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Greencore
(LSE:GNC)
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Rating:61Neutral
Price Target:
302.00 p
▲(13.02% Upside)
Action:Reiterated
Date:10/23/26
The score is primarily supported by solid financial performance (steady revenue growth, improving profitability, manageable leverage, and strong cash conversion). However, the overall rating is pulled down by a very high P/E and low dividend yield, and technicals show an overbought setup (RSI/Stoch) that increases near-term downside risk despite a strong uptrend.
Positive Factors
Revenue Growth
The latest-year revenue increase indicates continued demand for Greencore’s convenience-food offering across its customer base. Sustained sales growth can support better factory utilization, strengthen retailer relationships, and provide a durable base for improving earnings over the next several quarters.
Negative Factors
Modest Operating Margins
Greencore’s relatively modest operating margins leave limited room for adverse movement in costs or execution. Lower profitability also means that revenue growth may not translate proportionally into earnings, making sustained efficiency improvements important to strengthen long-term operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The latest-year revenue increase indicates continued demand for Greencore’s convenience-food offering across its customer base. Sustained sales growth can support better factory utilization, strengthen retailer relationships, and provide a durable base for improving earnings over the next several quarters.
Read all positive factors
Greencore (GNC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.27B
Dividend Yield0.92%
Average Volume (3M)2.22M
Price to Earnings (P/E)90.7
Beta (1Y)1.04
Revenue Growth25.76%
EPS Growth-73.03%
CountryUK
Employees28,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.03
Shares Outstanding811,177,900
10 Day Avg. Volume2,677,954
30 Day Avg. Volume2,215,087
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)2.02
Price to Sales (P/S)0.51
P/FCF Ratio8.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£306.33Price Target Upside14.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.24
Revenue Forecast (FY)£4.10B
Greencore Business Overview & Revenue Model
Company Description
Greencore Group Plc engages in the manufacture and supply of convenience foods. The company also involves in the Irish Ingredient trading businesses. Its products include sandwiches, salads, sushi, chilled ready meals, chilled soups and sauces, ch...
How the Company Makes Money
Greencore makes money primarily by manufacturing convenience food products and selling them to business customers (notably large retailers) under customer own-label/private-label arrangements and, where applicable, branded or co-developed proposit...
Greencore Earnings Call Summary
Earnings Call Date:Nov 18, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Dec 01, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance with record profitability, significant revenue growth, and successful new product launches. While there were challenges, such as inflationary pressures and underperformance in the salad category, these were outweighed by the positive financial metrics and progress in strategic initiatives like the Bakkavor acquisition.Positive Updates
Record Profitability Achieved
The company reached a record level of profitability, achieving a 15% return on invested capital (ROIC), which is an increase of 350 basis points from the previous fiscal year.
Negative Updates
Challenges in the Salad Portfolio
Performance in parts of the salad portfolio was challenging in comparison to other segments.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Profitability Achieved
The company reached a record level of profitability, achieving a 15% return on invested capital (ROIC), which is an increase of 350 basis points from the previous fiscal year.
Read all positive updates
Company Guidance
In the fiscal year 2025, the company reported a strong performance across multiple financial metrics, achieving a revenue of nearly GBP 2 billion, which represents a 7.7% year-on-year growth. The adjusted operating profit increased by 28.9% to GBP 125.7 million, resulting in an operating margin growth of 110 basis points to 6.5%. The return on invested capital (ROIC) rose to 15%, a 350 basis point increase from the previous year. The company's free cash flow was GBP 120.5 million, with a leverage ratio of 0.4x net debt to EBITDA. The successful onboarding of new contracts, particularly in the ready meals segment, contributed significantly to this growth. Additionally, the company launched 534 new products and maintained over 99% service levels with ongoing operational excellence initiatives. Looking ahead, the company anticipates continued profitable growth and plans to close the acquisition of Bakkavor in early 2026, projecting at least GBP 80 million in cost synergies. The company remains committed to enhancing shareholder value through disciplined capital allocation and strategic investments.Greencore Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
68
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.34B | 1.95B | 1.81B | 1.91B | 1.74B | 1.32B |
| Gross Profit | 672.40M | 632.50M | 599.60M | 568.80M | 523.00M | 422.90M |
| EBITDA | 207.40M | 158.70M | 147.80M | 124.10M | 111.50M | 101.30M |
| Net Income | 7.00M | 57.60M | 46.30M | 35.90M | 32.30M | 25.40M |
Balance Sheet | ||||||
| Total Assets | 3.82B | 1.27B | 1.20B | 1.30B | 1.34B | 1.29B |
| Cash, Cash Equivalents and Short-Term Investments | 197.70M | 81.80M | 57.30M | 116.50M | 99.60M | 119.10M |
| Total Debt | 1.15B | 207.70M | 250.30M | 315.50M | 327.60M | 361.80M |
| Total Liabilities | 2.39B | 780.70M | 754.50M | 837.90M | 873.10M | 868.30M |
| Stockholders Equity | 1.43B | 492.00M | 450.20M | 459.80M | 465.60M | 423.20M |
Cash Flow | ||||||
| Free Cash Flow | 15.00M | 122.20M | 79.60M | 61.60M | 42.90M | 62.50M |
| Operating Cash Flow | 59.80M | 165.60M | 112.00M | 99.00M | 92.90M | 102.70M |
| Investing Cash Flow | -512.60M | -43.40M | -31.70M | -31.30M | -50.00M | -17.60M |
| Financing Cash Flow | 488.00M | -85.50M | -98.70M | -81.50M | -69.40M | -58.10M |
Greencore Technical Analysis
Positive
267.20
Price Trends
257.99
Positive
238.89
Positive
246.70
Positive
Market Momentum
8.66
Negative
75.19
Negative
91.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GNC, the sentiment is Positive. The current price of 267.2 is above the 20-day moving average (MA) of 260.99, above the 50-day MA of 257.99, and above the 200-day MA of 246.70, indicating a bullish trend. The MACD of 8.66 indicates Negative momentum. The RSI at 75.19 is Negative, neither overbought nor oversold. The STOCH value of 91.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GNC.
