Nomad Foods Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Nomad Foods Ltd files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,928	1,957	2,173	2,324	2,516	2,607	2,940	3,045	3,100	3,033
Cost of revenue	1,357	1,357	1,519	1,626	1,753	1,862	2,124	2,186	2,182	2,210
Gross profit	571	599	654	698	763	744	815	859	918	823
Research and development	13.3	15.4	15.5	18.9	17.6	19.2	19.3	20.9	20.9	23.3
Operating income	138	243	283	284	359	343	375	340	387	325
Interest expense	86.3	81.6	57.6	75.7	68.4	106	66.5	110	139	196
Interest income	24.2	7.2	1.6	2.5	4.7	0.1	12.1	22.8	30.1	16.2
Pre-tax income	76	169	227	210	296	237	321	254	278	145
Income tax	39.6	32	56.6	56.7	70.4	55.7	71.2	60.9	50.8	8.6
Net income to minority interests	0	0	-0.7	-0.4	-0.1	0	0
Net income	36.4	137	171	154	225	181	250	193	227	137
EPS, basic	0.20	0.78	0.97	0.80	1.16	1.02	1.43	1.13	1.41	0.91
EPS, diluted	0.20	0.74	0.97	0.78	1.14	1.02	1.43	1.13	1.40	0.91

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	325	219	328	826	393	254	369
Receivables	136	147	174	207	185	235	262	263	335	351
Inventory	325	307	343	323	344	411	457	446	442	441
Total current assets	874	749	937	1,420	968	929	1,115	1,165	1,234	1,147
Property, plant and equipment	298	295	349	350	373	489	494	502	519	528
Lease right-of-use assets			0	72.4	49	60.2	49	62.1	72.5	67.5
Goodwill	1,746	1,746	1,861	1,863	1,903	2,099	2,102	2,105	2,106	2,105
Intangible assets	1,727	1,724	2,087	2,083	2,156	2,456	2,458	2,468	2,473	2,464
Total assets	4,710	4,602	5,341	5,905	5,581	6,171	6,326	6,417	6,432	6,335
Accounts payable	473	478	572	525	647	692	695	770	829	795
Total current liabilities	753	702	840	823	917	966	941	1,028	1,123	1,068
Total liabilities	2,807	2,749	3,282	3,348	3,455	3,872	3,720	3,825	3,769	3,838
Total debt	1,447	1,398	1,764	1,875	1,759	2,227	2,165	2,135	2,177	2,291
Retained earnings	-485	-348	-168	-11.8	192	387	887	1,058	1,200	1,256
Shareholders' equity	1,903	1,853	2,060	2,558	2,126
Minority interests		0	-0.8	-1.2	0
Total equity	1,903	1,853	2,059	2,557	2,126	2,299	2,606	2,592	2,663	2,497
Total liabilities and equity	4,710	4,602	5,341	5,905	5,581	6,171	6,326	6,417	6,432	6,335

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	36.4	137	171	154	225	181	250	193	227	137
Cash from operations	282	194	321	315	457	306	304	431	435	331
Capital expenditures	-38	-42.6	-41.6	-47.3	-58.7	-79.2	-79.1	-82.4	-80.3	-78.5
Cash from investing	-50.4	-42.6	-513	-73.8	-171	-660	-78.7	-76.8	-64.4	-74.6
Debt issued	0	1,471	356	2	0	800	799	6	0	193
Debt repaid	0	-1,470	-5.9	-22.2	-11.7	-409	-916	-12.6	-6.5	-57.1
Share buybacks	0	-178	0	0	-609	-77.6	-26.8	-171	-119	-196
Dividends paid							0	0	-89.2	-91.3
Cash from financing	-67.7	-242	303	251	-715	214	-108	-322	-366	-332
Exchange rate effect	-20.6	-19.7	-2.4	4.2	-13.1	11	-4.4	0.4	-1	-2.5
Free cash flow	244	151	280	268	398	227	225	348	355	252
Income taxes paid	24.9	65.2	32.9	45.6	82.9	95.2	80.2	92.8	49.1	78.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	27.1%	Gross profit / revenue.
Operating margin	10.7%	Operating income / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Effective tax rate	5.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.1%	Net income / average total assets.
R&D / revenue	0.8%	Research and development expense / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-39.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-18.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-35.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-24.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Debt / assets	36.2%	Total debt / total assets.
Liabilities / assets	60.6%	Total liabilities / total assets.
Interest coverage	1.66x	Operating income / interest expense.
Working capital	€78.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	72.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	5.80x	Revenue / average property, plant and equipment.
Inventory turnover	5.01x	Cost of revenue / average inventory.
Days inventory	73 days	365 x average inventory / cost of revenue.
Receivables turnover	8.85x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	134 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-20 days	Days inventory + days sales outstanding - days payables.
FCF conversion	184.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.91	Net income per basic share, as reported (split-adjusted).
Payout ratio	66.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	36.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	77.6%	Share buybacks / free cash flow, when free cash flow is positive.

What was Nomad Foods Ltd's revenue in fiscal 2025?

Nomad Foods Ltd reported revenue of €3.03B for fiscal 2025, 2.2% lower than the year before.

Was Nomad Foods Ltd profitable in fiscal 2025?

Yes. Net income was €136.7M, a net margin of 4.5%.

How much free cash flow did Nomad Foods Ltd generate in fiscal 2025?

Cash from operations of €330.7M minus capital expenditures of €78.5M left free cash flow of €252.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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