# RTL Group (0MNC.LSE)

Canonical: https://gigainvestors.com/s/0MNC.LSE

Analysis as of: 2026-10-16T07:36:09.361Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 30.30 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.19×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.16×

- FY2021: 0.28×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.06×

### moat: fail

- Recent gross margin fell 47.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 76.3%

- ROIC, second-lowest year: 23.9%

- Typical minus recent gross margin: 47.4 pp

- Typical gross margin (annual median): 63.3%

- Recent gross margin (lower of latest and 3-year median): 15.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 17.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: 84.6%

- FY2020: 68.0%

- FY2021: 86.9%

- FY2022: 48.3%

- FY2023: 28.1%

- FY2024: 23.9%

- FY2025: 12.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.0B

- Net income, five-year total: EUR 3.9B

- Return on incremental invested capital: -53.2%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 7.9 pp

- Working capital / revenue, final three-year average: 14.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.93×

- FY2023: 1.00×

- FY2024: 1.09×

- FY2025: 1.15×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 127.6% vs 23.9%

- Per-share earnings: 4.81 to 3.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR -5.4B

- Cumulative retained earnings: EUR 1.8B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.7%

- Per-share value change: EUR -1.79

- Per-share value, starting three-year median: EUR 4.81

- Per-share value, ending three-year median: EUR 3.02

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.8%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.4B

- Cumulative net income, 10 years: EUR 7.3B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 23.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.69

- FY2017: EUR 4.81

- FY2018: EUR 4.35

- FY2019: EUR 4.91

- FY2020: EUR 3.20

- FY2021: EUR 8.41

- FY2022: EUR 4.35

- FY2023: EUR 3.02

- FY2024: EUR 2.97

- FY2025: EUR 6.39

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 4.4%

- Receivables to sales index (DSRI): 1.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -3.6%

- FY2018: -2.5%

- FY2019: -3.7%

- FY2020: -4.9%

- FY2021: 3.5%

- FY2022: 2.1%

- FY2023: -0.7%

- FY2024: -2.9%

- FY2025: 4.4%

## Holders

## Price story

Down 40% since Mar 2022 · sales -3.8%

Story as of 2026-10-16T10:00:06.967Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.2B 

- FY2017: EUR 6.4B 

- FY2018: EUR 6.5B 

- FY2019: EUR 6.7B 

- FY2020: EUR 6.0B 

- FY2021: EUR 6.6B 

- FY2022: EUR 6.6B 

- FY2023: EUR 6.2B 

- FY2024: EUR 6.3B 

- FY2025: EUR 6.0B 

### Gross margin · FY2025

gross margin 15.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 65.5% 

- FY2017: 66.1% 

- FY2018: 66.7% 

- FY2019: 65.4% 

- FY2020: 64.9% 

- FY2021: 61.8% 

- FY2022: 57.5% 

- FY2023: 53.5% 

- FY2024: 56.2% 

- FY2025: 15.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in broadcasting; annual sales are EUR 6 billion.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2025-12-31 (filed 2026-10-16T07:36:09.361Z); FY2025: revenue 6018000000; grossProfit 959000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0MNC.LSE: RTL Group S.A. operates as an entertainment company. The company operates television (TV) channels and radio stations; and provides streaming services, including RTL+, Videoland, and M6+ in France, Germany, Spain, Luxembourg, Hungary, and the Netherlands. It is also involved in radio and digital publishing business. In addition, the company operates Fremantle, a producer and distributor of scripted and unscripted content; Bedrock, a streaming tech business; Smartclip, an ad-tech business; and social media business under the We Are Era name. The company was founded in 1924 and is based in Luxembourg, Luxembourg. RTL Group S.A. operates as a subsidiary of Bertelsmann Capital Holding GmbH.

### Why customers stay

Margins ranged from 15.9% to 56.2% during 2023–25; it earns 76.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2023-12-31 (filed 2026-10-16T07:36:09.361Z); FY2023: grossProfit / revenue = 53.5%.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2024-12-31 (filed 2026-10-16T07:36:09.361Z); FY2024: grossProfit / revenue = 56.2%.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2025-12-31 (filed 2026-10-16T07:36:09.361Z); FY2025: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.361Z); 10-year return on capital observations [[2016,1.2758344437111109],[2017,1.742553191489362],[2018,1.2596079122317414],[2019,0.8462718227062035],[2020,0.6800291545189505],[2021,0.8692124559080999],[2022,0.4832863915277079],[2023,0.2808116169936598],[2024,0.2386323457989315],[2025,0.12012658227848101]]; median 0.7631504886125771. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 130 million of shares.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2016-12-31 (filed 2026-10-16T07:36:09.361Z); FY2016: growth capex 11521818.64138177; upkeep 245478181.35861823; owner earnings 692521818.6413817. Growth capex / owner earnings = 0.016637481060142994.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2017-12-31 (filed 2026-10-16T07:36:09.361Z); FY2017: growth capex 7466778.440251529; upkeep 231533221.55974847; owner earnings 737466778.4402516. Growth capex / owner earnings = 0.01012490143087371.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2018-12-31 (filed 2026-10-16T07:36:09.361Z); FY2018: growth capex 1000000; upkeep 224000000; owner earnings 668000000. Growth capex / owner earnings = 0.0014970059880239522.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2019-12-31 (filed 2026-10-16T07:36:09.361Z); FY2019: growth capex 0; upkeep 224000000; owner earnings 699600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2020-12-31 (filed 2026-10-16T07:36:09.361Z); FY2020: growth capex 0; upkeep 178000000; owner earnings 483200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2021-12-31 (filed 2026-10-16T07:36:09.361Z); FY2021: growth capex 0; upkeep 195000000; owner earnings 1267600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2022-12-31 (filed 2026-10-16T07:36:09.361Z); FY2022: growth capex 0; upkeep 201000000; owner earnings 626000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2023-12-31 (filed 2026-10-16T07:36:09.361Z); FY2023: growth capex 0; upkeep 177000000; owner earnings 468800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2024-12-31 (filed 2026-10-16T07:36:09.361Z); FY2024: growth capex 0; upkeep 174000000; owner earnings 499600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2025-12-31 (filed 2026-10-16T07:36:09.361Z); FY2025: growth capex 0; upkeep 110000000; owner earnings 1128800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.361Z); Dividend observations: [[2016,689000000],[2017,687000000],[2018,686000000],[2019,538000000],[2020,4000000],[2021,569000000],[2022,860000000],[2023,696000000],[2024,516000000],[2025,473000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/RRTL.XETRA.json#2025-12-31 (filed 2026-10-16T07:36:09.361Z); FY2025: cash repurchases 130000000 EUR.

### Are managers owners

Insiders own 75% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0MNC.LSE SharesStats.PercentInsiders = 75 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.361Z); Closing price 30.3 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 39.292294714409394; price multiple 0.7711435593220339. FY2025 cash earnings/share 7.370080138521988. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 71.15 per share

- 2016-11: EUR 63.80 per share

- 2016-12: EUR 69.58 per share

- 2017-01: EUR 71.08 per share

- 2017-02: EUR 72.47 per share

- 2017-03: EUR 75.13 per share

- 2017-04: EUR 71.19 per share

- 2017-05: EUR 69.31 per share

- 2017-06: EUR 66.19 per share

- 2017-07: EUR 65.66 per share

- 2017-08: EUR 63.69 per share

- 2017-09: EUR 63.99 per share

- 2017-10: EUR 63.68 per share

- 2017-11: EUR 66.39 per share

- 2017-12: EUR 66.87 per share

- 2018-01: EUR 68.30 per share

- 2018-02: EUR 72.50 per share

- 2018-03: EUR 66.40 per share

- 2018-04: EUR 68.80 per share

- 2018-05: EUR 64.70 per share

- 2018-06: EUR 58.25 per share

- 2018-07: EUR 63.33 per share

- 2018-08: EUR 63.78 per share

- 2018-09: EUR 61.58 per share

- 2018-10: EUR 56.50 per share

- 2018-11: EUR 52.95 per share

- 2018-12: EUR 46.52 per share

- 2019-01: EUR 47.73 per share

- 2019-02: EUR 49.24 per share

- 2019-03: EUR 48.67 per share

- 2019-04: EUR 50.70 per share

- 2019-05: EUR 42.64 per share

- 2019-06: EUR 45.21 per share

- 2019-07: EUR 45.18 per share

- 2019-08: EUR 42.64 per share

- 2019-09: EUR 44.34 per share

- 2019-10: EUR 45.76 per share

- 2019-11: EUR 43.61 per share

- 2019-12: EUR 44.77 per share

- 2020-01: EUR 40.92 per share

- 2020-02: EUR 38.03 per share

- 2020-03: EUR 30.87 per share

- 2020-04: EUR 30.70 per share

- 2020-05: EUR 30.50 per share

- 2020-06: EUR 28.18 per share

- 2020-07: EUR 28.10 per share

- 2020-08: EUR 28.34 per share

- 2020-09: EUR 33.33 per share

- 2020-10: EUR 32.32 per share

- 2020-11: EUR 38.74 per share

- 2020-12: EUR 39.87 per share

- 2021-01: EUR 47.15 per share

- 2021-02: EUR 46.58 per share

- 2021-03: EUR 50.60 per share

- 2021-04: EUR 49.09 per share

- 2021-05: EUR 49.08 per share

- 2021-06: EUR 49.68 per share

- 2021-07: EUR 48.00 per share

- 2021-08: EUR 52.65 per share

- 2021-09: EUR 51.88 per share

- 2021-10: EUR 49.91 per share

- 2021-11: EUR 45.29 per share

- 2021-12: EUR 46.85 per share

- 2022-01: EUR 50.06 per share

- 2022-02: EUR 49.43 per share

- 2022-03: EUR 50.56 per share

- 2022-04: EUR 50.07 per share

- 2022-05: EUR 43.17 per share

- 2022-06: EUR 39.38 per share

- 2022-07: EUR 38.87 per share

- 2022-08: EUR 36.80 per share

- 2022-09: EUR 32.61 per share

- 2022-10: EUR 34.40 per share

- 2022-11: EUR 39.79 per share

- 2022-12: EUR 39.71 per share

- 2023-01: EUR 44.00 per share

- 2023-02: EUR 45.53 per share

- 2023-03: EUR 45.57 per share

- 2023-04: EUR 42.33 per share

- 2023-05: EUR 36.45 per share

- 2023-06: EUR 36.94 per share

- 2023-07: EUR 38.91 per share

- 2023-08: EUR 34.35 per share

- 2023-09: EUR 32.41 per share

- 2023-10: EUR 32.98 per share

- 2023-11: EUR 33.04 per share

- 2023-12: EUR 35.07 per share

- 2024-01: EUR 35.73 per share

- 2024-02: EUR 34.19 per share

- 2024-03: EUR 31.42 per share

- 2024-04: EUR 29.13 per share

- 2024-05: EUR 30.50 per share

- 2024-06: EUR 28.65 per share

- 2024-07: EUR 29.23 per share

- 2024-08: EUR 29.48 per share

- 2024-09: EUR 30.40 per share

- 2024-10: EUR 29.43 per share

- 2024-11: EUR 24.45 per share

- 2024-12: EUR 26.60 per share

- 2025-01: EUR 29.48 per share

- 2025-02: EUR 32.35 per share

- 2025-03: EUR 34.80 per share

- 2025-04: EUR 35.88 per share

- 2025-05: EUR 33.63 per share

- 2025-06: EUR 37.23 per share

- 2025-07: EUR 34.95 per share

- 2025-08: EUR 35.43 per share

- 2025-09: EUR 35.13 per share

- 2025-10: EUR 33.48 per share

- 2025-11: EUR 33.88 per share

- 2025-12: EUR 34.60 per share

- 2026-01: EUR 36.65 per share

- 2026-02: EUR 37.13 per share

- 2026-03: EUR 36.30 per share

- 2026-04: EUR 32.20 per share

- 2026-05: EUR 31.68 per share

- 2026-06: EUR 31.40 per share

- 2026-07: EUR 32.70 per share

- 2026-08: EUR 32.00 per share

- 2026-09: EUR 29.18 per share

- 2026-10: EUR 29.43 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.