Revenue growth remains highly inconsistent, fluctuating between a 14.1% expansion in 2025Q3 and an 8.1% contraction in 2026Q3, while gross margins have structurally declined to 13.8% as of 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Jun'03 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 2.92B | 2.95B | 2.75B | 2.57B | 2.1B | 1.98B | 1.91B | 2.23B | 2.03B | 2.07B | 2.12B | 2.27B | 2.54B | 2.46B | 2.45B | 2.57B | 2.49B | 2.55B | 2.15B | 2.01B | 3.51B | 3.28B | 2.64B | 2.5B | 3.02B | 3.4B | 4B | 4.29B | 4.11B | 3.57B |
| Revenue Growth % | -0.77% | 7.23% | 6.96% | 22.16% | 6.06% | 3.84% | -14.24% | 9.5% | -1.8% | -2.32% | -6.67% | -10.63% | 3.27% | 0.61% | -4.85% | 3.2% | -2.46% | 19.05% | 6.9% | -42.83% | 7.18% | 24.24% | 5.47% | -17.15% | -11.3% | -15.05% | -6.58% | 4.24% | 15.2% | 8.82% |
| Cost of Goods Sold | 2.41B | 2.4B | 2.21B | 2.11B | 1.69B | 1.6B | 1.55B | 1.82B | 1.66B | 1.68B | 1.71B | 1.86B | 2.11B | 2B | 1.97B | 2.06B | 1.95B | 2.04B | 1.72B | 1.56B | 2.93B | 2.66B | 0 | 2.01B | 2.49B | 2.75B | 3.34B | 3.62B | 3.51B | 3.03B |
| COGS % of Revenue | 82.49% | 81.38% | 80.5% | 82.17% | 80.56% | 80.54% | 81.32% | 81.74% | 81.71% | 80.94% | 80.79% | 81.94% | 82.96% | 81.22% | 80.71% | 80.23% | 78.24% | 79.67% | 79.96% | 77.89% | 83.51% | 81.34% | - | 80.27% | 82.39% | 80.89% | 83.44% | 84.5% | 85.3% | 84.91% |
| Gross Profit | 512.02M | 548.88M | 536.1M | 458.29M | 408.93M | 386M | 356.81M | 406.59M | 371.95M | 394.68M | 407.33M | 410.27M | 433.29M | 462.42M | 471.99M | 508.33M | 542.26M | 519.34M | 430.1M | 443.75M | 579.16M | 611.37M | 2.64B | 493.35M | 531.3M | 650.03M | 663.2M | 664.7M | 604.6M | 538.6M |
| Gross Margin % | 17.51% | 18.62% | 19.5% | 17.83% | 19.44% | 19.46% | 18.68% | 18.26% | 18.29% | 19.06% | 19.21% | 18.06% | 17.04% | 18.78% | 19.29% | 19.77% | 21.76% | 20.33% | 20.04% | 22.11% | 16.49% | 18.66% | 100% | 19.73% | 17.61% | 19.11% | 16.56% | 15.5% | 14.7% | 15.09% |
| Gross Profit Growth % | -6.72% | 2.38% | 16.98% | 12.07% | 5.94% | 8.18% | -12.24% | 9.31% | -5.76% | -3.11% | -0.72% | -5.31% | -6.3% | -2.03% | -7.15% | -6.26% | 4.41% | 20.75% | -3.08% | -23.38% | -5.27% | -76.81% | 434.46% | -7.14% | -18.27% | -1.99% | -0.23% | 9.94% | 12.25% | 13.65% |
| Operating Expenses | 300.67M | 304.72M | 314.09M | 277.21M | 248.61M | 238.19M | 230.44M | 225.12M | 200.46M | 211.97M | 226.69M | 250.19M | 262.01M | 235.29M | 280.03M | 232.23M | 285.06M | 309.41M | 225.67M | 249.27M | 417.35M | 402.81M | 297.33M | 292.84M | 283.78M | 405.15M | 408.7M | 386.3M | 367.8M | 346.2M |
| OpEx % of Revenue | 10.28% | 10.34% | 11.43% | 10.79% | 11.82% | 12.01% | 12.07% | 10.11% | 9.86% | 10.23% | 10.69% | 11.01% | 10.31% | 9.56% | 11.44% | 9.03% | 11.44% | 12.11% | 10.52% | 12.42% | 11.89% | 12.3% | 11.28% | 11.71% | 9.4% | 11.91% | 10.21% | 9.01% | 8.94% | 9.7% |
| Selling, General & Admin | 300.67M | 302.37M | 310.57M | 277.21M | 240.69M | 219.79M | 222.9M | 225.12M | 200.46M | 211.97M | 226.69M | 250.19M | 262.01M | 235.29M | 251.64M | 251.6M | 285.06M | 309.41M | 225.67M | 249.27M | 417.35M | 402.81M | 297.33M | 292.84M | 283.78M | 353.13M | 355.9M | 335.2M | 316.2M | 333.4M |
| SG&A % of Revenue | 10.28% | 10.26% | 11.3% | 10.79% | 11.44% | 11.08% | 11.67% | 10.11% | 9.86% | 10.23% | 10.69% | 11.01% | 10.31% | 9.56% | 10.28% | 9.78% | 11.44% | 12.11% | 10.52% | 12.42% | 11.89% | 12.3% | 11.28% | 11.71% | 9.4% | 10.38% | 8.89% | 7.82% | 7.69% | 9.34% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.35M | 3.52M | 0 | 7.92M | 18.4M | 7.54M | 832K | 0 | 900K | 0 | 0 | 0 | 0 | 28.39M | -19.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.02M | 52.8M | 51.1M | 51.6M | 12.8M |
| Operating Income | 211.34M | 244.15M | 222.01M | 181.07M | 160.31M | 147.81M | 126.37M | 161.17M | 171.49M | 178.35M | 181.65M | 167.87M | 246.15M | 223.01M | 180.3M | 254.6M | 257.21M | 209.93M | 191.51M | 163.59M | 104.35M | 208.56M | 207.81M | 200.51M | 238.78M | 244.88M | 254.5M | 278.4M | 236.8M | 192.4M |
| Operating Margin % | 7.23% | 8.28% | 8.08% | 7.05% | 7.62% | 7.45% | 6.62% | 7.24% | 8.43% | 8.61% | 8.57% | 7.39% | 9.68% | 9.06% | 7.37% | 9.9% | 10.32% | 8.22% | 8.92% | 8.15% | 2.97% | 6.37% | 7.88% | 8.02% | 7.91% | 7.2% | 6.35% | 6.49% | 5.76% | 5.39% |
| Operating Income Growth % | -13.44% | 9.97% | 22.61% | 12.95% | 8.46% | 16.97% | -21.59% | -6.02% | -3.85% | -1.81% | 8.2% | -31.8% | 10.38% | 23.69% | -29.18% | -1.01% | 22.52% | 9.62% | 17.07% | 56.77% | -49.96% | 0.36% | 3.64% | -16.03% | -2.49% | -3.78% | -8.58% | 17.57% | 23.08% | 36.45% |
| EBITDA | 264.78M | 303.92M | 280.33M | 238.37M | 212.84M | 192.54M | 164.75M | 198.27M | 206.32M | 214.26M | 218.4M | 205.2M | 285.05M | 268.13M | 224.17M | 299.87M | 300.7M | 251.72M | 234.75M | 211.9M | 172.49M | 282.69M | 256.62M | 255.49M | 295.18M | 296.9M | 307.3M | 329.5M | 288.4M | 205.2M |
| EBITDA Margin % | 9.05% | 10.31% | 10.2% | 9.28% | 10.12% | 9.71% | 8.63% | 8.9% | 10.14% | 10.34% | 10.3% | 9.03% | 11.21% | 10.89% | 9.16% | 11.66% | 12.07% | 9.85% | 10.94% | 10.56% | 4.91% | 8.63% | 9.73% | 10.22% | 9.78% | 8.73% | 7.67% | 7.69% | 7.01% | 5.75% |
| EBITDA Growth % | -12.88% | 8.41% | 17.6% | 12% | 10.54% | 16.87% | -16.91% | -3.9% | -3.71% | -1.9% | 6.43% | -28.01% | 6.31% | 19.61% | -25.24% | -0.28% | 19.46% | 7.23% | 10.79% | 22.84% | -38.98% | 10.16% | 0.44% | -13.44% | -0.58% | -3.38% | -6.74% | 14.25% | 40.55% | 34.65% |
| D&A (Non-Cash Add-back) | 53.44M | 59.77M | 58.33M | 57.3M | 52.52M | 44.73M | 38.38M | 37.1M | 34.84M | 35.91M | 36.75M | 37.32M | 38.9M | 45.12M | 43.87M | 45.27M | 43.5M | 41.79M | 43.24M | 48.3M | 68.14M | 74.13M | 48.8M | 54.99M | 56.4M | 52.02M | 52.8M | 51.1M | 51.6M | 12.8M |
| EBIT | 211.34M | 241.28M | 230.35M | 191.27M | 170.01M | 150.68M | 133.15M | 168.83M | 182.3M | 185.52M | 188.25M | 173.66M | 251M | 229.3M | 184.81M | 265.96M | 280.84M | 232.78M | 222.19M | 194.48M | 119.62M | 224.21M | 202.06M | 218.25M | 200.51M | 247.53M | 244.88M | 254.5M | 278.4M | 236.8M |
| Net Interest Income | -72.08M | -83.58M | -61.77M | -43.28M | -26.83M | -24.63M | -18.27M | -15.98M | -13.94M | -14.89M | -14.49M | -16.54M | -19.36M | -21.36M | -21.52M | -20.34M | -22.96M | -33.33M | -24.73M | -42.95M | 0 | -58.25M | 0 | -45.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.96M | 3.48M | 4.5M | 6.02M | 917K | 325K | 1.58M | 1.53M | 1.69M | 1.4M | 1.18M | 576K | 949K | 654K | 1.31M | 2.72M | 1.25M | 2.31M | 17.18M | 10.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 74.04M | 87.07M | 66.27M | 49.3M | 27.75M | 24.95M | 19.85M | 17.51M | 15.62M | 16.28M | 15.67M | 17.12M | 20.31M | 22.01M | 22.84M | 23.06M | 24.21M | 35.63M | 41.91M | 53.79M | 81.29M | 58.25M | 45.27M | 47.83M | 47.83M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -108.69M | -89.94M | -57.93M | -39.1M | -18.05M | -22.08M | -13.08M | -9.85M | -4.81M | -12.56M | -9.07M | -9.41M | -15.46M | -15.72M | -18.33M | -11.7M | -581K | -12.78M | -11.23M | -28.71M | -66.03M | 15.72M | -28.99M | -34.83M | -29.52M | -62.86M | -64.91M | -14.5M | 3.2M | -22.7M |
| Pretax Income | 102.65M | 154.22M | 164.08M | 141.97M | 142.27M | 125.73M | 113.29M | 151.32M | 166.68M | 169.24M | 172.58M | 158.47M | 230.69M | 207.28M | 161.98M | 242.9M | 256.63M | 197.15M | 180.28M | 134.88M | 38.32M | 165.95M | 172.98M | 170.99M | 187.4M | 182.03M | 203.3M | 240M | 169.7M | 120.9M |
| Pretax Margin % | 3.51% | 5.23% | 5.97% | 5.52% | 6.76% | 6.34% | 5.93% | 6.79% | 8.19% | 8.17% | 8.14% | 6.98% | 9.07% | 8.42% | 6.62% | 9.45% | 10.3% | 7.72% | 8.4% | 6.72% | 1.09% | 5.07% | 6.56% | 6.84% | 6.21% | 5.35% | 5.08% | 5.6% | 4.13% | 3.39% |
| Income Tax | 46.66M | 40.95M | 31.11M | 11.73M | 38.66M | 29.41M | 35.29M | 41.19M | 50.51M | 56.73M | 54.43M | 38.01M | 75.53M | 66.37M | 61.16M | 78.35M | 86.28M | 64.59M | 63.8M | 61.13M | 34.4M | 68.2M | 62.39M | 59.82M | 66.34M | 68.22M | 76M | 98.7M | 68.8M | 49.5M |
| Effective Tax Rate % | 45.45% | 26.55% | 18.96% | 8.26% | 27.18% | 23.39% | 31.15% | 27.22% | 30.3% | 33.52% | 31.54% | 23.98% | 32.74% | 32.02% | 37.76% | 32.26% | 33.62% | 32.76% | 35.39% | 45.32% | 89.77% | 41.09% | 36.07% | 34.99% | 35.4% | 37.48% | 37.38% | 41.13% | 40.54% | 40.94% |
| Net Income | 32.64M | 95.05M | 119.6M | 124.05M | 86.58M | 87.41M | 71.68M | 104.12M | 105.66M | 106.3M | 109.02M | 114.61M | 149.01M | 132.75M | 92.06M | 156.56M | 168.4M | 131.74M | 119.16M | 44.35M | 7.94M | 96.01M | 110.59M | 110.59M | 112.67M | 113.81M | 127.3M | 141.3M | 100.9M | 72.3M |
| Net Margin % | 1.12% | 3.22% | 4.35% | 4.83% | 4.12% | 4.41% | 3.75% | 4.68% | 5.19% | 5.13% | 5.14% | 5.04% | 5.86% | 5.39% | 3.76% | 6.09% | 6.76% | 5.16% | 5.55% | 2.21% | 0.23% | 2.93% | 4.19% | 4.42% | 3.73% | 3.35% | 3.18% | 3.3% | 2.45% | 2.03% |
| Net Income Growth % | -65.66% | -20.53% | -3.59% | 43.29% | -0.95% | 21.94% | -31.16% | -1.46% | -0.6% | -2.49% | -4.88% | -23.09% | 12.25% | 44.2% | -41.2% | -7.03% | 27.83% | 10.56% | 168.66% | 458.59% | -91.73% | -13.18% | 0% | -1.84% | -1% | -10.6% | -9.91% | 40.04% | 39.56% | 182.42% |
