Unicredit, SpA UNCRY

FinancialsBanking ServicesItaly

Last close 40.81 USD on Nov 1, 2026, +1.0% year to date

Quant rating

Quant rating C Rank 205 of 304 in Financials

Growth C 178 of 304
Valuation B 68 of 304
Quality C 184 of 304
Revisions D 250 of 304
Momentum C 155 of 304

Wall Street consensus Strong Buy (1.00)Average target 65.70 USD +61.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 123.1B
Enterprise value: 292.8B
52-week range: 33.63 – 50.28
3-year range: 12.51 – 50.28
Dividend yield: 4.49%
Beta (5 years): 1.06
Shares outstanding: 1,508M
Next earnings: Oct 21, 2026

About the company

UniCredit SpA is an Italy-based holding company engaged in the financial sector. Its division model is based on seven business lines: Commercial Banking Italy, Central and Eastern Europe (CEE), Corporate and Investment Banking (CIB), Commercial Banking Germany, Commercial Banking Austria and Fineco. UniCredit SpA offers banking and financial services for families, individuals and corporate clients, including accounts, loans, mortgages, investments, wealth management, as well as financial advice and insurance products, among others. Through numerous subsidiaries, the Company operates in the domestic market, Germany, Austria and CEE.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	31,637	36,068	37,433	17,486	14,441	–
Revenue growth	−12.3%	−3.6%	114.1%	21.1%	−10.3%	14.5%
EPS (basic, normalized)	9.03	6.70	6.51	3.50	1.54	–
EPS growth	34.8%	2.9%	85.8%	128.2%	–	–
Gross margin	–	–	–	–	–	–
Net margin	39.8%	27.9%	28.0%	39.1%	16.2%	30.2%
ROE	–	–	13.9%	–	–	13.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	31,637	−12.3%	9.3x	–	–	–	3.92	+26.4%	10.4x
2026	–	–	–	–	–	–	4.17	+6.2%	9.8x
2027	–	–	–	–	–	–	4.78	+14.6%	8.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	4.17	−5.4%	−3.5%	−2.3%
2027	–	–	–	–	4.78	−4.8%	+0.2%	−2.4%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.82	0.87	0.79	0.55	0.94	1.22	1.01	0.74	1.26	1.20
EPS mean	0.71	0.82	0.84	0.80	0.89	1.01	0.93	0.80	1.10	1.11
Surprise	+16.2%	+5.7%	−6.0%	−31.4%	+5.8%	+21.2%	+8.7%	−7.6%	+14.4%	+7.8%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
UNCRY Unicredit, SpA	123.1B	–	39.8%	1.01x	9.8x	8.5x	–	–
IDCBY Industrial and Commercial Bank of China Ltd	441.5B	–	–	–	130.8x	124.4x	11.6x	10.9x
CMWAY Commonwealth Bank of Australia	196.1B	–	–	–	25.7x	24.8x	–	–
DBSDY DBS Group Holdings Ltd	162.5B	–	–	–	17.1x	15.6x	–	–
MFG Mizuho Financial Group, Inc.	118.8B	–	–	1.70x	4.7x	4.1x	–	–
ISNPY Intesa Sanpaolo S.p.A.	114.1B	–	–	–	–	–	–	–
Mean		–	39.8%	1.36x	37.6x	35.5x	11.6x	10.9x
Median		–	39.8%	1.36x	17.1x	15.6x	11.6x	10.9x

Technical analysis

1M−15.0%
3M−12.2%
1Y+17.1%
3Y+294.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Unicredit, SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	31,637	36,068	37,433	17,486	14,441	16,099
Total interest expense	15,045	20,879	21,598	6,116	4,106	4,500
Net interest income	16,592	15,189	15,834	11,370	10,335	11,599
Loan loss provision	593	790	732	2,206	1,873	5,686
Net interest income after loan loss provision	15,999	14,399	15,103	9,164	8,461	5,912
Non-interest income	22,018	16,078	15,773	19,523	12,875	13,367
Non-interest expense	−22,080	−17,163	−18,238	−20,886	−19,314	−22,339
Net income before taxes	15,937	13,314	12,637	7,801	2,022	−3,059
Provision for taxes	3,042	3,195	2,116	876	−390	393
Minority interest & equity in affiliates	−75.2	−56.9	−29.8	−16.1	−34.1	−8.5
Other	0	0	0	0	0	0
Net income before extraordinary items	12,820	10,062	10,492	6,908	2,378	−3,461
Extraordinary items	0	0	0	3.2	4.5	59.8
Net income	12,820	10,062	10,492	6,911	2,383	−3,401
Basic weighted average shares (mil)	1,536	1,622	1,828	2,069	2,222	2,227
Diluted weighted average shares (mil)	1,549	1,638	1,850	2,089	2,236	2,227
Basic EPS excluding extraordinary items	8.19	6.20	5.74	3.30	1.06	−1.62
Basic EPS, normalized	9.03	6.70	6.51	3.50	1.54	−0.69

Balance sheet in millions of USD, fiscal years

Balance sheet, Unicredit, SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	88,552	80,554	100,798	164,173	207,569	237,073
Other earning assets	274,631	191,931	188,940	176,599	227,313	281,884
Net loans	595,260	499,602	533,714	536,735	563,195	574,322
Property, plant & equipment	8,171	7,235	7,972	8,326	10,811	10,039
Goodwill	990	39.3	0	0	0	0
Intangibles	2,463	2,268	2,507	2,515	2,540	2,585
Long-term investments	16,410	4,548	4,442	3,789	4,630	5,318
Other long-term assets	10,473	10,334	12,271	13,995	16,058	16,339
Other assets	25,140	15,170	15,649	11,862	10,590	10,027
Total assets	1,022,090	811,682	866,293	917,993	1,042,706	1,137,587
Liabilities
Accounts payable	242	239	252	224	–	133
Payable/accrued	–	–	–	–	–	–
Accrued expenses	5,130	4,780	5,077	4,366	591	5,987
Total deposits	600,197	508,035	553,821	621,701	683,749	738,460
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	62,464	54,353	42,473	34,376	43,411	83,747
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	171,425	134,727	143,506	133,376	150,121	138,119
Minority interest	467	414	181	169	529	531
Other liabilities	102,638	44,488	50,267	55,995	93,613	97,934
Total liabilities	942,564	747,037	795,576	850,208	972,014	1,064,911
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	25,198	22,122	23,482	22,710	24,024	25,721
Additional paid-in capital	27.0	23.8	25.4	2,693	6,191	11,463
Retained earnings (accumulated deficit)	59,499	44,470	49,187	40,791	38,136	34,663
Treasury stock	−3,446	0	−1,906	0	−227	−3.7
Other equity	−1,751	−1,971	−71.7	1,592	2,568	833
Total equity	79,526	64,645	70,717	67,786	70,692	72,676
Total liabilities & shareholders' equity	1,022,090	811,682	866,293	917,993	1,042,706	1,137,587

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Unicredit, SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	12,895	10,119	10,522	6,927	1,785	−3,393
Depreciation, depletion & amortization	1,503	1,352	1,793	1,394	1,702	1,734
Deferred taxes	–	–	–	–	–	–
Non-cash items	3,252	4,848	3,484	914	3,319	4,014
Changes in working capital	−7,638	−23,645	−61,188	1,749	−15,356	99,406
Cash from operations	10,013	−7,326	−45,389	10,985	−8,550	101,762
Investing activities
Capital expenditures	−1,487	−1,801	−1,271	−1,252	−1,406	−1,746
Other investing cash flows	−3,233	699	403	999	612	2,441
Cash from investing	−4,720	−1,103	−869	−254	−795	695
Financing activities
Financing cash flow items	−18.8	−168	−1,379	−863	−291	1,513
Cash dividends paid	−5,881	−5,125	−2,693	−1,821	−880	−707
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,446	−6,086	−5,256	−3,257	−430	0
Cash from financing	−9,345	−11,378	−9,329	−5,941	−1,601	806
Foreign exchange effects	545	−442	−450	−115	36.4	−183
Net change in cash	−3,508	−20,248	−56,036	4,676	−10,909	103,080
Free cash flow	8,526	−9,127	−46,660	9,732	−9,956	100,016

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.