Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 147

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1B
Chunk 147
---
 because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Denver, Colorado
December 11, 2025

58

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Balance Sheets

(Dollars in thousands, except per share data)

			September 30,

			2025

			2024

			Assets

			Current assets:

			Cash and cash equivalents

			$
			17,116

			8,871

			Accounts receivable, net

			11,966

			12,610

			Merchandise inventory

			132,968

			120,672

			Prepaid expenses and other current assets

			6,025

			4,905

			Total current assets

			168,075

			147,058

			Property and equipment, net

			182,741

			178,609

			Other assets:

			Operating lease assets, net

			259,586

			275,111

			Finance lease assets, net

			42,895

			40,752

			Other assets

			5,452

			458

			Goodwill and other intangible assets, net

			11,755

			13,488

			Total other assets

			319,688

			329,809

			Total assets

			$
			670,504

			655,476

			Liabilities and Stockholders’ Equity

			Current liabilities:

			Accounts payable

			$
			80,991

			88,397

			Accrued expenses

			37,236

			35,847

			Operating lease obligations, current portion

			36,495

			35,926

			Finance lease obligations, current portion

			4,061

			3,960

			Total current liabilities

			158,783

			164,130

			Long-term liabilities:

			Operating lease obligations, net of current portion

			245,803

			263,404

			Finance lease obligations, net of current portion

			45,660

			43,217

			Deferred