UniCredit (UCG.MI): analysis in plain words
Is UniCredit cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
UniCredit (UCG.MI) is listed on Borsa Italiana in Milan and we classify it in banking. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against UniCredit according to those figures, and the questions people ask most about the stock. No buy or sell tips.
UniCredit (UCG.MI) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €78.32 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 11.2x | Price over earnings per share |
| Revenue growth | -9.2% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 44.0% | Profit for every 100 of sales |
| Net debt / EBITDA | Not meaningful (financial company) | Years of operating profit to repay debt |
| Dividend yield | 4.24% | Annual dividend over price |
| Market cap | €117.3 billion | What the stock market values it at |
The UniCredit figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any UCG.MI figure that is not available shows as N/A: we do not estimate it.
How UniCredit makes money
UniCredit makes money from lending, deposits and fees charged to households and businesses. It reports by geography: Italy, its biggest market; Germany, through HypoVereinsbank; Central Europe (Austria and neighboring countries); and Eastern Europe. It also holds stakes in other European banks.
Over the last 12 months, UniCredit brought in revenue of €24.8 billion. Its operating margin, what UniCredit keeps from every 100 of sales after running costs, is 68.9%. With 66,180 full-time employees, that is about €375,000 of revenue per employee.
UniCredit against its sector
To know whether a UniCredit figure is high or low you have to put it next to similar companies. This table compares UniCredit with the median of the 20 banking companies Fintols covers, with data as of November 4, 2026.
| Figure | UniCredit | banking median |
|---|---|---|
| P/E | 11.2x | 12.2x (20) |
| Revenue growth | -9.2% | +7.3% (20) |
| Net margin | 44.0% | 32.6% (20) |
| Dividend yield | 4.24% | 3.55% (20) |
| ROE | 15.8% | 13.1% (19) |
In short, against the typical banking company, UniCredit grows more slowly, earns a wider margin and pays a higher dividend yield. By size, UniCredit ranks number 3 of 12 banking companies quoted in EUR on Fintols.
The bull case for UniCredit
These are the strengths in the UniCredit figures as of November 4, 2026:
- Its net margin over the last 12 months is 44.0% (sector median: 32.6%): UniCredit turns a large share of its sales into profit.
- For income seekers, UniCredit pays a dividend yielding 4.24% at today's price, using 45% of its profit to fund it.
- Analysts expect UniCredit earnings to rise: its P/E on the next 12 months of estimated earnings is 9.2x, below the current 11.2x.
The main risk for UniCredit
UniCredit sales fell 9.2% in the latest quarter against the same quarter a year earlier: if the decline drags on, profit usually follows.
And, like the rest of banking, UniCredit is exposed to falling interest rates (which squeeze what it earns on loans) or rising bad loans if the economy weakens.
Frequently asked questions about UniCredit
Is it a good time to buy UniCredit stock?
Fintols does not tell you whether to buy or sell UniCredit, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, UniCredit stock trades at €78.32, 9% below its 52-week high (€86.42) and 37% above its low (€57.36). Its P/E is 11.2x against a banking median of 12.2x, and 9.2x on the earnings analysts expect over the next 12 months. With UniCredit, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does UniCredit pay a dividend?
Yes. As of November 4, 2026, UniCredit pays €3.15 per share a year, which at today's price is a yield of 4.24%. It uses 45% of its profit to pay it, which leaves room to keep paying it if profit dips. Its average dividend yield over the last five years is 3.31%. The banking median on Fintols is 3.55%.
Is UniCredit stock expensive?
It depends on what you compare it with. On P/E, UniCredit trades at 11.2x its last 12 months of earnings: in line with the banking median (12.2x). For a financial company you also look at price to book value: 1.7x (banking median: 1.7x). A high P/E alone does not make UniCredit expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are UniCredit's competitors?
On Fintols we compare UniCredit with CaixaBank, Intesa Sanpaolo and ING, which are also in banking. As of November 4, 2026, CaixaBank is worth €82.6 billion and trades on a P/E of 12.9; Intesa Sanpaolo is worth €106.4 billion and trades on a P/E of 11.0; ING is worth €82.7 billion and trades on a P/E of 12.4. Each has a side-by-side comparison with UniCredit below.
UniCredit competitors
- CaixaBank (CABK) analysis · UniCredit vs CaixaBank comparison
- Intesa Sanpaolo (ISP.MI) analysis · UniCredit vs Intesa Sanpaolo comparison
- ING (INGA.AS) analysis · UniCredit vs ING comparison
To understand UniCredit better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like UniCredit: banking stocks and Euro Stoxx 50 companies. Open the full UCG.MI analysis with its valuation and scenarios. Educational content about UniCredit, not investment advice.