Nomad Foods Ltd
NOMDAbout the company
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.
Investment snapshot
Positive
7
BUY / PASS
Neutral / negative
5 / 4
NEUTRAL / FAIL
Median fair value
$20.18
+69.3% vs price
Models with upside
8 / 17
Positive margin of safety
Strongest signal
9 of 10 pass — Lynch objects
Key risk
Split decision: 6 PASS · 5 NEUTRAL · 4 FAIL · 1 BUY
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | PASS | FAIL | FAIL | BUY · Rank #280 (Top 9%) | PASS | PASS | PASS | NEUTRAL | FAIL | BUY | PASS | PASS | NEUTRAL | FAIL | NEUTRAL | NEUTRAL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||
| Margin of Safety | +46.5% | -13.2% | N/A | +44.5% | N/A | +36.9% | +56.2% | -58.1% | +51.1% | +27.4% | +72.1% | +22.1% | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Lynch objects
Free Cash Flow Proxy$196.9M✓BuffettPositive and growingFCF Positive and Growing$296.3M✗LynchPositive and growingOperating Cash Flow$388.5M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=5.22%, ROA=2.16%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)4.4x✓Dreman< 8xP/E or FCF YieldP/E=11.2x, FCF Yield=17.8%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive10/11 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap17.5%✓Ackman>= 4%Price / FCF per Share5.7x✓Ackman<= 25Positive Operating Cash Flow frequency10/11 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$296.3M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+17.78%; #335/4519 (top 7.4%)✓OshaughnessyTop 10% of eligible cross-section - Valuation models80% pass✓ 8✗ 2▾
Models split on NOMD at $11.92 — fair values range $7.54–$42.77
Graham fair value$22.26✓Graham+46.5% margin vs $11.92Buffett fair value$10.53✗Buffett-13.2% margin vs $11.92Greenblatt fair value$21.48✓Greenblatt+44.5% margin vs $11.92Dreman fair value$18.88✓Dreman+36.9% margin vs $11.92Munger fair value$27.19✓Munger+56.2% margin vs $11.92Pabrai fair value$7.54✗Pabrai-58.1% margin vs $11.92Akre fair value$24.40✓Akre+51.1% margin vs $11.92Marks fair value$16.42✓Marks+27.4% margin vs $11.92Ackman fair value$42.77✓Ackman+72.1% margin vs $11.92Templeton fair value$15.30✓Templeton+22.1% margin vs $11.92 - Verdicts67% pass✓ 8✗ 4▾
Split decision: 6 PASS · 5 NEUTRAL · 4 FAIL · 1 BUY
Overall verdict✓GrahamPASS (4/9)✗BuffettFAIL (2/9)✗LynchFAIL (0/7)✓GreenblattRank #280✓PiotroskiPASS (F-Score 4)✓DremanPASS (6/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✓MarksBUY (4/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #763/2370 (Top 32.2%))•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked) - Valuation54% pass✓ 19✗ 9▾
7 of 13 pass — Lynch, Greenblatt, Templeton +3 more object
Net income / market capitalization+9.63%; #704/6340 (top 11.1%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPrice / 3-yr avg EPS9.5x✓Graham<= 15xPrice-to-Book Ratio0.6x✓Graham<= 1.5xP/E x P/B5.50✓Graham<= 22.5Basic earnings-growth PEG (dividends excluded)P/E 11.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value8.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=8.8%, ROC=50.9%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS11.2x✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)4.4x✓Dreman< 8xPrice / Book Value per Share0.6x✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=11.2x, OE Yield=11.6%✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=11.2x, FCF Yield=17.8%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=11.2x, P/B=0.6x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value36.9% (IV=$18.88 vs Price=$11.92)✓Marks>= 20% below intrinsic valuePrice / FCF per Share5.7x✓Ackman<= 25Price vs. Trailing Low124% of trailing low ($9.61)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Positive book equity / market capitalization+1.7598; #766/6449 (top 11.9%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS11.2x✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E0.09✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per ShareN/A (non-positive TBVPS)✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+35.6%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+2.1373; #1027/5247 (top 19.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+17.78%; #335/4519 (top 7.4%)✓OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+20.89%; #1300/6202 (top 21.0%)✗OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Growth13% pass✓ 4✗ 9▾
