $335,579,000 for the period ending 2025-12-31 while net income equals $11,334,000, producing diluted EPS of $0.49 versus an estimate of $0.46 (EPS surprise ratio 6.52%). Operating income reached $15,015,000 and EBITDA totaled $22,620,000; these results align with an operating margin of 4.474% and an EBIT margin of 4.365% (EBIT margin QoQ -5.356%, YoY +7.991%).
Gross margin registers 29.459% (YoY change -1.564%), above the industry peer mean of 21.087% and above the industry peer median, reflecting a higher-than-average product margin profile that supports valuation resilience.
Liquidity and cash flow: cash and short-term investments equal $23,210,000, operating cash flow totals $21,134,000, and free cash flow equals $11,533,000, yielding a free cash flow yield of 1.781% (WMDST-noted free cash flow growth positive QoQ but negative YoY metrics also present). The cash conversion cycle at 21.43 days remains shorter than many grocers, aiding working-capital efficiency.
Leverage: total debt equals $324,947,000 producing debt-to-equity of 1.47696 and debt-to-assets of 0.48604; debt-to-equity sits above the industry peer mean of 0.69362, indicating relatively greater financial leverage, while interest coverage at 20.54 remains strong relative to the industry peer mean of 11.52633.
Valuation multiples show P/B at 2.943 (below the industry peer mean of 9.63677), P/S at 1.930 (below the industry peer mean of 4.75751), and trailing P/E at 57.37 (below the industry peer mean of 152.91). Forward P/E near 53.59 and an enterprise multiple of 41.97 coexist with a WMDST valuation call of under-valued, driven by stronger gross margins, positive cash generation, and lower market multiples versus peer averages.
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: 67.852 NGVC: 41.966 low: -10.051 |
|
| 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: 0.073 |
|
| 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: 0.101 |
|
| 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: 13.492 mean: 9.637 median: 8.477 NGVC: 2.943 low: 0.533 |
|
| Price To Earnings (P/E) | 57.374 | |
| Price To Earnings QoQ | -19.906 % | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 164.816 median: 164.816 mean: 152.908 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: 9.772 mean: 4.758 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: 17.267 median: 15.861 low: 2.985 |
|
| Inventory Turnover | 1.815 | |
| Inventory Turnover Ratio QoQ | -1.414 % | |
| Inventory Turnover Ratio YoY | -4.901 % | |
| Inventory Turnover Ratio IPRWA | high: 7.93 mean: 2.608 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: 3.787 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: 0.906 low: 0.803 median: 0.803 |
|
| Quick Ratio | 0.249 | |
| Quick Ratio QoQ | 12.564 % | |
| Quick Ratio YoY | 64.56 % | |
| Quick Ratio IPRWA | high: 1.777 mean: 0.359 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: 11.526 low: -12.618 |
|
| 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: 0.883 % NGVC: -0.167 % low: -13.87 % |
|
| Earnings Growth | -3.922 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 63.636 % NGVC: -3.922 % median: -8.824 % mean: -12.266 % low: -37.5 % |
|
| 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: 21.087 % 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: 4.248 % 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: 3.459 % 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: 0.44 % 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: -32.9 % 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: 2.093 % 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: -0.022 |
|
| 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 % median: 4.63 % mean: 4.518 % low: -5.255 % |
|