Nomad Foods Limited (NOMD) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Nomad Foods Limited (NOMD) stock price & volume — 10-year historical chart
Nomad Foods Limited (NOMD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Nomad Foods Limited (NOMD) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $0.50vs $0.50+0.0% | $908Mvs $912M-0.5% |
| Q4 2025 | Nov 6, 2025 | $0.57vs $0.47+21.2% | $881Mvs $761M+15.8% |
| Q3 2025 | Aug 6, 2025 | $0.45vs $0.44+2.3% | $879Mvs $762M+15.4% |
| Q2 2025 | May 8, 2025 | $0.37vs $0.41-9.8% | $833Mvs $763M+9.2% |
Nomad Foods Limited (NOMD) competitors in Frozen and refrigerated prepared foods — business model, growth, and fundamentals comparison
Nomad Foods Limited (NOMD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Nomad Foods Limited (NOMD) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 1.96B | 2.17B | 2.32B | 2.52B | 2.61B | 2.94B | 3.04B | 3.1B | 3.03B |
| Revenue Growth % | 1.5% | 11.05% | 6.97% | 8.24% | 3.61% | 12.78% | 3.56% | 1.82% | -2.17% |
| Cost of Goods Sold | 1.36B | 1.52B | 1.63B | 1.75B | 1.86B | 2.12B | 2.19B | 2.18B | 2.21B |
| COGS % of Revenue | 69.37% | 69.92% | 69.97% | 69.69% | 71.45% | 72.27% | 71.8% | 70.39% | 72.86% |
| Gross Profit | 599.4M▲ 0% | 653.5M▲ 9.0% | 697.9M▲ 6.8% | 762.5M▲ 9.3% | 744.3M▼ 2.4% | 815.3M▲ 9.5% | 858.7M▲ 5.3% | 917.8M▲ 6.9% | 823M▼ 10.3% |
| Gross Margin % | 30.63% | 30.08% | 30.03% | 30.31% | 28.55% | 27.73% | 28.21% | 29.61% | 27.14% |
| Gross Profit Growth % | 4.97% | 9.03% | 6.79% | 9.26% | -2.39% | 9.54% | 5.32% | 6.88% | -10.33% |
| Operating Expenses | 356.5M | 370.4M | 414.4M | 403.3M | 401.6M | 439.9M | 518.3M | 530.8M | 497.6M |
| OpEx % of Revenue | 18.22% | 17.05% | 17.83% | 16.03% | 15.41% | 14.96% | 17.02% | 17.12% | 16.41% |
| Selling, General & Admin | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 0.29% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 350.9M | 370.4M | 414.4M | 403.3M | 401.6M | 439.9M | 518.3M | 530.8M | 497.6M |
| Operating Income | 242.9M▲ 0% | 283.1M▲ 16.6% | 283.5M▲ 0.1% | 359.2M▲ 26.7% | 342.7M▼ 4.6% | 375.4M▲ 9.5% | 340.4M▼ 9.3% | 387M▲ 13.7% | 325.4M▼ 15.9% |
| Operating Margin % | 12.41% | 13.03% | 12.2% | 14.28% | 13.15% | 12.77% | 11.18% | 12.48% | 10.73% |
| Operating Income Growth % | 75.89% | 16.55% | 0.14% | 26.7% | -4.59% | 9.54% | -9.32% | 13.69% | -15.92% |
| EBITDA | 285.3M | 329.4M | 351.8M | 426.8M | 414.3M | 464M | 435.4M | 483.9M | 434.8M |
| EBITDA Margin % | 14.58% | 15.16% | 15.14% | 16.96% | 15.89% | 15.78% | 14.3% | 15.61% | 14.34% |
| EBITDA Growth % | 50.79% | 15.46% | 6.8% | 21.32% | -2.93% | 12% | -6.16% | 11.14% | -10.15% |
| D&A (Non-Cash Add-back) | 42.4M | 46.3M | 68.3M | 67.6M | 71.6M | 88.6M | 95M | 96.9M | 109.4M |
| EBIT | 227.3M | 296.4M | 293.1M | 362.2M | 298.2M | 403.6M | 385.5M | 408.2M | 145.3M |
