Natural Grocers by Vitamin Cottage Inc (NGVC) is slightly undervalued and Sprouts Farmers Market Inc (SFM) is slightly undervalued.
Against our estimates of intrinsic value, SFM trades at the wider discount: a margin of safety of +14%, against +12% for NGVC.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $79.58; the price of $68.68 is 14% below that value, and 80% of that value comes from beyond year five.
Leak Score 81/100 on 3 of 12 signals
| Metric | NGVC | SFM |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $30.08 | $68.68 |
| Intrinsic value | $34.08 | $79.58 |
| Margin of safety | +12% | +14% |
| Leak Score | 47/100 (9/12) | 81/100 (3/12) |
| Market cap | $693M | $6.4B |
| Revenue growth, 5 years | 5.1% | 6.4% |
| Operating margin | 4.7% | 7.5% |
| Net margin | 3.5% | 5.6% |
| Return on equity | 21.6% | 35.2% |
| Debt to equity | 1.35 | 1.40 |
| P/E | 14.7x | 13.2x |
| Forward P/E | 13.3x | 11.5x |
| P/B | 2.9x | 4.3x |
| Dividend yield | 1.7% | — |