olivLaw · European equity research
Glanbia plc GLB.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Glanbia plc is an international nutrition group with three segments: Performance Nutrition, Health & Nutrition and Dairy Nutrition. In fiscal 2025 revenue reached 3.9 billion dollars, but EBITDA fell under pressure from input costs in Performance Nutrition, and the company refreshed its strategy for 2026-2028.
At the close of 05 Nov 2026, Glanbia plc (GLB.L) stock was 21.00 EUR (−4.11% on the day), with beta 0.29, 52-week range 13.90–25.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.7
- neutral
- Bollinger (20, 2)
- 19.12 – 21.88
- in the upper half of the band · %B 0.68 · band width 13.5%
- SMA 50 / 200
- 20.89 / 19.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.1% | −0.6% | +6.7 pp | — |
| 3 months | −11.0% | −4.2% | −6.8 pp | — |
| 6 months | +8.3% | +4.3% | +4.0 pp | — |
| Year to date | +39.1% | +7.5% | +31.6 pp | — |
| 1 year | +35.5% | +9.9% | +25.6 pp | +5.8% |
| 3 years | +36.8% | +49.8% | −13.0 pp | +26.3% |
| 5 years | +52.2% | +42.8% | +9.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 5.4 bn | 3.8 bn | 3.9 bn |
| Revenue YoY | unavailable | unavailable | +2.8% |
| Net income | 344.4 m | 164.7 m | 183.3 m |
| Net income YoY | unavailable | unavailable | +11.3% |
| Diluted EPS | 1.28 | 0.62 | 0.72 |
| Diluted EPS YoY | unavailable | unavailable | +16.0% |
| net % | 6.3% | 4.3% | 4.6% |
| Free cash flow | 385.8 m | 388.9 m | 318.9 m |
Balance sheet & financial health
Fiscal year 2026 · 03 Jan 2026
- Cash
- 491.2 m USD
- Financial debt
- 1.0 bn USD
- Net debt
- 526.0 m USD
- Equity
- 1.9 bn USD
- Total assets
- 4.0 bn USD
- Debt / equity
- 0.53x
- Current ratio
- 1.36x
- ROE
- 9.2%
- ROA
- 4.7%
- FCF margin
- 8.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.4 bn | 3.8 bn | 3.9 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 4.3 bn | 2.7 bn | 2.9 bn | esef· 18 Mar 2026verified |
| Gross profit | 1.1 bn | 1.2 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Operating income | 392.2 m | 234.7 m | 273.2 m | esef· 18 Mar 2026verified |
| Interest expense | 22.1 m | 32.2 m | 31.8 m | esef· 18 Mar 2026verified |
| Pre-tax income | 392.4 m | 208.0 m | 209.2 m | esef· 18 Mar 2026verified |
| Income tax | 44.7 m | 43.3 m | 25.9 m | esef· 18 Mar 2026verified |
| Net income | 344.4 m | 164.7 m | 183.3 m | esef· 18 Mar 2026verified |
| Diluted EPS | 1.28 | 0.62 | 0.72 | esef· 18 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 413.7 m | 417.0 m | 491.2 m | esef· 18 Mar 2026verified |
| Receivables | 501.8 m | 391.5 m | 476.4 m | esef· 18 Mar 2026verified |
| Inventories | 550.2 m | 634.8 m | 662.9 m | esef· 18 Mar 2026verified |
| Current assets | 1.5 bn | 1.5 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 515.1 m | 518.6 m | 520.1 m | esef· 18 Mar 2026verified |
| Total assets | 3.8 bn | 3.9 bn | 4.0 bn | esef· 18 Mar 2026verified |
| Accounts payable | 659.1 m | 611.7 m | 715.9 m | esef· 18 Mar 2026verified |
| Short-term debt | 108.9 m | 300.8 m | 375.6 m | esef· 18 Mar 2026verified |
| Long-term debt | 553.5 m | 552.2 m | 641.6 m | esef· 18 Mar 2026verified |
| Current liabilities | 880.5 m | 1.1 bn | 1.2 bn | esef· 18 Mar 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 2.0 bn | esef· 18 Mar 2026verified |
| Equity | 2.1 bn | 2.1 bn | 1.9 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 266.5 m | 260.6 m | 250.5 m | esef· 18 Mar 2026derived |
Cash flow · USD
| Line | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 427.8 m | 443.2 m | 368.5 m | esef· 18 Mar 2026verified |
| Capex | 42.0 m | 54.3 m | 49.6 m | esef· 18 Mar 2026verified |
| Free cash flow | 385.8 m ≈ | 388.9 m ≈ | 318.9 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | 84.5 m | -375.0 m | -63.3 m | esef· 18 Mar 2026verified |
| Financing cash flow | -396.3 m | -258.4 m | -302.7 m | esef· 18 Mar 2026verified |
| Share repurchases | 148.1 m | 129.8 m | 248.8 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.18 – 12.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E8.18 – 12.61 (Mid 10.45)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.6% | 29 (vs peers) | 21% |
| Net margin · Quality | 4.6% | 37 (vs peers) | 13% |
| FCF conversion · Quality | 174.0% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -10.1% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -17.2% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet79/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Glanbia plc (GLB.L). Latest full fiscal year: 2026; data up to 2026-01-03.
Figures computed from the financial statements: revenue 3.9 bn USD in 2026; YoY growth 2.8%; net margin 4.6%; ROE 9.2%.