| Net Income (Continuing) | 55.99M | 113.27M | 132.97M | 130.24M | 103.6M | 96.31M | 78M | 110.13M | 116.17M | 112.51M | 118.15M | 120.46M | 155.16M | 140.92M | 100.82M | 164.55M | 170.34M | 132.56M | 119.3M | 73.75M | 3.92M | 97.76M | 110.59M | 119.89M | 106.66M | 112.67M | 113.81M | 127.3M | 141.3M | 100.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.66M | -6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 45.72M | 41.98M | 41.72M | 39.86M | 44.23M | 41.13M | 42.62M | 42.79M | 42.87M | 40.09M | 38.84M | 34.37M | 32.66M | 29.09M | 22.54M | 13.8M | 5.8M | 3.77M | 3.18M | 5.82M | 17.8M | 35.24M | 34.38M | 28.3M | 28.31M | 36.84M | 39.97M | 31.7M | 30.7M | 28.4M |
| EPS (Diluted) | 1.30 | 3.78 | 4.78 | 4.97 | 3.47 | 3.53 | 2.86 | 4.11 | 4.14 | 0.88 | 3.92 | 4.06 | 5.25 | 4.66 | 3.25 | 5.42 | 5.68 | 4.32 | 3.70 | 1.13 | 0.31 | 3.73 | 4.30 | 4.00 | 4.08 | 3.77 | 3.80 | 3.99 | 2.87 | 2.06 |
| EPS Growth % | -65.61% | -20.92% | -3.82% | 43.23% | -1.7% | 23.43% | -30.41% | -0.72% | 370.45% | -77.55% | -3.45% | -22.67% | 12.66% | 43.38% | -40.04% | -4.58% | 31.48% | 16.76% | 227.43% | 264.52% | -91.69% | -13.26% | 7.5% | -1.96% | 8.22% | -0.79% | -4.76% | 39.02% | 39.32% | 182.19% |
| EPS (Basic) | 1.30 | 3.81 | 4.81 | 5.01 | 3.50 | 3.55 | 2.87 | 4.14 | 4.18 | 0.89 | 4.16 | 4.33 | 5.77 | 5.05 | 3.32 | 5.94 | 6.21 | 4.57 | 3.82 | 1.14 | 0.31 | 3.76 | 4.33 | 4.01 | 4.09 | 3.77 | 3.81 | 4.02 | 2.88 | 2.06 |
| Diluted Shares Outstanding | 25.19M | 25.13M | 25.04M | 24.94M | 24.92M | 24.79M | 25.11M | 25.33M | 25.51M | 23.77M | 27.83M | 28.22M | 28.39M | 28.48M | 28.34M | 23.86M | 29.66M | 30.47M | 32.19M | 26.05M | 25.71M | 25.72M | 25.72M | 26.68M | 27.64M | 30.2M | 33.48M | 35.39M | 35.16M | 35.1M |
| Basic Shares Outstanding | 25.06M | 24.95M | 24.85M | 24.77M | 24.76M | 24.66M | 24.98M | 25.13M | 25.27M | 23.43M | 22.68M | 23.04M | 23.24M | 23.36M | 23.23M | 23.86M | 24.73M | 25.57M | 27.26M | 25.93M | 25.71M | 25.55M | 25.55M | 26.58M | 27.53M | 30.2M | 33.44M | 35.19M | 35.03M | 35.1M |
| Dividend Payout Ratio | 249.1% | 83.84% | 65.55% | 62.39% | 88.29% | 86% | 105.15% | 67.12% | 51.77% | 46.87% | 43.47% | 41.3% | 31.35% | 34.65% | 48.57% | 28.95% | 27.25% | 34.87% | 40.79% | 102.41% | 550.58% | 43.17% | 3.3% | 3.3% | 4.09% | 33.17% | 34.81% | - | 45.49% | 56.29% |
Seasonal working capital volatility
As indicated by the quarterly income statement data, Universal Corporation’s revenue growth remains highly inconsistent, fluctuating between a 14.1% expansion in 2025Q3 and an 8.1% contraction in 2026Q3, reflecting the inherent unpredictability of agricultural procurement cycles and the company's reliance on seasonal tobacco harvest volumes.
The erratic top-line performance suggests that the company's revenue base is heavily dictated by external crop yields rather than consistent organic demand. Investors should monitor whether the Ingredients segment can eventually decouple from these agricultural swings to provide a more stable growth trajectory.
Based on reported financial figures, gross margins have faced significant pressure, declining from a peak of 20.7% in 2025Q3 to 13.8% by 2026Q4, which highlights the company's limited pricing power as a middleman processor in a commodity-driven environment with high input cost sensitivity.
The compression in gross margins appears to indicate that Universal Corporation struggles to pass through procurement cost increases to its large, consolidated multinational clients. This lack of margin resilience suggests that the company remains a price-taker, leaving it vulnerable to fluctuations in global leaf tobacco pricing.
According to recent income statements, the quality of earnings is concerning, as evidenced by the net loss of $43.3 million in 2026Q4, which contrasts sharply with the $59.6 million profit reported in 2025Q3, indicating significant bottom-line instability and potential non-operating charges.
The wide variance in net income suggests that the company's profitability is susceptible to non-operating items, including potential currency translation impacts or integration costs from its diversification efforts. The recent swing into a net loss warrants further investigation into whether these are recurring operational issues or transient accounting adjustments.
As reported in the provided data, SG&A expenses have remained relatively sticky despite significant revenue fluctuations, with costs hovering between $63.8 million and $89.5 million, suggesting that management faces challenges in scaling overhead costs in alignment with the company's volatile top-line performance.
The inability to consistently leverage SG&A expenses during periods of revenue contraction implies a rigid cost structure that may hinder profitability during downturns. Investors should monitor whether management can implement more effective cost-control measures to protect operating margins as the company continues its strategic pivot.
Based on the reported net margin of -6.1% in 2026Q4, the company's ability to maintain its long-standing dividend policy appears increasingly challenged, as the current earnings profile may not provide sufficient coverage for capital returns while simultaneously funding the necessary investments in the Ingredients segment.
Short-sellers might focus on the disconnect between the company's commitment to dividend growth and its thin, often negative, net profitability. This suggests that the current capital allocation strategy may be unsustainable if the Ingredients segment fails to generate meaningful, accretive cash flows in the near term.
Quick answers to the most common questions about buying UVV stock.
For fiscal year 2026, Universal Corporation (UVV) reported total revenue of $2.92B. This represents a 18.1% decline compared to $3.57B in 1997.
Universal Corporation (UVV) is profitable, generating $32.6M in net income for the fiscal year ending 2026 with a net profit margin of 1.1%.
Universal Corporation (UVV) reported an operating income of $211.3M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Universal Corporation (UVV) generated $512.0M in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.