Unilever PLC
UL Consumer Defensive Household & Personal Products
Unilever PLC’s revenue for fiscal 2025 (year ended December 2025) was $57.1 billion, down 13.1% from fiscal 2024.
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Unilever PLC (UL) Altman Z-score
Unilever PLC's Altman Z-score for fiscal 2025 is 3.21, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.21 | 0.07 |
| FY2024 | 3.14 | 0.05 |
| FY2023 | 3.09 | (0.06) |
| FY2022 | 3.14 | 0.20 |
| FY2021 | 2.95 | (0.11) |
| FY2020 | 3.05 | 0.04 |
| FY2019 | 3.01 | (0.23) |
| FY2018 | 3.24 | (0.11) |
| FY2017 | 3.35 | 0.12 |
| FY2016 | 3.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.08 | |
| Retained earnings / total assets | 0.51 | — | 0.71 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 2.39 | — | 1.43 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Safe zone | 3.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.45 | ||
Z and Z″ put Unilever PLC in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CL Colgate-Palmolive Company compare | 6.5× |
| PG Procter & Gamble Company (The) compare | 5.4× |
| CHD Church & Dwight Co., Inc. compare | 4.7× |
| KMB Kimberly-Clark Corporation compare | 3.4× |
| UL Unilever PLC | 3.2× |
| EL The Estee Lauder Companies Inc. compare | 2.9× |
| ELF e.l.f. Beauty compare | 2.6× |
| CLX The Clorox Company compare | 2.1× |
| KVUE Kenvue Inc. compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets