Natural Grocers by Vitamin Cottage, Inc. Financial Ratios — NGVC

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Return on Common Equity (%)	29.56	39.25	41.29	35.87	30.92	17.32	9.14	14.86	9.78	18.42	20.4	23.33	22.17	30.05	35.28
Return on Assets (%)	5.03	6.5	7.39	7.72	7.66	4.44	2.37	4.17	2.97	3.97	3.08	3.24	3.49	5.12	7.01
Return on Capital (%)	7.52	18.09	31.02	25.69	23.44	12.29	6.93	- -	8.76	6.4	4.46	4.74	5.33	7.9	10.38
Return on Invested Capital (%)	16.14	14.75	14.8	14.7	14.54	10.13	6.08	- -	6.7	5.67	4.08	4.33	4.98	7.14	9.16
Gross Margin (%)	29.25	29.45	29.2	29.1	29.15	28.6	27.61	26.57	26.42	27.31	27.68	27.98	28.66	29.38	29.9
EBITDA Margin (%)	6.48	7.19	8.32	8.69	8.61	7.36	6.16	5.51	5.21	5.83	5.58	5.43	5.49	6.41	7.13
Operating Margin (%)	3.54	4.21	5.18	5.38	5.19	3.74	2.33	2.04	2.01	2.83	2.77	2.87	2.95	3.92	4.74
Incremental Operating Margin (%)	0.93	6.67	8.65	6.34	4.26	-7.52	-13.34	-0.71	1.46	8.38	-0.24	5.91	4.74	14.87	16.06
Pretax Margin (%)	2.56	3.4	3.93	4.18	4.1	2.46	1.34	1.24	1.31	2.48	2.47	2.55	2.49	3.45	4.43
Profit Margin (%)	1.32	1.98	2.45	2.59	2.59	1.63	0.9	1.49	1.04	1.93	1.95	1.96	2.04	2.73	3.49
Net Income to Common Margin (%)	1.32	1.98	2.45	2.59	2.59	1.63	0.9	1.49	1.04	1.93	1.95	1.96	2.04	2.73	3.49
Effective Tax Rate (%)	31.98	34.6	37.68	38.07	36.79	33.83	33.13	- -	20.3	22.15	21.01	23.1	18.07	20.71	21.18
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.49	250	42.44	39.1	93.9	23.7
Sustainable Growth Rate (%)	29.56	39.25	41.29	35.87	30.92	17.32	9.14	14.86	9.78	12.62	-30.6	13.43	13.5	1.83	26.92

Credit (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Total Debt	27	6	20	22	28	59	62	54	58	400	402	393	370	347	332
ST Debt	12	- -	- -	- -	- -	- -	1	1	1	35	38	40	40	40	41
LT Debt	16	6	20	22	27	59	61	54	57	365	363	354	330	307	291
Total Debt/EBITDA	1.59	0.24	0.55	0.49	0.51	1.14	1.3	1.16	1.24	6.62	6.82	6.65	5.92	4.35	3.5
Net Debt/EBITDA	1.57	-0.7	-0.23	-0.11	-0.05	0.45	0.46	0.08	-0.01	-0.47	- -	0.06	-0.17	-0.11	-0.18
Total Debt/EBIT	2.91	0.41	0.89	0.78	0.85	2.25	3.45	3.14	3.21	13.66	13.73	12.58	10.99	7.12	5.27
Net Debt/EBIT	2.86	-1.2	-0.36	-0.18	-0.09	0.89	1.22	0.22	-0.03	-0.97	- -	0.12	-0.32	-0.18	-0.27
EBITDA to Interest Expense	25.61	42.58	16.55	18.12	17.97	17.05	12.5	10.25	9.51	29.53	25.93	24.95	18.97	19.07	30.97
EBITDA-CapEx/Interest Expense	-4.95	-1.89	-1.79	3.49	5.69	-0.61	1.63	5.05	2.9	15.09	13.47	11.69	7.42	9.81	20.72
EBIT to Interest Expense	14.01	24.94	10.3	11.23	10.84	8.66	4.72	3.8	3.66	14.3	12.88	13.19	10.21	11.66	20.58
Interest Expense	1	1	2	2	3	3	4	5	5	2	2	2	3	4	3
Common Equity/Total Assets	17.24	16.14	19.28	23.44	25.87	25.5	26.29	29.81	30.86	17.06	13.04	14.74	16.72	17.38	22.28
Long-Term Debt/Equity (%)	98.57	7.59	23.24	22	23.62	46.44	45.77	36.53	36.43	210.99	254.52	226.98	193.1	175.96	137.23
Long-Term Debt/Capital (%)	37.06	21.22	38.79	32.81	30.95	44.82	43.55	36.75	35.92	70.7	74.6	72.01	68.43	66.59	60.55
Long-Term Debt/Total Assets (%)	19.89	4.41	12.29	11.51	11.66	20.85	20.42	17.45	17.48	53.56	55.46	53.33	49.3	46.78	43.47
Total Debt/Equity (%)	171.01	7.96	23.45	22.23	23.9	46.82	46.17	37.03	37.1	231.21	281.31	252.47	216.68	198.85	156.32
Total Debt/Capital (%)	64.28	22.27	39.13	33.16	31.33	45.19	43.94	37.25	36.57	77.48	82.45	80.1	76.79	75.26	68.97
Total Debt/Total Assets (%)	34.51	4.62	12.4	11.63	11.8	21.02	20.61	17.69	17.8	58.69	61.29	59.32	55.32	52.86	49.52
Net Debt to Equity	168.64	-23.32	-9.62	-5.17	-2.52	18.47	16.34	2.59	-0.33	-16.49	0.01	2.34	-6.24	-5.09	-8.06
Net Debt/Capital (%)	63.96	-193.42	-19.13	-8.36	-3.42	18.39	16.3	2.78	-0.34	-5.85	- -	0.76	-2.3	-1.96	-3.69
EBITDA	17	24	36	45	54	52	47	47	47	60	59	59	63	80	95
EBITDA-CapEx	-3	-1	-4	9	17	-2	6	23	14	31	31	28	24	41	63
Operating Income (Loss)	9	14	22	28	32	26	18	17	18	29	29	31	34	49	63

Liquidity (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Cash Ratio	0.01	0.53	0.24	0.1	0.04	0.06	0.09	0.12	0.07	0.22	0.18	0.09	0.12	0.05	0.11
Current Ratio	1.03	1.73	1.56	1.35	1.18	1.46	1.51	1.39	1.38	1.11	1.01	1.02	0.99	0.9	1.06
Quick Ratio	0.12	0.58	0.3	0.15	0.08	0.12	0.16	0.18	0.14	0.29	0.24	0.16	0.19	0.13	0.18
CFO/Avg Current Liab	0.57	0.74	0.71	0.72	0.68	0.42	0.59	0.57	0.46	0.63	0.41	0.29	0.44	0.46	0.34
Common Equity/Total Assets	17.24	16.14	19.28	23.44	25.87	25.5	26.29	29.81	30.86	17.06	13.04	14.74	16.72	17.38	22.28
Long-Term Debt/Equity (%)	98.57	7.59	23.24	22	23.62	46.44	45.77	36.53	36.43	210.99	254.52	226.98	193.1	175.96	137.23
Long-Term Debt/Capital (%)	37.06	21.22	38.79	32.81	30.95	44.82	43.55	36.75	35.92	70.7	74.6	72.01	68.43	66.59	60.55
Long-Term Debt/Total Assets (%)	19.89	4.41	12.29	11.51	11.66	20.85	20.42	17.45	17.48	53.56	55.46	53.33	49.3	46.78	43.47
Total Debt/Equity (%)	171.01	7.96	23.45	22.23	23.9	46.82	46.17	37.03	37.1	231.21	281.31	252.47	216.68	198.85	156.32
Total Debt/Capital (%)	64.28	22.27	39.13	33.16	31.33	45.19	43.94	37.25	36.57	77.48	82.45	80.1	76.79	75.26	68.97
Total Debt/Total Assets (%)	34.51	4.62	12.4	11.63	11.8	21.02	20.61	17.69	17.8	58.69	61.29	59.32	55.32	52.86	49.52
CFO/Total Liabilities	26.58	47.81	34.12	35.23	34.62	18.54	24.59	26.73	21.96	13.07	10.52	7.82	12.96	15.33	12.07
CFO/CapEx	0.82	1	0.65	0.87	1.12	0.54	0.99	1.81	1.14	2.25	1.9	1.26	1.7	1.91	1.76
Altman's Z-Score	4.05	9.22	10.68	6.13	6.23	4.33	3.79	4.97	4.38	2.22	2.28	2.34	2.5	3.24	3.89

Working Capital (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Accounts Receivable Turnover	122.1	168.46	202.38	229.02	264.58	223.15	178.7	176.92	184.46	152.72	124.12	114.79	107.13	106.09	108.3
Days Sales Outstanding	2.99	2.17	1.8	1.59	1.38	1.64	2.04	2.06	1.98	2.39	2.94	3.18	3.41	3.44	3.37
