What is Natural Grocers by Vitamin Cottage Graham Number?
Natural Grocers by Vitamin CottageNGVC +2.29%86 Graham Number is $21.07 as of Mar. 2026, which is 1613% above its 10-year median of 1.23. GuruFocus rates NGVC with a GF Score™ of 86/100 and a GF Value™ of $27.31 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 236 Retail - Defensive companies, Natural Grocers by Vitamin Cottage ranks worse than 57.63% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
NGVC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.76 Med: 1.23 Max: 2.43
Current: 1.55
During the past 13 years, the highest Price to Graham Number ratio of Natural Grocers by Vitamin Cottage was 2.43. The lowest was 0.76. And the median was 1.23.
NGVC's Price-to-Graham-Number is ranked worse than 57.63% of 236
companies
in the Retail - Defensive industry
Industry Median: 1.3
vs NGVC: 1.55
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Natural Grocers by Vitamin Cottage (NYSE:NGVC) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Natural Grocers by Vitamin Cottage's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
32.60
/
21.07
=
1.55
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Natural Grocers by Vitamin Cottage Graham Number Related Terms
Natural Grocers by Vitamin Cottage Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Natural Grocers by Vitamin Cottage Graham Number Chart
NGVC vs YSWY, VLGEA, DNUT: Graham Number Comparison
For the Grocery Stores subindustry, Natural Grocers by Vitamin Cottage's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Natural Grocers by Vitamin Cottage Price-to-Graham-Number vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Natural Grocers by Vitamin Cottage's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Natural Grocers by Vitamin Cottage's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Natural Grocers by Vitamin Cottage (NGVC) has a Graham Number of $21.07 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Natural Grocers by Vitamin Cottage and its competitors. This is 1613% above median its historical median of 1.23. Over the past decade, Natural Grocers by Vitamin Cottage's Graham Number has ranged from 0.76 to 2.43. According to the industry distribution chart, Natural Grocers by Vitamin Cottage ranks #136 out of 236 companies in the Retail - Defensive industry, placing it in the top 57.6%.
Is Natural Grocers by Vitamin Cottage's Graham Number too high?
Natural Grocers by Vitamin Cottage's current Graham Number of $21.07 is 1613% above median its 10-year median of 1.23. Over the past 10 years, this metric has ranged from a low of 0.76 to a high of 2.43. The Retail - Defensive industry median Graham Number is 1.30. Natural Grocers by Vitamin Cottage's value of $21.07 is 1520.8% above this industry median. Based on the distribution chart, Natural Grocers by Vitamin Cottage ranks #136 out of 236 companies in the Retail - Defensive industry, which is below the industry midpoint. Overall, Natural Grocers by Vitamin Cottage has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Natural Grocers by Vitamin Cottage's Graham Number compare to YSWY and VLGEA?
According to the Retail - Defensive industry distribution chart, Natural Grocers by Vitamin Cottage ranks #136 out of 236 companies for Graham Number. This places Natural Grocers by Vitamin Cottage in the lower half of its industry. The industry median Graham Number is 1.30. Natural Grocers by Vitamin Cottage's value of $21.07 is 1520.8% above this benchmark. Historically, Natural Grocers by Vitamin Cottage's own Graham Number has ranged from 0.76 to 2.43 over the past decade. While the company's 10-year median is 1.23 vs. the industry median of 1.30, Natural Grocers by Vitamin Cottage has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Retail - Defensive company?
The median Graham Number among Retail - Defensive companies is 1.30, based on 236 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Natural Grocers by Vitamin Cottage's current Graham Number of $21.07 is 1520.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Natural Grocers by Vitamin Cottage and its competitors. For the Retail - Defensive industry, the median Graham Number is 1.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Natural Grocers by Vitamin Cottage's current Graham Number is $21.07, which is 1613% above median its own 10-year median of 1.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Natural Grocers by Vitamin Cottage stock overvalued right now?
Based on GuruFocus' analysis, Natural Grocers by Vitamin Cottage (NGVC) is currently considered Modestly Overvalued. The stock's GF Value™ is $27.31, compared to a current price of $32.60 — trading 19.4% above its estimated fair value. The current Graham Number is $21.07, which is 1613% above median its 10-year median of 1.23 and 1520.8% above the Retail - Defensive industry median of 1.30. Natural Grocers by Vitamin Cottage's overall GF Score™ is 86/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Natural Grocers by Vitamin Cottage (NGVC), the current Graham Number is $21.07 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Natural Grocers by Vitamin Cottage (NGVC) Overvalued in 2026?
Based on GuruFocus' analysis, Natural Grocers by Vitamin Cottage stock appears to be overvalued.
The current stock price of $32.60 is trading 19.4% above its estimated GF Value™ of $27.31.
GuruFocus considers Natural Grocers by Vitamin Cottage to be Modestly Overvalued.
Key valuation signals for NGVC:
Graham Number: $21.07 (1613% above median its 10-year median of 1.23)
GF Value™: $27.31 vs. price of $32.60 (19.4% above fair value)
Industry Position: 1520.8% above the Retail - Defensive median (#136 of 236)
No single metric tells the full story. See the NGVC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Natural Grocers by Vitamin Cottage Business Description
Natural Grocers by Vitamin Cottage Inc operates natural and organic grocery and dietary supplement stores. It offers the following product categories: natural and organic food, dietary supplements, natural body care, household, pet care products, books, and handouts. The Company has a single reporting segment, natural and organic retail stores, through which business is conducted. The company generates the majority of its revenue from grocery products and dietary supplements, and the rest from other products.
86GF Score
Get the complete analysis for NGVC
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