Uniper (UN0) AI Stock Analysis

• Market Cap: €17.58B
• Dividend Yield: N/A
• Average Volume (3M): 4.48K
• Price to Earnings (P/E): 9.8
• Beta (1Y): 0.51
• Revenue Growth: -18.10%
• EPS Growth: N/A
• Country: DE
• Employees: 7,431
• Sector: Utilities
• Sector Strength: 65
• Industry: Independent Power Producers
• EPS (TTM): 2.01
• Shares Outstanding: 416,475,340
• 10 Day Avg. Volume: 5,252
• 30 Day Avg. Volume: 4,482
• PEG Ratio: 0.03
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 0.22
• P/FCF Ratio: -8.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €35.00
• Price Target Upside: -17.07% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.4
• Revenue Forecast (FY): €75.50B

• Rating: 60 Neutral
• Price Target: €45.00 ▲(6.64% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held back primarily by weak and volatile fundamentals—especially the 2025 swing to negative operating and free cash flow and persistently low margins—despite a stronger recent balance sheet. Technicals show a strong uptrend, but extremely overbought momentum raises pullback risk. Valuation looks supportive with a low P/E, and the latest earnings call was moderately positive due to confirmed guidance and a strong cash position, tempered by segment and volume pressures.

Positive Factors

Net cash position / liquidity

A reported net cash position of EUR 3.3bn provides durable financial flexibility over the next 2–6 months: it lowers near-term refinancing risk, supports continued capex in transformation, allows tactical liquidity management after prior stress, and cushions against market shocks.

Healthier balance sheet

Lower leverage and sizable equity versus assets materially improve capital structure resilience versus the 2021–22 stress period. This durable improvement supports investment optionality, preserves access to credit lines, and reduces vulnerability to commodity-price swings over the medium term.

Strategic transformation & governance

Sustained investment (EUR 610m) into flexible and green generation plus initiatives like a Green Finance framework and management contract extensions signal committed execution. This structural shift improves future earnings mix and supports regulatory and market shifts toward decarbonization.

Negative Factors

Negative cash flow in 2025

A reversal to negative operating and free cash flow in 2025 is a durable red flag: it can force reliance on financing, constrain reinvestment or dividend capacity, and raises the probability that management must prioritize liquidity actions if market conditions remain weak over coming quarters.

Declining revenue and weak margins

Multi-year revenue decline combined with persistently low gross and operating margins indicates limited pricing power or structural cost pressure. Over 2–6 months this suggests earnings will remain sensitive to commodity and plant-availability swings, limiting sustained profit recovery.

Segment and operational weaknesses

Material negative results in Greener Commodities, steep declines in Flexible Generation earnings and nuclear outages highlight execution and asset-availability risks. These structural segment weaknesses can persistently depress group earnings and complicate transformation until fixed issues are resolved.

Uniper Business Overview & Revenue Model

Company Description

Uniper SE operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally. It operates in three segments: Green Generation, Flexible Generation, and Greener Commodities. The Green Generation segment operates emission-free electricity generation facilities, including hydroelectric, nuclear, wind, and solar power plants. The Flexible Generation segment operates power and heat generation plants, such as gas-fired, combined gas and steam, coal, and oil-fired power plants, as well as provides energy services. The Greener Commodities segment sells natural gas to distributors, large industrial customers, power plant operators, and international energy markets. This segment also engages in gas storage operations; infrastructure investments; import, trade, and process or store green molecules comprising hydrogen, biomethane, and ammonia; procurement of fuels; trading carbon dioxide certificates; and trading green certificates for the supply of green energy. The company was founded in 1894 and is headquartered in Düsseldorf, Germany. Uniper SE operates as a subsidiary of UBG Uniper Beteiligungsholding GmbH.

How the Company Makes Money

Uniper makes money primarily by selling energy and related services across wholesale and, where applicable, structured supply arrangements. Key revenue streams typically include: (1) Power generation: earning revenue from producing electricity and selling it into wholesale markets or via contracted offtake arrangements; profitability depends on achieved power prices relative to fuel, carbon, and operating costs, as well as plant availability. (2) Energy trading and optimization: generating revenue from buying and selling electricity and energy commodities (and related derivatives) to manage risk and optimize the value of its generation and supply portfolio; earnings are influenced by market volatility, spreads, and risk management performance. (3) Energy supply/commercial activities: selling electricity and/or energy commodities to counterparties such as utilities and industrial customers under contracts that may be fixed-price or indexed; margins depend on sourcing costs, hedging effectiveness, and contract structure. (4) Ancillary/other energy services: participating in market mechanisms and services associated with operating generation assets (e.g., flexibility-related market products), where available; specific contributions depend on market design and asset capabilities. Significant factors impacting earnings include wholesale power and commodity prices, fuel and carbon costs, regulatory frameworks, plant performance, and the company’s ability to hedge exposures and manage counterparty/credit risk. Specific partnership details are null.

Uniper Financial Statement Overview

Summary

Financial statements indicate stabilization versus the 2021–2022 stress period, supported by a healthier balance sheet (low debt vs. equity in 2023–2025). However, operating performance remains inconsistent with generally declining revenue, very low margins, and a key red flag in 2025: negative operating cash flow and deeper negative free cash flow, raising earnings-quality and liquidity concerns.

Income Statement

Results are highly volatile. Revenue has generally declined over the last three years (down again in 2025), and profitability swung from a very large loss in 2022 to strong profit in 2023, then to much thinner profits in 2024 and a moderate rebound in 2025. Margins in 2025 are positive but very low for the industry (low gross and operating profitability), which suggests limited pricing power and/or elevated costs; the sharp margin compression versus 2024 is a clear weakness despite the higher net income.

Balance Sheet

Leverage looks manageable in the most recent years: debt relative to equity is low in 2023–2025 and equity is sizable versus total assets, which provides balance-sheet flexibility. However, the company experienced a period of very high leverage and severe negative returns in 2021–2022, highlighting that capital structure and equity value can be pressured quickly in adverse markets. Overall, today’s balance sheet is meaningfully healthier than the stress period, but history argues for caution.

Cash Flow

Cash generation deteriorated materially in 2025, with negative operating cash flow and deeper negative free cash flow, reversing the solid cash performance seen in 2023–2024. The decline in free cash flow versus prior year and the inability of operating cash flow to support earnings in 2025 raise quality-of-earnings and liquidity questions. While 2023–2024 showed the business can generate cash, the latest year’s swing back to cash burn is a significant risk signal.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	60.95B	69.64B	107.92B	274.12B	162.97B
Gross Profit	1.11B	5.37B	2.72B	-4.63B	4.70B
EBITDA	894.00M	3.39B	8.24B	-11.40B	-3.75B
Net Income	1.40B	297.00M	6.31B	-19.00B	-4.17B
Balance Sheet
Total Assets	35.87B	38.49B	54.96B	146.92B	157.48B
Cash, Cash Equivalents and Short-Term Investments	5.52B	6.73B	4.26B	4.63B	2.97B
Total Debt	1.62B	1.90B	1.85B	11.94B	8.97B
Total Liabilities	23.81B	27.95B	44.52B	142.53B	150.69B
Stockholders Equity	11.89B	10.38B	10.21B	4.19B	6.30B
Cash Flow
Free Cash Flow	-1.59B	984.00M	5.99B	-15.60B	3.04B
Operating Cash Flow	-814.00M	1.67B	6.55B	-15.08B	3.62B
Investing Cash Flow	322.00M	-432.00M	3.09B	1.23B	-7.52B
Financing Cash Flow	-318.00M	1.00M	-10.12B	15.95B	6.56B

Uniper Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 42.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:UN0, the sentiment is Positive. The current price of 42.2 is above the 20-day moving average (MA) of 36.73, above the 50-day MA of 35.88, and above the 200-day MA of 35.12, indicating a bullish trend. The MACD of 1.81 indicates Negative momentum. The RSI at 61.71 is Neutral, neither overbought nor oversold. The STOCH value of 53.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:UN0.

Uniper Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
UN0	60 Neutral	€17.58B	9.78	12.69%	―	-18.10%	―
EBK	53 Neutral	€22.31B	41.25	2.27%	2.23%	-8.11%	-60.54%
MVV1	51 Neutral	€2.03B	25.33	4.86%	4.07%	-8.49%	-31.95%