Recent News
On August 6, 2026 the company published third-quarter fiscal 2026 results for the period ended June 30, 2026. On July 22, 2026 Natural Grocers marked its 71st anniversary with a $71,000 product donation to the Food Bank of the Rockies. The company opened a new store in McMinnville, Oregon on July 1, 2026, and in early June 2026 ran seasonal promotional activity while the board declared a quarterly cash dividend of $0.15 per share.
Technical Analysis
ADX at 19.79 registers as no trend, which suggests limited directional conviction; within that context short-term momentum indicators should drive price swings.
DI+ shows a dip-and-reversal, a bullish directional signal; DI− sits at 28.46 and is decreasing, which also aligns with a reduction in downside pressure and supports the possibility of a short-term bullish tilt.
MACD reads −0.84 with a dip-and-reversal and the signal line at −0.78, indicating developing bullish momentum although the MACD remains slightly below the signal line, so momentum recovery remains immature.
MRO stands at −37.2 and is decreasing, which indicates the market price sits below the implied technical target and implies pronounced upside potential relative to that target while the oscillator grows more negative.
RSI sits at 48.24 and is decreasing, signaling neutral momentum with a slight bias toward near-term weakness unless momentum indicators stabilize.
Price relationships show the close at $27.85 below the 12-day EMA ($28.19) and 26-day EMA ($29.08), while trading just above the 20-day average ($27.66); this places the stock in a lower-momentum environment inside a tight recent range bounded by the 20–50 day averages.
Fundamental Analysis
Revenue totaled $334,739,000; revenue growth year-over-year stands at −62.83% and quarter-over-quarter at −246.17%, indicating a sharp contraction on the reported measures. Gross profit equals $98,008,000 and gross margin measures 29.28%, which ranks above the industry peer mean of 21.49% and supports higher relative price-to-book and price multiples.
EBIT reached $14,996,000 with an EBIT margin of 4.48%, modestly above the industry peer mean of 4.34% and the industry peer median of 4.42%; however EBIT margin contracted QoQ by −16.51% and YoY by −5.53%, which reduces near-term operating leverage.
Net income stands at $11,073,000 and EPS came in at $0.48 versus an estimate of $0.52, yielding an EPS surprise of −7.69%, a modest miss that trimmed short-term expectations but did not materially alter cash generation metrics.
Cash and short-term investments total $17,467,000 with operating cash flow of $11,258,000 and free cash flow of $1,244,000; free cash flow yield equals 0.175%, above the industry peer mean of 0.081%, yet free cash flow declined QoQ by −43.55% and YoY by −139.77% on the reported measures.
Balance sheet and leverage show total debt of $322,680,000, debt-to-equity of 1.3478 (above the industry peer mean of 0.6355) and debt-to-EBITDA at 13.83, reflecting material leverage relative to current EBITDA that increases sensitivity to earnings swings despite an interest coverage ratio of 22.62.
Return metrics remain modest: return on equity at 4.63% trails the industry peer mean of 6.09%, while return on invested capital at 4.81% slightly exceeds the industry peer mean of 4.56%, indicating capital deployment returns close to peer averages but lagging where equity returns matter most.
Valuation context: price-to-book at 2.96 sits well below the industry peer mean of 11.05, while P/E near 64 and forward P/E near 50 reflect premium expectations on modest absolute earnings; enterprise multiple stands at 43.49 versus an industry peer mean enterprise multiple of 96.94. The current valuation as determined by WMDST: under-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 20.7 M |
| Operating Cash Flow | $ 11.3 M | |
| Capital Expenditures | $ -10.01 M | |
| Change In Working Capital | $ -10.47 M | |
| Dividends Paid | $ -3.46 M | |
| Cash Flow Delta | $ -3.26 M | |
| End Period Cash Flow | $ 17.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 334.7 M | |
| Forward Revenue | $ 100.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 236.7 M | |
| Depreciation | $ 8.3 M | |
| Depreciation and Amortization | $ 8.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 318.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 98.0 M | |
| EBITDA | $ 23.3 M | |
| EBIT | $ 15.0 M | |
| Operating Income | $ 16.3 M | |
| Interest Income | — | |
| Interest Expense | $ 663.0 K | |
| Net Interest Income | $ -663.00 K | |
| Income Before Tax | $ 14.3 M | |
| Tax Provision | $ 3.3 M | |
| Tax Rate | 22.745 % | |
| Net Income | $ 11.1 M | |
| Net Income From Continuing Operations | $ 11.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.52 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -7.692 % | |
| Forward EPS | $ 0.58 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 687.7 M | |
| Intangible Assets | $ 15.9 M | |
| Net Tangible Assets | $ 223.5 M | |
| Total Current Assets | $ 174.1 M | |
| Cash and Short-Term Investments | $ 17.5 M | |
| Cash | $ 17.5 M | |
| Net Receivables | $ 10.6 M | |
| Inventory | $ 135.3 M | |
| Long-Term Investments | $ 1.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 89.7 M | |
| Short-Term Debt | $ 58.0 K | |
| Total Current Liabilities | $ 158.2 M | |
| Net Debt | — | |
| Total Debt | $ 322.7 M | |
| Total Liabilities | $ 448.3 M | |
| EQUITY | ||
| Total Equity | $ 239.4 M | |
| Retained Earnings | $ 174.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.39 | |
| Shares Outstanding | 23.046 M | |
| Revenue Per-Share | $ 14.52 | |
| VALUATION | Market Capitalization | $ 709.2 M |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | 43.486 | |
| Enterprise Multiple QoQ | 23.415 % | |
| Enterprise Multiple YoY | -19.234 % | |
| Enterprise Multiple IPRWA | high: 120.675 mean: 96.94 median: 92.022 NGVC: 43.486 low: 23.771 |
|
| EV/R | 3.031 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.872 | |
| Asset To Liability | 1.534 | |
| Debt To Capital | 0.574 | |
| Debt To Assets | 0.469 | |
| Debt To Assets QoQ | -0.998 % | |
| Debt To Assets YoY | -7.566 % | |
| Debt To Assets IPRWA | high: 0.504 NGVC: 0.469 median: 0.256 mean: 0.22 low: 0.054 |
|
| Debt To Equity | 1.348 | |
| Debt To Equity QoQ | -4.107 % | |
| Debt To Equity YoY | -18.416 % | |
| Debt To Equity IPRWA | high: 1.742 NGVC: 1.348 median: 0.786 mean: 0.635 low: 0.083 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.962 | |
| Price To Book QoQ | 10.081 % | |
| Price To Book YoY | -36.594 % | |
| Price To Book IPRWA | high: 13.2 mean: 11.054 median: 10.71 NGVC: 2.962 low: 0.65 |
|
| Price To Earnings (P/E) | 64.113 | |
| Price To Earnings QoQ | 37.894 % | |
| Price To Earnings YoY | -10.498 % | |
| Price To Earnings IPRWA | high: 192.252 median: 192.252 mean: 182.224 NGVC: 64.113 low: 33.582 |
|
| PE/G Ratio | -3.719 | |
| Price To Sales (P/S) | 2.119 | |
| Price To Sales QoQ | 15.043 % | |
| Price To Sales YoY | -26.387 % | |
| Price To Sales IPRWA | high: 9.324 median: 5.684 mean: 5.641 NGVC: 2.119 low: 0.09 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 50.32 | |
| Forward PE/G | -2.919 | |
| Forward P/S | 7.051 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 21.97 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.488 | |
| Asset Turnover Ratio QoQ | -2.164 % | |
| Asset Turnover Ratio YoY | -1.786 % | |
| Asset Turnover Ratio IPRWA | high: 0.92 mean: 0.686 median: 0.619 low: 0.493 NGVC: 0.488 |
|
| Receivables Turnover | 28.235 | |
| Receivables Turnover Ratio QoQ | -3.569 % | |
| Receivables Turnover Ratio YoY | 8.484 % | |
| Receivables Turnover Ratio IPRWA | high: 36.105 NGVC: 28.235 mean: 17.085 median: 16.282 low: 2.901 |
|
| Inventory Turnover | 1.787 | |
| Inventory Turnover Ratio QoQ | -2.052 % | |
| Inventory Turnover Ratio YoY | -3.304 % | |
| Inventory Turnover Ratio IPRWA | high: 8.548 mean: 2.685 median: 2.192 low: 1.957 NGVC: 1.787 |
|
| Days Sales Outstanding (DSO) | 3.232 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 19.869 | |
