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German power generator and gas trader, majority-nationalized by the German government after the 2022 energy crisis.
German power generator and gas trader, majority-nationalized by the German government after the 2022 energy crisis.
Earns by running power plants and by buying and selling gas and electricity, so results follow the gap between fuel costs and sale prices rather than a regulated tariff. Spun out of E.ON in 2016, it was majority-owned by Finland's Fortum until Germany took control in the 2022 rescue; EU state-aid conditions require the state to reduce its stake later.
In one line: A nationalized German power generator/gas trader, akin to a state-backed utility trading a.
Moat: none (scale). Commodity power generation/trading with thin, cyclical margins; recently required a government bailout.
Headquarters: Dusseldorf, Germany · Founded: 2016 · Employees: 7,238
Size Uniper (UN0.DE) is a Germany Utilities company (Electric Utilities) with a market value of $20.6B, the 34th largest of 205 Germany companies the cockpit tracks. Shares closed at €44.00 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against +2.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 13.7% over the last twelve months (peer median +6.6%); the operating margin is -7.7% (peer median 21.0%).
Valuation It trades at 33.3× forward earnings against a peer median of 17.5× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 54.3 points below its cost of capital (7.2% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €61.2B | €61.0B | €69.6B | €108B | €274B |
| Revenue growth | — | -12% | -35% | -61% | — |
| Gross profit | €635M | €1.11B | €3.53B | €2.72B | -€4.63B |
| EBITDA | -€4.22B | €894M | €2.36B | €139M | -€4.14B |
| Net income | €1.69B | €1.40B | €298M | €6.31B | -€19.0B |
| Free cash flow | €805M | -€1.59B | €984M | €5.99B | -€15.6B |
| Capital expenditure | €737M | €774M | €681M | €563M | €523M |
| Total debt | €1.66B | €1.62B | €1.90B | €1.85B | €11.9B |
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 |
|---|---|---|---|---|---|---|
| Uniper UN0.DE | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | $24.2B | -3% | +9% | 5% | n/a | 5.2% |
| E.on EOAN.DE | $55.9B | +4% | -8% | 7% | 17.5× | 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 | UN0.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | +6.4% | 2nd lowest of 21 |
| 6-month return | 0.0% | +2.3% | 8th lowest of 21 |
| Distance from 52-week high | -21.7% | -8.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -13.7% | +6.6% | lowest of 21 |
| Operating margin | -7.7% | 21.0% | lowest of 21 |
| Forward P/E | 33.3× | 17.5× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.7% | 3.4% | 6th least demanding of 11 |
| Growth delivered (Del g) | +3.6% | +5.9% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | -1.9 pp | -3.5 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | -54.3 pp | -1.5 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |