# Unilever (ULVR.LSE)

Canonical: https://gigainvestors.com/s/ULVR.LSE

Analysis as of: 2026-10-16T07:33:36.723Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 4,915.50 per share; close as of 2026-10-15.

Estimated value: low GBX 2,710.69 per share, central GBX 3,066.10 per share, high GBX 3,539.56 per share. Buy at or below the central value GBX 3,066.10 per share. Valuation as of 2026-10-16T07:33:36.723Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.16×

- FY2018: 0.25×

- FY2019: 0.17×

- FY2020: 0.16×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.16×

- FY2024: 0.15×

- FY2025: 0.20×

### moat: pass

- ROIC, median of available years: 37.9%

- ROIC, second-lowest year: 31.6%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 43.3%

- Recent gross margin (lower of latest and 3-year median): 45.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 15.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 51.1%

- FY2017: 41.2%

- FY2018: 61.2%

- FY2019: 34.6%

- FY2020: 37.6%

- FY2021: 30.7%

- FY2022: 40.6%

- FY2023: 38.3%

- FY2024: 32.6%

- FY2025: 31.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 31B

- Net income, five-year total: EUR 32B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: -3.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 1.00×

- FY2023: 0.94×

- FY2024: 0.95×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 51.1% vs 32.6%

- Per-share earnings: 1.93 to 2.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR 21B

- Cumulative retained earnings: EUR 21B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.4%

- Per-share value change: EUR 0.79

- Per-share value, starting three-year median: EUR 1.93

- Per-share value, ending three-year median: EUR 2.73

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 1.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 17B

- Cumulative net income, 10 years: EUR 64B

- ROIC, first three-year median: 51.1%

- ROIC, last three-year median: 32.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.04

- FY2017: EUR 1.75

- FY2018: EUR 3.56

- FY2019: EUR 2.41

- FY2020: EUR 2.39

- FY2021: EUR 2.36

- FY2022: EUR 2.99

- FY2023: EUR 2.88

- FY2024: EUR 2.58

- FY2025: EUR 2.73

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -2.1%

- FY2018: 4.4%

- FY2019: -3.8%

- FY2020: -5.1%

- FY2021: -2.6%

- FY2022: 0.5%

- FY2023: -3.9%

- FY2024: -4.7%

- FY2025: -2.5%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 7.5% a year for ten years · "Unilever sales top forecast as US shoppers drive beauty demand" (finance.yahoo.com, Oct 2025) · sales -16.9%

Story as of 2026-10-16T09:59:56.905Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

- 2025-09-26: Unilever's India unit flags short-term impact on sales from tax cuts ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/unilevers-india-unit-flags-short-114646075.html))

- 2025-10-23: Unilever sales top forecast as US shoppers drive beauty demand ([finance.yahoo.com](https://finance.yahoo.com/video/unilever-sales-top-forecast-us-105250818.html))

- 2026-02-12: Unilever's India unit quarterly profit falls as thinner margins weigh ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/unilevers-india-unit-posts-lower-045752007.html))

### Sales · FY2024–2025

sales -16.9%; source https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm; observed 2026-03-12.

- FY2016: EUR 53B 

- FY2017: EUR 54B 

- FY2018: EUR 51B 

- FY2019: EUR 52B 

- FY2020: EUR 51B 

- FY2021: EUR 52B 

- FY2022: EUR 60B 

- FY2023: EUR 60B 

- FY2024: EUR 61B 

- FY2025: EUR 51B 

### Gross margin · FY2025

gross margin 46.9%; source https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm; observed 2026-03-12.

- FY2016: 42.7% 

- FY2017: 43.1% 

- FY2018: 43.6% 

- FY2019: 44.0% 

- FY2020: 43.5% 

- FY2021: 42.3% 

- FY2022: 40.2% 

- FY2023: 42.2% 

- FY2024: 45.0% 

- FY2025: 46.9% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are EUR 50.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm (filed 2026-03-12); FY2025: revenue 50503000000; grossProfit 23709000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ULVR.LSE: Unilever PLC operates as a fast-moving consumer goods company in the Asia Pacific, Africa, the Americas, and Europe. It operates through four segments: Beauty & Wellbeing, Personal Care, Home Care, and Foods. The Beauty & Wellbeing segment offers hair care, such as shampoo, conditioner, and styling; face, hand, and body moisturizer skin care products; and Prestige Beauty and Wellbeing products. The Personal Care segment provides soap and shower skin cleansing products; and deodorant and oral care, including toothpaste, toothbrush, and mouthwash products. The Home Care segment offers washing powders and liquids, and rinse conditioner fabric care products; and a range of home and hygiene cleaning products. The Foods segment provides cooking aids and mini meals comprising soups, bouillons, and seasonings, as well as mayonnaise and ketchup condiments; and Unilever food solutions. The company provides its products under the AXE, Clear, Cif, Closeup, Comfort, Dermalogica, Domestos, Dove, Dove Men+Care, Hellmann's, Horlicks, Knorr, LUX, Lifebuoy, Liquid I.V., Nexxus, Nutrafol, OMO, Pond's, Paula's Choice, Pepsodent, Radiant, Rexona, Sunlight, Sunsilk, Surf, TRESemmé, and Vaseline brand names. Unilever PLC was founded in 1860 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 42.2% to 46.9% during 2023–25; it earns 37.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 42.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 45%.

- Source: https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2016,0.510671338993003],[2017,0.412267094468802],[2018,0.6124478533421103],[2019,0.3461239908945442],[2020,0.3755012480040187],[2021,0.30673139591503384],[2022,0.4063371150824863],[2023,0.3830333474122805],[2024,0.32602373069341783],[2025,0.31607038225252104]]; median 0.3792672977081496. 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 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2016: growth capex 0; upkeep 1878000000; owner earnings 4770000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2017: growth capex 83000000; upkeep 1538000000; owner earnings 6053000000. Growth capex / owner earnings = 0.0137122088220717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2018: growth capex 0; upkeep 1424000000; owner earnings 9712000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 0; upkeep 1429000000; owner earnings 5794200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2020: growth capex 0; upkeep 932000000; owner earnings 6312800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 0; upkeep 1239000000; owner earnings 6243200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 0; upkeep 1627000000; owner earnings 7676564131.092031. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 0; upkeep 1745000000; owner earnings 6081789635.8543415. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: growth capex 214000000; upkeep 1757000000; owner earnings 5475964704.035171. Growth capex / owner earnings = 0.03907987205291993.

- Source: https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm (filed 2026-03-12); FY2025: growth capex 0; upkeep 1391415000; owner earnings 5682319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,3609000000],[2017,3916000000],[2018,4066000000],[2019,4209000000],[2020,4279000000],[2021,4483000000],[2022,4329000000],[2023,4363000000],[2024,4319000000],[2025,4372599000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 1482736000 EUR.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ULVR.LSE SharesStats.PercentInsiders = 2.4379999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years; actual growth was 3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Ten-year compound average after fade. Initial solved rate 0.12130258478083261. Price 4915.5; FX 84.48781222921298; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9337597662943584 → FY2025 2.5884020407233637. Closing-price date 2026-10-15.

