Jeronimo Martins SGPS SA (JRONY)
OTHER OTC:JRONY
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Jeronimo Martins SGPS SA
(OTC:JRONY)
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Rating:69Neutral
Price Target:
$54.00
▲(10.52% Upside)
Action:DowngradedDate:04/09/26
The score is driven primarily by solid fundamentals and cash generation, supported by attractive valuation (low P/E and a moderate dividend). Offsetting factors include margin compression and a modest 2025 revenue dip, plus mixed technical signals with negative MACD and only neutral momentum. Earnings-call tone was broadly positive on growth, profitability, and balance sheet strength, but acknowledged persistent competitive and macro pressures.
Positive Factors
Cash generation strength
Material improvement in operating cash flow and free cash flow provides a durable source of internal funding for reinvestment, dividends and debt servicing. Strong cash conversion reduces reliance on markets, supports capex programs and increases resilience during cyclical slowdowns.
Negative Factors
Gross margin compression and 2025 revenue dip
A drop in revenue combined with meaningful gross margin compression reduces operating leverage and narrows the buffer to absorb cost inflation. Over the medium term this weakens profitability resilience and heightens sensitivity to input costs and promotional competition.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
Material improvement in operating cash flow and free cash flow provides a durable source of internal funding for reinvestment, dividends and debt servicing. Strong cash conversion reduces reliance on markets, supports capex programs and increases resilience during cyclical slowdowns.
Read all positive factors
Jeronimo Martins SGPS SA (JRONY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.38B
Dividend Yield2.78%
Average Volume (3M)433.00
Price to Earnings (P/E)9.8
Beta (1Y)0.27
Revenue Growth9.29%
EPS Growth3.47%
CountryUS
Employees119,427
SectorConsumer Defensive
Sector Strength42
IndustryFood Distribution
Share Statistics
EPS (TTM)0.81
Shares Outstanding314,646,500
10 Day Avg. Volume0
30 Day Avg. Volume433
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.93
Price to Sales (P/S)0.18
P/FCF Ratio5.01
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue0.46
Enterprise Value/Gross Profit2.30
Enterprise Value/Ebitda6.74
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.87
Revenue Forecast (FY)$44.45B
Jeronimo Martins SGPS SA Business Overview & Revenue Model
Company Description
Jerónimo Martins, SGPS, S.A. operates in the food distribution and specialized retail sectors in Portugal, Poland, and Colombia. The company operates through Portugal Retail; Portugal Cash & Carry; Poland Retail; Colombia Retail; and Others, Elimi...
How the Company Makes Money
The company makes money mainly by selling consumer goods through its large-scale food retail networks. Its core revenue stream is retail sales from grocery and discount stores, where it earns revenue at the point of sale and generates profit from ...
Jeronimo Martins SGPS SA Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a solid financial performance with strong revenue and EBITDA growth, successful expansion, and a robust cash position. However, the company continues to face challenges from geopolitical uncertainties, competitive market conditions, and cautious consumer behavior, which have impacted pricing strategies and sales in certain segments.Positive Updates
Robust Revenue Growth
Group sales grew by 7.1% or 6.6% at constant exchange rates to EUR 26.5 billion, with a notable like-for-like growth of 2.4% and significant contributions from expansion.
Negative Updates
Challenging Market Conditions
The ongoing global geopolitical uncertainty and a highly competitive market environment are impacting consumer sentiment and price competition.
Read all updates
Q3-2025 Updates
Positive
Negative
Robust Revenue Growth
Group sales grew by 7.1% or 6.6% at constant exchange rates to EUR 26.5 billion, with a notable like-for-like growth of 2.4% and significant contributions from expansion.
Read all positive updates
Company Guidance
During the Jerónimo Martins Group's first nine months results conference call for fiscal year 2025, Chief Financial Officer Ana Luisa Virginia highlighted several key metrics underpinning the group's performance amidst ongoing geopolitical uncertainty. The group's top line grew by 7.1% (6.6% at constant exchange rates) to EUR 26.5 billion, with robust contributions from all banners, notably Biedronka in Poland, which added EUR 1 billion in sales at constant exchange rates. Consolidated EBITDA increased by 10.9% to EUR 1.8 billion, achieving a margin improvement of 23 basis points to 6.8%, driven by effective cost management and productivity measures. The group executed a CapEx program of EUR 816 million, opening 274 new stores and renovating 170 locations. The balance sheet remained strong, closing with a net cash position of EUR 467 million. Additionally, cash flow, excluding dividends, was EUR 128 million, reflecting improved funds from operations and enhanced working capital flows. Despite challenges, such as low basket inflation and competitive pressures, the group maintained its price leadership and market share, particularly in Poland, where it gained 0.2 percentage points of market share up to August.Jeronimo Martins SGPS SA Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
61
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.57B | 33.46B | 30.61B | 25.39B | 20.89B |
| Gross Profit | 6.04B | 6.85B | 6.25B | 5.33B | 4.50B |
| EBITDA | 2.38B | 2.16B | 2.15B | 1.76B | 1.54B |
| Net Income | 621.46M | 599.00M | 756.00M | 590.00M | 463.00M |
Balance Sheet | |||||
| Total Assets | 17.05B | 15.30B | 14.30B | 11.85B | 10.37B |
| Cash, Cash Equivalents and Short-Term Investments | 2.27B | 1.88B | 2.07B | 1.80B | 1.53B |
| Total Debt | 5.57B | 4.92B | 4.15B | 3.15B | 2.85B |
| Total Liabilities | 13.52B | 12.04B | 11.23B | 9.26B | 7.84B |
| Stockholders Equity | 3.29B | 3.01B | 2.81B | 2.33B | 2.28B |
Cash Flow | |||||
| Free Cash Flow | 1.27B | 649.00M | 933.00M | 1.21B | 1.17B |
| Operating Cash Flow | 2.28B | 1.65B | 2.02B | 2.10B | 1.76B |
| Investing Cash Flow | -1.03B | -896.00M | -1.18B | -825.00M | -617.00M |
| Financing Cash Flow | -839.51M | -866.00M | -691.00M | -950.00M | -676.00M |
Jeronimo Martins SGPS SA Technical Analysis
Positive
48.86
Price Trends
49.14
Negative
48.59
Positive
49.17
Negative
Market Momentum
-0.24
Negative
52.01
Neutral
92.08
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JRONY, the sentiment is Positive. The current price of 48.86 is above the 20-day moving average (MA) of 48.15, below the 50-day MA of 49.14, and below the 200-day MA of 49.17, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 52.01 is Neutral, neither overbought nor oversold. The STOCH value of 92.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JRONY.
Jeronimo Martins SGPS SA Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $20.16B | 25.64 | 15.01% | ― | 4.80% | 3.49% | |
69 Neutral | $15.38B | 9.82 | 20.73% | 2.78% | 9.29% | 3.47% | |
69 Neutral | $2.63B | 28.36 | 12.69% | ― | 8.88% | 54.12% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | $2.81B | 28.34 | -4.97% | ― | 1.45% | -5.49% | |
59 Neutral | $34.82B | 22.87 | 88.72% | 2.84% | 2.92% | -4.06% | |
57 Neutral | $13.95B | 57.89 | 7.66% | ― | 10.55% | -23.38% |
* Consumer Defensive Sector Average
JRONY
Jeronimo Martins SGPS SA
48.89
4.21
9.43%
SYY
Sysco
72.82
4.36
6.37%
CHEF
The Chefs' Warehouse
64.53
11.27
21.16%
UNFI
United Natural Foods
46.26
22.05
91.08%
PFGC
Performance Food Group
89.00
13.52
17.91%
USFD
US Foods Holding
91.42
28.75
45.88%
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.