# Unibail-Rodamco-Westfield (URW.PA)

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

Analysis as of: 2026-10-16T07:35:12.797Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 89.66 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 11.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.77×

- FY2017: 1.40×

- FY2018: 0.72×

- FY2019: 0.23×

- FY2020: -7.00×

- FY2021: -0.18×

- FY2022: 0.18×

- FY2023: -0.32×

- FY2024: 0.24×

- FY2025: 0.84×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.5%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 62.9%

- Recent gross margin (lower of latest and 3-year median): 62.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 32.7%

- ROIC including acquisitions, ten-year median: -0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 8.5%

- FY2018: 3.6%

- FY2019: 1.5%

- FY2020: -12.6%

- FY2021: -0.9%

- FY2022: 1.1%

- FY2023: -2.0%

- FY2024: 1.4%

- FY2025: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -5.3B

- Net income, five-year total: EUR -1.0B

- Return on incremental invested capital: -11.6%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -8.2 pp

- Working capital / revenue, final three-year average: 17.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -1.7B

- FY2022: EUR -447M

- FY2023: EUR -3.0B

- FY2024: EUR -568M

- FY2025: EUR 442M

### 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: 8.5% vs 1.4%

- Per-share earnings: 23.34 to 1.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.9%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: EUR -9.9B

- Cumulative retained earnings: EUR -1.1B

- Diluted shares, 10-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -32.3%

- Per-share value change: EUR -22.30

- Per-share value, starting three-year median: EUR 23.34

- Per-share value, ending three-year median: EUR 1.04

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.5B

- Cumulative net income, 10 years: EUR -1.2B

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 1.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 23.34

- FY2017: EUR 23.62

- FY2018: EUR 7.25

- FY2019: EUR 7.97

- FY2020: EUR -52.09

- FY2021: EUR -7.01

- FY2022: EUR 1.28

- FY2023: EUR -11.72

- FY2024: EUR 1.04

- FY2025: EUR 8.68

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.1%

- FY2017: 2.2%

- FY2018: -1.2%

- FY2019: -1.2%

- FY2020: -15.1%

- FY2021: -4.9%

- FY2022: -4.1%

- FY2023: -6.9%

- FY2024: -3.8%

- FY2025: -1.6%

## Holders

## Price story

Up 92% since Oct 2023 · sales -6.1%

Story as of 2026-10-16T10:00:04.108Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -6.1%; source https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2016: EUR 2.0B 

- FY2017: EUR 2.1B 

- FY2018: EUR 2.7B 

- FY2019: EUR 3.4B 

- FY2020: EUR 994M 

- FY2021: EUR 2.5B 

- FY2022: EUR 3.0B 

- FY2023: EUR 3.1B 

- FY2024: EUR 3.3B 

- FY2025: EUR 3.1B 

### Gross margin · FY2025

gross margin 64.6%; source https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2016: 79.5% 

- FY2017: 80.0% 

- FY2018: 72.6% 

- FY2019: 62.9% 

- FY2021: 57.0% 

- FY2022: 62.8% 

- FY2023: 61.5% 

- FY2024: 62.8% 

- FY2025: 64.6% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 3.1 billion.

- Source: https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml (filed 2026-04-07); FY2025: revenue 3058400000; grossProfit 1975000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 61.5% to 64.6% during 2023–25; it earns 1.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 62.8%.

- Source: https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.10561366351304133],[2017,0.0854892804412956],[2018,0.03601540794503927],[2019,0.015177163978598996],[2020,-0.1263828495471835],[2021,-0.008613211655249592],[2022,0.010873992094543258],[2023,-0.019750815391284603],[2024,0.014377187038238195],[2025,0.053029317021799395]]; median 0.014777175508418595. 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 2026-04-07); FY2016: growth capex 5957741.684225798; upkeep 414442258.3157742; owner earnings 1994457741.6842258. Growth capex / owner earnings = 0.0029871486167436993.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 5126991.621304154; upkeep 770573008.3786958; owner earnings 1661026991.621304. Growth capex / owner earnings = 0.0030866395592402587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 70763147.62902158; upkeep 487536852.3709784; owner earnings 513763147.6290216. Growth capex / owner earnings = 0.1377349620259612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 68620843.44113886; upkeep 499579156.55886114; owner earnings 462200843.44113886. Growth capex / owner earnings = 0.14846542236974025.

- Source: https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 894900000; owner earnings 441631802.0169852. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,963100000],[2017,1018300000],[2018,1079200000],[2019,1493900000],[2020,747400000],[2021,48100000],[2022,48100000],[2023,58700000],[2024,347900000],[2025,501200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); URW.PA SharesStats.PercentInsiders = 28.750999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 89.66 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 20.932174389158853; price multiple 4.2833581611300025. FY2025 cash earnings/share 3.0225980563752324. Closing-price date 2026-10-15.

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

- 2016-10: EUR 217.00 per share

- 2016-11: EUR 208.25 per share

- 2016-12: EUR 226.75 per share

- 2017-01: EUR 212.95 per share

- 2017-02: EUR 215.35 per share

- 2017-03: EUR 219.10 per share

- 2017-04: EUR 225.45 per share

- 2017-05: EUR 229.65 per share

- 2017-06: EUR 220.65 per share

- 2017-07: EUR 211.35 per share

- 2017-08: EUR 213.55 per share

- 2017-09: EUR 205.75 per share

- 2017-10: EUR 214.85 per share

- 2017-11: EUR 214.95 per share

- 2017-12: EUR 210.00 per share

- 2018-01: EUR 206.60 per share

- 2018-02: EUR 191.75 per share

- 2018-03: EUR 185.65 per share

- 2018-04: EUR 198.90 per share

- 2018-05: EUR 192.55 per share

- 2018-06: EUR 188.55 per share

- 2018-07: EUR 189.85 per share

- 2018-08: EUR 181.00 per share

- 2018-09: EUR 173.22 per share

- 2018-10: EUR 160.28 per share

- 2018-11: EUR 151.84 per share

- 2018-12: EUR 135.40 per share

- 2019-01: EUR 157.16 per share

- 2019-02: EUR 142.00 per share

- 2019-03: EUR 146.14 per share

- 2019-04: EUR 153.25 per share

- 2019-05: EUR 135.35 per share

- 2019-06: EUR 131.75 per share

- 2019-07: EUR 121.00 per share

- 2019-08: EUR 119.10 per share

- 2019-09: EUR 133.75 per share

- 2019-10: EUR 138.65 per share

- 2019-11: EUR 141.90 per share

- 2019-12: EUR 140.65 per share

- 2020-01: EUR 122.60 per share

- 2020-02: EUR 109.00 per share

- 2020-03: EUR 51.56 per share

- 2020-04: EUR 53.72 per share

- 2020-05: EUR 47.70 per share

- 2020-06: EUR 50.16 per share

- 2020-07: EUR 44.52 per share

- 2020-08: EUR 39.16 per share

- 2020-09: EUR 31.50 per share

- 2020-10: EUR 34.90 per share

- 2020-11: EUR 59.50 per share

- 2020-12: EUR 64.58 per share

- 2021-01: EUR 69.50 per share

- 2021-02: EUR 60.82 per share

- 2021-03: EUR 68.34 per share

- 2021-04: EUR 68.59 per share

- 2021-05: EUR 71.18 per share

- 2021-06: EUR 72.99 per share

- 2021-07: EUR 70.17 per share

- 2021-08: EUR 74.20 per share

- 2021-09: EUR 63.62 per share

- 2021-10: EUR 61.81 per share

- 2021-11: EUR 58.20 per share

- 2021-12: EUR 61.62 per share

- 2022-01: EUR 67.29 per share

- 2022-02: EUR 67.88 per share

- 2022-03: EUR 68.18 per share

- 2022-04: EUR 68.00 per share

- 2022-05: EUR 65.49 per share

- 2022-06: EUR 48.65 per share

- 2022-07: EUR 55.19 per share

- 2022-08: EUR 51.40 per share

- 2022-09: EUR 42.89 per share

- 2022-10: EUR 47.88 per share

- 2022-11: EUR 50.64 per share

- 2022-12: EUR 48.63 per share

- 2023-01: EUR 59.17 per share

- 2023-02: EUR 59.94 per share

- 2023-03: EUR 49.39 per share

- 2023-04: EUR 48.54 per share

- 2023-05: EUR 42.80 per share

- 2023-06: EUR 48.15 per share

- 2023-07: EUR 51.56 per share

- 2023-08: EUR 49.39 per share

- 2023-09: EUR 46.75 per share

- 2023-10: EUR 46.66 per share

- 2023-11: EUR 58.38 per share

- 2023-12: EUR 66.92 per share

- 2024-01: EUR 66.98 per share

- 2024-02: EUR 67.58 per share

- 2024-03: EUR 74.50 per share

- 2024-04: EUR 78.48 per share

- 2024-05: EUR 80.66 per share

- 2024-06: EUR 73.52 per share

- 2024-07: EUR 69.30 per share

- 2024-08: EUR 72.46 per share

- 2024-09: EUR 78.60 per share

- 2024-10: EUR 74.88 per share

- 2024-11: EUR 77.56 per share

- 2024-12: EUR 72.72 per share

- 2025-01: EUR 80.86 per share

- 2025-02: EUR 81.52 per share

- 2025-03: EUR 77.90 per share

- 2025-04: EUR 74.52 per share

- 2025-05: EUR 83.46 per share

- 2025-06: EUR 81.14 per share

- 2025-07: EUR 85.24 per share

- 2025-08: EUR 88.80 per share

- 2025-09: EUR 89.44 per share

- 2025-10: EUR 89.64 per share

- 2025-11: EUR 91.62 per share

- 2025-12: EUR 92.76 per share

- 2026-01: EUR 93.00 per share

- 2026-02: EUR 106.15 per share

- 2026-03: EUR 94.90 per share

- 2026-04: EUR 103.10 per share

- 2026-05: EUR 99.34 per share

- 2026-06: EUR 102.45 per share

- 2026-07: EUR 105.30 per share

- 2026-08: EUR 97.44 per share

- 2026-09: EUR 89.10 per share

- 2026-10: EUR 88.18 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 181.47 per share, central EUR 206.01 per share, high EUR 238.68 per share

- FY2017: low EUR 186.20 per share, central EUR 217.64 per share, high EUR 252.33 per share

- FY2018: low EUR 179.46 per share, central EUR 215.58 per share, high EUR 250.76 per share

- FY2019: low EUR 204.95 per share, central EUR 232.79 per share, high EUR 269.85 per share

- FY2020: low EUR 30.03 per share, central EUR 32.07 per share, high EUR 34.77 per share

- FY2021: low EUR 43.08 per share, central EUR 46.83 per share, high EUR 51.81 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

[Original ESEF filing](https://filings.xbrl.org/969500SHQITWXSIS7N89/2025-12-31/ESEF/FR/0/969500SHQITWXSIS7N89-2025-12-31-1-en/reports/969500SHQITWXSIS7N89-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-07.

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.