| Net Interest Income | -81.4M | -71.7M | -82.3M | -60.68M | -82.96M | -86.07M | -138.27M | -132.62M | -196.3M |
| Interest Income | 200K | 200K | 2.5M | 732.73K | 121.3K | 630.58K | 6.27M | 10.82M | 0 |
| Interest Expense | 58.8M | 69.3M | 82.8M | 61.42M | 83.08M | 86.71M | 144.55M | 143.43M | 0 |
| Other Income/Expense | -74.4M | -56M | -73.2M | -63.7M | -106M | -54.4M | -86.8M | -109.1M | -180.1M |
| Pretax Income | 168.5M▲ 0% | 227.1M▲ 34.8% | 210.3M▼ 7.4% | 295.5M▲ 40.5% | 236.7M▼ 19.9% | 321M▲ 35.6% | 253.6M▼ 21.0% | 277.9M▲ 9.6% | 145.3M▼ 47.7% |
| Pretax Margin % | 8.61% | 10.45% | 9.05% | 11.75% | 9.08% | 10.92% | 8.33% | 8.97% | 4.79% |
| Income Tax | 32M | 56.6M | 56.7M | 70.4M | 55.7M | 71.2M | 60.9M | 50.8M | 8.6M |
| Effective Tax Rate % | 18.99% | 24.92% | 26.96% | 23.82% | 23.53% | 22.18% | 24.01% | 18.28% | 5.92% |
| Net Income | 136.5M▲ 0% | 171.2M▲ 25.4% | 154M▼ 10.0% | 225.2M▲ 46.2% | 181M▼ 19.6% | 249.8M▲ 38.0% | 192.7M▼ 22.9% | 227.1M▲ 17.9% | 136.7M▼ 39.8% |
| Net Margin % | 6.98% | 7.88% | 6.63% | 8.95% | 6.94% | 8.5% | 6.33% | 7.33% | 4.51% |
| Net Income Growth % | 275% | 25.42% | -10.05% | 46.23% | -19.63% | 38.01% | -22.86% | 17.85% | -39.81% |
| Net Income (Continuing) | 136.5M | 170.5M | 153.6M | 225.1M | 181M | 249.8M | 192.7M | 227.1M | 136.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -800K | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.74▲ 0% | 0.97▲ 31.1% | 0.77▼ 20.6% | 1.06▲ 37.7% | 1.06▲ 0.0% | 1.41▲ 33.0% | 1.13▼ 19.9% | 1.40▲ 23.9% | 0.91▼ 35.0% |
| EPS Growth % | 270% | 31.08% | -20.62% | 37.66% | 0% | 33.02% | -19.86% | 23.89% | -35% |
| EPS (Basic) | 0.78 | 0.97 | 0.80 | 1.08 | 1.06 | 1.41 | 1.13 | 1.41 | 0.91 |
| Diluted Shares Outstanding | 184.8M | 175.8M | 198.43M | 197.89M | 178.07M | 174.28M | 171.2M | 163.1M | 150.22M |
| Basic Shares Outstanding | 176.1M | 175.6M | 192M | 197.54M | 178.07M | 174.28M | 170.57M | 164.88M | 150.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 39.28% | 66.79% |
Nomad Foods Limited (NOMD) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 749.1M | 936.8M | 1.42B | 968.4M | 929.1M | 1.12B | 1.17B | 1.23B | 1.15B |
| Cash & Short-Term Investments | 219M | 327.5M | 851M | 418.1M | 254M | 369.4M | 412.7M | 403M | 329.3M |
| Cash Only | 219M | 327.5M | 826M | 393.1M | 254M | 369.4M | 412.7M | 403M | 324.8M |
| Short-Term Investments | 0 | 0 | 25M | 25M | 0 | 0 | 0 | 0 | 4.5M |
| Accounts Receivable | 147.1M | 173.9M | 206.7M | 185M | 234.6M | 266.8M | 304.1M | 371.7M | 376.9M |
| Days Sales Outstanding | 27.44 | 29.21 | 32.46 | 26.84 | 32.85 | 33.13 | 36.46 | 43.77 | 45.36 |
| Inventory | 306.9M | 342.5M | 323.2M | 344.3M | 410.6M | 457.1M | 446.4M | 441.5M | 440.6M |
| Days Inventory Outstanding | 82.54 | 82.28 | 72.53 | 71.67 | 80.48 | 78.54 | 74.54 | 73.85 | 72.79 |
| Other Current Assets | 66M | 83.7M | 31.4M | 11.8M | 14.5M | 6.1M | 1.9M | 17.7M | 0 |
| Total Non-Current Assets | 3.85B | 4.4B | 4.48B | 4.61B | 5.24B | 5.21B | 5.25B | 5.2B | 5.19B |
| Property, Plant & Equipment | 295.4M | 348.8M | 422.4M | 422.2M | 549.4M | 542.9M | 563.7M | 591.1M | 595.2M |
| Fixed Asset Turnover | 6.62x | 6.23x | 5.50x | 5.96x | 4.74x | 5.41x | 5.40x | 5.24x | 5.09x |
| Goodwill | 1.75B | 1.86B | 1.86B | 1.9B | 2.1B | 2.1B | 2.1B | 2.11B | 2.1B |
| Intangible Assets | 1.72B | 2.09B | 2.08B | 2.16B | 2.46B | 2.46B | 2.47B | 2.47B | 2.46B |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K |
| Other Non-Current Assets | 22.9M | 38.3M | 19.4M | 18.3M | 8.9M | 8.3M | 7.8M | 12.9M | 7M |
| Total Assets | 4.6B▲ 0% | 5.34B▲ 16.1% | 5.9B▲ 10.6% | 5.58B▼ 5.5% | 6.17B▲ 10.6% | 6.33B▲ 2.5% | 6.42B▲ 1.4% | 6.43B▲ 0.2% | 6.33B▼ 1.5% |
| Asset Turnover | 0.43x | 0.41x | 0.39x | 0.45x | 0.42x | 0.46x | 0.47x | 0.48x | 0.48x |
| Asset Growth % | -2.29% | 16.06% | 10.55% | -5.49% | 10.58% | 2.52% | 1.43% | 0.23% | -1.5% |
| Total Current Liabilities | 701.9M | 840M | 823.1M | 917.1M | 966.2M | 940.8M | 1.03B | 1.12B | 1.07B |
| Accounts Payable | 328.9M | 400.6M | 365.9M | 453.4M | 507M | 496.7M | 476.1M | 521.6M | 794.9M |
| Days Payables Outstanding | 88.45 | 96.24 | 82.12 | 94.38 | 99.37 | 85.34 | 79.5 | 87.25 | 131.31 |
| Short-Term Debt | 3.3M | 21.4M | 10.1M | 16.5M | 6.5M | 3.2M | 13.2M | 0 | 4M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 75.8M | 45.8M | 53M | 81.2M | 46.6M | 39.8M | 47.3M | 41.5M | 47M |
| Current Ratio | 1.07x | 1.12x | 1.73x | 1.06x | 0.96x | 1.19x | 1.13x | 1.10x | 1.07x |
| Quick Ratio | 0.63x | 0.71x | 1.33x | 0.68x | 0.54x | 0.70x | 0.70x | 0.71x | 0.66x |
| Cash Conversion Cycle | 21.52 | 15.25 | 22.88 | 4.13 | 13.96 | 26.32 | 31.5 | 30.37 | -13.16 |
| Total Non-Current Liabilities | 2.05B | 2.44B | 2.52B | 2.54B | 2.91B | 2.78B | 2.8B | 2.65B | 2.77B |
| Long-Term Debt | 1.4B | 1.74B | 1.76B | 1.68B | 2.14B | 2.1B | 2.06B | 2.08B | 2.2B |
| Capital Lease Obligations | 0 | 0 | 90.1M | 53.7M | 58.3M | 44.3M | 57.4M | 68.1M | 60.7M |
| Deferred Tax Liabilities | 327.7M | 392.1M | 398.2M | 427.1M | 437.6M | 445.7M | 425.1M | 292.7M | 259.3M |
| Other Non-Current Liabilities | 324.4M | 306.7M | 278.9M | 374M | 269.7M | 191.1M | 258M | 201.7M | 252.4M |
| Total Liabilities | 2.75B | 3.28B | 3.35B | 3.45B | 3.87B | 3.72B | 3.82B | 3.77B | 3.84B |
| Total Debt | 1.4B | 1.76B | 1.88B | 1.77B | 2.23B | 2.17B | 2.15B | 2.18B | 2.29B |
| Net Debt | 1.18B | 1.44B | 1.05B | 1.38B | 1.97B | 1.8B | 1.74B | 1.77B | 1.97B |
| Debt / Equity | 0.75x | 0.86x | 0.73x | 0.83x | 0.97x | 0.83x | 0.83x | 0.82x | 0.92x |
| Debt / EBITDA | 4.90x | 5.36x | 5.33x | 4.15x | 5.38x | 4.67x | 4.93x | 4.50x | 5.27x |
| Net Debt / EBITDA | 4.13x | 4.36x | 2.99x | 3.22x | 4.76x | 3.88x | 3.99x | 3.67x | 4.52x |
| Interest Coverage | 3.87x | 4.28x | 3.54x | 5.90x | 3.59x | 4.65x | 2.67x | 2.85x | - |
| Total Equity | 1.85B▲ 0% | 2.06B▲ 11.1% | 2.56B▲ 24.2% | 2.13B▼ 16.8% | 2.3B▲ 8.1% | 2.61B▲ 13.4% | 2.59B▼ 0.5% | 2.66B▲ 2.7% | 2.5B▼ 6.2% |
| Equity Growth % | -2.62% | 11.15% | 24.17% | -16.84% | 8.13% | 13.36% | -0.55% | 2.72% | -6.22% |
| Book Value per Share | 10.02 | 11.71 | 12.88 | 10.74 | 12.91 | 14.95 | 15.14 | 16.32 | 16.62 |
| Total Shareholders' Equity | 1.85B | 2.06B | 2.56B | 2.13B | 2.3B | 2.61B | 2.59B | 2.66B | 2.5B |
| Common Stock | 0 | 1.75B | 2.1B | 1.62B | 1.62B | 1.6B | 1.43B | 1.32B | 1.13B |
| Retained Earnings | -347.6M | -167.9M | -11.8M | 191.6M | 387.4M | 886.6M | 1.06B | 1.2B | 1.26B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.2B | 469.9M | 451.7M | 305.7M | 281.6M | 109.1M | 76.4M | 120.4M | 106.4M |
| Minority Interest | 0 | -800K | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
Nomad Foods Limited (NOMD) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 193.8M | 321.3M | 315.4M | 457M | 306.3M | 303.8M | 430.8M | 435.4M | 330.7M |
| Operating CF Margin % | 9.9% | 14.79% | 13.57% | 18.16% | 11.75% | 10.33% | 14.15% | 14.05% | 10.91% |
| Operating CF Growth % | -31.3% | 65.79% | -1.84% | 44.9% | -32.98% | -0.82% | 41.8% | 1.07% | -24.05% |
| Net Income | 136.5M | 170.5M | 153.6M | 225.1M | 181M | 249.8M | 192.7M | 227.1M | 136.7M |
| Depreciation & Amortization | 42.4M | 46.3M | 68.3M | 67.6M | 71.6M | 88.6M | 95M | 96.9M | 109.4M |
| Stock-Based Compensation | 2.6M | 13M | 14.9M | 9M | 5.1M | 8.1M | 24.1M | 8.8M | 0 |
| Deferred Taxes | 32M | 56.6M | 56.7M | 70.4M | 55.7M | 71.2M | 60.9M | 50.8M | 0 |
| Other Non-Cash Items | -52.6M | 3.4M | 66.8M | -9.8M | 16.4M | -17.1M | 100K | 63.4M | 123.3M |
| Working Capital Changes | 32.9M | 31.5M | -44.9M | 94.7M | -23.5M | -96.8M | 58M | -11.6M | -38.7M |
| Change in Receivables | -1.6M | -10.8M | -34.4M | -1.8M | 24.1M | -38.3M | 300K | -75M | -18.2M |
| Change in Inventory | 16.7M | -20.2M | 23.5M | -12.7M | -23.8M | -61.7M | 18.8M | -1.2M | -14.2M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -42.6M | -513.2M | -73.8M | -171.4M | -660M | -78.7M | -76.8M | -64.4M | -74.6M |
| Capital Expenditures | -42.6M | -41.6M | -47.3M | -58.7M | -79.2M | -79.1M | -82.4M | -80.3M | -78.5M |
| CapEx % of Revenue | 2.18% | 1.91% | 2.04% | 2.33% | 3.04% | 2.69% | 2.71% | 2.59% | 2.59% |
| Acquisitions | 0 | -471.6M | -1.5M | -112.9M | -597.3M | 400K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.6M | -6.5M | -1.5M | 200K | 16.5M | 0 | 5.3M | 10.2M | 3.9M |
| Cash from Financing | -241.8M | 302.7M | 251.4M | -714.8M | 214.4M | -108.1M | -321.5M | -366.4M | -332.1M |
| Debt Issued (Net) | -600K | 349.7M | -42M | -32M | 371.9M | -143.4M | -36.7M | -37.8M | 101.9M |
| Equity Issued (Net) | -177.6M | 100K | 354.1M | -627.8M | -100.2M | -29.7M | -178M | -124.5M | -202.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -89.2M | -91.3M |
| Share Repurchases | -177.6M | 0 | 0 | -627.8M | -100.2M | -29.7M | -178M | -124.5M | -202.5M |
| Other Financing | -63.6M | -47.1M | -60.7M | -55M | -57.3M | 65M | -106.8M | -114.9M | -140.2M |
| Net Change in Cash | -110.3M▲ 0% | 108.4M▲ 198.3% | 497.2M▲ 358.7% | -442.3M▼ 189.0% | -128.3M▲ 71.0% | 112.6M▲ 187.8% | 32.9M▼ 70.8% | 3.6M▼ 89.1% | -78.5M▼ 2280.6% |
| Free Cash Flow | 151.2M▲ 0% | 279.7M▲ 85.0% | 268.1M▼ 4.1% | 398.3M▲ 48.6% | 227.1M▼ 43.0% | 224.7M▼ 1.1% | 348.4M▲ 55.1% | 355.1M▲ 1.9% | 252.2M▼ 29.0% |
| FCF Margin % | 7.73% | 12.87% | 11.53% | 15.83% | 8.71% | 7.64% | 11.44% | 11.46% | 8.32% |
| FCF Growth % | -36.92% | 84.99% | -4.15% | 48.56% | -42.98% | -1.06% | 55.05% | 1.92% | -28.98% |
| FCF per Share | 0.82 | 1.59 | 1.35 | 2.01 | 1.28 | 1.29 | 2.03 | 2.18 | 1.68 |
| FCF Conversion (FCF/Net Income) | 1.42x | 1.88x | 2.05x | 2.03x | 1.69x | 1.22x | 2.24x | 1.92x | 2.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nomad Foods Limited (NOMD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 1.92% | 7.27% | 8.75% | 6.67% | 9.62% | 8.18% | 10.19% | 7.41% | 8.64% | 5.3% |
| Return on Invested Capital (ROIC) | 3.33% | 6.01% | 6.51% | 5.99% | 7.58% | 6.61% | 6.49% | 5.85% | 6.62% | 5.48% |
| Gross Margin | 29.62% | 30.63% | 30.08% | 30.03% | 30.31% | 28.55% | 27.73% | 28.21% | 29.61% | 27.14% |
| Net Margin | 1.89% | 6.98% | 7.88% | 6.63% | 8.95% | 6.94% | 8.5% | 6.33% | 7.33% | 4.51% |
| Debt / Equity | 0.76x | 0.75x | 0.86x | 0.73x | 0.83x | 0.97x | 0.83x | 0.83x | 0.82x | 0.92x |
| Interest Coverage | 1.81x | 3.87x | 4.28x | 3.54x | 5.90x | 3.59x | 4.65x | 2.67x | 2.85x | - |
| FCF Conversion | 7.75x | 1.42x | 1.88x | 2.05x | 2.03x | 1.69x | 1.22x | 2.24x | 1.92x | 2.42x |
| Revenue Growth | 58.87% | 1.5% | 11.05% | 6.97% | 8.24% | 3.61% | 12.78% | 3.56% | 1.82% | -2.17% |
Nomad Foods Limited (NOMD) stock FAQ — growth, dividends, profitability & financials explained
Nomad Foods Limited (NOMD) reported $3.03B in revenue for fiscal year 2025.
Nomad Foods Limited (NOMD) saw revenue decline by 2.2% over the past year.
Yes, Nomad Foods Limited (NOMD) is profitable, generating $136.7M in net income for fiscal year 2025 (4.5% net margin).
Yes, Nomad Foods Limited (NOMD) pays a dividend with a yield of 7.04%. This makes it attractive for income-focused investors.
Nomad Foods Limited (NOMD) has a return on equity (ROE) of 5.3%. This is below average, suggesting room for improvement.
Nomad Foods Limited (NOMD) generated $252.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Nomad Foods Limited (NOMD) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates