Nomad Foods Limited
NOMD Consumer Defensive Packaged Foods
Nomad Foods Limited’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 2.29% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2.38%, free cash flow grew 24.2% and total debt rose 14.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Nomad Foods Limited (NOMD) Altman Z-score
Nomad Foods Limited's Altman Z-score for fiscal 2025 is 1.20, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.20 | (0.16) |
| FY2024 | 1.36 | 0.04 |
| FY2023 | 1.33 | (0.02) |
| FY2022 | 1.35 | 0.07 |
| FY2021 | 1.28 | (0.20) |
| FY2020 | 1.47 | 0.12 |
| FY2019 | 1.36 | 0.34 |
| FY2018 | 1.01 | (0.07) |
| FY2017 | 1.08 | 0.35 |
| FY2016 | 0.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | 0.20 | — | 0.28 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.43 | — | 0.26 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Distress zone | 1.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.76 | ||
Z and Z″ put Nomad Foods Limited in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BRBR BellRing Brands Inc. compare | 6.6× |
| JJSF J & J Snack Foods Corp. compare | 5.2× |
| SENEA Seneca Foods Corp. compare | 4.6× |
| CENT Central Garden & Pet Company compare | 2.6× |
| CENTA Central Garden & Pet Company compare | 2.5× |
| HLF Herbalife Ltd compare | 2.4× |
| FLO Flowers Foods, Inc. compare | 2.1× |
| NOMD Nomad Foods Limited | 1.2× |
| UTZ Utz Brands, Inc. compare | 0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets