# Natural Grocers by Vitamin Cottage, Inc. (NGVC) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Natural Grocers by Vitamin Cottage, Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/NGVC/mda/fy2025/): filed 2025-12-11; accession 0001437749-25-037556 (https://www.sec.gov/Archives/edgar/data/1547459/000143774925037556/ngvc20250930_10k.htm); latest 10-K
- [FY 2024 MD&A](/company/NGVC/mda/fy2024/): filed 2024-12-12; accession 0001437749-24-037351 (https://www.sec.gov/Archives/edgar/data/1547459/000143774924037351/ngvc20240930_10k.htm)
- [FY 2023 MD&A](/company/NGVC/mda/fy2023/): filed 2023-12-07; accession 0001437749-23-033880 (https://www.sec.gov/Archives/edgar/data/1547459/000143774923033880/ngvc20230930_10k.htm)
- [FY 2022 MD&A](/company/NGVC/mda/fy2022/): filed 2022-12-08; accession 0001437749-22-028744 (https://www.sec.gov/Archives/edgar/data/1547459/000143774922028744/ngvc20220930_10k.htm)
- [FY 2021 MD&A](/company/NGVC/mda/fy2021/): filed 2021-12-09; accession 0001437749-21-028226 (https://www.sec.gov/Archives/edgar/data/1547459/000143774921028226/ngvc20210930_10k.htm)

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