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Nomad Foods Limited

NOMD
48
Packaged Foods · Consumer Defensive
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Strong

Winston Score History

The full picture

Nomad Foods is a frozen food company based in Europe. It makes and sells everyday frozen meals, vegetables, and fish products under well-known brand names like Birds Eye, Findus, and iglo. Its main customers are grocery stores and supermarkets, and the end consumers are ordinary households across Europe looking for convenient, affordable meals.

The company earns money by selling packaged frozen food products to retailers, who then sell them to shoppers. Nomad operates almost entirely in Western and Central Europe, with the United Kingdom, Italy, Germany, and Sweden among its largest markets. Its competitive advantage comes from owning strong, trusted local brand names that have been in European kitchens for decades, which makes it harder for newer competitors to gain shelf space. The main risk the business faces is that rising food costs and price-sensitive consumers could squeeze its already modest profit margins, limiting its ability to grow earnings.

Score breakdown

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Quality

Profit per sale
Gross Margin
28.9%
Modest — 28.9% gross margin
Profit after running costs
Operating Margin
14.0%
Healthy — 14.0% operating margin
Return on the money invested
ROCE
7.1%
Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-2.7%
Shrinking sales (-2.7% YoY)
Profit growth
EPS YoY
-34.6%
Earnings shrinking (-34.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
226%
Turns 226% of profit into real cash
Spare cash per sale
FCF Margin
6.9%
Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
3.83x
Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.5x
no trend
Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.5 → 6.1)

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Dividends

Dividend
Dividend Yield
5.67%
no trend
Healthy income — 5.67% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+3.0%
no trend
Dividend growing modestly (3.0% YoY)

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