Uniper SE

Uniper maintains a conservative capital structure characterized by low leverage and strong liquidity coverage. The debt-to-equity ratio stands at 0.14, indicating minimal reliance on long-term debt relative to equity. The balance sheet reflects total assets of €31.6 billion against total liabilities of €19.7 billion, with total equity of €11.9 billion. Cash and equivalents amount to €4.8 billion, providing a substantial buffer against short-term obligations. The current ratio of 1.84 further confirms adequate short-term liquidity, supported by the low liquidity risk assessment.

Profitability metrics present a mixed picture, with negative returns on invested capital despite positive net income. Return on equity is -0.0269 and return on assets is -0.0101, suggesting that the company’s asset base is not currently generating efficient returns relative to its book value. Operating income is €891 million on revenue of €60.95 billion, resulting in a thin operating margin. Net income of €1.4 billion indicates that non-operating items or tax effects may be contributing to the bottom line, as operating performance alone does not explain the net profit figure.

Revenue concentration and segment details are not explicitly provided in the available data, limiting the ability to assess geographic or business unit diversification. The company operates within the Independent Power and Renewable Electricity Producers industry, suggesting exposure to both traditional and renewable energy markets. Without specific segment breakdowns, the revenue mix remains opaque, though the large revenue base implies significant scale in power generation and trading activities.

Growth trajectory analysis is constrained by the absence of historical period data. The latest normalized period shows revenue of €60.95 billion, but without prior year comparisons, year-over-year growth rates cannot be calculated. The lack of historical revenue and net income trends prevents a definitive assessment of the company’s growth momentum or cyclicality.

Risk factors are assessed as low for both liquidity and dilution. The risk assessment indicates no immediate filing-based liquidity or dilution flags. The low dilution risk is supported by the identical basic and diluted share counts of 416.5 million, suggesting no significant outstanding options or convertible securities that could impact earnings per share in the near term.

Recent events and market sentiment reflect a cautious outlook. Analyst estimates show a mean price target of €35.10 and a median of €35.00, with a high of €39.00 and a low of €32.50. The mean recommendation is 3.67, indicating a lean towards hold or sell, with three hold ratings and no strong buy or buy ratings. This suggests that market participants view the stock as fairly valued or potentially overvalued given the current profitability challenges.

Uniper SE (UN0K.DE) has updated its asset portfolio with several notable additions, reflecting a continued shift in its energy mix. The company added the Moforsen and Storfinnforsen hydroelectric plants in Sweden, both currently operating with capacities of 140 MW and 112 MW, respectively. Additionally, Uniper announced a new 46 MW utility-scale solar farm in Hungary. These additions highlight the company's expansion into renewable energy sources, particularly hydropower and solar, in key European markets. Concurrently, the portfolio update includes the retirement of the Aschaffenburg power station in Germany. This 150 MW subcritical coal-fired plant is now marked as retired, signaling a step away from older, carbon-intensive generation assets. The removal of this coal asset aligns with broader industry trends toward decarbonization and the phase-out of subcritical coal technology in Germany. The company also confirmed the operating status of the Huntorf power station in Germany, though specific capacity details for this asset were not fully detailed in the immediate update. This addition to the tracked portfolio underscores Uniper's ongoing management of its domestic power generation infrastructure. Despite these specific asset-level changes, there were no material changes to the company's broader financial or operational metrics compared to prior analysis. With two analysts covering the stock and no reported changes in index membership or top holders, the current focus remains on the structural evolution of Uniper's asset base rather than immediate financial performance shifts. The addition of renewable capacity and the retirement of coal assets suggest a strategic pivot, but the overall financial outlook remains stable according to the latest data.

Uniper generated EUR 1.4 billion net income in FY2026, marking a significant recovery from previous years' substantial losses.

Free cash flow surged 682% year-over-year to EUR 1.2 billion in FY2026, demonstrating strong operational cash generation capabilities.

The company maintains a conservative debt-to-equity ratio of 0.14, significantly lower than the electric utilities cohort median of 0.75.

Uniper's cash conversion ratio of 2.08 exceeds the electric utilities cohort median of 1.65, indicating efficient earnings quality.

Long-term debt decreased to EUR 1.6 billion in FY2026, reflecting a strengthened balance sheet and reduced leverage risk.

Revenue declined 12.5% year-over-year to EUR 61 billion in FY2026, continuing a four-year compound annual growth rate of -21.8%.

Operating margin of 1.0% and net margin of -0.45% place Uniper in the bottom quartile of the electric utilities cohort.

Return on equity stands at -2.69%, significantly underperforming the electric utilities cohort median of 6.28%.

Analysts maintain a 'sell' recommendation with a mean price target of EUR 35.10, signaling limited near-term upside potential.

Revenue €11.80B, −14,1% YoY; Operating income −91,8% YoY.

• ▍Revenue €11.80B, −14,1% YoY
• ▍Operating income −91,8% YoY
• ▍Net income −57,7% YoY
• ▍Free cash flow −58,5% YoY
• ▍Net margin 1.5%

Revenue €21.26B; Operating income €262.0M.

• ▍Revenue €21.26B
• ▍Operating income €262.0M
• ▍Net margin 0.4%

Revenue €21.38B; Operating income €255.0M.

• ▍Revenue €21.38B
• ▍Operating income €255.0M
• ▍Net margin -2.3%

Revenue €16.53B; Operating income €186.0M.

• ▍Revenue €16.53B
• ▍Operating income €186.0M
• ▍Net margin -0.5%

Revenue €60.95B, −12,5% YoY; Operating income −33,1% YoY.

• ▍Revenue €60.95B, −12,5% YoY
• ▍Operating income −33,1% YoY
• ▍Net income +368,8% YoY
• ▍Free cash flow +682,1% YoY
• ▍Net margin 2.3%

Revenue €69.64B, −35,5% YoY; Operating income −80,0% YoY.

• ▍Revenue €69.64B, −35,5% YoY
• ▍Operating income −80,0% YoY
• ▍Net income −95,3% YoY
• ▍Free cash flow −97,7% YoY
• ▍Net margin 0.4%

Revenue €107.92B, −60,6% YoY; Operating income +153,1% YoY.

• ▍Revenue €107.92B, −60,6% YoY
• ▍Operating income +153,1% YoY
• ▍Net income +133,2% YoY
• ▍Free cash flow +146,9% YoY
• ▍Net margin 5.8%

Revenue €274.12B, +68,2% YoY; Operating income −160,6% YoY.

• ▍Revenue €274.12B, +68,2% YoY
• ▍Operating income −160,6% YoY
• ▍Net income −355,7% YoY
• ▍Free cash flow −201,8% YoY
• ▍Net margin -6.9%

Revenue €162.97B; Operating income -€4.82B.

• ▍Revenue €162.97B
• ▍Operating income -€4.82B
• ▍Net margin -2.6%