# Nomad Foods (NOMD.US)

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

Analysis as of: 2026-10-16T07:30:37.997Z. Financial observations: FY2013–FY2026.

Listing currency: USD. Reporting currency: EUR.

## 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: $11.49 per share; close as of 2026-10-15.

Estimated value: low $18.39 per share, central $20.71 per share, high $23.79 per share. Buy at or below the central value $20.71 per share. Valuation as of 2026-10-16T07:30:37.997Z; scenarios are not confidence intervals.

Expected annual return: 16.9% at the stated quote. About 16.9% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.13×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.11×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 29.6%

- Recent gross margin (lower of latest and 3-year median): 27.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 15.3%

- FY2018: 13.0%

- FY2019: 12.0%

- FY2020: 17.4%

- FY2021: 12.1%

- FY2022: 12.7%

- FY2023: 11.6%

- FY2024: 13.6%

- FY2025: 13.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 987M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 6.4%

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

- FY2021: 1.00×

- FY2022: 1.04×

- FY2023: 1.07×

- FY2024: 1.07×

- FY2025: 1.23×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 13.0%

- Per-share earnings: 0.20 to 1.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -5.1%

- Market cap gain: EUR 108M

- Cumulative retained earnings: EUR 1.7B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -5.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.2%

- Per-share value change: EUR 0.93

- Per-share value, starting three-year median: EUR 0.20

- Per-share value, ending three-year median: EUR 1.13

- Buybacks concentrated in cheaper years (correlation): -0.28

- Average buyback yield: 177285.3%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.3B

- Cumulative net income, 10 years: EUR 1.7B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 13.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.20

- FY2017: EUR 0.78

- FY2018: EUR 0.97

- FY2019: EUR 0.76

- FY2020: EUR 1.15

- FY2021: EUR 1.02

- FY2022: EUR 1.43

- FY2023: EUR 1.13

- FY2024: EUR 1.40

- FY2025: EUR 0.91

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -1.2%

- FY2018: -2.8%

- FY2019: -2.7%

- FY2020: -4.2%

- FY2021: -2.0%

- FY2022: -0.9%

- FY2023: -3.7%

- FY2024: -3.2%

- FY2025: -3.1%

## Holders

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

## Price story

Down 58% since Oct 2021 · "Nomad Foods slashes EPS forecast on debt restructuring" (finance.yahoo.com, Aug 2026) · sales -2.2%

Story as of 2026-10-16T09:59:15.871Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.4% a year for ten years

- 2025-08-07: Nomad Foods cuts sales, EBITDA guidance ([finance.yahoo.com](https://finance.yahoo.com/news/nomad-foods-cuts-sales-ebitda-104556282.html))

- 2026-04-03: Deutsche Bank Lowers Nomad Foods Limited (NOMD) Outlook as European Consumer Demand Softens ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deutsche-bank-lowers-nomad-foods-000321329.html))

- 2026-07-20: Nomad Foods reports preliminary Q2 results ahead of prior guidance; reaffirms FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4615233-nomad-foods-reports-preliminary-q2-results-ahead-of-prior-guidance-reaffirms-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-13: Nomad Foods slashes EPS forecast on debt restructuring ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nomad-foods-slashes-eps-forecast-135849452.html))

### Sales · FY2025–2026

sales -2.2%; source https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm; observed 2026-02-26.

- FY2017: EUR 2.0B 

- FY2018: EUR 2.2B 

- FY2019: EUR 2.3B 

- FY2020: EUR 2.5B 

- FY2021: EUR 2.6B 

- FY2022: EUR 2.9B 

- FY2023: EUR 3.0B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.0B 

- FY2026: EUR 3.0B 

### Gross margin · FY2025

gross margin 27.1%; source https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm; observed 2026-02-26.

- FY2016: 29.6% 

- FY2017: 30.6% 

- FY2018: 30.1% 

- FY2019: 30.0% 

- FY2020: 30.3% 

- FY2021: 28.6% 

- FY2022: 27.7% 

- FY2023: 28.2% 

- FY2024: 29.6% 

- FY2025: 27.1% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are EUR 3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm (filed 2026-02-26); FY2025: revenue 3032500000; grossProfit 823000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NOMD.US: Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products, comprising nuggets, grills, and burgers. It also provides meal products that contain ready-to-cook noodles, pasta, lasagna, pancakes, and other ready-made meals; ice creams, such as in-home and out-of-home ice creams; and other products comprising soups, pizzas, bakery goods, and meat substitutes. The company sells its products to supermarkets and food retail chains primarily under the Birds Eye, Green Cuisine, iglo, Findus, Aunt Bessie's, Goodfella's, Frikom, Ledo, La Cocinera, and Belviva brand names. Nomad Foods Limited was founded in 2014 and is headquartered in Woking, the United Kingdom.

### Why customers stay

Margins ranged from 27.1% to 29.6% during 2023–25; it earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 28.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 29.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.07013986560400062],[2017,0.15296223814163604],[2018,0.1299401802262793],[2019,0.12034417877982052],[2020,0.17372958397120836],[2021,0.1205964975927828],[2022,0.12684919981116324],[2023,0.11638050764159212],[2024,0.13568584482172275],[2025,0.1300510881596743]]; median 0.12839469001872128. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.285544387324484],[2022,0.27734122529509814],[2023,0.28204959763507964]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back EUR 202.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 42400000; owner earnings 45100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 200000; upkeep 42400000; owner earnings 136500000. Growth capex / owner earnings = 0.0014652014652014652.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 41600000; owner earnings 175900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 47300000; owner earnings 175000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 58700000; owner earnings 234100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 7600000; upkeep 71600000; cash acquisitions 597300000; owner earnings 181000000. Growth capex plus acquisitions / owner earnings = 3.341988950276243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 79100000; cash acquisitions 0; owner earnings 259300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 82400000; cash acquisitions 0; owner earnings 205300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 80300000; cash acquisitions 0; owner earnings 243700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 78500000; owner earnings 167600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,165800000],[2017,0],[2018,0],[2019,0],[2020,50200000],[2021,0],[2022,0],[2023,0],[2024,89200000],[2025,91300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 202500000 EUR.

### Are managers owners

Insiders own 19.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NOMD.US SharesStats.PercentInsiders = 19.27 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 7.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.11659591807278308. Price 11.49; FX 1.12128; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.906010874036106 → FY2025 1.1158455392809588. Closing-price date 2026-10-15.

