Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 773

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 773
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			12,483

			8,866

			5,127

The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows:

			Year ended September 30,

			2025

			2024

			2023

			Statutory tax rate

			21.0
			
			%

			21.0

			21.0

			State income taxes, net of federal income tax expense

			2.9

			2.9

			3.1

			Enhanced food deduction

			(1.3
			
			)

			(1.9
			
			)

			(3.1
			
			)

			Deferred tax liability adjustment

			0.3

			0.8

			—

			Other, net

			(1.7
			
			)

			(2.1
			
			)

			(2.9
			
			)

			Effective tax rate

			21.2
			
			%

			20.7

			18.1

Deferred taxes have been classified on the consolidated balance sheets as follows, dollars in thousands:

			As of September 30,

			2025

			2024

			Long-term assets

			$
			—

			—

			Long-term liabilities

			(7,863
			
			)

			(10,471
			
			)

			Net deferred tax liabilities

			$
			(7,863
			
			)

			(10,471
			
			)

78

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows, dollars in thousands:

			As of September 30,

			2025

			2024

			Deferred tax assets:

			Trademarks

			$
			563

			562

			Finance lease liabilities

			12,132

			11,511

			Operating lease liabilities

			68,881

			73,037

			Research and experimental expenditures

			855

			955

			Accrued paid time off

			802

			768

			Equity compensation (1)

			983

			509

			Other (1)

			791