NOMDNomad Foods Limited
Is the business good?
The checks split: earnings fully cash-backed (1.1×), but margins compressing.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
A balanced mix of margins, efficiency, and leverage. ROE 8% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NOMD?
Nomad Foods Limited keeps 11% of every revenue dollar as operating profit, against 7.7% for the median Packaged Foods name.
Operating margin · Packaged Foods median 7.7% · 12 months to Q4 2025
- Cash conversion
- 1.08×
Cash conversion · 1.38× a year ago · operating cash flow covers the operating profit after tax
- Gross margin
- 27%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 13% |
| FY2022 | 13% |
| FY2023 | 11% |
| FY2024 | 12% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q4 2025
- 27%
- Operating margin12 months to Q4 2025
- 11%
- Net margin12 months to Q4 2025
- 4.5%
- Free cash flow margin
- 8.3%
- Revenue, trailing twelve months
- $3.03B
- Free cash flow, trailing twelve months
- $252M
- Net income, trailing twelve months
- $137M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NOMD and who it buys from, as the companies report it.
- Top ten customers30%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NOMD’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.