# FDJ United (FDJU.PA)

Canonical: https://gigainvestors.com/s/FDJU.PA

Analysis as of: 2026-10-16T07:37:55.190Z. Financial observations: FY2014–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 21.42 per share; close as of 2026-10-15.

Estimated value: low EUR 35.55 per share, central EUR 41.49 per share, high EUR 47.97 per share. Buy at or below the central value EUR 41.49 per share. Valuation as of 2026-10-16T07:37:55.190Z; scenarios are not confidence intervals.

Expected annual return: 17.4% at the stated quote. About 17.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.10×

- FY2020: 0.17×

- FY2021: 0.17×

- FY2022: 0.19×

- FY2023: 0.20×

- FY2024: 0.17×

- FY2025: 0.15×

### moat: fail

- Recent gross margin fell 7.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 42.2%

- ROIC, second-lowest year: 30.6%

- Typical minus recent gross margin: 7.1 pp

- Typical gross margin (annual median): 40.0%

- Recent gross margin (lower of latest and 3-year median): 32.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 32.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 54.6%

- FY2017: 42.6%

- FY2018: 38.4%

- FY2019: 37.5%

- FY2020: 71.0%

- FY2021: 41.9%

- FY2022: 54.4%

- FY2023: 69.9%

- FY2024: 26.6%

- FY2025: 30.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.9B

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: 60.6%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: -2.2%

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

- FY2021: 1.18×

- FY2022: 1.06×

- FY2023: 0.98×

- FY2024: 1.15×

- FY2025: 2.23×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 42.6% vs 30.6%

- Per-share earnings: 0.92 to 2.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.5%

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.5%

- Per-share value growth: 11.2%

- Per-share value change: EUR 1.24

- Per-share value, starting three-year median: EUR 0.92

- Per-share value, ending three-year median: EUR 2.16

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.9B

- Cumulative net income, 10 years: EUR 2.5B

- ROIC, first three-year median: 42.6%

- ROIC, last three-year median: 30.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.92

- FY2017: EUR 0.95

- FY2018: EUR 0.89

- FY2019: EUR 0.70

- FY2020: EUR 1.12

- FY2021: EUR 1.54

- FY2022: EUR 1.61

- FY2023: EUR 2.23

- FY2024: EUR 2.16

- FY2025: EUR 0.94

### accounting: pass

- Sloan accruals: -10.1%

- Receivables to sales index (DSRI): 0.43×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 12.6%

- FY2017: -5.4%

- FY2018: -3.4%

- FY2019: -2.5%

- FY2020: -16.2%

- FY2021: -9.4%

- FY2022: -2.9%

- FY2023: -5.4%

- FY2024: -2.7%

- FY2025: -10.1%

## Holders

## Price story

Down 52% since Oct 2021 · "FDJ UNITED: Q3 2025 Revenue Down 3%1 and Virtually Stable at Constant Gaming Taxes" (finance.yahoo.com, Oct 2025) · sales +20%

Story as of 2026-10-16T10:00:09.578Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.2% a year for ten years

- 2025-10-15: FDJ UNITED: Q3 2025 Revenue Down 3%1 and Virtually Stable at Constant Gaming Taxes ([finance.yahoo.com](https://finance.yahoo.com/news/fdj-united-q3-2025-revenue-154500993.html))

### Sales · FY2024–2025

sales +20%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.7B 

- FY2017: EUR 1.8B 

- FY2018: EUR 1.8B 

- FY2019: EUR 2.0B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.3B 

- FY2022: EUR 2.5B 

- FY2023: EUR 2.6B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.7B 

### Gross margin · FY2025

gross margin 32.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.6% 

- FY2017: 39.4% 

- FY2018: 38.9% 

- FY2019: 39.1% 

- FY2020: 40.6% 

- FY2021: 41.4% 

- FY2022: 42.3% 

- FY2023: 46.9% 

- FY2024: 55.4% 

- FY2025: 32.9% 

## Owner memo

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

### How it makes money

Operates in gambling; annual sales are EUR 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2025: revenue 3677500000; grossProfit 1210300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDJU.PA: FDJ United engages in the gambling operation and distribution business in France and internationally. The company operates through Lottery and Sports Betting; Online Betting and Gaming; International Lottery; and Payment and Services segments. It offers prize draws, such as Loto and Euromillions, as well as Illiko instant games; online offer (open to competition), including sports betting and horse-race betting, poker and casino games; and payment and collection service through a network of point"of"sale registered as agents. The company also provides B2B solutions; and owns Relax Gaming, a supplier of online gambling products. The company was formerly known as La Française des Jeux Société anonyme and changed its name to FDJ United in March 2025. FDJ United was founded in 1933 and is based in Boulogne-Billancourt, France.

### Why customers stay

Margins ranged from 32.9% to 55.4% during 2023–25; it earns 42.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2023: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2024: grossProfit / revenue = 55.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2025: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); 10-year return on capital observations [[2016,0.5459244883701144],[2017,0.4258656426663864],[2018,0.38422742860355297],[2019,0.3750917431192661],[2020,0.7102535095959223],[2021,0.41902089420585475],[2022,0.543877425041981],[2023,0.6994732493547479],[2024,0.265589263096163],[2025,0.3063125]]; median 0.42244326843612057. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2017: growth capex 9563450.652010977; upkeep 79036549.34798902; owner earnings 156863450.65201098. Growth capex / owner earnings = 0.06096672368394297.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2018: growth capex 6384369.428227425; upkeep 86515630.57177258; owner earnings 148384369.42822742. Growth capex / owner earnings = 0.04302588913393269.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2019: growth capex 0; upkeep 67100000; owner earnings 187100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2021: growth capex 0; upkeep 75500000; owner earnings 347700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2022: growth capex 0; upkeep 104100000; owner earnings 327260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2023: growth capex 0; upkeep 124700000; owner earnings 417060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2024: growth capex 0; upkeep 149900000; owner earnings 459860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); FY2025: growth capex 0; upkeep 269300000; owner earnings 391420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); Dividend observations: [[2016,229200000],[2017,120300000],[2018,126100000],[2019,118300000],[2020,83400000],[2021,166700000],[2022,229500000],[2023,253400000],[2024,328700000],[2025,378700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDJU.PA SharesStats.PercentInsiders = 40.877 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.2% yearly over ten years; actual growth was 11.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.190Z); Ten-year compound average after fade. Initial solved rate -0.11356886041843112. Price 21.42; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6867460064541484 → FY2025 2.098282969610224. Closing-price date 2026-10-15.

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

- 2019-11: EUR 21.78 per share

- 2019-12: EUR 23.83 per share

- 2020-01: EUR 23.17 per share

- 2020-02: EUR 27.00 per share

- 2020-03: EUR 22.70 per share

- 2020-04: EUR 26.10 per share

- 2020-05: EUR 30.67 per share

- 2020-06: EUR 27.46 per share

- 2020-07: EUR 30.84 per share

- 2020-08: EUR 31.09 per share

- 2020-09: EUR 31.42 per share

- 2020-10: EUR 32.18 per share

- 2020-11: EUR 34.96 per share

- 2020-12: EUR 37.41 per share

- 2021-01: EUR 35.45 per share

- 2021-02: EUR 37.39 per share

- 2021-03: EUR 38.77 per share

- 2021-04: EUR 42.62 per share

- 2021-05: EUR 46.55 per share

- 2021-06: EUR 49.58 per share

- 2021-07: EUR 45.10 per share

- 2021-08: EUR 43.81 per share

- 2021-09: EUR 44.49 per share

- 2021-10: EUR 44.90 per share

- 2021-11: EUR 40.90 per share

- 2021-12: EUR 38.94 per share

- 2022-01: EUR 36.64 per share

- 2022-02: EUR 37.09 per share

- 2022-03: EUR 35.96 per share

- 2022-04: EUR 35.61 per share

- 2022-05: EUR 33.94 per share

- 2022-06: EUR 33.02 per share

- 2022-07: EUR 34.85 per share

- 2022-08: EUR 32.37 per share

- 2022-09: EUR 30.47 per share

- 2022-10: EUR 33.00 per share

- 2022-11: EUR 38.22 per share

- 2022-12: EUR 37.58 per share

- 2023-01: EUR 39.25 per share

- 2023-02: EUR 37.39 per share

- 2023-03: EUR 38.39 per share

- 2023-04: EUR 38.74 per share

- 2023-05: EUR 36.06 per share

- 2023-06: EUR 36.04 per share

- 2023-07: EUR 34.72 per share

- 2023-08: EUR 33.40 per share

- 2023-09: EUR 30.80 per share

- 2023-10: EUR 30.42 per share

- 2023-11: EUR 33.20 per share

- 2023-12: EUR 32.84 per share

- 2024-01: EUR 37.64 per share

- 2024-02: EUR 38.72 per share

- 2024-03: EUR 37.78 per share

- 2024-04: EUR 35.46 per share

- 2024-05: EUR 32.96 per share

- 2024-06: EUR 31.80 per share

- 2024-07: EUR 35.90 per share

- 2024-08: EUR 36.88 per share

- 2024-09: EUR 36.94 per share

- 2024-10: EUR 39.16 per share

- 2024-11: EUR 37.40 per share

- 2024-12: EUR 37.22 per share

- 2025-01: EUR 36.68 per share

- 2025-02: EUR 36.76 per share

- 2025-03: EUR 29.06 per share

- 2025-04: EUR 31.44 per share

- 2025-05: EUR 32.34 per share

- 2025-06: EUR 33.30 per share

- 2025-07: EUR 27.38 per share

- 2025-08: EUR 27.52 per share

- 2025-09: EUR 28.50 per share

- 2025-10: EUR 25.28 per share

- 2025-11: EUR 24.26 per share

- 2025-12: EUR 23.62 per share

- 2026-01: EUR 22.34 per share

- 2026-02: EUR 25.66 per share

- 2026-03: EUR 25.18 per share

- 2026-04: EUR 23.10 per share

- 2026-05: EUR 22.75 per share

- 2026-06: EUR 21.39 per share

- 2026-07: EUR 21.93 per share

- 2026-08: EUR 22.37 per share

- 2026-09: EUR 20.60 per share

- 2026-10: EUR 21.17 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 9.18 per share, central EUR 10.31 per share, high EUR 11.82 per share

- FY2019: low EUR 11.47 per share, central EUR 12.74 per share, high EUR 14.43 per share

- FY2020: low EUR 13.50 per share, central EUR 14.74 per share, high EUR 16.40 per share

- FY2021: low EUR 14.86 per share, central EUR 16.45 per share, high EUR 18.56 per share

- FY2022: low EUR 17.01 per share, central EUR 18.86 per share, high EUR 21.34 per share

- FY2023: low EUR 23.65 per share, central EUR 26.40 per share, high EUR 30.07 per share

- FY2024: low EUR 32.17 per share, central EUR 36.93 per share, high EUR 42.27 per share

- FY2025: low EUR 37.23 per share, central EUR 43.12 per share, high EUR 49.53 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

Prior published observations retained from 2026-10-15T06:43:39.878Z where newer inputs omit a numeric field or fiscal period.

## 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.

## Reported holder observations