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World's largest ice cream maker, spun off from Unilever, owning Magnum, Ben & Jerry's, Wall's and Cornetto.
World's largest ice cream maker, spun off from Unilever, owning Magnum, Ben & Jerry's, Wall's and Cornetto.
Sells through supermarkets, convenience stores and kiosks, and it places its own freezer cabinets in shops, which ties retailers to its brands for impulse sales. Frozen distribution is a heavy cost, so route-to-market and plant scale matter. Unilever spun it off in late 2025, leaving it as a standalone company.
In one line: A global, pure-play Unilever ice cream business.
Moat: narrow (brand, scale, distribution). Portfolio of globally recognized ice cream brands and cold-chain distribution built inside Unilever.
Headquarters: Amsterdam, Netherlands · Founded: 2025
Size Magnum Ice Cream (MICC.AS) is a Netherlands Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $12.1B, the 23rd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €17.60 on 6 Nov 2026.
Performance Over six months the shares gained 35.3%, against -3.5% for the median peer and +0.4% for the Netherlands market (cap-weighted) — highest of 17 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median +3.2%); the operating margin is 7.6% (peer median 7.6%).
Valuation It trades at 17.9× forward earnings against a peer median of 15.8× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points above its cost of capital (6.7% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €8.10B | €7.91B | €7.95B | €7.62B | €7.51B |
| Revenue growth | — | 0% | +4% | +1% | — |
| Gross profit | n/a | €2.74B | €2.77B | €2.60B | €2.57B |
| EBITDA | €932M | €1.25B | €1.34B | €1.21B | €1.25B |
| Net income | €181M | €293M | €579M | €492M | €509M |
| Free cash flow | €162M | €11.0M | €781M | €627M | €422M |
| Capital expenditure | €392M | €360M | €321M | €280M | €295M |
| Total debt | n/a | €3.28B | €188M | €197M | €188M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Magnum Ice Cream MICC.AS | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% |
| Nestle NESN.SW | $266B | +11% | -2% | 16% | 19.0× | 1.3% |
| General Mills GIS | $19.0B | +2% | -4% | 15% | 11.4× | -6.7% |
| Inner Mongolia Yili Industrial 600887.SS | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% |
| Mengniu Dairy 2319.HK | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% |
| Ezaki Glico 2206.T | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% |
| Meiji 2269.T | $7.35B | +14% | +4% | 8% | 17.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MICC.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.9% | +8.5% | 4th highest of 17 |
| 6-month return | +35.3% | -3.5% | highest of 17 |
| Distance from 52-week high | -3.3% | -16.7% | 4th highest of 17 |
| Revenue growth (TTM) | +0.5% | +3.2% | 7th lowest of 17 |
| Operating margin | 7.6% | 7.6% | 9th highest of 17 |
| Forward P/E | 17.9× | 15.8× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | -0.8% | most demanding of 14 |
| Growth delivered (Del g) | +1.8% | +3.6% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +9.1 pp | -3.8 pp | most demanding of 13 |
| ROIC minus cost of capital | +3.7 pp | +3.8 pp | 8th lowest of 17 |
| EV / EBITDA | 15.1× | 9.7× | most expensive of 15 |
| Net debt / EBITDA | 3.5× | 1.4× | 2nd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Saputo SAP.TO | Canada | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% | +4.2% |
| Mowi MOWI.OL | Norway | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% | +10.7% |
| Henan Shuanghui Investment & Development 000895.SZ | China | $12.7B | -12% | -4% | 11% | 17.3× | -4.6% | -4.3% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Wh Group 0288.HK | Hong Kong | $10.8B | -31% | +6% | 9% | 8.4× | -16.4% | +1.9% |
| Mengniu Dairy 2319.HK | Hong Kong | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% | +0.9% |
| Smithfield Foods SFD | United States | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% | +1.9% |
| Tyson Foods TSN | United States | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% | +4.7% |
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Danone BN.PA | France | $48.3B | +8% | 0% | 15% | 17.0× | -0.8% | +2.9% |