Greencore Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | £1.75B | 12.94 | 9.74% | 1.69% | 2.31% | 9.04% | |
65 Neutral | £2.77B | 17.55 | 14.99% | 2.18% | 9.52% | 18.08% | |
63 Neutral | £13.54B | 14.35 | 8.44% | 3.28% | -2.16% | -24.87% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | £2.27B | 90.71 | 0.73% | 0.92% | 25.76% | -73.03% | |
58 Neutral | £647.52M | 31.59 | 5.91% | 4.90% | 6.63% | -47.51% |
* Consumer Defensive Sector Average
GB:GNC
Greencore
285.80
43.38
17.89%
GB:ABF
Associated British Foods
1,932.00
-283.85
-12.81%
GB:CWK
Cranswick
5,210.00
185.82
3.70%
GB:HFG
Hilton Food
720.00
78.77
12.28%
GB:PFD
Premier Foods
199.50
15.75
8.57%
Greencore Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Greencore lifts profit guidance after strong FY26 and Bakkavor integration gains
Positive
Oct 13, 2026
Greencore reported a strong finish to fiscal 2026, with fourth-quarter pro forma revenue up 4.5% to £1.04bn and full-year pro forma revenue rising 3.6% to £3.38bn, driven by volumes that outpaced the wider grocery market and robust deman...
Business Operations and StrategyDelistings and Listing Changes
Greencore Seeks LSE Listing for 2 Million Shares Under Employee Scheme
Positive
Oct 1, 2026
Greencore Group plc has applied to the London Stock Exchange for a block listing of 2,000,000 new ordinary shares, each with a nominal value of £0.01, to be admitted to trading. The fully paid shares will rank pari passu with existing stock a...
Private Placements and FinancingRegulatory Filings and Compliance
Greencore boosts share capital via employee scheme issuance
Neutral
Sep 30, 2026
Greencore Group PLC is a UK‑listed food manufacturer best known for producing convenience foods for major retailers and food‑to‑go outlets. Its ordinary shares trade on the London Stock Exchange Main Market, giving it access to i...
Business Operations and StrategyRegulatory Filings and Compliance
Greencore Updates Share Capital After Employee Scheme Issuance
Neutral
Aug 28, 2026
Greencore Group plc has issued and allotted 1,620 new ordinary shares of £0.01 each under its U.K. Share Save Scheme, with the new stock already admitted to trading on the London Stock Exchange Main Market under a pre-existing block admission...
Financial Disclosures
Greencore Sets Date for Q4 and Full-Year 2026 Trading Update
Neutral
Aug 28, 2026
Greencore has announced that it will release its trading update for the fourth quarter and full year 2026 on 13 October 2026. The scheduled update will provide investors and other stakeholders with an opportunity to assess the company’s rece...
Business Operations and StrategyRegulatory Filings and Compliance
Greencore Updates Share Capital After Share Save Scheme Issuance
Neutral
Jul 31, 2026
Greencore has issued and allotted 296,359 new ordinary shares of £0.01 each under its UK Share Save Scheme, with the shares fully fungible with existing stock and already admitted to trading on the London Stock Exchange Main Market. Following...
Other
Greencore Chair Boosts Stake with £2.38 Share Purchase
Positive
Jul 23, 2026
Greencore Group plc, a leading U.K. convenience food producer, supplies prepared foods and food-to-go products to major retailers and foodservice operators. The company is listed in London, where its ordinary shares provide investors access to the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.