The estimated value range is 8.18–12.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 174.0%
- Interest coverage: 8.6x
What contradicts it
- ROIC: 9.6%
- Revenue CAGR 3Y: -10.1%
- EPS CAGR 3Y: -17.2%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for GLB.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Glanbia plc is an international nutrition group with three segments: Performance Nutrition, Health & Nutrition and Dairy Nutrition. In fiscal 2025 revenue reached 3.9 billion dollars, but EBITDA fell under pressure from input costs in Performance Nutrition, and the company refreshed its strategy for 2026-2028 1.
SWOT
Strengths
- A portfolio of strong sports brands with volume growth in Optimum Nutrition and Isopure, and solid operating cash generation 1.
- Capital structure with committed debt facilities and comfortable covenant headroom, according to the source 1.
- Extensive international presence in nutrition and ingredient segments, strengthened by recent acquisitions 1.
Weaknesses
- Margins under pressure in Performance Nutrition due to high input costs, affecting returns on capital 1.
- Dependence on whey prices and on a cheese market that weakened in the second half of the year 1.
- Repeated non-cash impairments and exceptional items in recent years, linked to some portfolio brands 1.
Opportunities
Risks
- Raw material price volatilityhigh
High input costs, especially in Performance Nutrition, reduced EBITDA and profitability, and the evolution of whey prices remains uncertain 1.
- Geopolitical and trade tensionshigh
Rapid tariff changes and armed conflicts could disrupt supply chains and affect demand 1.
- Debt refinancingmedium
The earliest credit facilities mature in December 2027, and the company anticipates refinancing those obligations over the coming year 1.
- Asset impairment riskmedium
Recent non-cash impairments in Performance Nutrition and LevlUp show that some brands may not recover their carrying value 1.
- Cyber and climate riskslow
Increasingly sophisticated cyber-attacks and climate-related risks are treated as principal risks with dedicated controls 1.
Investment thesis
What would need to be true (bull case)
- If the transformation programme delivers its planned savings and protein demand holds, the company could recover margins in Performance Nutrition 1.
- Solid cash generation and a moderate level of net debt could support higher dividends and share buybacks 1.
- Health & Nutrition and Dairy Nutrition showed volume growth, which could offset pressure in other segments 1.
What would break the thesis
- If input costs stay high, margins in Performance Nutrition could remain under pressure and returns on capital could fall further 1.
- Protectionism and trade tensions could limit growth and raise supply costs 1.
- Repeated impairments and exceptional items could point to persistent problems in some portfolio brands 1.
What to watch
- Progress of the transformation programme and reported annual savings2027
- Evolution of the Performance Nutrition EBITDA margin against the 2025 levelNext annual report
- Refinancing of credit facilities maturing in December 20272026
- Delivery of the 2026-2028 targets for adjusted EPS growth and ROCE2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Glanbia is a nutrition producer with activities in protein supplements, ingredients and dairy-based nutrition solutions. In fiscal 2025 group revenue was 3.9 billion dollars and EBITDA before exceptional items 499.1 million dollars 1. The company sold SlimFast and Body & Fit and acquired Sweetmix in Brazil, and after year end completed the acquisition of Scicore in India 1. A major shareholder is Tirlán Co-operative Society, which holds 17.86% of the shares 1.
Since November 2024 the company reports through three segments, after Glanbia Nutritionals was separated into Health & Nutrition and Dairy Nutrition alongside Performance Nutrition 1. This structure aims at operational clarity and better capital allocation. The transformation programme launched in late 2024 targets a simpler operating model and further efficiencies 1.
The company keeps a solid financial position: operating cash flow represented 91% of EBITDA, and net debt rose to 526 million dollars at the end of 2025 1. The total dividend per share rose 10%, and the share buyback programme was extended 1.
Segments
Performance Nutrition
The largest segment, with revenue of 1,801.1 million dollars in 2025, broadly stable, but EBITDA of 233.8 million dollars and a margin of 13.0%, down under pressure from input costs 1. The Optimum Nutrition and Isopure brands grew in volume 1.
Market context
The company operates in the global market for sports nutrition, functional ingredients and milk proteins. The source mentions a low growth macroeconomic environment and rising protectionism in 2026, as well as whey price volatility 1. Demand for high protein products remains an important driver of the market 1.
Trends
- Rising demand for proteintailwind
Demand for whey protein and high protein products supported volumes in Dairy Nutrition and in the sports nutrition brands 1.
- High raw material costsheadwind
Input cost inflation, especially in Performance Nutrition, reduced margins and pressed returns on capital employed 1.
- Protectionism and tariffsheadwind
Rapid tariff changes and trade tensions increase uncertainty over supply chains and costs 1.
- Efficiency gains from transformationmixed
The group-wide transformation programme could lower operating costs if savings targets stay on schedule 1.
Competitive position
The company competes in sports nutrition, nutrition ingredients and functional dairy products with global supplement and ingredient producers. The source specifically mentions intense competition in the club channel for sports nutrition brands 1. The source does not name competitors.
- Global sports nutrition producers
Sports supplement makers competing across retail, online and club channels, with pricing pressure, according to the source 1.
- Milk protein ingredient producers
Companies supplying whey and milk proteins to food customers, where ingredient demand and prices influence margins 1.
- Flavour solution and premix suppliers
Competitors in the Health & Nutrition segment, where international growth depends on volumes and acquisitions 1.
- Functional nutrition and gut health producers
Companies with products aimed at immunity and gut health, a segment where colostrum has demand, according to the source 1.
News & filings
In the press
- GLP-1 Craze Fuels Protein-Powder Maker Glanbia’s Share RallyBloomberg Markets · 17 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202618 Mar 2026
- Annual report 202518 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2026-01-03 (ESEF) · SEC / Glanbia plc · 03 Jan 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.