Also trades as: UL (NYSE) · $vol 237M · UNA.AS (AMS) · $vol 66M · UNVB.DE (XETRA) · $vol 1M · UNV0.DE (XETRA) · $vol 1M · UNLYF (OTC) · $vol 0M · UNLYD (OTC) · $vol 0M · UNI2.DE (XETRA)

£4,483.50 ($59.38)

-10.50 (-0.23%)

Weekly Expected Move ±2.7%

£4245 £4364 £4484 £4603 £4722

LSE · Consumer Defensive · Household & Personal Products · Tech Score Sell · Power 34 · £96.6B mcap · 2.14B float · 0.185% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ETF Exposure

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Analyst Recommendations

Strong Buy: 0Buy: 3Hold: 15Sell: 6Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$—

Analysts0

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. ULVR.L receives an overall rating of B. Strongest factors: ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5), P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-04-28	B+	B
2026-04-07	None	ADDED
2026-04-07	EXISTED	None
2026-04-01	B	B+
2026-03-31	B-	B
2026-03-06	B	B-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

4/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

-2.41

Unlikely Manipulator

Ohlson O-Score

-7.40

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

A-

Score: 65.3/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 1.75x

Accruals: -9.2%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ULVR.L scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. ULVR.L's score of -2.41 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ULVR.L's implied 0.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ULVR.L receives an estimated rating of A- (score: 65.3/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ULVR.L's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

20.52x

PEG

0.42x

P/S

2.47x

P/B

7.05x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$27.30

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 20.5x earnings, ULVR.L commands a growth premium. Graham's intrinsic value formula yields $27.30 per share, 16324% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.588

NI / EBT

Interest Burden

0.955

EBT / EBIT

EBIT Margin

0.190

EBIT / Rev

Asset Turnover

1.157

Rev / Assets

Equity Multiplier

4.284

Assets / Equity

ROE

53.0%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ULVR.L's ROE of 53.0% is driven by financial leverage (equity multiplier: 4.28x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.59 suggests the company retains less than 60% of pre-tax earnings after taxes.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$37.75

Price/Value

—

Margin of Safety

—

Premium

—

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with ULVR.L's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. ULVR.L trades at a premium to its adjusted intrinsic value of $37.75, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 20.5x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$4483.50

