Natural Grocers by Vitamin CottageNGVC +2.29%86 ROC (Joel Greenblatt) % is 13.94% as of Mar. 2026, which is 96% above its 10-year median of 7.11. 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 308 Retail - Defensive companies, Natural Grocers by Vitamin Cottage ranks worse than 54.87% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Natural Grocers by Vitamin Cottage's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 13.94%.
The historical rank and industry rank for Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) % or its related term are showing as below:
NGVC'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 5.29 Med: 7.11 Max: 12.41
Current: 12.41
During the past 13 years, Natural Grocers by Vitamin Cottage's highest ROC (Joel Greenblatt) % was 12.41%. The lowest was 5.29%. And the median was 7.11%.
NGVC's ROC (Joel Greenblatt) % is ranked worse than 54.87% of 308
companies
in the Retail - Defensive industry
Industry Median: 13.375
vs NGVC: 12.41
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* 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 ROC (Joel Greenblatt) % Chart
NGVC vs YSWY, VLGEA, DNUT: ROC (Joel Greenblatt) % Comparison
For the Grocery Stores subindustry, Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) % falls into.
Natural Grocers by Vitamin Cottage ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 13.94% mean?
Natural Grocers by Vitamin Cottage (NGVC) has a ROC (Joel Greenblatt) % of 13.94% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Natural Grocers by Vitamin Cottage and its competitors. This is 96% above median its historical median of 7.11. Over the past decade, Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) % has ranged from 5.29 to 12.41. According to the industry distribution chart, Natural Grocers by Vitamin Cottage ranks #169 out of 308 companies in the Retail - Defensive industry, placing it in the top 54.9%.
Is Natural Grocers by Vitamin Cottage's ROC (Joel Greenblatt) % too high?
Natural Grocers by Vitamin Cottage's current ROC (Joel Greenblatt) % of 13.94% is 96% above median its 10-year median of 7.11. Over the past 10 years, this metric has ranged from a low of 5.29 to a high of 12.41. The Retail - Defensive industry median ROC (Joel Greenblatt) % is 13.38. Natural Grocers by Vitamin Cottage's value of 13.94% is 4.2% above this industry median. Based on the distribution chart, Natural Grocers by Vitamin Cottage ranks #169 out of 308 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 ROC (Joel Greenblatt) % compare to YSWY and VLGEA?
According to the Retail - Defensive industry distribution chart, Natural Grocers by Vitamin Cottage ranks #169 out of 308 companies for ROC (Joel Greenblatt) %. This places Natural Grocers by Vitamin Cottage in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 13.38. Natural Grocers by Vitamin Cottage's value of 13.94% is 4.2% above this benchmark. Historically, Natural Grocers by Vitamin Cottage's own ROC (Joel Greenblatt) % has ranged from 5.29 to 12.41 over the past decade. While the company's 10-year median is 7.11 vs. the industry median of 13.38, 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 ROC (Joel Greenblatt) % for a Retail - Defensive company?
The median ROC (Joel Greenblatt) % among Retail - Defensive companies is 13.38, based on 308 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Natural Grocers by Vitamin Cottage's current ROC (Joel Greenblatt) % of 13.94% is 4.2% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Natural Grocers by Vitamin Cottage and its competitors. For the Retail - Defensive industry, the median ROC (Joel Greenblatt) % is 13.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Natural Grocers by Vitamin Cottage's current ROC (Joel Greenblatt) % is 13.94%, which is 96% above median its own 10-year median of 7.11. 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 ROC (Joel Greenblatt) % is 13.94%, which is 96% above median its 10-year median of 7.11 and 4.2% above the Retail - Defensive industry median of 13.38. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Natural Grocers by Vitamin Cottage (NGVC), the current ROC (Joel Greenblatt) % is 13.94% 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:
ROC (Joel Greenblatt) %: 13.94% (96% above median its 10-year median of 7.11)
GF Value™: $27.31 vs. price of $32.60 (19.4% above fair value)
Industry Position: 4.2% above the Retail - Defensive median (#169 of 308)
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
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