olivLaw · European equity research
Unilever PLC ULVR.L
United Kingdom · London Stock Exchange · ISIN GB00BVZK7T90 · Vertical: Listed companies from United Kingdom
Unilever is a global consumer goods group with brands in beauty & wellbeing, personal care, home care and foods, whose turnover was 50.5 billion EUR in fiscal 2025. The company completed the demerger of its Ice Cream business in December 2025 and is entering a period of operational discipline with multi-year growth guidance of 4% to 6%.
At the close of 06 Nov 2026, Unilever PLC (ULVR.L) stock was 49.30 GBP (−2.03% on the day), with beta 0.08, 52-week range 40.78–54.72 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.0
- strong (55–70)
- Bollinger (20, 2)
- 47.19 – 50.45
- in the upper half of the band · %B 0.65 · band width 6.7%
- SMA 50 / 200
- 47.42 / 46.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.62 / 0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −0.2% | +6.8 pp | — |
| 3 months | +5.6% | −5.4% | +11.0 pp | — |
| 6 months | +15.3% | +4.4% | +11.0 pp | — |
| Year to date | +1.5% | +6.5% | −5.0 pp | — |
| 1 year | +0.4% | +10.0% | −9.6 pp | +3.7% |
| 3 years | +18.5% | +48.6% | −30.1 pp | +24.5% |
| 5 years | +18.2% | +41.4% | −23.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 51.7 bn | 52.5 bn | 50.5 bn |
| Revenue YoY | unavailable | +1.5% | −3.8% |
| Net income | 6.5 bn | 5.7 bn | 9.5 bn |
| Net income YoY | unavailable | −11.5% | +64.9% |
| Diluted EPS | 2.89 | 2.58 | 4.32 |
| Diluted EPS YoY | unavailable | −10.7% | +67.4% |
| net % | 12.6% | 10.9% | 18.7% |
| Free cash flow | 8.2 bn | 8.1 bn | 6.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.9 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 17.6 bn EUR
- Total assets
- 70.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.79x
- ROE
- 47.2%
- ROA
- 12.6%
- FCF margin
- 13.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 51.7 bn | 52.5 bn | 50.5 bn | esef· 18 Mar 2026verified |
| Operating income | 9.0 bn | 8.8 bn | 9.0 bn | esef· 18 Mar 2026verified |
| Interest expense | 922.0 m | 994.0 m | 1.0 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 8.6 bn | 8.4 bn | 8.7 bn | esef· 18 Mar 2026verified |
| Income tax | 2.0 bn | 2.3 bn | 2.5 bn | esef· 18 Mar 2026verified |
| Net income | 6.5 bn | 5.7 bn | 9.5 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 2.89 | 2.58 | 4.32 | esef· 18 Mar 2026verified |
| Dividend per share | — | 1.47 | 1.81 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 6.1 bn | 3.9 bn | esef· 18 Mar 2026verified |
| Receivables | — | 6.0 bn | 7.3 bn | esef· 18 Mar 2026verified |
| Inventories | — | 5.2 bn | 4.0 bn | esef· 18 Mar 2026verified |
| Current assets | — | 19.2 bn | 17.1 bn | esef· 18 Mar 2026verified |
| Goodwill | — | 22.3 bn | 17.7 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 18.6 bn | 17.1 bn | esef· 18 Mar 2026verified |
| Total assets | — | 79.8 bn | 70.5 bn | esef· 18 Mar 2026verified |
| Accounts payable | — | 16.7 bn | 16.9 bn | esef· 18 Mar 2026verified |
| Current liabilities | — | 25.2 bn | 21.7 bn | esef· 18 Mar 2026verified |
| Total liabilities | — | 57.2 bn | 52.9 bn | esef· 18 Mar 2026verified |
| Equity | 20.8 bn | 22.6 bn | 17.6 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 2.2 bn | 2.2 bn | 2.2 bn | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.4 bn | 9.5 bn | 8.4 bn | esef· 18 Mar 2026verified |
| Capex | 1.2 bn | 1.4 bn | 1.4 bn | esef· 18 Mar 2026verified |
| Free cash flow | 8.2 bn ≈ | 8.1 bn ≈ | 6.9 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -2.3 bn | -625.0 m | -3.1 bn | esef· 18 Mar 2026verified |
| Financing cash flow | -7.2 bn | -6.9 bn | -6.8 bn | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.62 – 74.21 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E47.83 – 74.21 (Mid 61.29)17 companies used · median multiple 14.2x · quartiles 11.1x – 17.2x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)24.62 – 33.57 (Mid 28.40)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.7% | 69 (vs peers) | 27% |
| FCF conversion · Quality | 73.2% | 62 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.8x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UNILEVER PLC (ULVR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 50.5 bn EUR in 2025; YoY growth -3.8%; net margin 18.7%; ROE 53.3%.
The estimated value range is 36.22–53.89 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 8.8x
What contradicts it
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for ULVR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Unilever is a global consumer goods group with brands in beauty & wellbeing, personal care, home care and foods, whose turnover was 50.5 billion EUR in fiscal 2025 1. The company completed the demerger of its Ice Cream business in December 2025 and is entering a period of operational discipline with multi-year growth guidance of 4% to 6% 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Product safety and qualityhigh
Raw material contamination or labelling errors could have serious consequences for consumers and brand reputation 1.
- Information and cyber securityhigh
A major cyber incident could affect sales, supply chain and cash flow, and the risk has increased compared with last year 1.
- Economic and geopolitical riskhigh
Economic and political instability in emerging markets, which account for more than half of turnover, could affect demand and access to funding 1.
- Portfolio managementmedium
Strategic investment and divestment choices could miss growth or margin opportunities if not well calibrated 1.
- Legal and compliancemedium
Non-compliance with product, competition or anti-corruption laws could lead to fines and sanctions that harm reputation 1.
Investment thesis
What would need to be true (bull case)
- Several consecutive quarters of volume growth and the Power Brands strategy could support sustainable top-line growth 1.
- The Ice Cream demerger and productivity programme could simplify the structure and free resources for better investments 1.
- Strong cash conversion and returns on invested capital could support capital returns to shareholders 1.
What would break the thesis
- Currency effects sharply reduced euro-denominated turnover, and this pressure could persist if emerging currencies weaken further 1.
- Underlying growth was largely supported by price, and weaker volume could limit longer-term progress 1.
- The 2026 outlook points to subdued markets and growth at the low end of the range, which could disappoint expectations 1.
What to watch
- Development of underlying volume growth in Beauty & Wellbeing and Personal CareQ1 2027
- Delivery against the multi-year underlying growth guidance range2026
- Trend in underlying operating margin and overhead costs after the productivity programmenext 10-K
- Effect of the Ice Cream demerger on free cash flow2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Unilever operates through four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods 1. In fiscal 2025 Power Brands generated 78% of turnover and led group growth 1. After the Ice Cream demerger the company simplified its structure, and overhead costs fell through its productivity programme 1.
Underlying operating margin rose to 20.0% and gross margin to 46.9%, supported by supply chain savings and a more favourable mix 1. Brand and marketing investment reached 16.1% of turnover, a significant step-up over the last five years 1.
According to the annual report, the company keeps a minimum A/A2 long-term credit rating as an objective and holds committed credit facilities of 7.0 billion EUR backing its commercial paper programmes 1. Free cash flow was 5.9 billion EUR, down from the prior year due to demerger costs 1.
Segments
Home Care
Home Care grew underlying sales by 2.6%, supported by 2.2% volume growth in key regions and the roll-out of premium innovations 1.
Market context
Developed markets represented 41% of group turnover and grew underlying sales by 3.6%, with North America a key contributor 1. Emerging markets represented 59% of turnover and grew 3.5%, with India up 4.0% 1.
Management expects markets to remain subdued in 2026, with underlying growth at the bottom end of the guidance range, which could limit expansion if conditions do not improve 1.
Trends
- Shifting consumer behaviourmixed
Consumer preferences are changing quickly under lifestyle shifts, economic pressure and digital adoption, altering shopping habits and retail formats 1. The company considers these shifts could affect market share if not anticipated 1.
- Artificial intelligencemixed
Advances in generative AI create efficiency opportunities in marketing, operations and channel management, but also operational, reputational and compliance risks 1.
- Geopolitical tensions and tariffsheadwind
Inter-state armed conflicts, protectionism and tariffs raise risk to operations, and the company noted an increased level of risk compared with last year 1.
- Climate and nature pressuresheadwind
Extreme weather and restrictions on GHG-intensive ingredients could disrupt supply and raise raw material costs 1. Regenerative agriculture and water stewardship are part of the company's response 1.
Competitive position
Unilever competes with other large consumer goods producers across all four Business Groups, on market share, innovation and brand investment 1. The primary source does not list competitors by name, so they are identified from the product categories described in the report 1.
Competitive pressure is amplified by digital channel shifts and changing consumer preferences, which require rapid innovation and strong customer partnerships 1.
- Large global consumer goods producers
Competitors in beauty, personal care, home care and foods, referred to implicitly in the annual report without explicit names 1.
- Private label brands and retailers
Price and share pressure in retail channels, especially in developed markets 1.
- Direct-to-consumer digital brands
New entrants in beauty and wellbeing that shift purchasing behaviour 1.
- Local producers in emerging markets
Competition in India, Asia Pacific and Latin America, where conditions vary widely 1.
News & filings
In the press
- Unilever to sell Myanmar joint venture stake, deal expected to close in 2027CNA (Channel NewsAsia) · 05 Nov 2026 · EN
- McCormick-Unilever Food Deal Faces UK Competition Review: What it Means for InvestorsYahoo Finance — News · 22 Sept 2026 · EN
- Here’s Why Aristotle International Equity Fund Exited Unilever (UL)Yahoo Finance — News · 18 Sept 2026 · EN
- Unilever accused of “double standards” for workers post McCormick mergerYahoo Finance — News · 17 Sept 2026 · EN
- Unilever-McCormick deal comes under scrutiny of UK watchdogYahoo Finance — News · 16 Sept 2026 · EN
- Unilever își taie din imperiu pentru a crește mai repede. De ce renunță grupul britanic la divizia alimentarăMediafax · 25 Aug 2026 · RO
- Grupul anglo-olandez Unilever demolează istorica fabrică Dero de la Ploieşti pe care a închis-o acum circa doi ani. Ce se va întâmpla cu acest spaţiu? “Reorganizăm unele spaţii existente pentru utilizarea cât mai eficientă a platformei”Ziarul Financiar · 07 Aug 2026 · RO
- O piaţă de consum, nu de investiţii în producţie. Unilever, Colgate-Palmolive, Henkel şi Nivea domină piaţa de 50 mil. euro a săpunului, dar toate produsele sunt aduse din import. Colgate-Palmolive a produs anterior săpun în Bucureşti, dar pe terenul fabricii stă azi un hipermarket Kaufland.Ziarul Financiar · 29 Jul 2026 · RO
- Unilever India Gets Rating Upgrades After Worst Day in Six YearsBloomberg Markets · 29 Jul 2026 · EN
- Marmite and Dove owner Unilever warns of price rises due to growing costsThe Guardian World · 28 Jul 2026 · RO
- Unilever Lifts Outlook as Emerging Markets Drive Dove and Rexona Sales GrowthBloomberg Markets · 28 Jul 2026 · EN
- Unilever India Shares Slide Most Since 2020 on Growth WoesBloomberg Markets · 28 Jul 2026 · EN
- McCormick Plans to Add a London Listing After Unilever Food DealBloomberg Markets · 23 Jul 2026 · EN
- Dristor Kebap îşi creşte veniturile cu 43% în primele şase luni din 2026. În acest timp, compania l-a cooptat pe fostul CEO al Unilever, James Simmons, ca board advisorZiarul Financiar · 18 Jul 2026 · RO
- Lanțul românesc de șaormerii Dristor Kebap anunță că a strâns 1,25 milioane EUR de la investitorii de pe Seedblink și și-a luat consilier un fost director regional al UnileverHotNews.ro · 13 Jul 2026 · RO
- Cine este James Simmons, cel pe care Dristor Kebap l-a angajat ca Board Advisor? Fostul CEO al Unilever în România este acum acţionar în diferite companii româneşti, de la Origo la Velocita şi French Revolution. Este membru în CA şi la Cris-Tim Family HoldingZiarul Financiar · 13 Jul 2026 · RO
- Lanțul românesc de șaormerii Dristor Kebap anunță că a strâns 1,25 milioane EUR de la investitorii de pe Seedblink și și-a luat consilier un fost director regional al UnileverStartupCafe.ro · 13 Jul 2026 · RO
- Dristor Kebap anunţă creşterea veniturilor în S1 cu 43%, la 54 mil.lei, şi a comenzilor cu 19%. James Simmons, fost CEO Unilever, a fost recrutate ca Board AdvisorZiarul Financiar · 13 Jul 2026 · RO
- Dristor Kebap îşi creşte veniturile cu 43% în primele şase luni din 2026. În acest timp, compania l-a cooptat pe fostul CEO al Unilever, James Simmons, ca board advisorZiarul Financiar · 13 Jul 2026 · RO
- Cel mai profitabil an din istorie pentru Unilever în România. Câştigul net a crescut cu 1.400%. Cum se explică?Ziarul Financiar · 09 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2026-02-12 (ESEF) · SEC / Unilever PLC · 12 Feb 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.