NGVC · CIK 0001547459
What Natural Grocers by Vitamin Cottage, Inc. told the SEC could break it.
Natural Grocers' sharpest disclosed risk is supplier dependence: UNFI is its single largest third-party supplier, accounting for about 69% of products, so a disruption to UNFI or that relationship would materially impair its ability to stock its stores. Its footprint is geographically concentrated too — of 169 stores across 21 states, the largest cluster (45) is in Colorado, and it runs a single 150,000-square-foot bulk-repackaging and distribution center in Golden, Colorado, concentrating both retail and logistics in one state. As a natural-and-organic retailer it relies on foreign suppliers for certain products, exposing it to U.S. tariffs on China, Mexico and Canada, and its model depends on the continued availability of USDA-certified-organic products across its supply base.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- tariffs on foreign-sourced products (China/Mexico/Canada)medium
The company relies on foreign suppliers for certain products and is exposed to U.S. tariffs on China/Mexico/Canada imports and retaliatory measures, which could raise costs.
“We rely on foreign suppliers to source certain of the products that we sell. The United States has recently imposed, or proposed, tariffs on a broad range of foreign-sourced products and materials including tariffs on products imported from China, Mexico and Canada.”
- USDA organic (NOP) certification dependencelow
The business model depends on the availability of USDA-certified-organic products; loss of NOP certifications across its supply base would reduce the organic products it can sell.
“The loss of any certifications could reduce the availability of organic products that we can sell in our stores and harm our business.”
SEC filing →As of 2025
Supplier concentration
- UNFI — single largest supplier (~69% of products)high
UNFI is Natural Grocers' single largest third-party supplier at ~69% of products; a disruption to UNFI or that relationship would materially impair the company's ability to stock its stores.
“Disruptions affecting our significant suppliers, or our relationships with such suppliers, could negatively affect our business. UNFI is our single largest third-party supplier, accounting for approximately 69%”
SEC filing →As of 2025
Geographic concentration
- Colorado store concentration & single Golden, CO distribution centermedium
Of 169 stores in 21 states, the largest cluster (45) is in Colorado, and the company operates a single 150,000 sq ft bulk-repackaging and distribution center in Golden, Colorado — concentrating both retail and logistics in one state.
“We lease a 150,000 square foot bulk food repackaging facility and distribution center located in Golden, Colorado.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Disruptions affecting our significant suppliers, or our relationships with such suppliers, could negatively affect our business. UNFI is our single largest third-party supplier, accounting for approximately 69%”
Cited →
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