# Uniphar Group (UPR.IR)

Canonical: https://gigainvestors.com/s/UPR.IR

Analysis as of: 2026-10-16T07:43:28.159Z. Financial observations: FY2016–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 4.02 per share; close as of 2026-10-15.

Estimated value: low EUR 0.96 per share, central EUR 1.09 per share, high EUR 1.26 per share. Buy at or below the central value EUR 1.09 per share. Valuation as of 2026-10-16T07:43:28.159Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 28.2%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 13.0%

- Recent gross margin (lower of latest and 3-year median): 14.9%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.8%

- FY2017: 19.6%

- FY2018: 14.5%

- FY2019: 8.7%

- FY2020: >100%

- FY2021: 10.3%

- FY2022: >100%

- FY2023: 59.2%

- FY2024: 36.7%

- FY2025: 31.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 96M

- Net income, five-year total: EUR 254M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

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

- Working capital / revenue, final three-year average: -0.5%

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

- FY2021: 0.76×

- FY2022: 0.79×

- FY2023: 0.42×

- FY2024: -0.23×

- FY2025: 0.38×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.6% vs 36.7%

- Per-share earnings: 0.02 to 0.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.8%

- Per-share value growth: 37.2%

- Per-share value change: EUR 0.17

- Per-share value, starting three-year median: EUR 0.02

- Per-share value, ending three-year median: EUR 0.20

- Average buyback yield: 3.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR 325M

- ROIC, first three-year median: 19.6%

- ROIC, last three-year median: 36.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.02

- FY2017: EUR -0.00

- FY2018: EUR 0.09

- FY2019: EUR 0.08

- FY2020: EUR 0.10

- FY2021: EUR 0.18

- FY2022: EUR 0.17

- FY2023: EUR 0.16

- FY2024: EUR 0.24

- FY2025: EUR 0.20

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.2%

- FY2017: 0.2%

- FY2018: 4.0%

- FY2019: -11.3%

- FY2020: -4.5%

- FY2021: -0.4%

- FY2022: -3.4%

- FY2023: -0.6%

- FY2024: -4.2%

- FY2025: -3.3%

## Holders

## Price story

Price needs cash profits to grow 17.5% a year for ten years · sales +11%

Story as of 2026-10-16T10:00:12.716Z; price observation 2026-10-15.

Price needs cash profits to grow 17.5% a year for ten years

### Sales · FY2024–2025

sales +11%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.3B 

- FY2017: EUR 1.3B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.7B 

- FY2020: EUR 1.8B 

- FY2021: EUR 1.9B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.6B 

- FY2024: EUR 2.8B 

- FY2025: EUR 3.1B 

### Gross margin · FY2025

gross margin 14.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 6.7% 

- FY2017: 6.5% 

- FY2018: 10.3% 

- FY2019: 10.8% 

- FY2020: 11.9% 

- FY2021: 14.1% 

- FY2022: 14.8% 

- FY2023: 15.3% 

- FY2024: 15.4% 

- FY2025: 14.9% 

## Owner memo

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

### How it makes money

Operates in medical distribution; annual sales are EUR 3.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2025: revenue 3074704000; grossProfit 457692000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UPR.IR: Uniphar plc, together with its subsidiaries, operates as a diversified healthcare services company in the Republic of Ireland, the United Kingdom, the Netherlands, and internationally. It operates through three divisions: Uniphar Medtech, Uniphar Pharma, and Uniphar Supply Chain & Retail. The company provides sales, marketing, servicing, quality, compliance, regulatory support, and distribution services to medical device manufacturers; high-value services across the life cycle of a pharmaceutical product; and healthcare professionals with access to medicines that cannot source through traditional channels. It is also involved in the pre-wholesale and wholesale distribution of pharmaceutical, healthcare, and animal health products to pharmacies, hospitals and veterinary surgeons; operates a network of pharmacies under the Life, Allcare, Hickey's, and McCauley brands. In addition, the company provides pharmacy support, pharmaceutical supply chain and services, medical device distribution, specialist nursing and infusion, outsourcing and resourcing, healthcare technology, medical affairs, online pharmacy and product fostering, pharmaceutical wholesale distributor, retail pharmacy software and technology, and telecommunications support services, as well as specialist provider of pharmaceuticals. Uniphar plc was founded in 1967 and is headquartered in Dublin, Ireland.

### Why customers stay

Margins ranged from 14.9% to 15.4% during 2023–25; it earns 28.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2023: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2024: grossProfit / revenue = 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2025: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); 10-year return on capital observations [[2016,0.2479366837426179],[2017,0.19560130600399056],[2018,0.14521522345729837],[2019,0.08736365986189487],[2020,17.376358762047783],[2021,0.10336433049467667],[2022,2.466666550381316],[2023,0.5921625623181274],[2024,0.3665712283261699],[2025,0.3167902896389713]]; median 0.2823634866907946. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 15% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); Gross margin observations: [[2021,0.1412639998270848],[2022,0.14813763088161364],[2023,0.15275148037924657]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 35.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2016: growth capex 0; upkeep 9868000; owner earnings 1811000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2017: growth capex 0; upkeep 4910000; owner earnings 1353000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2018: growth capex 0; upkeep 4895000; owner earnings 19641000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2019: growth capex 0; upkeep 6446000; owner earnings 14288200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2020: growth capex 0; upkeep 15737000; owner earnings 7976600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2021: growth capex 0; upkeep 14429000; owner earnings 36762400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2022: growth capex 0; upkeep 13956000; owner earnings 36054200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2023: growth capex 0; upkeep 31954000; owner earnings 19023600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2025: growth capex 26815824.892405048; upkeep 36001175.10759495; owner earnings 19274024.892405048. Growth capex / owner earnings = 1.391293465796646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); Dividend observations: [[2016,3000],[2017,1993000],[2018,1993000],[2019,1993000],[2020,1993000],[2021,5731000],[2022,4666000],[2023,4832000],[2024,5076000],[2025,5083000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); FY2025: cash repurchases 35100000 EUR.

### Are managers owners

Insiders own 5.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UPR.IR SharesStats.PercentInsiders = 5.522 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:28.159Z); Ten-year compound average after fade. Initial solved rate 0.2405495390337028. Price 4.015; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-07: EUR 1.15 per share

- 2019-08: EUR 1.11 per share

- 2019-09: EUR 1.16 per share

- 2019-10: EUR 1.20 per share

- 2019-11: EUR 1.24 per share

- 2019-12: EUR 1.22 per share

- 2020-01: EUR 1.30 per share

- 2020-02: EUR 1.32 per share

- 2020-03: EUR 1.26 per share

- 2020-04: EUR 1.45 per share

- 2020-05: EUR 1.92 per share

- 2020-06: EUR 1.75 per share

- 2020-07: EUR 2.10 per share

- 2020-08: EUR 2.30 per share

- 2020-09: EUR 2.48 per share

- 2020-10: EUR 2.35 per share

- 2020-11: EUR 2.27 per share

- 2020-12: EUR 2.38 per share

- 2021-01: EUR 2.55 per share

- 2021-02: EUR 2.46 per share

- 2021-03: EUR 2.56 per share

- 2021-04: EUR 2.95 per share

- 2021-05: EUR 3.44 per share

- 2021-06: EUR 3.41 per share

- 2021-07: EUR 3.76 per share

- 2021-08: EUR 3.97 per share

- 2021-09: EUR 4.16 per share

- 2021-10: EUR 4.41 per share

- 2021-11: EUR 4.47 per share

- 2021-12: EUR 5.00 per share

- 2022-01: EUR 3.92 per share

- 2022-02: EUR 3.34 per share

- 2022-03: EUR 3.77 per share

- 2022-04: EUR 3.92 per share

- 2022-05: EUR 3.75 per share

- 2022-06: EUR 2.90 per share

- 2022-07: EUR 3.24 per share

- 2022-08: EUR 3.40 per share

- 2022-09: EUR 3.15 per share

- 2022-10: EUR 3.50 per share

- 2022-11: EUR 3.57 per share

- 2022-12: EUR 3.10 per share

- 2023-01: EUR 3.37 per share

- 2023-02: EUR 3.28 per share

- 2023-03: EUR 2.98 per share

- 2023-04: EUR 3.03 per share

- 2023-05: EUR 3.30 per share

- 2023-06: EUR 2.98 per share

- 2023-07: EUR 2.88 per share

- 2023-08: EUR 2.79 per share

- 2023-09: EUR 2.25 per share

- 2023-10: EUR 2.10 per share

- 2023-11: EUR 2.27 per share

- 2023-12: EUR 2.70 per share

- 2024-01: EUR 2.81 per share

- 2024-02: EUR 2.72 per share

- 2024-03: EUR 2.60 per share

- 2024-04: EUR 2.57 per share

- 2024-05: EUR 2.61 per share

- 2024-06: EUR 2.43 per share

- 2024-07: EUR 2.60 per share

- 2024-08: EUR 2.56 per share

- 2024-09: EUR 2.60 per share

- 2024-10: EUR 2.26 per share

- 2024-11: EUR 2.21 per share

- 2024-12: EUR 2.12 per share

- 2025-01: EUR 2.40 per share

- 2025-02: EUR 2.68 per share

- 2025-03: EUR 2.72 per share

- 2025-04: EUR 2.96 per share

- 2025-05: EUR 3.61 per share

- 2025-06: EUR 3.75 per share

- 2025-07: EUR 4.00 per share

- 2025-08: EUR 4.05 per share

- 2025-09: EUR 3.94 per share

- 2025-10: EUR 3.83 per share

- 2025-11: EUR 3.77 per share

- 2025-12: EUR 3.52 per share

- 2026-01: EUR 3.83 per share

- 2026-02: EUR 4.09 per share

- 2026-03: EUR 3.80 per share

- 2026-04: EUR 4.16 per share

- 2026-05: EUR 4.56 per share

- 2026-06: EUR 4.45 per share

- 2026-07: EUR 4.25 per share

- 2026-08: EUR 4.25 per share

- 2026-09: EUR 4.06 per share

- 2026-10: EUR 3.94 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 0.32 per share, central EUR 0.36 per share, high EUR 0.42 per share

- FY2021: low EUR 0.67 per share, central EUR 0.76 per share, high EUR 0.88 per share

- FY2022: low EUR 1.05 per share, central EUR 1.20 per share, high EUR 1.39 per share

- FY2023: low EUR 0.88 per share, central EUR 1.00 per share, high EUR 1.16 per share

- FY2024: low EUR 0.83 per share, central EUR 0.94 per share, high EUR 1.09 per share

- FY2025: low EUR 0.96 per share, central EUR 1.09 per share, high EUR 1.26 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

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