Here are the 10-K annual reports from Natural Grocers by Vitamin Cottage, Inc (NGVC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NGVC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NGVC filings page.
Natural Grocers by Vitamin Cottage, Inc. files its annual report describing its specialty retail business in natural and organic groceries and dietary supplements for fiscal year 2025. The company operates 169 stores in 21 states using a smaller-store, education-focused format built around strict product standards and in-store Nutritional Health Coaches. Its strategy centers on expanding the store base, increasing sales from existing customers through the {N}power rewards program, targeted marketing and home delivery, and improving operating margins via scale and technology investments.
As of September 30, 2025, Natural Grocers employed 3,455 full-time and 795 part-time Crew members and had about 2.7 million registered {N}power members. In fiscal 2025 it opened two new stores and plans to open six to eight new stores in fiscal 2026 while targeting annual unit growth of 4%–5%. Key risks highlighted include intense competition, changing consumer preferences, macroeconomic pressures such as inflation, supply chain and construction cost volatility, and an evolving regulatory landscape for food and dietary supplements.