Natural Grocers by Vitamin Cottage, Inc. (NGVC)

Retail-Grocery Stores

Latest Price

$28.86

TTM P/E

14.01

Normalized P/E

19.74

Div Yield

Book Value

10.40

P/B Ratio

2.78

Valuation metrics

EPS: $2.00

Book value / share: $9.25

Formula: √(22.5 × EPS × BVPS)

Graham Number

$20.41

29% downside

Norm. op. income: $30M (median of 7yr)

Tax rate: 21%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$11.12

61% downside

Base FCF: $28M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$21.20

27% downside

EPS: $2.00

Target P/E: 20×

Formula: EPS × P/E

P/E Fair Value

$40.00

+39% upside

40.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	991.8K	$30.0M	4.30%	+65.5K	2026-06-30
AMERICAN CENTURY COMPANIES INC	652.8K	$20.0M	2.83%	+90.7K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	651.7K	$20.0M	2.83%	+7.2K	2026-06-30
ROYCE & ASSOCIATES LP	600.3K	$18.0M	2.60%	--	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	534.6K	$16.0M	2.32%	-10.3K	2026-06-30
MORGAN STANLEY	472.2K	$14.0M	2.05%	-123.7K	2026-06-30
TWO SIGMA INVESTMENTS, LP	337.3K	$10.0M	1.46%	--	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	304.1K	$9.0M	1.32%	+24.7K	2026-06-30
AQR CAPITAL MANAGEMENT LLC	298.1K	$9.0M	1.29%	+113.7K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	295.8K	$9.0M	1.28%	+34.4K	2026-06-30