Inventory Turnover	6.76	7.05	7.35	7.11	6.65	6.25	6.19	6.64	6.98	7.68	7.61	7.32	6.98	7.31	7.36
Days Inventory Outstanding	54	51.8	49.69	51.34	54.93	58.38	58.99	54.98	52.27	47.54	47.99	49.84	52.27	49.94	49.62
Accounts Payable Turnover	13.15	11.64	11.39	12.18	10.96	9.96	10.21	10.58	10.73	11.45	11.06	11.38	10.78	10.39	11.16
Accounts Payable Turnover Days	27.76	31.37	32.05	29.97	33.29	36.66	35.75	34.49	34.01	31.87	33	32.07	33.86	35.14	32.7
Cash Conversion Cycle	29.23	22.6	19.43	22.96	23.01	23.36	25.29	22.55	20.23	18.06	17.93	20.95	21.82	18.25	20.28
Inventory to Cash Days	-51.02	-49.64	-47.88	-49.75	-53.55	-56.75	-56.95	-52.92	-50.29	-45.15	-45.05	-46.66	-48.86	-46.5	-46.25
Inventories	30	38	45	58	75	86	94	94	96	100	101	114	119	121	133
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	38	45	58	75	86	94	94	96	100	101	114	119	121	133
Other Inventory	30	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Market Capitalization	- -	499	889	366	510	251	125	378	224	222	253	245	293	676	917
- Cash & Cash Equivalents	- -	17	8	5	3	4	7	9	6	29	24	12	18	9	17
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	27	6	20	22	28	59	62	54	58	400	402	393	370	347	332
Enterprise Value	28	487	900	383	535	306	181	423	276	593	631	626	645	1,014	1,232
Total Capital	42	26	51	66	88	131	141	146	159	516	487	491	482	460	481
Total Debt/Capital (%)	64.28	22.27	39.13	33.16	31.33	45.19	43.94	37.25	36.57	77.48	82.45	80.1	76.79	75.26	68.97
Total Debt / EV	0.96	0.01	0.02	0.06	0.05	0.19	0.34	0.13	0.21	0.67	0.64	0.63	0.57	0.34	0.27
EV/Sales	0.11	1.45	2.09	0.73	0.86	0.43	0.23	0.5	0.31	0.57	0.6	0.57	0.57	0.82	0.93
EV/EBITDA	1.66	20.14	25.11	8.46	9.95	5.9	3.81	9.04	5.86	9.81	10.72	10.58	10.31	12.73	12.99
EV/EBIT	3.03	34.38	40.32	13.65	16.49	11.62	10.09	24.39	15.23	20.26	21.59	20.02	19.16	20.82	19.55
EV/Cash Flow to Firm	1.65	19.05	33.24	11.49	12.47	9.93	4.16	8.74	6.68	8.72	11.34	15.08	9.59	13.15	21.35
EV/Free Cash Flow to Firm	0.75	9.58	13.48	5.48	6.72	3.62	2.13	5.86	3.73	6.08	7.52	8.58	6.12	8.76	13.83
Diluted Market Cap	- -	501	891	366	511	251	125	379	225	223	255	246	295	685	930
Diluted Enterprise Value	28	490	903	383	535	306	181	423	277	594	633	628	647	1,023	1,245
EV per Share	1.27	21.77	40.17	17.03	23.79	13.62	8.04	18.9	12.31	26.37	27.94	27.61	28.39	44.51	53.73
TTM Sales	265	336	431	521	625	705	769	849	904	1,037	1,056	1,090	1,141	1,242	1,331
TTM EBITDA	17	24	36	45	54	52	47	47	47	60	59	59	63	80	95
TTM Operating Income	9	14	22	28	32	26	18	17	18	29	29	31	34	49	63
TTM Cash Flow to Firm	17	26	27	33	43	31	43	48	41	68	56	42	67	77	58
TTM Free Cash Flow to Firm	38	51	67	70	80	85	85	72	74	98	84	73	105	116	89

Multiples (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Price/Free Cash Flow	- -	9.94	13.62	5.36	6.57	3.04	1.53	5.69	3.21	2.32	3.1	3.46	2.87	6.1	10.73
EV/EBIT	3.03	34.38	40.32	13.65	16.49	11.62	10.09	24.39	15.23	20.26	21.59	20.02	19.16	20.82	19.55
Enterprise Value	28	487	900	383	535	306	181	423	276	593	631	626	645	1,014	1,232
Low Price	- -	17.2	17.45	16.01	15.89	10.63	5.41	4.79	8.5	5.41	9.8	10.5	8	11.93	24.99
EV/Sales	0.11	1.45	2.09	0.73	0.86	0.43	0.23	0.5	0.31	0.57	0.6	0.57	0.57	0.82	0.93
EV/EBITDA	1.66	20.14	25.11	8.46	9.95	5.9	3.81	9.04	5.86	9.81	10.72	10.58	10.31	12.73	12.99
Price/Earnings	- -	75.1	84.27	27.15	31.49	21.88	18.18	29.83	23.79	11.09	12.32	11.45	12.62	19.93	19.75
Price/Earnings Average	- -	68.48	55.92	52.74	34.25	33.97	32.82	17.92	31.62	12.11	14.48	16.63	10.97	12.62	19.88
Price/Earnings High	- -	78.4	90.98	74.37	48.58	50.69	44.93	35.29	58.35	19.56	20.58	25.73	13.49	20.35	30.23
Price/Earnings Low	- -	57.87	37.04	26.7	22.05	20.84	17.63	8.46	20.24	6.08	10.76	11.14	7.82	8.01	12.34
Price/Book Value	- -	24.63	28.84	8.26	8.43	3.49	1.59	4.13	2.22	1.91	2.97	2.5	2.62	5.94	6.14
Price/Book Value Average	- -	22.45	19.14	16.04	9.17	5.41	2.87	2.48	2.95	2.08	3.49	3.64	2.28	3.76	6.18
Price/Book Value High	- -	25.71	31.14	22.62	13.01	8.08	3.93	4.88	5.44	3.36	4.96	5.62	2.8	6.06	9.4
Price/Book Value Low	- -	18.98	12.68	8.12	5.91	3.32	1.54	1.17	1.89	1.05	2.59	2.44	1.62	2.38	3.84
Price/Tangible Book Value	- -	6.93	10.63	3.73	4.64	2.07	0.98	2.68	1.51	1.36	1.94	1.73	1.87	4.21	4.69
Price/Tangible Book Value Average	- -	6.32	7.06	7.25	5.05	3.22	1.76	1.61	2.01	1.49	2.28	2.51	1.63	2.67	4.72
Price/Tangible Book Value High	- -	7.24	11.48	10.23	7.16	4.8	2.41	3.17	3.71	2.41	3.23	3.88	2	4.3	7.18
Price/Tangible Book Value Low	- -	5.34	4.67	3.67	3.25	1.97	0.95	0.76	1.29	0.75	1.69	1.68	1.16	1.69	2.93
Price/Sales	- -	1.48	2.06	0.7	0.82	0.36	0.16	0.44	0.25	0.21	0.24	0.22	0.26	0.54	0.69
Price/Sales Average	- -	1.35	1.37	1.36	0.89	0.55	0.29	0.27	0.33	0.23	0.28	0.33	0.22	0.34	0.69
Price/Sales High	- -	1.55	2.23	1.92	1.26	0.82	0.4	0.53	0.61	0.38	0.4	0.5	0.27	0.56	1.06
Price/Sales Low	- -	1.14	0.91	0.69	0.57	0.34	0.16	0.13	0.21	0.12	0.21	0.22	0.16	0.22	0.43
Price/Cash Flow	- -	19.81	34.58	11.52	12.45	8.71	3.07	8.81	5.99	3.34	4.7	6.16	4.54	9.17	16.59
Price/Cash Flow Average	- -	18.07	22.95	22.38	13.54	13.52	5.54	5.29	7.96	3.64	5.53	8.95	3.95	5.81	16.7
Price/Cash Flow High	- -	20.68	37.33	31.56	19.2	20.17	7.58	10.42	14.7	5.88	7.86	13.85	4.85	9.36	25.39
Price/Cash Flow Low	- -	15.27	15.2	11.33	8.72	8.29	2.97	2.5	5.1	1.83	4.11	6	2.81	3.68	10.36
Price/Free Cash Flow Average	- -	9.06	9.04	10.41	7.14	4.72	2.76	3.41	4.27	2.53	3.65	5.03	2.49	3.86	10.8
Price/Free Cash Flow High	- -	10.37	14.7	14.69	10.13	7.04	3.77	6.73	7.88	4.09	5.18	7.78	3.07	6.22	16.42
Price/Free Cash Flow Low	- -	7.66	5.99	5.27	4.6	2.9	1.48	1.61	2.73	1.27	2.71	3.37	1.78	2.45	6.7
EV/Sales Average	0.11	1.32	1.4	1.4	0.93	0.63	0.37	0.32	0.39	0.59	0.64	0.68	0.53	0.62	0.93
EV/Sales High	0.11	1.52	2.26	1.96	1.3	0.9	0.47	0.58	0.67	0.74	0.76	0.85	0.58	0.83	1.29
EV/Sales Low	0.11	1.11	0.93	0.72	0.61	0.42	0.23	0.18	0.27	0.48	0.57	0.57	0.47	0.49	0.67
EV/EBITDA Average	1.66	18.35	16.79	16.08	10.78	8.57	5.94	5.81	7.43	10.15	11.48	12.45	9.7	9.62	13.06
EV/EBITDA High	1.66	21.08	27.11	22.52	15.09	12.27	7.7	10.52	12.77	12.61	13.61	15.73	10.63	12.91	18.12
EV/EBITDA Low	1.66	15.44	11.23	8.32	7.1	5.67	3.73	3.25	5.15	8.16	10.18	10.47	8.53	7.65	9.36
EV/EBIT Average	3.03	31.33	26.96	25.96	17.86	16.88	15.73	15.69	19.3	20.96	23.11	23.57	18.02	15.73	19.65
EV/EBIT High	3.03	35.98	43.54	36.36	25.02	24.15	20.39	28.38	33.18	26.05	27.4	29.78	19.76	21.11	27.27
EV/EBIT Low	3.03	26.35	18.04	13.44	11.77	11.16	9.88	8.78	13.39	16.84	20.49	19.81	15.85	12.51	14.09
Last Price	- -	22.32	39.7	16.28	22.69	11.16	5.58	16.89	9.99	9.86	11.22	10.79	12.91	29.69	40
High Price	- -	23.3	42.86	44.6	35	25.85	13.79	19.98	24.5	17.39	18.75	24.25	13.8	30.32	61.22
Enterprise Value Average	28	444	602	727	580	445	281	272	350	614	676	737	607	766	1,238
Enterprise Value High	28	510	972	1,019	812	637	365	492	601	763	801	931	665	1,028	1,719
Enterprise Value Low	28	373	403	377	382	294	177	152	243	493	599	619	534	609	888

Shares Outstanding	22	22	22	22	22	22	22	22	22	23	23	23	23	23	23
Diluted Weighted Avg Shares	22	22	22	22	23	23	22	22	23	23	23	23	23	23	23
Basic Weighted Avg Shares	22	22	22	22	22	22	22	22	22	23	23	23	23	23	23
Revenue per Share	11.82	15.04	19.23	23.18	27.78	31.37	34.25	37.97	40.29	46.08	46.72	48.07	50.19	54.52	58.02
EBITDA per Share	0.77	1.08	1.6	2.01	2.39	2.31	2.11	2.09	2.1	2.69	2.61	2.61	2.75	3.5	4.14
Operating Income per Share	0.42	0.63	1	1.25	1.44	1.17	0.8	0.77	0.81	1.3	1.29	1.38	1.48	2.14	2.75
Basic EPS, GAAP	0.16	0.3	0.47	0.6	0.72	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
Basic EPS from Cont Ops	0.21	0.33	0.47	0.6	0.72	0.51	0.31	0.57	0.42	0.89	0.91	0.94	1.02	1.49	2.02
Diluted EPS, GAAP	0.16	0.3	0.47	0.6	0.72	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2
Diluted EPS from Cont Ops	0.21	0.33	0.47	0.6	0.72	0.51	0.31	0.56	0.42	0.89	0.91	0.94	1.02	1.47	2
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.28	2.28	0.4	0.4	1.4	0.48
Cash Flow per Share	0.75	1.13	1.15	1.41	1.82	1.28	1.82	1.92	1.67	2.96	2.38	1.75	2.84	3.24	2.41
Free Cash Flow per Basic Share	-0.17	- -	-0.62	-0.21	0.19	-1.11	-0.02	0.86	0.21	1.64	1.13	0.36	1.17	1.54	1.04
Cash & Equivalents per Share	0.02	0.81	0.41	0.23	0.13	0.18	0.29	0.42	0.28	1.27	1.05	0.53	0.81	0.39	0.75
Book Value per Share	0.61	0.91	1.38	1.97	2.69	3.2	3.51	4.09	4.5	5.17	3.78	4.31	4.92	5	6.51
Tangible Book Value per Share	0.67	3.22	3.73	4.36	4.89	5.38	5.71	6.31	6.61	7.22	5.8	6.25	6.9	7.05	8.52

Natural Grocers by Vitamin Cottage, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)