Median 1Y

$4455.22

5th Pctile

$3101.15

95th Pctile

$6397.58

Ann. Volatility

21.2%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
ROE	67.3%	68.1%	76.9%	89.7%	1.1%	1.1%	1.1%	1.1%	83.5%	76.2%	76.8%	62.9%	79.9%	77.8%	80.3%	73.8%	62.7%	56.3%	59.9%	53.0%	52.99%
ROA	19.3%	19.2%	19.9%	19.9%	26.5%	24.9%	24.0%	22.8%	17.6%	16.8%	16.6%	14.5%	18.8%	19.0%	18.8%	18.1%	15.5%	13.5%	13.8%	12.4%	12.37%
ROIC	38.3%	39.3%	40.2%	39.2%	47.2%	42.0%	40.3%	38.7%	40.1%	36.4%	34.5%	30.2%	36.2%	35.1%	38.0%	35.0%	33.6%	28.2%	36.1%	32.0%	31.98%
ROCE	42.1%	42.3%	47.8%	49.9%	48.6%	45.4%	43.7%	39.0%	41.0%	40.8%	37.8%	33.9%	41.0%	43.2%	44.4%	44.8%	41.1%	37.4%	37.4%	35.9%	35.94%
Gross Margin	-14.4%	1.0%	-17.0%	1.0%	-16.5%	1.0%	-12.6%	1.0%	-14.7%	1.0%	-13.5%	1.0%	-17.9%	24.7%	-18.0%	1.0%	-12.6%	1.0%	97.7%	1.0%	1.00%
Operating Margin	13.4%	17.6%	19.9%	18.8%	17.3%	19.3%	18.9%	19.7%	17.1%	18.8%	18.0%	17.1%	15.0%	17.3%	16.4%	19.1%	11.6%	17.6%	35.6%	19.1%	19.06%
Net Margin	10.1%	11.2%	11.1%	11.5%	25.7%	11.5%	10.1%	12.8%	9.2%	12.1%	11.0%	9.8%	15.6%	11.7%	10.1%	11.9%	6.9%	11.7%	12.7%	12.9%	12.94%
EBITDA Margin	15.3%	20.3%	24.1%	22.6%	24.5%	23.0%	25.6%	23.6%	24.2%	22.1%	23.7%	19.9%	23.0%	22.8%	17.8%	22.2%	18.1%	21.5%	22.9%	22.4%	22.37%
FCF Margin	10.1%	10.1%	10.4%	11.4%	11.2%	11.7%	12.4%	13.4%	14.6%	15.4%	14.6%	13.5%	11.3%	11.0%	11.5%	11.6%	13.1%	13.0%	14.6%	14.4%	14.39%
OCF Margin	13.6%	13.4%	13.5%	14.3%	14.0%	14.4%	15.0%	15.9%	16.7%	17.4%	16.5%	15.5%	13.6%	13.3%	14.0%	14.0%	15.7%	17.0%	18.7%	18.7%	18.68%
ROE 3Y Avg	snapshot only																				62.97%
ROE 5Y Avg	snapshot only																				77.47%
ROA 3Y Avg	snapshot only																				14.85%
ROIC 3Y Avg	snapshot only																				27.90%
ROIC Economic	snapshot only																				29.21%
Cash ROA	snapshot only																				22.02%
Cash ROIC	snapshot only																				39.68%
CROIC	snapshot only																				30.57%
NOPAT Margin	snapshot only																				15.06%
Pretax Margin	snapshot only																				18.20%
R&D / Revenue	snapshot only																				1.09%
SGA / Revenue	snapshot only																				17.85%
SBC / Revenue	snapshot only																				0.27%

Valuation

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	20.524
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.472
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7.046
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				0.415
Graham Number	snapshot only																				$27.30

Leverage & Solvency

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Current Ratio	0.68	0.84	0.73	0.76	0.78	0.81	0.78	0.86	0.78	0.73	0.70	0.80	0.75	0.79	0.76	0.77	0.76	0.76	0.79	0.74	0.740
Quick Ratio	0.47	0.63	0.56	0.60	0.57	0.61	0.58	0.63	0.57	0.53	0.51	0.60	0.52	0.57	0.54	0.56	0.56	0.55	0.60	0.58	0.584
Debt/Equity	1.01	1.21	1.79	2.56	2.15	2.28	2.14	1.84	1.75	1.62	1.73	1.69	1.50	1.59	1.58	1.56	1.53	1.80	1.91	1.98	1.983
Net Debt/Equity	0.77	0.85	1.49	2.14	1.80	1.90	1.76	1.46	1.34	1.32	1.47	1.36	1.20	1.27	1.24	1.25	1.15	1.50	1.58	1.62	1.622
Debt/Assets	0.29	0.34	0.41	0.47	0.42	0.45	0.44	0.41	0.40	0.39	0.40	0.40	0.37	0.39	0.38	0.40	0.38	0.42	0.42	0.42	0.420
Debt/EBITDA	0.93	1.03	1.18	1.35	1.04	1.19	1.15	1.16	1.08	1.13	1.23	1.42	1.14	1.17	1.14	1.21	1.26	1.55	1.47	1.70	1.699
Net Debt/EBITDA	0.70	0.72	0.98	1.13	0.87	1.00	0.94	0.92	0.83	0.92	1.04	1.14	0.92	0.93	0.90	0.97	0.94	1.29	1.22	1.39	1.390
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	26.83	13.36	8.82	9.23	12.40	17.52	27.88	14.17	14.170
Equity Multiplier	3.45	3.58	4.42	5.45	5.14	5.08	4.91	4.50	4.43	4.15	4.39	4.21	4.09	4.07	4.16	3.93	3.99	4.27	4.54	4.72	4.725
Cash Ratio	snapshot only																				0.203
Debt Service Coverage	snapshot only																				15.589
Cash to Debt	snapshot only																				0.182
FCF to Debt	snapshot only																				0.404
Defensive Interval	snapshot only																				140.9 days

Efficiency & Turnover

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Asset Turnover	2.03	1.92	1.89	1.81	1.81	1.68	1.65	1.53	1.62	1.52	1.47	1.38	1.55	1.57	1.59	1.47	1.53	1.36	1.32	1.16	1.157
Inventory Turnover	14.45	13.95	14.62	13.64	13.78	13.83	14.23	13.00	13.19	12.63	13.32	11.19	12.73	17.07	19.02	16.19	16.33	12.14	7.39	6.68	6.675
Receivables Turnover	34.43	17.08	33.49	16.72	27.27	14.55	24.65	15.03	26.39	14.10	24.28	15.01	28.21	16.13	31.47	15.91	27.45	13.40	16.91	10.01	10.005
Payables Turnover	7.52	4.47	7.35	4.33	6.68	4.27	6.64	4.07	6.61	3.96	6.52	3.71	6.79	5.54	9.69	5.43	8.49	4.04	2.48	1.86	1.857
DSO	11	21	11	22	13	25	15	24	14	26	15	24	13	23	12	23	13	27	22	36	36.5 days
DIO	25	26	25	27	26	26	26	28	28	29	27	33	29	21	19	23	22	30	49	55	54.7 days
DPO	49	82	50	84	55	86	55	90	55	92	56	98	54	66	38	67	43	90	147	197	196.6 days
Cash Conversion Cycle	-13	-34	-14	-36	-15	-34	-14	-37	-14	-37	-14	-41	-12	-22	-7	-22	-7	-33	-76	-105	-105.4 days
Fixed Asset Turnover	snapshot only																				9.692
Operating Cycle	snapshot only																				91.2 days
Cash Velocity	snapshot only																				15.445
Capital Intensity	snapshot only																				0.848

Growth (YoY)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue	7.9%	7.0%	4.6%	2.5%	-1.2%	-3.4%	-3.3%	-3.9%	-1.9%	-0.7%	0.2%	4.6%	9.6%	14.4%	16.0%	13.2%	7.0%	-10.4%	-19.6%	-25.2%	-25.16%
Net Income	0.8%	6.4%	10.9%	19.7%	52.2%	42.4%	34.2%	30.4%	-27.1%	-25.8%	-22.4%	-26.2%	22.2%	24.7%	21.5%	32.7%	-10.7%	-26.1%	-28.7%	-35.0%	-35.04%
EPS	0.8%	6.7%	13.8%	24.7%	63.8%	54.3%	42.0%	35.8%	-26.5%	-25.8%	-21.4%	-24.5%	26.0%	29.2%	24.6%	35.6%	-8.9%	-24.2%	-17.8%	-25.3%	-25.28%
FCF	31.3%	33.8%	21.0%	31.9%	10.0%	11.8%	15.9%	12.6%	27.3%	30.8%	17.8%	5.2%	-15.3%	-18.3%	-8.2%	-2.1%	24.3%	5.9%	1.7%	-7.5%	-7.52%
EBITDA	0.1%	4.0%	14.1%	14.0%	33.5%	27.5%	18.5%	12.9%	3.5%	0.8%	-2.0%	-3.0%	0.8%	6.9%	3.8%	8.7%	-2.1%	-20.7%	-19.4%	-27.1%	-27.09%
Op. Income	-1.1%	3.4%	16.2%	15.0%	27.6%	20.4%	7.8%	3.8%	0.0%	-1.8%	-0.7%	-1.4%	-0.0%	3.2%	3.7%	8.4%	1.0%	-14.5%	-2.0%	-11.4%	-11.40%
OCF Growth	snapshot only																				-0.48%
Asset Growth	snapshot only																				-3.63%
Equity Growth	snapshot only																				-19.82%
Debt Growth	snapshot only																				2.00%
Shares Change	snapshot only																				-13.05%
Dividend Growth	snapshot only																				1.66%

Growth (CAGR)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue 3Y	8.6%	7.0%	5.8%	3.9%	2.3%	1.0%	0.6%	0.8%	1.5%	0.9%	0.5%	1.0%	2.0%	3.2%	4.0%	4.4%	4.8%	0.6%	-2.2%	-3.9%	-3.95%
Revenue 5Y	6.3%	6.5%	6.1%	5.9%	5.5%	5.2%	5.2%	5.2%	4.4%	3.3%	2.8%	2.4%	2.8%	3.2%	3.4%	4.0%	4.1%	1.0%	-1.1%	-2.7%	-2.68%
EPS 3Y	8.6%	8.0%	10.3%	11.5%	24.6%	23.5%	21.4%	19.5%	6.7%	6.9%	8.3%	8.6%	14.9%	13.9%	11.6%	11.6%	-5.5%	-10.1%	-7.0%	-8.5%	-8.53%
EPS 5Y	4.4%	5.3%	6.3%	8.7%	13.2%	14.7%	14.1%	14.1%	9.1%	7.6%	8.4%	7.3%	12.3%	12.5%	11.9%	11.8%	6.8%	3.6%	5.4%	5.3%	5.33%
Net Income 3Y	8.0%	7.3%	8.7%	9.1%	20.7%	19.1%	17.2%	15.5%	3.8%	4.0%	4.9%	4.8%	10.7%	9.6%	8.1%	8.5%	-7.3%	-11.9%	-12.4%	-14.0%	-14.01%
Net Income 5Y	3.5%	4.4%	4.9%	7.3%	11.1%	12.4%	11.8%	11.8%	6.9%	5.5%	6.0%	4.6%	9.4%	9.3%	8.7%	8.5%	4.1%	0.7%	0.0%	-0.2%	-0.16%
EBITDA 3Y	8.1%	8.4%	10.6%	11.1%	14.2%	14.3%	13.3%	13.8%	11.4%	10.1%	9.8%	7.7%	11.7%	11.2%	6.4%	5.9%	0.7%	-5.1%	-6.4%	-8.4%	-8.42%
EBITDA 5Y	6.8%	8.6%	10.2%	11.1%	9.8%	9.9%	10.1%	10.1%	11.8%	10.3%	9.4%	8.5%	9.2%	10.0%	8.1%	9.2%	6.4%	2.5%	2.1%	-0.2%	-0.23%
Gross Profit 3Y	-18.4%	-14.5%	-9.6%	-11.7%	5.2%	-7.4%	3.0%	3.3%	3.3%	1.8%	1.3%	2.5%	1.0%	-15.0%	-16.7%	-15.2%	-13.4%	-5.4%	11.3%	8.5%	8.48%
Gross Profit 5Y	3.2%	7.7%	1.4%	-3.1%	1.5%	-5.6%	-5.1%	-5.2%	-11.5%	-9.4%	-6.5%	-6.3%	3.4%	-12.7%	-8.6%	-7.1%	-6.2%	-2.5%	7.9%	4.9%	4.92%
Op. Income 3Y	8.1%	8.3%	11.1%	10.9%	12.8%	12.3%	10.0%	10.8%	8.1%	6.9%	7.5%	5.6%	8.5%	6.9%	3.5%	3.5%	0.3%	-4.6%	0.3%	-1.8%	-1.80%
Op. Income 5Y	7.6%	8.9%	10.4%	11.3%	8.9%	9.3%	8.7%	8.6%	10.0%	8.5%	8.0%	6.9%	7.5%	7.5%	6.5%	7.8%	5.0%	1.5%	4.8%	2.5%	2.50%
FCF 3Y	9.8%	12.7%	16.2%	23.2%	14.7%	16.7%	12.6%	16.7%	22.5%	25.1%	18.2%	16.1%	5.8%	6.1%	7.8%	5.1%	10.2%	4.2%	3.2%	-1.6%	-1.59%
FCF 5Y	10.5%	12.5%	15.7%	17.0%	20.5%	16.8%	13.8%	13.1%	13.2%	15.9%	16.5%	17.3%	10.2%	11.2%	9.1%	10.4%	14.1%	11.1%	9.0%	7.2%	7.20%
OCF 3Y	8.5%	8.8%	9.4%	12.3%	5.9%	8.3%	5.5%	9.7%	13.2%	14.2%	9.8%	8.5%	2.0%	2.9%	5.2%	3.8%	9.0%	6.4%	5.3%	1.4%	1.37%
OCF 5Y	11.7%	12.9%	14.7%	14.4%	16.8%	13.4%	11.0%	9.8%	8.8%	9.9%	9.3%	9.0%	4.4%	5.9%	4.9%	6.7%	9.9%	8.3%	7.0%	5.5%	5.52%
Assets 3Y	11.1%	9.6%	8.3%	8.5%	8.8%	9.5%	12.5%	13.0%	12.1%	9.7%	12.8%	16.2%	11.3%	10.6%	7.7%	8.1%	10.3%	5.6%	2.9%	3.0%	3.01%
Assets 5Y	8.8%	7.9%	10.1%	10.5%	10.5%	11.5%	11.9%	10.9%	10.4%	9.9%	9.6%	11.4%	11.0%	9.8%	10.6%	10.3%	10.7%	7.3%	6.2%	7.3%	7.27%
Equity 3Y	4.1%	2.0%	-1.6%	-6.6%	-8.6%	-0.4%	-2.8%	4.0%	3.8%	3.7%	3.5%	11.6%	5.2%	5.9%	9.9%	20.6%	20.0%	11.9%	5.6%	1.4%	1.35%
Book Value 3Y	4.7%	2.7%	-0.1%	-4.7%	-5.7%	3.2%	0.8%	7.6%	6.6%	6.6%	6.9%	15.6%	9.1%	10.1%	13.5%	24.1%	22.3%	14.1%	12.2%	7.8%	7.80%
Dividend 3Y	4.5%	4.5%	6.5%	7.3%	8.1%	8.2%	6.9%	6.0%	4.9%	5.0%	5.3%	5.5%	5.1%	4.1%	3.0%	2.3%	1.4%	-2.6%	2.1%	2.1%	2.08%

Growth Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue Stability	0.91	0.94	0.95	0.96	0.88	0.78	0.74	0.73	0.73	0.65	0.63	0.67	0.65	0.47	0.46	0.64	0.83	0.34	0.02	0.01	0.006
Earnings Stability	0.54	0.82	0.81	0.87	0.62	0.74	0.79	0.79	0.55	0.53	0.60	0.48	0.51	0.55	0.60	0.54	0.20	0.04	0.02	0.01	0.013
Margin Stability	0.53	0.66	0.76	0.72	0.89	0.74	0.71	0.72	0.53	0.64	0.76	0.76	0.96	0.73	0.76	0.77	0.79	0.78	0.65	0.68	0.677
Rev. Growth Consistency	1.00	0.50	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	1.00	1.00	1.00	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	1.00	0.97	0.96	0.92	0.50	0.83	0.86	0.88	0.89	0.90	0.91	0.90	0.91	0.90	0.91	0.87	0.96	0.90	0.89	0.86	0.860
Earnings Smoothness	0.99	0.94	0.90	0.82	0.59	0.65	0.71	0.74	0.69	0.70	0.75	0.70	0.80	0.78	0.81	0.72	0.89	0.70	0.67	0.58	0.575
ROE Trend	-0.04	-0.02	0.17	0.32	0.65	0.54	0.40	0.13	-0.24	-0.27	-0.30	-0.43	-0.31	-0.20	-0.13	-0.03	-0.12	-0.11	-0.08	-0.05	-0.051
Gross Margin Trend	0.02	-0.06	0.02	0.01	0.02	0.00	0.01	0.00	0.01	0.01	-0.01	0.02	-0.02	-0.19	-0.21	-0.21	-0.18	0.02	0.32	0.29	0.287
FCF Margin Trend	0.02	0.02	0.01	0.03	0.02	0.03	0.03	0.03	0.04	0.05	0.03	0.01	-0.02	-0.03	-0.02	-0.02	0.00	-0.00	0.02	0.02	0.018
Sustainable Growth Rate	21.0%	22.6%	25.1%	30.0%	52.9%	49.2%	50.1%	50.6%	20.3%	17.7%	18.9%	13.6%	28.5%	29.7%	30.9%	31.0%	18.2%	15.3%	14.0%	11.2%	11.20%
Internal Growth Rate	6.4%	6.8%	6.9%	7.1%	14.6%	13.1%	12.0%	11.5%	4.5%	4.1%	4.3%	3.2%	7.2%	7.8%	7.8%	8.2%	4.7%	3.8%	3.3%	2.7%	2.68%

Cash Flow Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
OCF/Net Income	1.42	1.34	1.28	1.30	0.95	0.97	1.03	1.07	1.53	1.57	1.46	1.47	1.11	1.10	1.18	1.14	1.55	1.71	1.79	1.75	1.747
FCF/OCF	0.74	0.76	0.77	0.80	0.81	0.82	0.83	0.84	0.87	0.89	0.88	0.87	0.83	0.83	0.83	0.83	0.83	0.77	0.78	0.77	0.770
FCF/Net Income	snapshot only																				1.346
OCF/EBITDA	snapshot only																				0.892
CapEx/Revenue	3.5%	3.3%	3.1%	2.9%	2.7%	2.6%	2.6%	2.5%	2.1%	2.0%	1.9%	2.0%	2.3%	2.3%	2.4%	2.4%	2.6%	2.9%	2.9%	3.0%	3.03%
CapEx/Depreciation	snapshot only																				1.590
Accruals Ratio	-0.08	-0.06	-0.06	-0.06	0.01	0.01	-0.01	-0.02	-0.09	-0.10	-0.08	-0.07	-0.02	-0.02	-0.03	-0.03	-0.09	-0.10	-0.11	-0.09	-0.092
Sloan Accruals	snapshot only																				-0.042
Cash Flow Adequacy	snapshot only																				1.630
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.68%
Dividend/Share	$2.43	$2.52	$2.70	$2.85	$3.01	$3.10	$3.15	$3.18	$3.22	$3.31	$3.38	$3.44	$3.45	$3.44	$3.44	$3.45	$3.47	$3.07	$3.52	$3.50	$1.94
Payout Ratio	68.8%	66.9%	67.3%	66.6%	52.0%	53.4%	55.2%	54.8%	75.7%	76.7%	75.3%	78.4%	64.4%	61.9%	61.5%	58.0%	71.0%	72.8%	76.6%	78.9%	78.87%
FCF Payout Ratio	64.8%	66.2%	68.2%	64.1%	67.8%	67.4%	64.7%	61.1%	56.6%	54.9%	58.2%	61.2%	69.4%	67.6%	62.9%	61.3%	55.0%	55.5%	55.0%	58.6%	58.60%
Total Payout Ratio	74.0%	82.4%	1.2%	1.3%	1.3%	1.2%	98.4%	80.9%	77.6%	84.2%	1.0%	1.1%	97.4%	93.3%	82.9%	76.3%	95.6%	1.0%	99.6%	1.1%	1.15%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Tax Burden (NI/EBT)	0.69	0.68	0.72	0.72	0.75	0.76	0.73	0.73	0.69	0.69	0.70	0.69	0.72	0.71	0.72	0.71	0.67	0.67	0.58	0.59	0.588
Interest Burden (EBT/EBIT)	0.97	0.97	0.88	0.88	1.06	1.04	1.08	1.08	0.84	0.85	0.87	0.86	0.88	0.87	0.86	0.87	0.81	0.81	0.95	0.96	0.955
EBIT Margin	0.14	0.15	0.17	0.17	0.18	0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.19	0.19	0.19	0.20	0.19	0.18	0.19	0.19	0.190
Asset Turnover	2.03	1.92	1.89	1.81	1.81	1.68	1.65	1.53	1.62	1.52	1.47	1.38	1.55	1.57	1.59	1.47	1.53	1.36	1.32	1.16	1.157
Equity Multiplier	3.48	3.54	3.87	4.50	4.15	4.24	4.66	4.91	4.74	4.54	4.62	4.34	4.24	4.11	4.27	4.07	4.04	4.17	4.33	4.28	4.284

Per Share

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
EPS (Diluted TTM)	$3.54	$3.76	$4.02	$4.27	$5.79	$5.81	$5.71	$5.80	$4.26	$4.31	$4.49	$4.38	$5.36	$5.57	$5.59	$5.94	$4.89	$4.22	$4.59	$4.44	$4.44
Book Value/Share	$5.73	$5.69	$4.90	$4.23	$4.36	$4.84	$5.02	$5.95	$5.80	$6.48	$6.60	$7.85	$7.45	$7.59	$7.16	$8.09	$7.99	$7.20	$7.08	$7.46	$8.42
Tangible Book/Share	$-3.88	$-3.60	$-5.31	$-6.25	$-6.76	$-6.68	$-6.79	$-7.65	$-7.47	$-6.96	$-8.29	$-7.94	$-8.41	$-8.16	$-8.45	$-8.28	$-8.35	$-8.19	$-8.77	$-9.07	$-9.07
Revenue/Share	$37.13	$37.50	$38.25	$38.91	$39.47	$39.27	$39.18	$38.95	$39.02	$38.97	$39.80	$41.73	$44.07	$46.18	$47.34	$48.26	$48.08	$42.46	$43.81	$41.53	$21.14
FCF/Share	$3.75	$3.80	$3.96	$4.44	$4.44	$4.61	$4.86	$5.21	$5.69	$6.02	$5.81	$5.61	$4.97	$5.09	$5.47	$5.62	$6.30	$5.53	$6.40	$5.98	$3.32
OCF/Share	$5.04	$5.03	$5.15	$5.56	$5.51	$5.64	$5.87	$6.19	$6.52	$6.78	$6.57	$6.45	$5.97	$6.14	$6.61	$6.78	$7.57	$7.22	$8.21	$7.76	$3.91
Cash/Share	$1.39	$2.05	$1.47	$1.77	$1.55	$1.84	$1.94	$2.27	$2.39	$1.91	$1.73	$2.56	$2.16	$2.50	$2.42	$2.52	$3.05	$2.15	$2.31	$2.69	$2.70
EBITDA/Share	$6.27	$6.69	$7.47	$8.00	$9.01	$9.24	$9.37	$9.41	$9.40	$9.31	$9.31	$9.34	$9.76	$10.31	$9.91	$10.38	$9.75	$8.38	$9.19	$8.70	$8.70
Debt/Share	$5.81	$6.90	$8.78	$10.82	$9.38	$11.04	$10.75	$10.96	$10.17	$10.48	$11.45	$13.23	$11.14	$12.11	$11.31	$12.61	$12.25	$12.95	$13.50	$14.79	$14.79
Net Debt/Share	$4.42	$4.85	$7.31	$9.05	$7.84	$9.20	$8.82	$8.70	$7.78	$8.57	$9.71	$10.67	$8.97	$9.61	$8.89	$10.08	$9.20	$10.80	$11.19	$12.10	$12.10

Academic Models

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	5	7	7	6	5	4	7	7	7	4	5	5	7	7	8	7	7	5	6	4	4
Beneish M-Score	-2.69	-2.84	-2.63	-2.57	-2.22	-1.94	-2.03	-2.27	-2.97	-2.90	-3.07	-2.81	-2.43	-2.00	-2.69	-2.63	-2.81	-2.98	-2.61	-2.41	-2.405
Ohlson O-Score	snapshot only																				-7.402
Net-Net WC	snapshot only																				$-17.06
EVA	snapshot only																				$9385213127.90

Credit

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Credit Rating	snapshot only																				A-
Credit Score	69.10	66.59	61.20	62.14	64.34	65.38	65.66	65.78	68.30	68.55	68.28	65.10	69.08	66.26	63.17	63.25	68.79	66.07	68.45	65.30	65.303
Credit Grade	snapshot only																				7
Credit Trend	snapshot only																				2.053
Implied Spread (bps)	snapshot only																				175.000
Industry Credit Rank	snapshot only																				50
Sector Credit Rank	snapshot only																				55

ULVR.L LSE

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

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