Uniper SE

UN0.DE

Regulated Electric · Utilities

Exchange

Frankfurt Stock Exchange

Winston Score

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

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Uniper SE is a German energy company that buys, sells, and generates electricity and natural gas. It operates power plants — including natural gas, hydroelectric, and nuclear facilities — and sells energy to utilities, industrial companies, and other large customers across Europe. Uniper is one of Europe's largest energy trading companies and was majority nationalized by the German government in 2022 after suffering massive losses from the Russia-Ukraine war.

Uniper makes money by trading and supplying energy in wholesale markets, generating electricity from its own power plants, and selling gas under long-term contracts. It operates mainly in Germany, Sweden, and the United Kingdom, with additional trading activity across Europe. The company's financial metrics — including deeply negative operating margins and returns on capital — reflect the severe damage caused by losing access to cheap Russian gas; its main challenge going forward is rebuilding profitability while transitioning its asset base away from fossil fuels under Germany's energy policy.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-0.3%

Thin — -0.3% gross margin

Profit after running costs

Operating Margin

33.3%

Excellent — 33.3% operating margin

Return on the money invested

ROCE

-33.9%

Weak — -33.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-13.7%

Shrinking sales (-13.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

92%

Modest — 92% of profit becomes cash

Spare cash per sale

FCF Margin

1.3%

Thin free cash flow (1.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

10.9x

no trend

Attractive valuation — P/E 10.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-16.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.69%

no trend

Small dividend — 1.69% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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