Revenue has contracted to $621.8M in the latest quarter (-17.5% year-over-year) with gross margin at 17.3% and operating margin compressed to 6.9% from 9.4% in the prior-year September quarter, indicating thin operating leverage on a shrinking base.
Universal Corporation (UVV) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | 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 | 2.72B | 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 % | -8.88% | -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 | 2.27B | 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 | 447.73M | 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 % | 16.45% | 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 | 295.73M | 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 | 298.44M | 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 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 | 152M | 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 % | 5.58% | 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 | 203.97M | 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 % | 7.49% | 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 % | -33.71% | -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) | 51.97M | 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 | 120.6M | 176.69M | 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 | -70.24M | -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 | 1.62M | 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 | 71.86M | 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 | -101.32M | -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 | 50.68M | 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 % | 1.86% | 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 | 34.83M | 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 % | 68.72% | 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 | -2.46M | 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 % | -0.09% | 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 % | -102.21% | -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) | 15.85M | 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 | 0 | 6.66M | -6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 34.58M | 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) | -0.10 | 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 % | -102.25% | -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 | 25.23M | 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 | 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% |
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.
Key Metrics
Top Statement Risk
Shipment timing and working-capital drag
Metrics are mathematically derived from official filings.
Top-Line Shrinkage Masks Recent Quarterly Recovery
Based on UVV's reported figures, trailing revenue of $2.92B shows -0.8% year-over-year contraction, with the latest quarter at $621.8M reflecting a -17.5% decline versus the prior-year period, suggesting shipment phasing rather than a clear demand reset.
The quarterly series is volatile, with the September 2026 quarter at $861.3M and the most recent quarter falling sharply, which is consistent with lumpy, seasonal leaf shipment timing rather than a linear trend. Investors should treat the single-quarter decline as a timing signal and monitor whether second-half shipments recover enough to offset the first-half shortfall. Without segment-level volume and price detail in the provided data, it is not possible to separate volume erosion from pricing effects.
Gross Margin Holds Within a Narrow Band
As reported in UVV's income statement, gross margin ranged from 13.8% to 20.7% across the ten quarters, with the most recent quarter at 17.3%, indicating moderate pricing and cost pass-through stability within a structurally constrained merchant model.
The gross margin band suggests UVV retains some ability to manage procurement costs against customer pricing, but the spread between the low of 13.8% and the high of 20.7% shows meaningful sensitivity to inventory and shipment timing. Given the company's position as a middleman processor, the margin range appears structurally limited rather than indicative of durable pricing power. The Ingredients mix shift, if it scales, may be the primary lever for lifting this band over time.
Operating Leverage Remains Thin at Current Scale
According to reported quarterly results, operating margin fell to 6.9% in the latest quarter from 9.4% in the prior September quarter, while SG&A stayed near $67.6M to $89.5M, indicating limited operating leverage on a shrinking revenue base.
SG&A has not scaled down in step with revenue, which compresses operating income disproportionately when shipments slow. The result is an operating margin that swings widely quarter to quarter, which suggests overhead absorption is highly dependent on volume. Investors should watch whether cost discipline holds if shipment volumes do not recover in the second half.
Net Income Diverges Sharply from Operating Trend
Based on UVV's reported figures, the latest quarter's EPS of $0.50 compares with a net margin of just 2.0%, and the trailing net margin of 1.1% sits well below the 6.9% operating margin, indicating substantial non-operating drag between operating and net results.
The gap between operating income and net income in several quarters, including the -$5.0M net loss on $2.3M operating income, suggests material non-operating items, tax effects, or financing costs that the headline operating figures do not capture. The provided data does not itemize these items, so their composition cannot be confirmed. Analysts should reconcile these gaps against the filings before treating operating margin as a proxy for earnings power.
Guidance Credibility Rests on a Back-Half Catch-Up
As reported in the recent quarterly release, the EPS shortfall of $0.50 against a $1.75 consensus combined with maintained guidance suggests management expects a second-half shipment recovery, a scenario that warrants skepticism given thin 1.1% trailing net margins and 2.2% ROE.
The bear case centers on the possibility that shipment timing is masking a more persistent demand or pricing problem, particularly given the secular decline in cigarette leaf volume. If the second half does not deliver the expected catch-up, maintained guidance could require downward revision and further pressure on working capital. The unresolved debt-to-equity discrepancy of 0.64 also limits confidence in the balance sheet cushion that would be needed to absorb a prolonged shortfall.