Rankings Food, drinks & restaurants Ahold Delhaize
Ahold Delhaize
84
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Quality of growth−4
- Multiples vs own history and peers−4
- Margin−3
Strengths
- Online growth+1
- Dividend from FCF+1
- Diversified base+1
How the score is built
From 100 to 84, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 32.18 EUR
- Median analyst target
- 39.00 EUR
- Upside to median
- +21.2%
- Analysts
- 19
- Target range
- 22.63 – 44.00 EUR
- 52-week change
- −10%
- P/E (trailing)
- 12.8
- Forward P/E
- 11.4
- PEG
- 1.55
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−10 of −30
- −4Quality of growthRevenue fell 0.2% TTM and grows only 1.6% in 2026e; in Q2 US comparable growth was +0.8% and underlying EPS −1.4%. Earnings per share growth comes mainly from buybacks (about 3% fewer shares a year), not from operations.
- −3MarginOperating margin 4.1% and net margin 2.5% TTM vs 4.5% and 3.0% in 2021–22; the US underlying margin fell 0.2 pp to 4.2% in Q2 because of price investments and higher energy costs.
- −2Moat and price investmentsStop & Shop still requires price investments in all stores and over 40 remodels in 2026 to retain customers – grocery retail has a low moat, and the margin must be spent on defending market share.
- −1ROICROIC 9.5% TTM vs 10.4–10.6% in 2021–22 and 9.1–9.9% since; stable, but not rising.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own history and peersForward P/E 11.3 vs 10.1–14.7 in 2021–25; EV/EBIT 11.8 vs 10.9–13.2; P/FCF 6.9 (before leases) vs 6.2–9.9. In the lower half of its own history, but the FCF yield after leases is about 7.5%, and EPS is expected to grow only 2.5% in 2026 – priced low for a reason.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −3Headwinds in the US (SNAP, drug prices)Lower SNAP benefits and egg deflation cost 0.9 pp and IRA drug prices 0.7 pp on US comparable sales in Q2; the IRA effect is estimated at about USD 450m on revenue in 2026, and management points to higher energy prices squeezing household budgets.
- −2Debt and distributionsNet debt (incl. leases) rose from EUR 14.2bn (2024) to EUR 16.1bn, 3.0x EBITDA; current ratio 0.71 and quick ratio 0.37. Buybacks and dividends of 2.25bn TTM exceeded FCF after leases (2.09bn).
Plus
Only documented strengths. · 3 findings+3 of +15
- +1Online growthOnline sales rose 8.6% in Q2 and 14.5% in the US – the ninth quarter in a row of double-digit growth in the US, and the omnichannel share is at a record high of about 10%.
- +1Dividend from FCFThe dividend (EUR 1.10bn, yield 3.8%) is covered by FCF after leasing (EUR 2.09bn), and the dividend has been raised four years in a row (EUR 0.95 → 1.24).
- +1Diversified baseRevenue is split across the US (EUR 13.0bn in Q2) and Europe (10.2bn) and many chains (Food Lion, Stop & Shop, Albert Heijn, Delhaize, bol); Europe grew 2.6% and lifted the margin 0.1 pp in Q2.
Caveats
What the score does not capture, or where the data is weak.
stockanalysis' FCF (EUR 4.0bn TTM) is before leases; after lease payments (1.94bn) FCF is only EUR 2.09bn, and the company's own guidance is at least 2.3bn for 2026 (53 weeks). Buybacks (1.15bn) plus dividend (1.10bn) TTM exceed FCF after leases, so no plus has been given for buybacks. The fall in share count (−3.1%) matches the buybacks in the cash flow. Underlying EPS (0.63 in Q2) vs reported (0.60). EV/EBITDA 6.5 'current' may be based on a different EBITDA definition than the historical years (8.6). J.P. Morgan (sell, price target 24.07) and Morgan Stanley (sell) stand against KBC's favourites list.
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