The five-year chart below is instructive for what's going on with WFM and the market it competes in. We can clearly see that the share price has moved in lock-step with the trailing 12-month revenue-per-share growth.
WFM data by YCharts
Natural Grocers, which sells only food that doesn't contain artificial ingredients such as colors, sweeteners, flavors, preservatives, hydrogenated oils or produce grown with synthetic pesticides, is growing steadily. NGVC is capitalizing on the growing awareness of the benefits of eating natural and organic foods. It's expanded into 13 states with over 65 stores.
When it comes to the claim of only selling all-natural or organic foods, WFM can't quite make the same assertion. That advantage, plus NGVC's continuing execution of its growth expansion, speaks to the stock's forward PE ratio being slightly above 36.
The chart below gives us a better view of NGVC's share price since it went public in July 2012. Not a bad start for being public less than a year. It will report its most recent earnings April 30.
NGVC data by YCharts
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