Unilever Nigeria (NSA:LEVBROS) Operating Income: ₦120,085 Mil (TTM As of Dec. 2025)

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NSA:LEVBROS Unilever Nigeria PLC NSA:LEVBROS
88 GF Score
Price ₦124.00
GF Value ₦52.15
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Unilever Nigeria Operating Income?

Unilever Nigeria NSA:LEVBROS +2.48% 88 Operating Income is ₦120,085 Mil as of Dec. 2025. GuruFocus rates NSA:LEVBROS with a GF Score™ of 88/100 and a GF Value™ of ₦52.15 (Significantly Overvalued). The stock has 1 warning sign investors should review.

Unilever Nigeria's Operating Income for the three months ended in Dec. 2025 was ₦10,709 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was ₦120,085 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Unilever Nigeria's Operating Income for the three months ended in Dec. 2025 was ₦10,709 Mil. Unilever Nigeria's Revenue for the three months ended in Dec. 2025 was ₦58,892 Mil. Therefore, Unilever Nigeria's Operating Margin % for the quarter that ended in Dec. 2025 was 18.18%.

Unilever Nigeria's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Unilever Nigeria's annualized ROC % for the quarter that ended in Dec. 2025 was 83.71%. Unilever Nigeria's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 239.30%.


Unilever Nigeria  (NSA:LEVBROS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Unilever Nigeria's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=42835.396 * ( 1 - 28.63% )/( (35314.429 + 37726.941)/ 2 )
=30571.6221252/36520.685
=83.71 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=172020.769 - 57032.872 - ( 93673.837 - max(0, 68143.099 - 147816.567+93673.837))
=35314.429

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=180179.325 - 57878.361 - ( 110113.517 - max(0, 68276.739 - 152850.762+110113.517))
=37726.941

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Unilever Nigeria's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=56374.116/( ( (22706.021 + max(-25584.936, 0)) + (24409.921 + max(-34559.493, 0)) )/ 2 )
=56374.116/( ( 22706.021 + 24409.921 )/ 2 )
=56374.116/23557.971
=239.30 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2331.895 + 28308.05 + 11918.218) - (57032.872 + 0 + 11110.227)
=-25584.936

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1478.93 + 23100.479 + 9137.837) - (57878.361 + 0 + 10398.378)
=-34559.493

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Unilever Nigeria's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=10708.849/58892.064
=18.18 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Unilever Nigeria Operating Income Related Terms


Unilever Nigeria Operating Income Historical Data

* Premium members only.

The historical data trend for Unilever Nigeria's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Unilever Nigeria Operating Income Chart

Unilever Nigeria Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,739.44 8,813.13 16,516.11 19,394.08 40,091.81

Unilever Nigeria Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6,548.42 8,269.00 89,833.00 11,274.16 10,708.85
NSA:LEVBROS
88GF Score
Unilever Nigeria PLC NSA:LEVBROS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Unilever Nigeria Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was ₦120,085 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₦120,085 Mil mean?
Unilever Nigeria (NSA:LEVBROS) has a Operating Income of ₦120,085 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Unilever Nigeria and its competitors.
Is Unilever Nigeria's Operating Income too high?
Unilever Nigeria's current Operating Income is ₦120,085 Mil. Overall, Unilever Nigeria has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Unilever Nigeria's Operating Income compare to PG and CL?
Unilever Nigeria's Operating Income of ₦120,085 Mil can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Unilever Nigeria and its competitors. Unilever Nigeria's current Operating Income is ₦120,085 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unilever Nigeria stock overvalued right now?
Based on GuruFocus' analysis, Unilever Nigeria (NSA:LEVBROS) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦52.15, compared to a current price of ₦124.00 — trading 137.8% above its estimated fair value. The current Operating Income is ₦120,085 Mil. Unilever Nigeria's overall GF Score™ is 88/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Unilever Nigeria (NSA:LEVBROS), the current Operating Income is ₦120,085 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Unilever Nigeria (NSA:LEVBROS) Overvalued in 2026?

Based on GuruFocus' analysis, Unilever Nigeria stock appears to be overvalued. The current stock price of ₦124.00 is trading 137.8% above its estimated GF Value™ of ₦52.15. GuruFocus considers Unilever Nigeria to be Significantly Overvalued.

Key valuation signals for NSA:LEVBROS:

  • Operating Income: ₦120,085 Mil
  • GF Value™: ₦52.15 vs. price of ₦124.00 (137.8% above fair value)
  • GF Score™: 88/100 with 1 warning sign

No single metric tells the full story. See the NSA:LEVBROS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Unilever Nigeria Business Description

Address 1 Billings Way, P.O. Box 1063, Oregun, Ikeja, Lagos, NGA
Unilever Nigeria PLC is principally involved in the manufacture and marketing of Nutrition, Beauty & Wellbeing, and Personal Care products. It has manufacturing sites in Oregun, Lagos State, and Agbara, Ogun State. The company's operating segments are: Foods, Personal Care, and Beauty & Wellbeing. Maximum revenue is generated from the Foods segment, which includes the sale of savoury products. The Personal Care segment includes the sale of oral care and deodorant products, and the Beauty & Wellbeing segment includes sales of skin care products. Geographically, the company generates maximum revenue from its business in Nigeria, and to a lesser extent, also exports its products to other countries.
88GF Score

Get the complete analysis for NSA:LEVBROS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦124.00
Price
₦52.15
GF Value