Ingles Markets Inc (IMKTA) is slightly undervalued and Natural Grocers by Vitamin Cottage Inc (NGVC) is slightly undervalued.
Against our estimates of intrinsic value, NGVC trades at the wider discount: a margin of safety of +12%, against +7% for IMKTA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $90.18; the price of $83.84 is 7% below that value, and 80% of that value comes from beyond year five.
Leak Score 37/100 on 8 of 12 signals
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $34.08; the price of $30.08 is 12% below that value, and 72% of that value comes from beyond year five.
Leak Score 47/100 on 9 of 12 signals
| Metric | IMKTA | NGVC |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $83.84 | $30.08 |
| Intrinsic value | $90.18 | $34.08 |
| Margin of safety | +7% | +12% |
| Leak Score | 37/100 (8/12) | 47/100 (9/12) |
| Market cap | $1.6B | $693M |
| Revenue growth, 5 years | 3.0% | 5.1% |
| Operating margin | 2.6% | 4.7% |
| Net margin | 1.9% | 3.5% |
| Return on equity | 6.3% | 21.6% |
| Debt to equity | 0.31 | 1.35 |
| P/E | 15.2x | 14.7x |
| Forward P/E | — | 13.3x |
| P/B | 0.9x | 2.9x |
| Dividend yield | 0.8% | 1.7% |