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) Beneish M-score
Unilever PLC's Beneish M-score for fiscal 2025 is −2.31; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.31 | 0.34 |
| FY2024 | −2.65 | 0.06 |
| FY2023 | −2.71 | (0.42) |
| FY2022 | −2.30 | 0.16 |
| FY2021 | −2.46 | 0.41 |
| FY2020 | −2.87 | (0.21) |
| FY2019 | −2.65 | (0.71) |
| FY2018 | −1.94 | 0.57 |
| FY2017 | −2.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.45 | — | 1.33 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 0.87 | — | 0.78 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.31 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CL Colgate-Palmolive Company compare | −3.0× |
| EL The Estee Lauder Companies Inc. compare | −2.9× |
| CHD Church & Dwight Co., Inc. compare | −2.7× |
| PG Procter & Gamble Company (The) compare | −2.6× |
| KMB Kimberly-Clark Corporation compare | −2.6× |
| ELF e.l.f. Beauty compare | −2.6× |
| KVUE Kenvue Inc. compare | −2.5× |
| CLX The Clorox Company compare | −2.4× |
| UL Unilever PLC | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI