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Unilever

UNA.AS
47
Household & Personal Products · Consumer Defensive
Price
€54.59
+0.29 (+0.53%)
Market Cap
€117.60B
Exchange
Euronext Amsterdam
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Mixed

Share count falling — buybacks

15.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.61B (2021) → 2.20B (2025)

Winston Score History

The full picture

Unilever is a British consumer goods company that makes everyday products people use at home. Its brands include Dove soap, Hellmann's mayonnaise, Lipton tea, Ben & Jerry's ice cream, and Domestos cleaning products. The company sells to billions of consumers worldwide through supermarkets, convenience stores, and online retailers.

Unilever earns money by selling packaged goods at a markup, relying on high sales volume across hundreds of brands rather than any single product. It operates in over 190 countries, with a growing share of revenue coming from emerging markets like India, Indonesia, and Brazil, where rising incomes are driving demand for branded products. Its main competitive advantage is its portfolio of well-known brands combined with deep distribution networks that are difficult for smaller rivals to replicate. The biggest risk the company faces is cost pressure from raw material prices and competition from cheaper store-brand alternatives, which can squeeze margins when consumers become more price-sensitive.

Score breakdown

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Quality

Profit per sale
Gross Margin
0.0%
Thin — 0.0% gross margin
Profit after running costs
Operating Margin
20.1%
Excellent — 20.1% operating margin
Return on the money invested
ROCE
19.9%
Strong — 19.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-22.8%
Shrinking sales (-22.8% YoY)
Profit growth
EPS YoY
+14.7%
Earnings growing (+14.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
151%
Turns 151% of profit into real cash
Spare cash per sale
FCF Margin
15.6%
Converts sales into free cash efficiently (15.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.90
Elevated debt (1.90)
Covers its interest
Interest Cover
9.13x
Comfortably covers interest (9.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.2x
Growth-priced — P/E 21.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+5.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.2 → 15.3)

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Dividends

Dividend
Dividend Yield
3.54%
Moderate income — 3.54% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+2.9%
Dividend flat

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