Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 7.5x · ROE 5.3%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.9B | $2.7B | $2.9B | $3.0B | $4.5B | $5.0B | $4.4B | $2.9B | $3.1B | $1.8B |
| Enterprise Value | $3.7B | $3.8B | $4.5B | $4.6B | $4.8B | $6.5B | $6.4B | $5.5B | $4.4B | $4.3B | $2.9B |
| P/E Ratio → | 10.34 | 13.75 | 11.99 | 15.00 | 12.23 | 23.95 | 23.98 | 29.05 | 17.24 | 22.85 | 47.85 |
| P/S Ratio | 0.43 | 0.62 | 0.88 | 0.95 | 1.02 | 1.73 | 2.00 | 1.91 | 1.35 | 1.60 | 0.91 |
| P/B Ratio | 0.57 | 0.75 | 1.03 | 1.12 | 1.15 | 1.97 | 2.37 | 1.74 | 1.43 | 1.69 | 0.92 |
| P/FCF | 5.21 | 7.45 | 7.71 | 8.33 | 13.37 | 19.91 | 12.63 | 16.56 | 10.51 | 20.67 | 7.33 |
| P/OCF | 3.98 | 5.68 | 6.29 | 6.74 | 9.89 | 14.76 | 11.01 | 14.07 | 9.15 | 16.12 | 6.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.27 | 1.46 | 1.52 | 1.63 | 2.49 | 2.55 | 2.36 | 2.01 | 2.20 | 1.50 |
| EV / EBITDA | 7.55 | 8.84 | 9.32 | 10.65 | 10.35 | 15.68 | 15.01 | 15.60 | 13.29 | 15.09 | 15.25 |
| EV / EBIT | 10.08 | 26.47 | 11.05 | 12.03 | 11.90 | 21.78 | 17.69 | 18.73 | 14.76 | 18.94 | 18.85 |
| EV / FCF | — | 15.25 | 12.70 | 13.31 | 21.38 | 28.60 | 16.09 | 20.48 | 15.65 | 28.47 | 12.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1% | 27.1% | 29.6% | 28.2% | 27.7% | 28.6% | 30.3% | 30.0% | 30.1% | 30.6% | 29.6% |
| Operating Margin | 10.7% | 10.7% | 12.5% | 11.2% | 12.8% | 13.1% | 14.3% | 12.2% | 13.0% | 12.4% | 7.2% |
| Net Profit Margin | 4.5% | 4.5% | 7.3% | 6.3% | 8.5% | 6.9% | 9.0% | 6.6% | 7.9% | 7.0% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 8.6% | 7.4% | 10.2% | 8.2% | 9.6% | 6.7% | 8.8% | 7.3% | 1.9% |
| ROA | 2.1% | 2.1% | 3.5% | 3.0% | 4.0% | 3.1% | 3.9% | 2.7% | 3.4% | 2.9% | 0.8% |
| ROIC | 5.5% | 5.5% | 6.6% | 5.8% | 6.5% | 6.6% | 7.6% | 6.0% | 6.5% | 6.0% | 3.3% |
| ROCE | 6.2% | 6.2% | 7.2% | 6.3% | 7.1% | 6.9% | 7.4% | 5.9% | 6.7% | 6.2% | 3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 0.82 | 0.83 | 0.83 | 0.97 | 0.83 | 0.73 | 0.86 | 0.75 | 0.76 |
| Debt / EBITDA | 5.27 | 5.27 | 4.50 | 4.93 | 4.67 | 5.38 | 4.15 | 5.33 | 5.36 | 4.90 | 7.68 |
| Net Debt / Equity | — | 0.79 | 0.67 | 0.67 | 0.69 | 0.86 | 0.65 | 0.41 | 0.70 | 0.64 | 0.59 |
| Net Debt / EBITDA | 4.52 | 4.52 | 3.67 | 3.99 | 3.88 | 4.76 | 3.22 | 2.99 | 4.36 | 4.13 | 5.96 |
| Debt / FCF | — | 7.80 | 5.00 | 4.98 | 8.00 | 8.69 | 3.46 | 3.92 | 5.14 | 7.80 | 4.71 |
| Interest Coverage | — | — | 2.85 | 2.67 | 4.65 | 3.59 | 5.90 | 3.54 | 4.28 | 3.87 | 1.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 1.10 | 1.13 | 1.19 | 0.96 | 1.06 | 1.73 | 1.12 | 1.07 | 1.16 |
| Quick Ratio | 0.66 | 0.66 | 0.71 | 0.70 | 0.70 | 0.54 | 0.68 | 1.33 | 0.71 | 0.63 | 0.73 |
| Cash Ratio | 0.31 | 0.31 | 0.36 | 0.40 | 0.39 | 0.26 | 0.46 | 1.03 | 0.39 | 0.31 | 0.43 |
| Asset Turnover | — | 0.48 | 0.48 | 0.47 | 0.46 | 0.42 | 0.45 | 0.39 | 0.41 | 0.43 | 0.41 |
| Inventory Turnover | 5.01 | 5.01 | 4.94 | 4.90 | 4.65 | 4.54 | 5.09 | 5.03 | 4.44 | 4.42 | 4.17 |
| Days Sales Outstanding | — | 45.36 | 43.77 | 36.46 | 33.13 | 32.85 | 26.84 | 32.46 | 29.21 | 27.44 | 25.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.5% | 4.9% | 3.3% | — | — | — | — | — | — | — | — |
| Payout Ratio | 66.8% | 66.8% | 39.3% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 7.3% | 8.3% | 6.7% | 8.2% | 4.2% | 4.2% | 3.4% | 5.8% | 4.4% | 2.1% |
| FCF Yield | 19.2% | 13.4% | 13.0% | 12.0% | 7.5% | 5.0% | 7.9% | 6.0% | 9.5% | 4.8% | 13.6% |
| Buyback Yield | 15.4% | 10.8% | 4.5% | 6.1% | 1.0% | 2.2% | 12.5% | 0.0% | 0.0% | 5.7% | 0.0% |
| Total Shareholder Yield | 21.9% | 15.6% | 7.8% | 6.1% | 1.0% | 2.2% | 12.5% | 0.0% | 0.0% | 5.7% | 0.0% |
| Shares Outstanding | — | $150M | $163M | $171M | $174M | $178M | $198M | $198M | $176M | $185M | $184M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying NOMD stock.
Nomad Foods Limited's current P/E ratio is 10.3x. The historical average is 21.8x.
Nomad Foods Limited's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
Nomad Foods Limited's return on equity (ROE) is 5.3%. The historical average is 1.7%.
Based on historical data, Nomad Foods Limited is trading at a P/E of 10.3x. Compare with industry peers and growth rates for a complete picture.
Nomad Foods Limited's current dividend yield is 6.46% with a payout ratio of 66.8%.
Nomad Foods Limited has 27.1% gross margin and 10.7% operating margin. Operating margin between 10-20% is typical for established companies.
Nomad Foods Limited's Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage constrains strategic flexibility
Deep Value Pricing Reflects Growth Skepticism
Nomad Foods trades at a significant discount to peers, with a P/E of 11.01 and EV/EBITDA of 7.74, suggesting the market is pricing in persistent revenue contraction and limited margin expansion potential.
The forward P/E of 7.92 and P/B of 0.60 indicate the market expects minimal earnings growth and is valuing the company below its book value, a rare occurrence for a branded food producer. This valuation appears to reflect deep skepticism about the sustainability of its current profitability levels given the -2.2% revenue decline and gross margin compression. Compared to peers like McCormick (P/E 18.51) and Hormel (P/E 25.10), Nomad's multiple is severely depressed, implying the market sees its challenges as more structural than cyclical.
Margin Erosion Undermines Earning Power
Gross margin has compressed from 32.3% to 28.9% over two years, while the persistent 4-6 percentage point gap between operating and net margin indicates significant non-operating expenses are eroding shareholder returns.
The operating margin of 10.7% appears resilient but masks the underlying weakness in gross profitability, which is the primary driver of the company's earning power. The consistent gap between operating and net margin suggests that interest and tax burdens are consuming a disproportionate share of operating profits, a structural issue exacerbated by the company's leverage. This margin profile indicates that without a reversal in gross margin trends or a reduction in non-operating costs, the company's ability to generate sustainable returns for equity holders is severely constrained.
Capital Returns Fail to Cover Cost of Capital
ROIC has declined from 2.0% to 1.5% over the past year, while ROE of 5.3% remains well below the company's likely weighted average cost of capital, indicating value destruction for shareholders.
The declining ROIC trend suggests that the company's invested capital base is becoming less efficient at generating returns, a concerning signal for a business reliant on acquired brands and cold-chain infrastructure. The low ROE is particularly alarming given the elevated Debt/Equity ratio of 0.92, as it indicates that the leverage is not translating into enhanced returns for equity holders. This combination of low returns and high leverage suggests the company's capital allocation strategy may be misaligned with its current operational reality.
Debt Burden Constrains Strategic Options
With a Debt/Equity ratio of 0.92 and interest coverage of 3.09x, Nomad's leverage appears manageable but limits financial flexibility, especially as net margin of 4.5% leaves minimal buffer for debt servicing.
The interest coverage ratio of 3.09x provides a reasonable cushion, but the trend from 3.36x a year ago suggests the burden is increasing as profitability weakens. The combination of elevated leverage and thin net margins creates a precarious balance where any further deterioration in operating performance could quickly strain the company's ability to service its debt. This leverage profile appears to be constraining management's strategic options, as evidenced by the company's reliance on shareholder returns rather than debt reduction or growth investment.
The Misleading Resilience of Operating Margin
The operating margin of 10.7% is the most commonly misapplied metric for Nomad, as it obscures the true cost of the company's capital structure and the significant erosion of gross profitability.
Analysts often focus on the stable operating margin as evidence of cost discipline, but this metric fails to account for the 4-6 percentage point gap to net margin, which represents the true cost of the company's debt and tax obligations. For a capital-intensive business with significant intangible assets, the more relevant metric is gross margin, which has deteriorated from 32.3% to 28.9%, indicating a fundamental erosion of pricing power and competitive position. The operating margin's apparent stability is therefore a misleading signal that obscures the company's declining core profitability and the increasing burden of its capital structure.