# Mama's Creations (MAMA.US)

Canonical: https://gigainvestors.com/s/MAMA

Analysis as of: 2026-10-16T07:30:02.639Z. Financial observations: FY2012–FY2026.

Listing currency: USD. 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: $13.27 per share; close as of 2026-10-15.

Estimated value: low $5.09 per share, central $6.05 per share, high $6.61 per share. Buy at or below the central value $6.05 per share. Valuation as of 2026-10-16T07:30:02.639Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: -0.04×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.00×

- FY2023: 0.03×

- FY2024: 0.09×

- FY2025: 0.04×

- FY2026: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

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

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 21.2%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 29.5%

- Recent gross margin (lower of latest and 3-year median): 25.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.9%

- FY2018: -21.4%

- FY2019: 23.9%

- FY2020: 22.6%

- FY2021: 33.6%

- FY2022: 0.4%

- FY2023: 22.5%

- FY2024: 52.3%

- FY2025: 20.0%

- FY2026: 17.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $24M

- Net income, five-year total: $18M

- Return on incremental invested capital: 165.3%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 4.3%

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

- FY2022: 0.40×

- FY2023: 1.51×

- FY2024: 1.26×

- FY2025: 0.59×

- FY2026: 1.88×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.9% vs 20.0%

- Per-share earnings: -0.01 to 0.13 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.7%

- Ordinary dilution, 5-year annual growth: 4.0%

- Market cap gain: $596M

- Cumulative retained earnings: $24M

- Diluted shares, 10-year annual growth: 4.7%

- Diluted shares, 5-year annual growth: 4.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $0.14

- Per-share value, starting three-year median: -$0.01

- Per-share value, ending three-year median: $0.13

- Average buyback yield: 1.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $28M

- Cumulative net income, 10 years: $24M

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 20.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.01

- FY2018: $0.01

- FY2019: $0.01

- FY2020: $0.04

- FY2021: $0.12

- FY2022: -$0.01

- FY2023: $0.06

- FY2024: $0.17

- FY2025: $0.09

- FY2026: $0.13

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.16×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -13.0%

- FY2018: -13.7%

- FY2019: -12.9%

- FY2020: -2.8%

- FY2021: 2.6%

- FY2022: -3.9%

- FY2023: -9.3%

- FY2024: -11.2%

- FY2025: -3.1%

- FY2026: -7.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 28% since Jul 2026 · sales +39.2%

Story as of 2026-10-16T09:59:07.425Z; price observation 2026-10-15.

Price needs cash profits to grow 21.7% a year for ten years

- 2025-09-08: MAMA'S CREATIONS INC (NASDAQ:MAMA) Stock Surges 31% After Q2 Earnings Beat ([chartmill.com](https://www.chartmill.com/news/MAMA/Chartmill-34124-MAMAS-CREATIONS-INC-NASDAQMAMA-Stock-Surges-31-After-Q2-Earnings-Beat))

- 2025-12-09: Mama's Creations Q3 Earnings Beat Estimates, Sales Rise 50% Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/mamas-creations-q3-earnings-beat-130400687.html))

### Sales · FY2025–2026

sales +39.2%; source https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm; observed 2026-04-14.

- FY2017: $18M 

- FY2018: $28M 

- FY2019: $28M 

- FY2020: $34M 

- FY2021: $41M 

- FY2022: $47M 

- FY2023: $93M 

- FY2024: $103M 

- FY2025: $123M 

- FY2026: $172M 

### Gross margin · FY2026

gross margin 25.1%; source https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm; observed 2026-04-14.

- FY2017: 40.0% 

- FY2018: 33.6% 

- FY2019: 34.7% 

- FY2020: 29.6% 

- FY2021: 31.3% 

- FY2022: 25.2% 

- FY2023: 20.8% 

- FY2024: 29.4% 

- FY2025: 24.8% 

- FY2026: 25.1% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are USD 171.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm (filed 2026-04-14); FY2026: revenue 171714000; grossProfit 43046000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); MAMA.US: Mama's Creations, Inc., together with its subsidiaries, manufactures and markets fresh deli-prepared foods in the United States. The company offers chicken, beef and turkey meatballs, meat loaf, sausage-related products, and pasta and rice entrees; olives, olive mixes, and savory products; and hot bars, salad bars, prepared foods, sandwich, and cold deli and foods-to-go sections. It sells its products directly to supermarkets, club chains, mass-market retailers; and food retailer and distributors, as well as through website and social media channels. The company was formerly known as MamaMancini's Holdings, Inc. and changed its name to Mama's Creations, Inc. in August 2023. Mama's Creations, Inc. was incorporated in 2009 and is headquartered in East Rutherford, New Jersey.

### Why customers stay

Margins ranged from 24.8% to 29.4% during 2024–26; it earns 21.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2024: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2025: grossProfit / revenue = 24.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm (filed 2026-04-14); FY2026: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); 10-year return on capital observations [[2017,0.15915419012530369],[2018,-0.2136734274242797],[2019,0.23884685832105154],[2020,0.22605857580781613],[2021,0.33630945070859186],[2022,0.003824086837827835],[2023,0.22458690202756149],[2024,0.522753942662476],[2025,0.20002314928864176],[2026,0.17221893039912523]]; median 0.2123050256581016. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns over 100% on new investment; paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2018: growth capex 874387.3887479368; upkeep 600428.6112520632; owner earnings 257633.3887479368. Growth capex / owner earnings = 3.39392107908583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2019: growth capex 84807.10783961636; upkeep 948916.8921603836; owner earnings 183587.10783961636. Growth capex / owner earnings = 0.4619447892479724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2020: growth capex 0; upkeep 268106; owner earnings 2013870. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2021: growth capex 0; upkeep 451940; owner earnings 4416578. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2023: growth capex 0; upkeep 593214; owner earnings 3473600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2024: growth capex 0; upkeep 786000; cash acquisitions 0; owner earnings 8246000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); FY2025: growth capex 2029577.279459904; upkeep 3065422.720540096; cash acquisitions 0; owner earnings 2195577.279459904. Growth capex plus acquisitions / owner earnings = 0.924393460638819.

- Source: https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm (filed 2026-04-14); FY2026: growth capex 0; upkeep 1654000; cash acquisitions 17311000; owner earnings 9926000. Growth capex plus acquisitions / owner earnings = 1.7440056417489422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); Incremental return on capital 1.652642194386562, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,34070],[2021,34070],[2022,34070],[2023,34070],[2024,49000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); MAMA.US SharesStats.PercentInsiders = 1.669 percentage points; cache date 2026-10-04.

### What the price says

The price assumes cash profits grow 21.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-14); Ten-year compound average after fade. Initial solved rate 0.3031023054637555. Price 13.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.13134233695821154 → FY2026 0.2398722253869009. Closing-price date 2026-10-15.

