Natural Grocers by Vitamin Cottage, Inc. (FRA:N2V)

FRA:N2V Income Statement

Financials in millions USD. Fiscal year is October - September.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2025	Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021
Revenue	1,331	1,242	1,141	1,090	1,056
Revenue Growth (YoY)	7.19%	8.86%	4.67%	3.23%	1.80%
Cost of Revenue	881.47	826.16	763.3	735.91	715.07
Gross Profit	449.37	415.43	377.27	353.71	340.45
Selling, General & Admin	386.52	364.95	342.57	319.82	310.34
Operating Expenses	387.28	366.25	344.3	320.66	311.02
Operating Income	62.09	49.18	32.97	33.06	29.43
Interest Expense	-3.06	-4.18	-3.3	-2.37	-2.27
EBT Excluding Unusual Items	59.03	45	29.67	30.68	27.16
Asset Writedown	-0.1	-2.2	-1.3	-2.9	-1.1
Pretax Income	58.93	42.8	28.37	27.78	26.06
Income Tax Expense	12.48	8.87	5.13	6.42	5.48
Net Income	46.44	33.94	23.24	21.37	20.58
Net Income to Common	46.44	33.94	23.24	21.37	20.58
Net Income Growth	36.86%	46.00%	8.79%	3.81%	2.86%
Shares Outstanding (Basic)	23	23	23	23	23
Shares Outstanding (Diluted)	23	23	23	23	23
Shares Change (YoY)	0.74%	1.09%	0.08%	0.46%	0.59%
EPS (Basic)	2.02	1.49	1.02	0.94	0.91
EPS (Diluted)	2.00	1.47	1.02	0.94	0.91
EPS Growth	36.05%	44.12%	8.51%	3.30%	2.34%
Free Cash Flow	24.1	36.22	28.04	11.66	27.53
Free Cash Flow Per Share	1.04	1.57	1.23	0.51	1.21
Dividend Per Share	0.480	0.400	0.400	0.400	0.280
Dividend Growth	20.00%	-	-	42.86%	-
Gross Margin	33.77%	33.46%	33.08%	32.46%	32.25%
Operating Margin	4.67%	3.96%	2.89%	3.03%	2.79%
Profit Margin	3.49%	2.73%	2.04%	1.96%	1.95%
Free Cash Flow Margin	1.81%	2.92%	2.46%	1.07%	2.61%
EBITDA	95.8	81.81	63.38	61.66	59.86
EBITDA Margin	7.20%	6.59%	5.56%	5.66%	5.67%
D&A For EBITDA	33.71	32.63	30.41	28.61	30.43
EBIT	62.09	49.18	32.97	33.06	29.43
EBIT Margin	4.67%	3.96%	2.89%	3.03%	2.79%
Effective Tax Rate	21.18%	20.71%	18.07%	23.10%	21.01%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.