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

- 2016-10: $12.29 per share

- 2016-11: $9.41 per share

- 2016-12: $9.57 per share

- 2017-01: $10.27 per share

- 2017-02: $10.76 per share

- 2017-03: $11.45 per share

- 2017-04: $11.80 per share

- 2017-05: $14.15 per share

- 2017-06: $14.11 per share

- 2017-07: $14.25 per share

- 2017-08: $15.02 per share

- 2017-09: $14.57 per share

- 2017-10: $15.10 per share

- 2017-11: $16.43 per share

- 2017-12: $16.91 per share

- 2018-01: $17.04 per share

- 2018-02: $16.39 per share

- 2018-03: $15.74 per share

- 2018-04: $16.49 per share

- 2018-05: $17.40 per share

- 2018-06: $19.19 per share

- 2018-07: $19.00 per share

- 2018-08: $20.85 per share

- 2018-09: $20.26 per share

- 2018-10: $19.10 per share

- 2018-11: $20.22 per share

- 2018-12: $16.72 per share

- 2019-01: $18.33 per share

- 2019-02: $20.10 per share

- 2019-03: $20.45 per share

- 2019-04: $20.80 per share

- 2019-05: $21.22 per share

- 2019-06: $21.36 per share

- 2019-07: $22.27 per share

- 2019-08: $20.15 per share

- 2019-09: $20.50 per share

- 2019-10: $19.51 per share

- 2019-11: $21.00 per share

- 2019-12: $22.37 per share

- 2020-01: $20.18 per share

- 2020-02: $18.46 per share

- 2020-03: $18.56 per share

- 2020-04: $20.61 per share

- 2020-05: $21.18 per share

- 2020-06: $21.45 per share

- 2020-07: $23.06 per share

- 2020-08: $24.66 per share

- 2020-09: $25.48 per share

- 2020-10: $24.25 per share

- 2020-11: $24.15 per share

- 2020-12: $25.42 per share

- 2021-01: $25.10 per share

- 2021-02: $23.62 per share

- 2021-03: $27.46 per share

- 2021-04: $29.16 per share

- 2021-05: $30.67 per share

- 2021-06: $28.27 per share

- 2021-07: $26.12 per share

- 2021-08: $26.39 per share

- 2021-09: $27.56 per share

- 2021-10: $27.23 per share

- 2021-11: $23.89 per share

- 2021-12: $25.39 per share

- 2022-01: $25.80 per share

- 2022-02: $25.18 per share

- 2022-03: $22.58 per share

- 2022-04: $18.46 per share

- 2022-05: $20.87 per share

- 2022-06: $19.99 per share

- 2022-07: $18.44 per share

- 2022-08: $17.69 per share

- 2022-09: $14.20 per share

- 2022-10: $15.40 per share

- 2022-11: $17.49 per share

- 2022-12: $17.24 per share

- 2023-01: $17.79 per share

- 2023-02: $17.92 per share

- 2023-03: $18.74 per share

- 2023-04: $18.80 per share

- 2023-05: $17.05 per share

- 2023-06: $17.52 per share

- 2023-07: $17.78 per share

- 2023-08: $18.34 per share

- 2023-09: $15.22 per share

- 2023-10: $13.82 per share

- 2023-11: $16.15 per share

- 2023-12: $16.95 per share

- 2024-01: $17.99 per share

- 2024-02: $18.43 per share

- 2024-03: $19.56 per share

- 2024-04: $18.06 per share

- 2024-05: $17.56 per share

- 2024-06: $16.48 per share

- 2024-07: $19.11 per share

- 2024-08: $18.80 per share

- 2024-09: $19.06 per share

- 2024-10: $17.55 per share

- 2024-11: $18.31 per share

- 2024-12: $16.78 per share

- 2025-01: $17.86 per share

- 2025-02: $18.90 per share

- 2025-03: $19.65 per share

- 2025-04: $19.99 per share

- 2025-05: $17.50 per share

- 2025-06: $16.99 per share

- 2025-07: $16.84 per share

- 2025-08: $15.54 per share

- 2025-09: $13.15 per share

- 2025-10: $11.30 per share

- 2025-11: $12.23 per share

- 2025-12: $12.51 per share

- 2026-01: $12.70 per share

- 2026-02: $10.97 per share

- 2026-03: $9.61 per share

- 2026-04: $9.72 per share

- 2026-05: $10.14 per share

- 2026-06: $10.95 per share

- 2026-07: $11.90 per share

- 2026-08: $11.64 per share

- 2026-09: $10.33 per share

- 2026-10: $11.49 per share

## Annual estimated value (USD per share)

- FY2018: low $5.35 per share, central $5.84 per share, high $6.49 per share

- FY2019: low $14.23 per share, central $15.58 per share, high $17.38 per share

- FY2020: low $13.98 per share, central $15.62 per share, high $17.80 per share

- FY2021: low $14.78 per share, central $16.64 per share, high $19.12 per share

- FY2022: low $18.69 per share, central $20.99 per share, high $24.06 per share

- FY2023: low $19.89 per share, central $23.83 per share, high $27.40 per share

- FY2024: low $22.24 per share, central $26.88 per share, high $30.96 per share

- FY2025: low $19.19 per share, central $21.56 per share, high $24.71 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 2026-10-15T06:36:21.813Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1651717/000165171726000006/nomd-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.