| Cash Conversion Cycle Days QoQ | 2.939 % | |
| Cash Conversion Cycle Days YoY | 9.668 % | |
| Cash Conversion Cycle Days IPRWA | high: 45.255 NGVC: 19.869 median: 4.17 mean: 3.212 low: -14.795 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 21.057 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -1.202 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 240.8 M | |
| Net Invested Capital | $ 240.9 M | |
| Invested Capital | $ 240.9 M | |
| Net Tangible Assets | $ 223.5 M | |
| Net Working Capital | $ 15.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.11 | |
| Current Ratio | 1.1 | |
| Current Ratio QoQ | 4.837 % | |
| Current Ratio YoY | 8.305 % | |
| Current Ratio IPRWA | high: 3.21 NGVC: 1.1 mean: 0.878 low: 0.771 median: 0.771 |
|
| Quick Ratio | 0.245 | |
| Quick Ratio QoQ | -2.437 % | |
| Quick Ratio YoY | 17.197 % | |
| Quick Ratio IPRWA | high: 1.753 mean: 0.36 NGVC: 0.245 low: 0.225 median: 0.225 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.832 | |
| Cost Of Debt | 0.158 % | |
| Interest Coverage Ratio | 22.618 | |
| Interest Coverage Ratio QoQ | -21.045 % | |
| Interest Coverage Ratio YoY | 0.707 % | |
| Interest Coverage Ratio IPRWA | high: 92.812 mean: 34.276 NGVC: 22.618 median: 11.226 low: 2.429 |
|
| Operating Cash Flow Ratio | 0.103 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.823 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.204 | |
| Dividend Payout Ratio | 0.312 | |
| Dividend Rate | $ 0.15 | |
| Dividend Yield | 0.005 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.436 % | |
| Revenue Growth | -0.782 % | |
| Revenue Growth QoQ | -246.168 % | |
| Revenue Growth YoY | -62.833 % | |
| Revenue Growth IPRWA | high: 32.818 % NGVC: -0.782 % mean: -2.655 % median: -6.769 % low: -10.667 % |
|
| Earnings Growth | -17.241 % | |
| Earnings Growth QoQ | -193.869 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 95.0 % mean: -6.415 % median: -10.811 % NGVC: -17.241 % low: -20.988 % |
|
| MARGINS | ||
| Gross Margin | 29.279 % | |
| Gross Margin QoQ | -3.576 % | |
| Gross Margin YoY | -2.074 % | |
| Gross Margin IPRWA | high: 40.584 % NGVC: 29.279 % median: 25.144 % mean: 21.486 % low: 5.962 % |
|
| EBIT Margin | 4.48 % | |
| EBIT Margin QoQ | -16.511 % | |
| EBIT Margin YoY | -5.525 % | |
| EBIT Margin IPRWA | high: 9.167 % NGVC: 4.48 % median: 4.415 % mean: 4.338 % low: 0.753 % |
|
| Return On Sales (ROS) | 4.865 % | |
| Return On Sales QoQ | -12.437 % | |
| Return On Sales YoY | 2.443 % | |
| Return On Sales IPRWA | high: 10.059 % NGVC: 4.865 % median: 4.215 % mean: 4.147 % low: 0.533 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.2 M | |
| Free Cash Flow Yield | 0.175 % | |
| Free Cash Flow Yield QoQ | -43.548 % | |
| Free Cash Flow Yield YoY | -139.773 % | |
| Free Cash Flow Yield IPRWA | high: 2.58 % NGVC: 0.175 % mean: 0.081 % median: -0.193 % low: -2.985 % |
|
| Free Cash Growth | -35.343 % | |
| Free Cash Growth QoQ | -57.58 % | |
| Free Cash Growth YoY | -69.3 % | |
| Free Cash Growth IPRWA | high: 173.63 % NGVC: -35.343 % mean: -78.487 % median: -131.912 % low: -502.391 % |
|
| Free Cash To Net Income | 0.112 | |
| Cash Flow Margin | 4.871 % | |
| Cash Flow To Earnings | 1.473 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.614 % | |
| Return On Assets QoQ | -18.69 % | |
| Return On Assets YoY | -7.982 % | |
| Return On Assets IPRWA | high: 3.082 % mean: 2.061 % median: 1.856 % NGVC: 1.614 % low: 0.677 % |
|
| Return On Capital Employed (ROCE) | 2.832 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | -20.505 % | |
| Return On Equity YoY | -19.299 % | |
| Return On Equity IPRWA | high: 0.14 mean: 0.061 median: 0.057 NGVC: 0.046 low: 0.015 |
|
| DuPont ROE | 4.709 % | |
| Return On Invested Capital (ROIC) | 4.81 % | |
| Return On Invested Capital QoQ | -19.713 % | |
| Return On Invested Capital YoY | -19.807 % | |
| Return On Invested Capital IPRWA | high: 8.629 % NGVC: 4.81 % mean: 4.555 % median: 4.134 % low: 1.347 % |
|