# Glanbia (GL9.IR)

Canonical: https://gigainvestors.com/s/GL9.IR

Analysis as of: 2026-10-16T07:37:14.876Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 20.54 per share; close as of 2026-10-15.

Estimated value: low EUR 9.92 per share, central EUR 11.14 per share, high EUR 12.76 per share. Buy at or below the central value EUR 11.14 per share. Valuation as of 2026-10-16T07:37:14.876Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 7.8%

- Typical minus recent gross margin: -3.1 pp

- Typical gross margin (annual median): 23.8%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.4%

- FY2017: 15.9%

- FY2018: 13.0%

- FY2019: 9.2%

- FY2020: 6.6%

- FY2021: 7.8%

- FY2022: 12.2%

- FY2023: 19.6%

- FY2024: 10.4%

- FY2025: 12.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: 45.2%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 12.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.21×

- FY2023: 1.15×

- FY2024: 1.29×

- FY2025: 1.23×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.9% vs 12.7%

- Per-share earnings: 0.72 to 0.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.9%

- Ordinary dilution, 5-year annual growth: -3.9%

- Market cap gain: -$1.2B

- Cumulative retained earnings: $834M

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.6%

- Per-share value change: $0.04

- Per-share value, starting three-year median: $0.72

- Per-share value, ending three-year median: $0.76

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $764M

- Cumulative net income, 10 years: $2.2B

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.72

- FY2017: $1.12

- FY2018: $0.80

- FY2019: $0.61

- FY2020: $0.49

- FY2021: $0.57

- FY2022: $1.00

- FY2023: $1.31

- FY2024: $0.62

- FY2025: $0.76

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: 9.6%

- FY2018: -1.3%

- FY2019: -0.9%

- FY2020: -4.4%

- FY2021: -2.3%

- FY2022: -0.6%

- FY2023: -2.2%

- FY2024: -7.2%

- FY2025: -4.7%

## Holders

## Price story

Price needs cash profits to grow 9.2% a year for ten years · "Glanbia Stock More Than Doubles as Protein Demand May Rise 37%" (finance.yahoo.com, Jun 2026) · sales +2.8%

Story as of 2026-10-16T10:00:08.878Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

- 2026-06-17: Glanbia Stock More Than Doubles as Protein Demand May Rise 37% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/glanbia-stock-more-doubles-protein-165323456.html))

### Sales · FY2024–2025

sales +2.8%; source https://filings.xbrl.org/635400SRMCBHVMSKJS84/2026-01-03/ESEF/GB/0/635400SRMCBHVMSKJS84-2026-01-03/reports/635400SRMCBHVMSKJS84-2026-01-03-T01.xhtml; observed 2026-03-18.

- FY2016: $2.8B 

- FY2017: $2.4B 

- FY2018: $2.4B 

- FY2019: $3.9B 

- FY2020: $3.8B 

- FY2021: $4.2B 

- FY2022: $6.1B 

- FY2023: $5.4B 

- FY2024: $3.8B 

- FY2025: $3.9B 

### Gross margin · FY2025

gross margin 26.9%; source https://filings.xbrl.org/635400SRMCBHVMSKJS84/2026-01-03/ESEF/GB/0/635400SRMCBHVMSKJS84-2026-01-03/reports/635400SRMCBHVMSKJS84-2026-01-03-T01.xhtml; observed 2026-03-18.

- FY2016: 27.4% 

- FY2017: 27.0% 

- FY2018: 28.5% 

- FY2019: 19.6% 

- FY2020: 17.7% 

- FY2021: 19.8% 

- FY2022: 16.9% 

- FY2023: 20.7% 

- FY2024: 30.4% 

- FY2025: 26.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 3.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2025: revenue 3946400000; grossProfit 1061400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GL9.IR: Glanbia plc, together with its subsidiaries, operates as a nutrition company worldwide. The company offers sports nutrition and lifestyle nutrition products in various formats, such as powders, capsules, tablets, ready-to-eat bars, and ready-to-drink beverage. It also manufactures and sells cheese, dairy, and non-dairy nutritional and functional ingredients; and vitamin and mineral premixes products. In addition, the company engages in the financing business; property and land dealing business; property leasing; provision of business services and management solutions; and bioactive solutions. It offers its products under the Optimum Nutrition, BSN, Isopure, Nutramino, think!, Amazing Grass brands. The company sells its products through specialty retail, online, gym, and food, drug, mass, and club channels. Glanbia plc was founded in 1964 and is headquartered in Kilkenny, Ireland.

### Why customers stay

Margins ranged from 20.7% to 30.4% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 20.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.1642815445617746],[2017,0.15903044634939403],[2018,0.12971391779357846],[2019,0.09186341118418842],[2020,0.06648242394052811],[2021,0.07778537531891758],[2022,0.12181117198072902],[2023,0.1957800489109331],[2024,0.10386082358235824],[2025,0.12748837209302324]]; median 0.12464977203687613. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

This was driven by a 2.0% increase in volume and a 0.8% increase in price.

- Source: https://filings.xbrl.org/635400SRMCBHVMSKJS84/2026-01-03/ESEF/GB/0/635400SRMCBHVMSKJS84-2026-01-03/reports/635400SRMCBHVMSKJS84-2026-01-03-T01.xhtml (filed 2026-03-18); Performance Nutrition delivered like-for-like revenue growth of 2.8% in 2025. This was driven by a 2.0% increase in volume and a 0.8% increase in price. The volume increase was largely driven by good growth in online and food, drug, mass (“FDM”) channels, somewhat offset by challenges in the US club and speciality channels and declines in non-core brands which have now been disposed of.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 248.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 89482000; owner earnings 212264000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 72500000; owner earnings 369200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 62600000; owner earnings 260300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 76300000; owner earnings 212900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 64200000; owner earnings 182360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 77500000; owner earnings 192500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 68900000; owner earnings 335544015.49. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 74200000; owner earnings 397320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 87100000; owner earnings 212620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2025: growth capex 0; upkeep 84800000; owner earnings 225600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,39084388.54],[2017,49187801.43],[2018,86936627.77],[2019,85325799.86],[2020,95388349.51],[2021,91143769.39],[2022,88900000],[2023,97200000],[2024,104400000],[2025,117800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2025: cash repurchases 248800000 USD.

### Are managers owners

Insiders own 14.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GL9.IR SharesStats.PercentInsiders = 14.366999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years; actual growth was 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.11925877578240957. Price 20.54; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5922397506535084 → FY2025 0.9303874155468248. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 14.84 per share

- 2016-11: EUR 15.99 per share

- 2016-12: EUR 15.78 per share

- 2017-01: EUR 15.65 per share

- 2017-02: EUR 18.48 per share

- 2017-03: EUR 18.11 per share

- 2017-04: EUR 17.92 per share

- 2017-05: EUR 18.10 per share

- 2017-06: EUR 17.13 per share

- 2017-07: EUR 17.50 per share

- 2017-08: EUR 15.71 per share

- 2017-09: EUR 15.95 per share

- 2017-10: EUR 16.59 per share

- 2017-11: EUR 15.65 per share

- 2017-12: EUR 14.90 per share

- 2018-01: EUR 13.77 per share

- 2018-02: EUR 14.58 per share

- 2018-03: EUR 14.00 per share

- 2018-04: EUR 14.00 per share

- 2018-05: EUR 15.84 per share

- 2018-06: EUR 15.90 per share

- 2018-07: EUR 14.07 per share

- 2018-08: EUR 14.53 per share

- 2018-09: EUR 14.84 per share

- 2018-10: EUR 15.62 per share

- 2018-11: EUR 15.85 per share

- 2018-12: EUR 16.40 per share

- 2019-01: EUR 16.70 per share

- 2019-02: EUR 17.83 per share

- 2019-03: EUR 17.44 per share

- 2019-04: EUR 16.39 per share

- 2019-05: EUR 14.91 per share

- 2019-06: EUR 14.30 per share

- 2019-07: EUR 11.80 per share

- 2019-08: EUR 9.98 per share

- 2019-09: EUR 11.40 per share

- 2019-10: EUR 9.99 per share

- 2019-11: EUR 10.56 per share

- 2019-12: EUR 10.26 per share

- 2020-01: EUR 10.53 per share

- 2020-02: EUR 10.55 per share

- 2020-03: EUR 9.87 per share

- 2020-04: EUR 9.68 per share

- 2020-05: EUR 9.82 per share

- 2020-06: EUR 10.08 per share

- 2020-07: EUR 10.27 per share

- 2020-08: EUR 9.65 per share

- 2020-09: EUR 8.81 per share

- 2020-10: EUR 8.16 per share

- 2020-11: EUR 10.30 per share

- 2020-12: EUR 10.38 per share

- 2021-01: EUR 10.18 per share

- 2021-02: EUR 10.75 per share

- 2021-03: EUR 12.71 per share

- 2021-04: EUR 12.24 per share

- 2021-05: EUR 13.70 per share

- 2021-06: EUR 13.69 per share

- 2021-07: EUR 14.49 per share

- 2021-08: EUR 15.11 per share

- 2021-09: EUR 14.24 per share

- 2021-10: EUR 14.13 per share

- 2021-11: EUR 11.41 per share

- 2021-12: EUR 12.30 per share

- 2022-01: EUR 12.21 per share

- 2022-02: EUR 12.52 per share

- 2022-03: EUR 10.49 per share

- 2022-04: EUR 11.38 per share

- 2022-05: EUR 10.83 per share

- 2022-06: EUR 10.33 per share

- 2022-07: EUR 11.50 per share

- 2022-08: EUR 12.67 per share

- 2022-09: EUR 11.78 per share

- 2022-10: EUR 11.69 per share

- 2022-11: EUR 11.58 per share

- 2022-12: EUR 11.92 per share

- 2023-01: EUR 11.20 per share

- 2023-02: EUR 11.71 per share

- 2023-03: EUR 13.36 per share

- 2023-04: EUR 13.75 per share

- 2023-05: EUR 13.53 per share

- 2023-06: EUR 13.70 per share

- 2023-07: EUR 14.11 per share

- 2023-08: EUR 15.34 per share

- 2023-09: EUR 15.61 per share

- 2023-10: EUR 14.88 per share

- 2023-11: EUR 15.48 per share

- 2023-12: EUR 14.91 per share

- 2024-01: EUR 16.54 per share

- 2024-02: EUR 16.74 per share

- 2024-03: EUR 18.28 per share

- 2024-04: EUR 17.84 per share

- 2024-05: EUR 18.81 per share

- 2024-06: EUR 18.20 per share

- 2024-07: EUR 18.49 per share

- 2024-08: EUR 16.00 per share

- 2024-09: EUR 15.81 per share

- 2024-10: EUR 15.25 per share

- 2024-11: EUR 14.62 per share

- 2024-12: EUR 13.33 per share

- 2025-01: EUR 14.12 per share

- 2025-02: EUR 11.08 per share

- 2025-03: EUR 10.17 per share

- 2025-04: EUR 11.40 per share

- 2025-05: EUR 12.80 per share

- 2025-06: EUR 12.50 per share

- 2025-07: EUR 12.75 per share

- 2025-08: EUR 14.22 per share

- 2025-09: EUR 14.01 per share

- 2025-10: EUR 14.68 per share

- 2025-11: EUR 14.79 per share

- 2025-12: EUR 14.59 per share

- 2026-01: EUR 16.23 per share

- 2026-02: EUR 17.50 per share

- 2026-03: EUR 16.95 per share

- 2026-04: EUR 19.78 per share

- 2026-05: EUR 20.86 per share

- 2026-06: EUR 24.46 per share

- 2026-07: EUR 22.98 per share

- 2026-08: EUR 22.14 per share

- 2026-09: EUR 19.65 per share

- 2026-10: EUR 19.98 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 5.87 per share, central EUR 7.02 per share, high EUR 8.09 per share

- FY2017: low EUR 5.31 per share, central EUR 6.00 per share, high EUR 6.91 per share

- FY2018: low EUR 6.44 per share, central EUR 7.25 per share, high EUR 8.33 per share

- FY2019: low EUR 11.30 per share, central EUR 14.40 per share, high EUR 16.73 per share

- FY2020: low EUR 9.65 per share, central EUR 10.94 per share, high EUR 12.67 per share

- FY2021: low EUR 8.23 per share, central EUR 9.46 per share, high EUR 10.93 per share

- FY2022: low EUR 14.33 per share, central EUR 18.33 per share, high EUR 21.27 per share

- FY2023: low EUR 12.09 per share, central EUR 13.62 per share, high EUR 15.65 per share

- FY2024: low EUR 8.96 per share, central EUR 10.04 per share, high EUR 11.47 per share

- FY2025: low EUR 10.31 per share, central EUR 11.53 per share, high EUR 13.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:02.339Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/635400SRMCBHVMSKJS84/2026-01-03/ESEF/GB/0/635400SRMCBHVMSKJS84-2026-01-03/reports/635400SRMCBHVMSKJS84-2026-01-03-T01.xhtml); period 2026-01-03, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations