Natural Grocers by Vitamin Cottage, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $46.4M | $33.9M | $23.2M | $21.4M | $20.6M | $20.0M | $9.4M | $12.7M |
| Depreciation & Amortization | $31.8M | $30.9M | $28.9M | $27.9M | $29.6M | $31.2M | $29.0M | $29.4M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $1.9M | $1.7M | $1.5M | $700.0K | $800.0K | $800.0K | $500.0K | $100.0K |
| Stock-Based Compensation | $4.0M | $2.8M | $1.4M | $1.2M | $877.0K | $1.1M | $1.2M | $810.0K |
| Net Cash from Operating Activities | $55.3M | $73.8M | $64.6M | $39.7M | $53.9M | $66.5M | $37.4M | $42.9M |
| Investing Activities | ||||||||
| Capital Expenditures | $31.2M | $37.5M | $36.6M | $28.0M | $26.4M | $26.8M | $30.0M | $23.7M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-31.0M | $-38.6M | $-38.0M | $-31.1M | $-27.8M | $-29.6M | $-31.9M | $-23.5M |
| Financing Activities | ||||||||
| Dividends Paid | $11.0M | $31.9M | $9.1M | $9.1M | $51.5M | $6.3M | $0 | $0 |
| Stock Repurchases | $0 | $0 | $181.0K | $0 | $0 | $0 | $0 | $581.0K |
| Net Cash from Financing Activities | $-16.1M | $-44.6M | $-20.4M | $-20.2M | $-31.0M | $-14.6M | $-8.7M | $-16.4M |
| Net Change in Cash | $8.2M | $-9.5M | $6.3M | $-11.6M | $-4.9M | $22.3M | $-3.2M | $2.9M |
| Free Cash Flow | $24.1M | $36.2M | $28.0M | $11.7M | $27.5M | $39.8M | $7.4M | $19.2M |