Magic Formula Stock Screen — Europe
Joel Greenblatt's Magic Formula ranks companies on two things at once: how much they earn on the capital they use, and how cheap they are on their earnings. This screen is a simplified version: a return on equity of at least 20% combined with a P/E of 15 or less, among profitable companies.
The rules of this screen
A stock listed in Europe appears below only if it passes every rule:
- P/E (trailing 12 months) of 15 or less
- Return on equity (ROE) of at least 20%
- Net profit margin of at least 5%
Data comes from company filings and market prices, refreshed after every trading day. Stocks with a missing value for any rule are left out.
Magic Formula Stock Screen — Europe: top stocks by market cap
314 European stocks match this screen. Top 30 by market cap, data as of 13 Nov 2026.
| # | Company | Ticker | Sector | Mkt Cap | P/E | Div Yield | 1Y |
|---|---|---|---|---|---|---|---|
| 1 | Novo Nordisk A/S | NOVO-BCPH | Healthcare | €164.2B | 10.9 | 4.24% | -24.8% |
| 2 | Unilever PLC | UNAAMS | Consumer Defensive | €129.0B | 14.1 | 3.16% | +15.1% |
| 3 | Unilever PLC | ULVRLSE | Consumer Defensive | €128.5B | 13.5 | 3.18% | +1.5% |
| 4 | Unilever PLC | UNV0XETRA | Consumer Defensive | €120.7B | 13.1 | 3.48% | +4.1% |
| 5 | Petróleo Brasileiro S.A. - Petrobras | XPBRBME | Energy | €106.7B | 4.6 | 7.35% | +150.6% |
| 6 | Petróleo Brasileiro S.A. - Petrobras | XPBRABME | Energy | €103.9B | 4.1 | 8.20% | +148.8% |
| 7 | AXA SA | CSEPA | Financial Services | €98.5B | 12.6 | 5.03% | +23.0% |
| 8 | Prosus N.V. | PRXAMS | Consumer Cyclical | €74.6B | 7.9 | 0.76% | -42.6% |
| 9 | Aena S.M.E., S.A. | AENABME | Industrials | €43.4B | 14.4 | 3.79% | +31.0% |
| 10 | Reckitt Benckiser Group plc | RKTLSE | Consumer Defensive | €43.2B | 12.8 | 3.83% | -6.7% |
| 11 | Hannover Rück SE | HNR1XETRA | Financial Services | €36.1B | 12.9 | 4.24% | +15.4% |
| 12 | Grupo Financiero Banorte, S.A.B. de C.V. | XNORBME | Financial Services | €30.9B | 10.4 | 7.99% | -52337.3% |
| 13 | Naturgy Energy Group, S.A. | NTGYBME | Utilities | €28.7B | 14.3 | 7.73% | +16.8% |
| 14 | Imperial Brands PLC | IMBLSE | Consumer Defensive | €26.5B | 13.8 | 5.77% | -5.8% |
| 15 | International Consolidated Airlines Group S.A. | IAGBME | Industrials | €23.5B | 8.3 | 1.81% | +25.0% |
| 16 | International Consolidated Airlines Group S.A. | IAGLSE | Industrials | €22.7B | 7.7 | 1.95% | — |
| 17 | Fresnillo plc | FRESLSE | Basic Materials | €21.4B | 10.8 | 4.44% | +3.4% |
| 18 | Partners Group Holding AG | PGHNSWX | Financial Services | €18.4B | 14.4 | 6.94% | -31.5% |
| 19 | Scottish Mortgage Ord | SMTLSE | Financial Services | €18.3B | 3.4 | — | +34.1% |
| 20 | Banca Mediolanum S.p.A. | BMEDBIT | Financial Services | €17.3B | 13.3 | 5.33% | +34.3% |
| 21 | ING Bank Slaski S.A. | INGGPW | Financial Services | €14.2B | 14.0 | 5.43% | +62.0% |
| 22 | Evolution AB (publ) | EVOSTO | Consumer Cyclical | €14.2B | 14.9 | 0.00% | +38.9% |
| 23 | Galp Energia, SGPS, S.A. | GALPLIS | Energy | €14.0B | 13.6 | 3.58% | +6.7% |
| 24 | Vår Energi ASA | VAROSL | Energy | €11.9B | 9.0 | 10.97% | +60.1% |
| 25 | Turkiye Garanti Bankasi A.S. | GARANBIST | Financial Services | €11.3B | 5.2 | 3.45% | +17.1% |
| 26 | Tele2 AB (publ) | TEL2-ASTO | Communication Services | €10.4B | 11.3 | 6.36% | +9.6% |
| 27 | Tele2 AB (publ) | TEL2-BSTO | Communication Services | €10.4B | 11.3 | 6.40% | +10.5% |
| 28 | CSG N.V. | CSGAMS | Industrials | €10.1B | 10.5 | 0.00% | — |
| 29 | Pandora A/S | PNDORACPH | Consumer Cyclical | €9.3B | 13.4 | 2.35% | +20.5% |
| 30 | Polar Capital Technology Ord | PCTLSE | Financial Services | €7.5B | 1.7 | — | +21.3% |
The same rules on every market the screener covers: the US, Canada, Europe, Australia and more. Free, no account needed.
Run this screen on all 18,000+ stocksHow to use this screen
Greenblatt's original uses return on tangible capital and earnings yield (EBIT / enterprise value) and excludes banks and utilities; ROE and P/E are proxies. He also recommends holding a basket of 20 to 30 names for a year, because single picks often disappoint.
This page lists the stocks that pass a set of rules. It is not a recommendation to buy or sell any of them, and past results of a strategy say nothing certain about future returns.