Natural Grocers: A Long-Term Bullish Story With Headwinds Ahead (Rating Downgrade)

2026-03-10 08:15:16 ET

Natural Grocers by Vitamin Cottage ( NGVC ) is a differentiated play on the grocery industry with a focus on supplements and organic products. I first wrote a long thesis on NGVC back in 2019 . Since then, the company more than doubled its operating margins, and top-line growth accelerated. Its return on invested capital increased ~2x. The stock outperformed the S&P 500 by a wide margin too....

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