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Greencore
(LSE:GNC)
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Rating:63Neutral
Price Target:
284.00 p
▲(6.29% Upside)
Action:Downgraded
Date:06/26/26
Greencore's financial performance shows a positive turnaround with revenue growth and a stronger balance sheet, though cash flow growth is a concern. The stock is in a downtrend with oversold conditions, and its high P/E suggests it is expensive. The overall score of 63 reflects these mixed factors, leaning slightly bearish.
Positive Factors
Revenue Growth and Gross Margin
Revenue growth indicates continued demand for Greencore’s convenience-food offering, while a healthy gross margin shows that scale, product mix and manufacturing capabilities support value capture over the medium term.
Negative Factors
Modest Operating Profitability
Low operating margins leave limited protection against increases in ingredients, packaging, energy and labor costs. Sustained margin improvement will therefore depend on pricing, productivity and product-mix gains across the manufacturing base.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Gross Margin
Revenue growth indicates continued demand for Greencore’s convenience-food offering, while a healthy gross margin shows that scale, product mix and manufacturing capabilities support value capture over the medium term.
Read all positive factors
Greencore (GNC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.02B
Dividend Yield1.02%
Average Volume (3M)2.16M
Price to Earnings (P/E)81.8
Beta (1Y)1.00
Revenue Growth25.76%
EPS Growth-73.03%
CountryUK
Employees28,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.03
Shares Outstanding803,881,960
10 Day Avg. Volume1,353,728
30 Day Avg. Volume2,164,814
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
£293.67Price Target Upside9.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.19
Revenue Forecast (FY)£3.38B
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 and selling private-label convenience foods under supply agreements to grocery retailers and other food-to-go channels. Revenue is generated on a per-unit basis from contracted or recurring orders o...
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
70
Positive
Balance Sheet
85
Very Positive
Cash Flow
65
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 | 110.60M | 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 Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £1.69B | 12.72 | 9.74% | 1.79% | 2.31% | 9.04% | |
78 Outperform | £2.79B | 17.79 | 14.99% | 2.05% | 9.52% | 18.08% | |
71 Outperform | £14.26B | 15.46 | 8.44% | 3.16% | -2.16% | -24.87% | |
63 Neutral | £2.02B | 81.79 | 0.73% | 1.05% | 25.76% | -73.03% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | £635.84M | 30.35 | 5.91% | 6.38% | 6.63% | -47.51% |
* Consumer Defensive Sector Average
GB:GNC
Greencore
255.20
12.28
5.06%
GB:ABF
Associated British Foods
2,072.00
-81.82
-3.80%
GB:CWK
Cranswick
5,230.00
205.82
4.10%
GB:HFG
Hilton Food
698.00
49.25
7.59%
GB:PFD
Premier Foods
195.40
11.45
6.23%
Greencore Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Greencore lifts profit guidance as Bakkavor integration boosts growth
Positive
Jul 22, 2026
Greencore Group, the UK’s leading manufacturer of convenience foods, has expanded its portfolio through the acquisition of Bakkavor, adding strength in categories such as quiche, bread, sushi and chilled dips alongside its core “food f...
Private Placements and FinancingRegulatory Filings and Compliance
Greencore Updates Share Capital After Small Issuance Under UK Share Scheme
Neutral
Jun 30, 2026
Greencore Group has issued and allotted 1,564 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. Follo...
Other
Greencore Chair Increases Stake with 125,000-Share Purchase
Positive
Jun 10, 2026
Greencore Group plc disclosed that its non-executive chair, Leslie Van de Walle, together with a closely associated person, purchased 125,000 ordinary shares in the company on 9 June 2026 in London at a price of £1.949 per share. The insider ...
Other
Greencore Chair Boosts Stake with £150,000 Share Purchase
Positive
Jun 2, 2026
Greencore Group plc has disclosed that its non-executive chair, Leslie van de Walle, together with a person closely associated, purchased 75,000 ordinary shares in the company. The shares, each with a nominal value of £0.01, were acquired on ...
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.