7 of 8 flag NOMD's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)P/E 11.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR-5.3%✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 12.7% vs Rev: 10.4%✗LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR19.0% CAGR over 9 years✓Dreman> 5% annualizedPositive Net Income Frequency10/11 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth7.5%✓Ackman>= 5%Positive EPS Growth Frequency2/5 years with positive EPS growth✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR-5.3% CAGR over 5 years✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 28.2% -> 27.1%, operating margin 11.2% -> 10.7%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR2.9%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR-5.3% over 5 years✗Neff7%-20% annualized - Efficiency13% pass✓ 1✗ 10▾
7 of 8 flag NOMD's efficiency — Graham, Buffett, Piotroski +4 more
Current Ratio1.07✗Graham>= 2.0ROIC (3-5 yr avg)6.1%✗Buffett> 10%ROIC - WACC-3.9%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)50.9%✓Greenblatt> 25%Current Ratio Change YoY1.10 -> 1.07✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.48x -> 0.48x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.07✗Dreman> 1.5Return on Invested Capital5.4%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=5.7%; FY2024: ROIC=6.3%; FY2025: ROIC=5.4%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC1.8% (RR=33% x ROIC=5.4%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest 5.4%)✗SleepROIC > 12% in a majority of years - Debt & Leverage17% pass✓ 3✗ 12▾
10 of 12 flag NOMD's debt & leverage — Graham, Buffett, Lynch +7 more
Total Debt / Shareholders' Equity0.92✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xLT Debt vs Net Current AssetsLT Debt $2.7B vs NCA $92.7M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.92, IC: 1.7x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.92✗Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change33.45% -> 35.65%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.07✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Debt Levels0.92✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=1.7x, D/EBITDA=5.3x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.92✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.9177; #3124/4210 (top 74.2%)✗AsnessTop 30% of eligible cross-section - Profitability25% pass✓ 11✗ 24▾
12 of 16 flag NOMD's profitability — Graham, Buffett, Lynch +9 more
Net income / market capitalization+9.63%; #704/6340 (top 11.1%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive EPS (10 years)10/13 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)10/13 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)7.8%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)10.7% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$196.9M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)P/E 11.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR-5.3%✗Lynch15-30% (Fast Grower); > 0% to passROE5.5%✗Lynch> 15%EBIT / Enterprise Value8.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=8.8%, ROC=50.9%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets2.16%✓PiotroskiROA > 0ROA Change YoY3.53% -> 2.16% (delta: -1.37%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=5.22%, ROA=2.16%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY29.6% -> 27.1%✗PiotroskiImproved YoYPre-Tax Income / Revenue4.8%✗Dreman>= 8%Net Income / Shareholders' Equity5.5%✗Dreman> 12%Margin of SafetyP/E=11.2x, P/B=0.6x✓PabraiP/B < 1.5 or P/E < 15Return on Equity7.1% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value36.9% (IV=$18.88 vs Price=$11.92)✓Marks>= 20% below intrinsic valuePositive Net Income Frequency10/11 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue10.7%✗Ackman>= 15%Net Income / Shareholders Equity5.5%✗Ackman>= 15%5-Year EPS CAGR-5.3% CAGR over 5 years✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend11.2% (2023) -> 10.7% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 28.2% -> 27.1%, operating margin 11.2% -> 10.7%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets+12.99%; #2568/3702 (top 69.4%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+5.48%; #2405/5226 (top 46.0%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0060; #556/5884 (top 9.4%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR-5.3% over 5 years✗Neff7%-20% annualizedPositive Diluted-EPS Years10/10 years positive✓Schloss>= 70% positive over 5-10 observed years (app rule)
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Retired 8.8% of shares last year, 12.7% over two.
- Buybacks
- $229.8M
- Dividends
- $107.3M
What drove EPS
A buyback raises earnings per share without the company earning more. This splits each year's change into the two.
The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.
Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
| Metric | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|
| Market Cap | $1.7Bcurrent | $2.6Best. | $2.7Best. | $2.8Best. | $4.1Best. |
| Revenue | $3.6B↑10% | $3.2B↓4% | $3.4B↑8% | $3.1B↑6% | $3.0B |
| Operating Income | $382.3M↓5% | $402.7M↑7% | $376.8M↓6% | $400.2M↑3% | $388.1M |
| Net Income | $160.6M↓32% | $236.3M↑11% | $213.3M↓20% | $266.3M↑30% | $205.0M |
| EPS (Diluted) | $1.07↓27% | $1.46↑16% | $1.25↓18% | $1.52↑32% | $1.16 |
| Gross Margin | 27.1%↓8% | 29.6%↑5% | 28.2%↑2% | 27.7%↓3% | 28.6% |
| Operating Margin | 10.7%↓14% | 12.5%↑12% | 11.2%↓12% | 12.8%↓3% | 13.1% |
| ROE | 5.5%↓36% | 8.5%↑15% | 7.4%↓22% | 9.6%↑22% | 7.9% |
| Total Debt | $2.7B↑19% | $2.3B↓4% | $2.4B↑2% | $2.3B↓9% | $2.5B |
| Shareholders' Equity | $2.9B↑6% | $2.8B↓3% | $2.9B↑3% | $2.8B↑7% | $2.6B |
| Current Ratio | 1.07↓2% | 1.10↓3% | 1.13↓4% | 1.19↑23% | 0.96 |
| Debt / Equity | 0.92↑12% | 0.82↓1% | 0.82↓1% | 0.83↓14% | 0.97 |
| Operating Cash Flow | $388.5M↓14% | $453.1M↓5% | $476.8M↑47% | $323.9M↓7% | $346.9M |
| Free Cash Flow | $296.3M↓20% | $369.5M↓4% | $385.6M↑61% | $239.5M↓7% | $257.2M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Food Products
NOMD vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mondelez International, Inc.MDLZ | $85.5B | $67.54 | $38.5B | $2.5B | 9.5% | 0.72 | 9.2% | 0.59 | 2/9 | 3/9 | 3/7 | 0/3 | F-Score 6 | 4/11 |
| Archer-Daniels-Midland CoADM | $34.7B | $72.90 | $80.3B | $1.1B | 4.7% | 0.33 | — | 1.37 | 5/9 | 2/9 | 1/7 | 0/3 | F-Score 5 | 5/11 |
| TYSON FOODS, INC.TSN | $20.7B | $58.82 | $54.4B | $474.0M | 2.6% | 0.49 | 2.0% | 1.55 | 3/9 | 2/9 | 0/7 | 0/3 | F-Score 5 | 3/11 |
| GENERAL MILLS INCGIS | $18.4B | $34.32 | $18.4B | $87.6M | -1.2% | 1.83 | 4.8% | 0.68 | 3/9 | 4/9 | 0/7 | 1/3 | F-Score 5 | 2/11 |
| HORMEL FOODS CORP /DE/HRL | $12.2B | $22.09 | $12.1B | $478.2M | 6.1% | 0.36 | 5.9% | 2.47 | 3/9 | 3/9 | 2/7 | 0/3 | F-Score 5 | 4/11 |
| Lamb Weston Holdings, Inc.LW | $7.7B | $56.06 | $6.6B | $290.0M | 15.9% | 2.01 | 8.9% | 1.42 | 2/9 | 4/9 | 0/7 | 0/3 | F-Score 7 | 3/11 |
| SMITHFIELD FOODS INCSFD | $7.6B | $19.19 | $15.5B | $987.0M | 14.5% | 0.29 | 8.3% | 2.97 | 6/9 | 3/9 | 3/7 | 3/3 | F-Score 6 | 8/11 |
| CONAGRA BRANDS INC.CAG | $7.0B | $14.73 | $11.3B | $1.9B | -30.1% | 1.14 | -14.4% | 0.90 | 3/9 | 0/9 | 1/7 | 0/3 | F-Score 4 | 4/11 |