Unilever PLC (UL) intrinsic value & 10-year financials
Unilever PLC (UL) has a Graham intrinsic value of €91.31 per share. At €65.19 on Oct 27, 2026, the stock trades 29% below that value. Over the last 10 fiscal years revenue shrank 0.5% a year to €50.5B, with an average return on invested capital of 34.7%.
- Graham intrinsic value
- €91.31
- Share price (Oct 27, 2026)
- €65.19
- Price vs Graham value
- 29% below
- Market cap
- €142.4B
- Revenue (FY2025)
- €50.5B
- Revenue growth (10-yr CAGR)
- -0.5%
- ROIC (10-yr avg)
- 34.7%
- Free cash flow (FY2025)
- €6.9B
UL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €50.5B | €10.0B | €4.32 | €6.9B | 17.9% | 17.1% |
| FY2024 | €60.8B | €6.4B | €2.29 | €7.8B | 15.5% | 15.3% |
| FY2023 | €59.6B | €7.1B | €2.56 | €7.9B | 16.4% | 17.1% |
| FY2022 | €60.1B | €8.3B | €2.99 | €5.8B | 17.9% | 19.6% |
| FY2021 | €52.4B | €6.6B | €2.32 | €6.9B | 16.6% | 36.0% |
| FY2020 | €50.7B | €6.1B | €2.12 | €8.2B | 16.4% | 40.0% |
| FY2019 | €52.0B | €6.0B | €2.14 | €6.8B | 16.8% | 48.4% |
| FY2018 | €51.0B | €9.8B | €3.48 | €5.4B | 24.6% | 74.4% |
| FY2017 | €53.7B | €6.5B | €2.15 | €5.8B | 16.5% | 44.9% |
| FY2016 | €52.7B | €5.5B | €1.82 | €5.2B | 14.8% | 34.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
UNILEVER PLC is facing top-line stagnation, with revenue contracting over the decade.
UNILEVER PLC has earned high returns on invested capital, averaging 34.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, UNILEVER PLC shows that management has aggressively returned capital to shareholders by retiring 23.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UNILEVER PLC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $91.31 per share.