# UniCredit S.p.A. (UCG.MI)

Canonical: https://gigainvestors.com/s/UCG.MI

Analysis as of: 2026-10-16T07:33:36.399Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 76.78 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 9

- Return on common equity variation (informational): 2.88×

Chart: Net income; fiscal year observations.

- FY2016: EUR -12B

- FY2017: EUR 5.4B

- FY2018: EUR 4.0B

- FY2019: EUR 3.2B

- FY2020: EUR -2.9B

- FY2021: EUR 1.5B

- FY2022: EUR 6.5B

- FY2023: EUR 9.5B

- FY2024: EUR 9.7B

- FY2025: EUR 11B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 8.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -5.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -33.0%

- FY2017: 9.7%

- FY2018: 7.7%

- FY2019: 5.5%

- FY2020: -5.1%

- FY2021: 2.5%

- FY2022: 10.6%

- FY2023: 15.4%

- FY2024: 16.1%

- FY2025: 16.9%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.0%

- Book return interval: 10 years

- Starting book value per share: EUR 37.95

- Ending book value per share: EUR 40.89

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -56.5%

- FY2017: 56.1%

- FY2018: -4.1%

- FY2019: 14.5%

- FY2020: -1.1%

- FY2021: 5.9%

- FY2022: 11.9%

- FY2023: 18.9%

- FY2024: 19.0%

- FY2025: 19.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: -6.7%

- Share growth excluding flagged crisis recapitalisations: 3.1%

- Five-year share growth excluding flagged crisis recapitalisations: -6.7%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR 2.93

- Earnings retained per share after dividends and buybacks: EUR -17.70

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

Up 225% since Oct 2023 · net income +12.3%

Story as of 2026-10-16T09:59:56.889Z; price observation 2026-10-14.

### Net income · FY2025

net income +12.3%; source https://filings.xbrl.org/549300TRUWO2CD2G5692/2024-12-31/ESEF/IT/0/549300TRUWO2CD2G5692-2024-12-31-0-it/reports/549300TRUWO2CD2G5692-2024-12-31-0-it.html; observed 2025-09-24.

- FY2016: EUR -12B 

- FY2017: EUR 5.4B 

- FY2018: EUR 4.0B 

- FY2019: EUR 3.2B 

- FY2020: EUR -2.9B 

- FY2021: EUR 1.5B 

- FY2022: EUR 6.5B 

- FY2023: EUR 9.5B 

- FY2024: EUR 9.7B 

- FY2025: EUR 11B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 40.3 billion.

- Source: https://eodhd.com/api/fundamentals/CRIN.XETRA.json#2025-12-31 (filed 2025-09-24); FY2025: revenue 40292000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); UCG.WAR: UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions. It also provides corporate finance advisory, rating advisory, financial sponsor, patient capital, capital structure advisory, and sustainable finance solutions, as well as securities services. In addition, the company offers transactional and risk management, structured finance, debt funding, equity funding, project finance, commodity trade finance, and trade and export finance services; group trade and correspondent banking services; and payments solutions. It serves SME, corporate, multinational corporate, financial institution, and public sector clients, as well as retail, private banking, wealth management, and family office clients. It has a strategic collaboration with Accenture plc and International Business Machines to establish a new technology operating model combining the resilience of mission-critical systems with the flexibility of cloud, data, and artificial intelligence. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.

### Why customers stay

It earns 8.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); 10-year return on tangible equity observations [[2016,-0.3297346985696448],[2017,0.09725469912963387],[2018,0.07670060811887976],[2019,0.05542855193121332],[2020,-0.05065342394145322],[2021,0.025178416594410724],[2022,0.1058879470068373],[2023,0.15381752875887844],[2024,0.1614130073739454],[2025,0.16851677448240726]]; median 0.08697765362425681. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 2.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Dividend observations: [[2016,780410000],[2017,477993000],[2018,1300584000],[2019,1307000000],[2020,579000000],[2021,774000000],[2022,1702000000],[2023,2440000000],[2024,4950000000],[2025,5007000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/CRIN.XETRA.json#2025-12-31 (filed 2025-09-24); FY2025: cash repurchases 2934000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); UCG.WAR SharesStats.PercentInsiders = 0 percentage points; cache date 2026-09-29.

### What the price says

The price is 3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Closing price 76.77999877929688 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 25.433978927637888; price multiple 3.0187961937746093. FY2025 cash earnings/share 6.8899999998800645. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 10.13 per share

- 2016-12: EUR 13.70 per share

- 2017-01: EUR 12.61 per share

- 2017-02: EUR 12.65 per share

- 2017-03: EUR 14.45 per share

- 2017-04: EUR 14.94 per share

- 2017-05: EUR 15.57 per share

- 2017-06: EUR 16.35 per share

- 2017-07: EUR 16.64 per share

- 2017-08: EUR 17.09 per share

- 2017-09: EUR 18.02 per share

- 2017-10: EUR 16.43 per share

- 2017-11: EUR 16.90 per share

- 2017-12: EUR 15.58 per share

- 2018-01: EUR 17.75 per share

- 2018-02: EUR 17.45 per share

- 2018-03: EUR 16.99 per share

- 2018-04: EUR 17.97 per share

- 2018-05: EUR 14.13 per share

- 2018-06: EUR 14.30 per share

- 2018-07: EUR 15.16 per share

- 2018-08: EUR 12.43 per share

- 2018-09: EUR 12.96 per share

- 2018-10: EUR 11.32 per share

- 2018-11: EUR 11.39 per share

- 2018-12: EUR 9.89 per share

- 2019-01: EUR 10.09 per share

- 2019-02: EUR 11.97 per share

- 2019-03: EUR 11.43 per share

- 2019-04: EUR 12.33 per share

- 2019-05: EUR 10.19 per share

- 2019-06: EUR 10.83 per share

- 2019-07: EUR 10.66 per share

- 2019-08: EUR 10.06 per share

- 2019-09: EUR 10.82 per share

- 2019-10: EUR 11.37 per share

- 2019-11: EUR 12.56 per share

- 2019-12: EUR 13.02 per share

- 2020-01: EUR 12.08 per share

- 2020-02: EUR 11.54 per share

- 2020-03: EUR 7.15 per share

- 2020-04: EUR 7.03 per share

- 2020-05: EUR 7.67 per share

- 2020-06: EUR 8.19 per share

- 2020-07: EUR 7.72 per share

- 2020-08: EUR 8.25 per share

- 2020-09: EUR 7.05 per share

- 2020-10: EUR 6.40 per share

- 2020-11: EUR 8.64 per share

- 2020-12: EUR 7.65 per share

- 2021-01: EUR 7.56 per share

- 2021-02: EUR 8.54 per share

- 2021-03: EUR 9.01 per share

- 2021-04: EUR 8.56 per share

- 2021-05: EUR 10.50 per share

- 2021-06: EUR 9.95 per share

- 2021-07: EUR 10.11 per share

- 2021-08: EUR 10.57 per share

- 2021-09: EUR 11.50 per share

- 2021-10: EUR 11.42 per share

- 2021-11: EUR 10.69 per share

- 2021-12: EUR 13.54 per share

- 2022-01: EUR 13.99 per share

- 2022-02: EUR 11.39 per share

- 2022-03: EUR 9.85 per share

- 2022-04: EUR 8.90 per share

- 2022-05: EUR 10.90 per share

- 2022-06: EUR 9.06 per share

- 2022-07: EUR 9.58 per share

- 2022-08: EUR 9.80 per share

- 2022-09: EUR 10.46 per share

- 2022-10: EUR 12.55 per share

- 2022-11: EUR 13.02 per share

- 2022-12: EUR 13.27 per share

- 2023-01: EUR 17.88 per share

- 2023-02: EUR 19.35 per share

- 2023-03: EUR 17.41 per share

- 2023-04: EUR 17.94 per share

- 2023-05: EUR 17.91 per share

- 2023-06: EUR 21.26 per share

- 2023-07: EUR 23.00 per share

- 2023-08: EUR 22.57 per share

- 2023-09: EUR 22.73 per share

- 2023-10: EUR 23.63 per share

- 2023-11: EUR 24.99 per share

- 2023-12: EUR 24.57 per share

- 2024-01: EUR 27.16 per share

- 2024-02: EUR 30.91 per share

- 2024-03: EUR 35.17 per share

- 2024-04: EUR 34.58 per share

- 2024-05: EUR 36.38 per share

- 2024-06: EUR 34.60 per share

- 2024-07: EUR 37.96 per share

- 2024-08: EUR 37.38 per share

- 2024-09: EUR 39.37 per share

- 2024-10: EUR 40.68 per share

- 2024-11: EUR 36.38 per share

- 2024-12: EUR 38.53 per share

- 2025-01: EUR 44.42 per share

- 2025-02: EUR 50.61 per share

- 2025-03: EUR 51.53 per share

- 2025-04: EUR 50.97 per share

- 2025-05: EUR 56.56 per share

- 2025-06: EUR 56.91 per share

- 2025-07: EUR 64.63 per share

- 2025-08: EUR 66.04 per share

- 2025-09: EUR 64.47 per share

- 2025-10: EUR 64.03 per share

- 2025-11: EUR 64.09 per share

- 2025-12: EUR 70.92 per share

- 2026-01: EUR 73.45 per share

- 2026-02: EUR 72.41 per share

- 2026-03: EUR 60.86 per share

- 2026-04: EUR 65.62 per share

- 2026-05: EUR 74.24 per share

- 2026-06: EUR 78.26 per share

- 2026-07: EUR 81.61 per share

- 2026-08: EUR 84.14 per share

- 2026-09: EUR 82.90 per share

- 2026-10: EUR 75.14 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300TRUWO2CD2G5692/2024-12-31/ESEF/IT/0/549300TRUWO2CD2G5692-2024-12-31-0-it/reports/549300TRUWO2CD2G5692-2024-12-31-0-it.html); period 2024-12-31, filed 2025-09-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations