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UK manufacturer of convenience foods — sandwiches, salads and chilled ready meals — for supermarkets.
UK manufacturer of convenience foods — sandwiches, salads and chilled ready meals — for supermarkets.
Makes food to supermarket specifications and sells it under the grocers' own labels, so a few large retailers account for much of its sales. Contracts generally let it recover changes in ingredient and labour costs, though with a lag. Sandwiches and other food-to-go are its biggest line.
In one line: A UK private-label convenience-food maker.
Moat: narrow (scale, customer qualification, distribution). Large-scale, short-shelf-life food logistics tightly integrated with major retailers.
Headquarters: Dublin, Ireland · Founded: 1991 · Employees: 13,300
Size Greencore (GNC.L) is a United Kingdom Consumer Staples company (Food: Specialty/Candy) with a market value of $3.23B, the 126th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £299.80 on 6 Nov 2026.
Performance Over six months the shares gained 31.0%, against -1.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 25.8% over the last twelve months (peer median +5.8%); the operating margin is 6.0% (peer median 9.6%).
Valuation It trades at 14.3× forward earnings against a peer median of 18.1× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.8 points below its cost of capital (10.2% WACC).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.34B | £1.95B | £1.81B | £1.91B | £1.74B |
| Revenue growth | — | +8% | -6% | +10% | — |
| Gross profit | £672M | £323M | £298M | £284M | £255M |
| EBITDA | £225M | £187M | £159M | £138M | £129M |
| Net income | £7.00M | £57.6M | £46.3M | £35.9M | £32.3M |
| Free cash flow | £15.0M | £123M | £80.5M | £63.0M | £44.3M |
| Capital expenditure | £46.0M | £43.4M | £32.4M | £37.4M | £50.0M |
| Total debt | n/a | £208M | £250M | £316M | £328M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GNC.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.9% | +4.1% | highest of 21 |
| 6-month return | +31.0% | -1.1% | 6th highest of 21 |
| Distance from 52-week high | -2.5% | -19.2% | highest of 21 |
| Revenue growth (TTM) | +25.8% | +5.8% | 2nd highest of 21 |
| Operating margin | 6.0% | 9.6% | 5th lowest of 21 |
| Forward P/E | 14.3× | 18.1× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 22.4% | 5.0% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +9.0% | +9.2% | 9th lowest of 18 |
| Hurdle (Req g minus delivered) | +13.4 pp | -6.0 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -5.8 pp | +2.3 pp | 3rd lowest of 21 |
| EV / EBITDA | 14.9× | 10.4× | 6th most expensive of 17 |
| Net debt / EBITDA | 4.2× | 0.6× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| MeiHua 600873.SS | China | $2.99B | -27% | -3% | 4% | 14.5× | n/a | n/a |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| Anjoy Foods 603345.SS | China | $3.82B | -20% | +19% | 12% | 17.3× | -4.3% | +18.4% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Kanematsu 8020.T | Japan | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% | +10.5% |
| Premier Foods PFD.L | United Kingdom | $2.34B | +3% | +2% | 18% | 12.6× | -1.3% | +4.4% |
| Yantai North Andre Juice 605198.SS | China | $2.31B | +16% | -17% | 18% | 66.5× | 36.8% | +14.8% |