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

- 2016-10: $0.45 per share

- 2016-11: $0.51 per share

- 2016-12: $0.72 per share

- 2017-01: $0.65 per share

- 2017-02: $0.65 per share

- 2017-03: $0.71 per share

- 2017-04: $0.95 per share

- 2017-05: $0.90 per share

- 2017-06: $1.17 per share

- 2017-07: $1.18 per share

- 2017-08: $1.08 per share

- 2017-09: $0.94 per share

- 2017-10: $1.18 per share

- 2017-11: $1.15 per share

- 2017-12: $1.30 per share

- 2018-01: $1.47 per share

- 2018-02: $1.30 per share

- 2018-03: $1.29 per share

- 2018-04: $1.10 per share

- 2018-05: $0.91 per share

- 2018-06: $1.00 per share

- 2018-07: $0.81 per share

- 2018-08: $0.78 per share

- 2018-09: $0.73 per share

- 2018-10: $0.78 per share

- 2018-11: $0.75 per share

- 2018-12: $0.69 per share

- 2019-01: $0.80 per share

- 2019-02: $0.81 per share

- 2019-03: $0.74 per share

- 2019-04: $0.70 per share

- 2019-05: $0.58 per share

- 2019-06: $0.45 per share

- 2019-07: $0.47 per share

- 2019-08: $0.41 per share

- 2019-09: $0.69 per share

- 2019-10: $0.64 per share

- 2019-11: $0.66 per share

- 2019-12: $1.21 per share

- 2020-01: $1.49 per share

- 2020-02: $1.25 per share

- 2020-03: $1.06 per share

- 2020-04: $1.60 per share

- 2020-05: $1.70 per share

- 2020-06: $1.78 per share

- 2020-07: $1.56 per share

- 2020-08: $2.00 per share

- 2020-09: $1.87 per share

- 2020-10: $1.95 per share

- 2020-11: $1.90 per share

- 2020-12: $1.79 per share

- 2021-01: $1.87 per share

- 2021-02: $2.04 per share

- 2021-03: $3.03 per share

- 2021-04: $2.70 per share

- 2021-05: $2.60 per share

- 2021-06: $2.54 per share

- 2021-07: $2.78 per share

- 2021-08: $2.56 per share

- 2021-09: $2.41 per share

- 2021-10: $2.67 per share

- 2021-11: $2.05 per share

- 2021-12: $2.01 per share

- 2022-01: $1.94 per share

- 2022-02: $1.73 per share

- 2022-03: $1.67 per share

- 2022-04: $1.75 per share

- 2022-05: $1.45 per share

- 2022-06: $1.40 per share

- 2022-07: $1.46 per share

- 2022-08: $1.53 per share

- 2022-09: $1.09 per share

- 2022-10: $1.03 per share

- 2022-11: $1.02 per share

- 2022-12: $1.80 per share

- 2023-01: $2.00 per share

- 2023-02: $1.84 per share

- 2023-03: $1.90 per share

- 2023-04: $2.04 per share

- 2023-05: $2.50 per share

- 2023-06: $3.02 per share

- 2023-07: $3.71 per share

- 2023-08: $4.03 per share

- 2023-09: $4.37 per share

- 2023-10: $3.38 per share

- 2023-11: $4.04 per share

- 2023-12: $4.91 per share

- 2024-01: $4.31 per share

- 2024-02: $4.90 per share

- 2024-03: $5.00 per share

- 2024-04: $5.94 per share

- 2024-05: $6.86 per share

- 2024-06: $6.74 per share

- 2024-07: $7.62 per share

- 2024-08: $8.01 per share

- 2024-09: $7.30 per share

- 2024-10: $7.45 per share

- 2024-11: $9.77 per share

- 2024-12: $7.96 per share

- 2025-01: $7.70 per share

- 2025-02: $6.12 per share

- 2025-03: $6.51 per share

- 2025-04: $6.60 per share

- 2025-05: $8.31 per share

- 2025-06: $8.30 per share

- 2025-07: $8.26 per share

- 2025-08: $7.98 per share

- 2025-09: $10.51 per share

- 2025-10: $10.59 per share

- 2025-11: $11.32 per share

- 2025-12: $13.49 per share

- 2026-01: $15.10 per share

- 2026-02: $17.14 per share

- 2026-03: $15.34 per share

- 2026-04: $14.19 per share

- 2026-05: $13.80 per share

- 2026-06: $17.85 per share

- 2026-07: $18.43 per share

- 2026-08: $16.23 per share

- 2026-09: $12.89 per share

- 2026-10: $13.27 per share

## Annual estimated value (USD per share)

- FY2020: low $0.07 per share, central $0.08 per share, high $0.09 per share

- FY2021: low $0.19 per share, central $0.21 per share, high $0.23 per share

- FY2022: low $0.13 per share, central $0.15 per share, high $0.18 per share

- FY2023: low $1.08 per share, central $1.23 per share, high $1.41 per share

- FY2024: low $1.99 per share, central $2.23 per share, high $2.55 per share

- FY2025: low $1.70 per share, central $2.38 per share, high $2.78 per share

- FY2026: low $2.50 per share, central $3.40 per share, high $3.93 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 2026-10-15T06:35:47.462Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1520358/000162828026025068/mmmb-20260131.htm); period 2026-01-31, filed 2026-04-14.

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.