Natural Grocers by Vitamin Cott — Earnings Quality Grade F
NGVC · Consumer Defensive
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 3 days, change -0 days YoY
AR growth -5.1% vs revenue growth 7.2%
Revenue 7.2%, CFFO -25.0%. Cash follows revenue
Expense Quality
Inventory 10.2% vs COGS 6.4%. Normal
CapEx growth -18.9% vs revenue 7.2%. Normal
SG&A/Gross Profit = 10.4%, excellent (<30%)
Gross margin 29.9%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.19. Profits backed by cash
FCF $0.0B, FCF/NI = 0.52
Accruals ratio = -1.3%. Low accruals
Cash $0.0B covers only 5% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 8% of equity. Manageable
Debt/EBITDA = 3.5x. Healthy
Other assets 0.0% vs revenue 7.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 24% YoY. Normal
Manipulation Score
M-Score = -2.50 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25