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

- 2016-11: GBX 3,417.98 per share

- 2016-12: GBX 3,521.19 per share

- 2017-01: GBX 3,451.67 per share

- 2017-02: GBX 4,084.26 per share

- 2017-03: GBX 4,213.12 per share

- 2017-04: GBX 4,247.88 per share

- 2017-05: GBX 4,632.35 per share

- 2017-06: GBX 4,443.59 per share

- 2017-07: GBX 4,621.66 per share

- 2017-08: GBX 4,832.88 per share

- 2017-09: GBX 4,618.98 per share

- 2017-10: GBX 4,566.05 per share

- 2017-11: GBX 4,453.22 per share

- 2017-12: GBX 4,412.04 per share

- 2018-01: GBX 4,277.83 per share

- 2018-02: GBX 3,992.82 per share

- 2018-03: GBX 4,230.24 per share

- 2018-04: GBX 4,360.71 per share

- 2018-05: GBX 4,434.50 per share

- 2018-06: GBX 4,483.16 per share

- 2018-07: GBX 4,657.48 per share

- 2018-08: GBX 4,697.05 per share

- 2018-09: GBX 4,508.83 per share

- 2018-10: GBX 4,434.50 per share

- 2018-11: GBX 4,538.24 per share

- 2018-12: GBX 4,393.86 per share

- 2019-01: GBX 4,261.25 per share

- 2019-02: GBX 4,286.38 per share

- 2019-03: GBX 4,700.26 per share

- 2019-04: GBX 4,980.99 per share

- 2019-05: GBX 5,172.96 per share

- 2019-06: GBX 5,234.46 per share

- 2019-07: GBX 5,299.69 per share

- 2019-08: GBX 5,556.90 per share

- 2019-09: GBX 5,229.64 per share

- 2019-10: GBX 4,943.56 per share

- 2019-11: GBX 4,895.97 per share

- 2019-12: GBX 4,652.67 per share

- 2020-01: GBX 4,848.38 per share

- 2020-02: GBX 4,459.63 per share

- 2020-03: GBX 4,358.57 per share

- 2020-04: GBX 4,386.91 per share

- 2020-05: GBX 4,632.89 per share

- 2020-06: GBX 4,657.48 per share

- 2020-07: GBX 4,890.63 per share

- 2020-08: GBX 4,769.78 per share

- 2020-09: GBX 5,107.73 per share

- 2020-10: GBX 4,709.89 per share

- 2020-11: GBX 4,888.49 per share

- 2020-12: GBX 4,697.05 per share

- 2021-01: GBX 4,534.50 per share

- 2021-02: GBX 3,992.28 per share

- 2021-03: GBX 4,337.72 per share

- 2021-04: GBX 4,525.41 per share

- 2021-05: GBX 4,520.06 per share

- 2021-06: GBX 4,524.34 per share

- 2021-07: GBX 4,439.31 per share

- 2021-08: GBX 4,327.02 per share

- 2021-09: GBX 4,283.17 per share

- 2021-10: GBX 4,183.71 per share

- 2021-11: GBX 4,127.03 per share

- 2021-12: GBX 4,219.54 per share

- 2022-01: GBX 4,050.57 per share

- 2022-02: GBX 4,006.72 per share

- 2022-03: GBX 3,694.97 per share

- 2022-04: GBX 3,977.31 per share

- 2022-05: GBX 4,090.67 per share

- 2022-06: GBX 3,979.45 per share

- 2022-07: GBX 4,281.57 per share

- 2022-08: GBX 4,198.15 per share

- 2022-09: GBX 4,244.67 per share

- 2022-10: GBX 4,250.56 per share

- 2022-11: GBX 4,431.83 per share

- 2022-12: GBX 4,472.47 per share

- 2023-01: GBX 4,393.86 per share

- 2023-02: GBX 4,423.27 per share

- 2023-03: GBX 4,481.02 per share

- 2023-04: GBX 4,744.64 per share

- 2023-05: GBX 4,308.84 per share

- 2023-06: GBX 4,382.10 per share

- 2023-07: GBX 4,482.09 per share

- 2023-08: GBX 4,322.74 per share

- 2023-09: GBX 4,344.13 per share

- 2023-10: GBX 4,159.12 per share

- 2023-11: GBX 4,031.32 per share

- 2023-12: GBX 4,063.94 per share

- 2024-01: GBX 4,114.20 per share

- 2024-02: GBX 4,135.05 per share

- 2024-03: GBX 4,251.63 per share

- 2024-04: GBX 4,427.55 per share

- 2024-05: GBX 4,576.21 per share

- 2024-06: GBX 4,646.79 per share

- 2024-07: GBX 5,107.73 per share

- 2024-08: GBX 5,246.75 per share

- 2024-09: GBX 5,175.10 per share

- 2024-10: GBX 5,058.53 per share

- 2024-11: GBX 5,027.52 per share

- 2024-12: GBX 4,863.89 per share

- 2025-01: GBX 4,953.72 per share

- 2025-02: GBX 4,798.65 per share

- 2025-03: GBX 4,930.20 per share

- 2025-04: GBX 5,089.54 per share

- 2025-05: GBX 5,033.93 per share

- 2025-06: GBX 4,732.35 per share

- 2025-07: GBX 4,714.17 per share

- 2025-08: GBX 4,975.11 per share

- 2025-09: GBX 4,705.61 per share

- 2025-10: GBX 4,907.74 per share

- 2025-11: GBX 4,859.61 per share

- 2025-12: GBX 4,859.50 per share

- 2026-01: GBX 4,940.50 per share

- 2026-02: GBX 5,467.00 per share

- 2026-03: GBX 4,199.00 per share

- 2026-04: GBX 4,297.00 per share

- 2026-05: GBX 4,205.50 per share

- 2026-06: GBX 4,527.50 per share

- 2026-07: GBX 4,743.00 per share

- 2026-08: GBX 4,776.00 per share

- 2026-09: GBX 4,603.50 per share

- 2026-10: GBX 4,710.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,020.71 per share, central GBX 2,430.74 per share, high GBX 2,819.52 per share

- FY2017: low GBX 1,397.35 per share, central GBX 1,584.24 per share, high GBX 1,828.21 per share

- FY2018: low GBX 1,852.98 per share, central GBX 2,098.24 per share, high GBX 2,424.96 per share

- FY2019: low GBX 2,536.24 per share, central GBX 2,870.38 per share, high GBX 3,315.48 per share

- FY2020: low GBX 2,544.01 per share, central GBX 2,873.06 per share, high GBX 3,311.38 per share

- FY2021: low GBX 2,604.14 per share, central GBX 3,130.90 per share, high GBX 3,633.43 per share

- FY2022: low GBX 3,190.33 per share, central GBX 3,922.72 per share, high GBX 4,558.39 per share

- FY2023: low GBX 3,413.98 per share, central GBX 4,133.47 per share, high GBX 4,795.64 per share

- FY2024: low GBX 3,388.58 per share, central GBX 3,882.89 per share, high GBX 4,484.26 per share

- FY2025: low GBX 2,631.47 per share, central GBX 2,980.12 per share, high GBX 3,444.57 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 20-F filing](https://www.sec.gov/Archives/edgar/data/217410/000021741026000007/ul-20251231.htm); period 2025-12-31, filed 2026-03-12.

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.