Free cash flow remains highly volatile, with margins fluctuating from a negative 1.2% in 2024Q2 to a peak of 25.5% in 2024Q4.
| Cash from Operations | 308.56M | 330.7M | 435.4M | 430.8M | 303.8M | 306.3M | 457M | 315.4M | 321.3M | 193.8M | 282.1M | -596K | -406K |
| Operating CF Margin % | - | 10.91% | 14.05% | 14.15% | 10.33% | 11.75% | 18.16% | 13.57% | 14.79% | 9.9% | 14.63% | -0.05% | - |
| Operating CF Growth % | 346.52% | -24.05% | 1.07% | 41.8% | -0.82% | -32.98% | 44.9% | -1.84% | 65.79% | -31.3% | 47432.21% | -46.8% | - |
| Net Income | 133.38M | 136.7M | 227.1M | 192.7M | 249.8M | 181M | 225.1M | 153.6M | 170.5M | 136.5M | 36.4M | -188.77M | -167.5M |
| Depreciation & Amortization | 101.3M | 109.4M | 96.9M | 95M | 88.6M | 71.6M | 67.6M | 68.3M | 46.3M | 42.4M | 51.1M | 29.67M | 0 |
| Stock-Based Compensation | -6.2M | 0 | 8.8M | 24.1M | 8.1M | 5.1M | 9M | 14.9M | 13M | 2.6M | 1.2M | 100K | 0 |
| Deferred Taxes | 13.5M | 0 | 50.8M | 60.9M | 71.2M | 55.7M | 70.4M | 56.7M | 56.6M | 32M | 39.6M | 0 | 0 |
| Other Non-Cash Items | 41.25M | 123.3M | 63.4M | 100K | -17.1M | 16.4M | -9.8M | 66.8M | 3.4M | -52.6M | 123.2M | 187.42M | 166.3M |
| Working Capital Changes | 25.34M | -38.7M | -11.6M | 58M | -96.8M | -23.5M | 94.7M | -44.9M | 31.5M | 32.9M | 30.6M | 719K | 700K |
| Change in Receivables | -14.17M | -18.2M | -75M | 300K | -38.3M | 24.1M | -1.8M | -34.4M | -10.8M | -1.6M | -8.8M | 65.64M | 0 |
| Change in Inventory | 5.13M | -14.2M | -1.2M | 18.8M | -61.7M | -23.8M | -12.7M | 23.5M | -20.2M | 16.7M | -18.1M | -16.23M | 0 |
| Change in Payables | 19.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44.92M | 0 |
| Cash from Investing | -78.45M | -74.6M | -64.4M | -76.8M | -78.7M | -660M | -171.4M | -73.8M | -513.2M | -42.6M | -50.4M | -349.99M | 48K |
| Capital Expenditures | -81.15M | -78.5M | -80.3M | -82.4M | -79.1M | -79.2M | -58.7M | -47.3M | -41.6M | -42.6M | -42.4M | -21.85M | -26.3M |
| CapEx % of Revenue | 2.71% | 2.59% | 2.59% | 2.71% | 2.69% | 3.04% | 2.33% | 2.04% | 1.91% | 2.18% | 2.2% | 1.8% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 400K | -597.3M | -112.9M | -1.5M | -471.6M | 0 | -8M | -1.28B | -2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.7M | 3.9M | 10.2M | 5.3M | 0 | 16.5M | 200K | -1.5M | -6.5M | -4.6M | -8.39M | -10.6M | 28.3M |
| Cash from Financing | -275.06M | -332.1M | -366.4M | -321.5M | -108.1M | 214.4M | -714.8M | 251.4M | 302.7M | -241.8M | -67.7M | 489.05M | 489.05M |
| Debt Issued (Net) | -91.2M | 101.9M | -37.8M | -36.7M | -143.4M | 371.9M | -32M | -42M | 349.7M | -600K | -700K | 0 | 0 |
| Equity Issued (Net) | -177.69M | -202.5M | -124.5M | -178M | -29.7M | -100.2M | -627.8M | 354.1M | 100K | -177.6M | 0 | 0 | 361.5M |
| Dividends Paid | -86.94M | -91.3M | -89.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -177.69M | -202.5M | -124.5M | -178M | -29.7M | -100.2M | -627.8M | 0 | 0 | -177.6M | 0 | 181M | 0 |
| Other Financing | 80.76M | -140.2M | -114.9M | -106.8M | 65M | -57.3M | -55M | -60.7M | -47.1M | -63.6M | -67M | 353.5M | -8M |
| Net Change in Cash | -53.62M | -78.5M | 3.6M | 32.9M | 112.6M | -128.3M | -442.3M | 497.2M | 108.4M | -110.3M | 143.4M | 202.46M | 493.89M |
| Free Cash Flow | 227.42M | 252.2M | 355.1M | 348.4M | 224.7M | 227.1M | 398.3M | 268.1M | 279.7M | 151.2M | 239.7M | -22.44M | -26.71M |
| FCF Margin % | 7.58% | 8.32% | 11.46% | 11.44% | 7.64% | 8.71% | 15.83% | 11.53% | 12.87% | 7.73% | 12.43% | -1.85% | - |
| FCF Growth % | -25.88% | -28.98% | 1.92% | 55.05% | -1.06% | -42.98% | 48.56% | -4.15% | 84.99% | -36.92% | 1168.1% | 15.97% | - |
| FCF per Share | 1.60 | 1.68 | 2.18 | 2.03 | 1.29 | 1.28 | 2.01 | 1.35 | 1.59 | 0.82 | 1.31 | -0.18 | -0.18 |
| FCF Conversion (FCF/Net Income) | 1.71x | 2.42x | 1.92x | 2.24x | 1.22x | 1.69x | 2.03x | 2.05x | 1.88x | 1.42x | 7.75x | 0.00x | 0.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on reported quarterly figures, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a low of 0.17 in 2024Q2 to a high of 7.36 in 2023Q4, indicating significant volatility in the underlying quality of earnings.
The wide variance in cash conversion suggests that reported net income is frequently decoupled from actual cash generation, likely due to the timing of accruals and non-cash adjustments. Investors should monitor whether this instability reflects fundamental operational friction or merely the accounting treatment of seasonal inventory cycles.
As reported in financial statements, NOMD's free cash flow trajectory is inconsistent, with margins fluctuating from a negative 1.2% in 2024Q2 to a robust 25.5% in 2024Q4, highlighting a lack of predictability in the company's ability to convert revenue into discretionary cash.
The sharp swings in FCF margins suggest that the company's cash generation is highly sensitive to working capital fluctuations rather than steady operational performance. This inconsistency complicates the assessment of the company's long-term ability to fund dividends and debt obligations without relying on external financing.
According to recent SEC filings, working capital changes are the primary driver of cash flow volatility, with quarterly swings ranging from a $128.2M inflow in 2023Q4 to a $99.4M outflow in 2024Q2, suggesting aggressive inventory management or payment timing shifts that distort periodic cash results.
These dramatic shifts in working capital appear to mask the underlying cash-generating capability of the core business. The reliance on large working capital swings to bolster cash flow in certain quarters warrants further investigation into the sustainability of these timing-related benefits.
Based on reported figures, NOMD continues to prioritize shareholder returns through dividends and buybacks despite inconsistent free cash flow, with total outflows for these purposes often exceeding quarterly FCF, which may indicate a reliance on balance sheet capacity rather than internally generated cash to fund these distributions.
The commitment to consistent capital returns during periods of negative or low free cash flow suggests a management priority that may be at odds with the company's current cash generation profile. This strategy warrants close monitoring to ensure that capital allocation does not compromise the company's long-term financial flexibility.
Quick answers to the most common questions about buying NOMD stock.
Nomad Foods Limited (NOMD) generated $330.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nomad Foods Limited (NOMD) generated $252.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nomad Foods Limited (NOMD) spent $78.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Nomad Foods Limited (NOMD) returned $91.3M to shareholders via cash dividends and spent $202.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.