# United Internet AG NA (UTDI.XETRA)

Canonical: https://gigainvestors.com/s/UTDI.XETRA

Analysis as of: 2026-10-16T07:37:45.484Z. Financial observations: FY2000–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 23.94 per share; close as of 2026-10-15.

Estimated value: low EUR 1.04 per share, central EUR 1.21 per share, high EUR 1.41 per share. Buy at or below the central value EUR 1.21 per share. Valuation as of 2026-10-16T07:37:45.484Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 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: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.23×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.11×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.09×

### moat: fail

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

- Recent gross margin fell 5.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: 5.1 pp

- Typical gross margin (annual median): 34.0%

- Recent gross margin (lower of latest and 3-year median): 28.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.6%

- FY2017: 31.4%

- FY2018: 20.0%

- FY2019: 20.9%

- FY2020: 14.1%

- FY2021: 18.3%

- FY2022: 13.1%

- FY2023: 10.9%

- FY2024: 8.5%

- FY2025: 7.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 328M

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 6.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.6 pp

- Working capital / revenue, final three-year average: 9.5%

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

- FY2021: 1.19×

- FY2022: 0.43×

- FY2023: 0.07×

- FY2024: 7.20×

- FY2025: -0.00×

### 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: 22.6% vs 8.5%

- Per-share earnings: 1.80 to 1.33 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: -1.6%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: EUR -2.6B

- Cumulative retained earnings: EUR 2.0B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.7%

- Per-share value change: EUR -0.47

- Per-share value, starting three-year median: EUR 1.80

- Per-share value, ending three-year median: EUR 1.33

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 3.6%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.5B

- Cumulative net income, 10 years: EUR 3.0B

- ROIC, first three-year median: 22.6%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.89

- FY2017: EUR 3.25

- FY2018: EUR 0.94

- FY2019: EUR 2.26

- FY2020: EUR 1.55

- FY2021: EUR 2.22

- FY2022: EUR 1.97

- FY2023: EUR 1.33

- FY2024: EUR -0.28

- FY2025: EUR 1.65

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -1.0%

- FY2018: -3.6%

- FY2019: -4.5%

- FY2020: -6.9%

- FY2021: -4.9%

- FY2022: -2.2%

- FY2023: -5.3%

- FY2024: -8.4%

- FY2025: -6.8%

## Holders

## Price story

Down 31% since Dec 2021 · sales -3.3%

Story as of 2026-10-16T10:00:09.435Z; price observation 2026-10-15.

Price needs cash profits to grow 41.3% a year for ten years

### Sales · FY2024–2025

sales -3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.9B 

- FY2017: EUR 4.2B 

- FY2018: EUR 5.1B 

- FY2019: EUR 5.2B 

- FY2020: EUR 5.4B 

- FY2021: EUR 5.6B 

- FY2022: EUR 5.9B 

- FY2023: EUR 6.2B 

- FY2024: EUR 6.3B 

- FY2025: EUR 6.1B 

### Gross margin · FY2025

gross margin 28.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.3% 

- FY2017: 36.1% 

- FY2018: 34.2% 

- FY2019: 34.0% 

- FY2020: 29.8% 

- FY2021: 34.7% 

- FY2022: 34.0% 

- FY2023: 33.1% 

- FY2024: 31.7% 

- FY2025: 28.9% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are EUR 6.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2025: revenue 6119856000; grossProfit 1770698000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UTDI.XETRA: United Internet AG, through its subsidiaries, operates as an Internet service provider worldwide. The company operates through Consumer Access, Business Access, Consumer Applications, and Business Applications segments. It offers landline-based broadband and mobile internet products, including home networks, online storage, smart home, and IPTV for private users; and telecommunication products ranging from fiber-optic direct connections to tailored ICT solutions, which include voice, data, and network solutions, as well as infrastructure services to national and international carriers and ISPs. The company also provides applications and services for home users, such as personal information management applications comprising email, to-do lists, appointments, and addresses; and online cloud storage and office software. In addition, it provides business applications for freelancers and small to medium enterprises, such as domains, websites, web hosting, servers, e-shops, group work, online cloud storage, and office software, as well as cloud solutions and infrastructure. It offers its access products through the yourfone, smartmobile.de, 1&1, and 1&1 Versatel brand names; and applications through GMX, mail.com, WEB.DE, home.pl, Arsys, STRATO, IONOS, Fasthosts, we22, InterNetX, united-domains, and World4You brand names. In addition, the company offers professional services in the fields of active domain management; performance-based advertising and sales services under the Sedo brand name; online advertising services under the United Internet Media brand name; and white-label website builder services under the we22 brand, as well as sells IT hardware. The company was founded in 1988 and is headquartered in Montabaur, Germany.

### Why customers stay

Margins ranged from 28.9% to 33.1% during 2023–25; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2023: grossProfit / revenue = 33.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2024: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2025: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); 10-year return on capital observations [[2016,0.22635474434958172],[2017,0.31423143096333617],[2018,0.20009221615207942],[2019,0.208692982927997],[2020,0.14090970332235095],[2021,0.1831178539484023],[2022,0.13122434830849256],[2023,0.10916297890340285],[2024,0.08452358460411506],[2025,0.07511499037762649]]; median 0.16201377863537664. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 34% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); Gross margin observations: [[2021,0.3473582213239153],[2022,0.33959655205701106],[2023,0.3308872570984173]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2016: growth capex 0; upkeep 168861000; owner earnings 203615000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2017: growth capex 0; upkeep 233480000; owner earnings 713990000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2018: growth capex 0; upkeep 271761000; owner earnings 307341000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2019: growth capex 0; upkeep 252776000; owner earnings 575136400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2020: growth capex 0; upkeep 447033000; owner earnings 222817400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2021: growth capex 0; upkeep 289757000; owner earnings 497556000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2022: growth capex 62860243.35766268; upkeep 618517756.6423373; owner earnings 156397885.74887422. Growth capex / owner earnings = 0.40192514787953365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); FY2023: growth capex 83280010.58997273; upkeep 714611989.4100273; owner earnings 16879825.102571994. Growth capex / owner earnings = 4.93370103563948.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); Dividend observations: [[2016,142857000],[2017,159703000],[2018,170006000],[2019,10015000],[2020,93615000],[2021,93615000],[2022,93358000],[2023,86408000],[2024,86408000],[2025,328391000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 53.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UTDI.XETRA SharesStats.PercentInsiders = 53.867 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 41.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.484Z); Ten-year compound average after fade. Initial solved rate 0.6001973640854741. Price 23.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.163014504116033 → FY2025 -0.0011513718392962631. Closing-price date 2026-10-15.

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

- 2016-10: EUR 37.39 per share

- 2016-11: EUR 36.11 per share

- 2016-12: EUR 37.10 per share

- 2017-01: EUR 38.70 per share

- 2017-02: EUR 38.88 per share

- 2017-03: EUR 41.48 per share

- 2017-04: EUR 42.26 per share

- 2017-05: EUR 48.97 per share

- 2017-06: EUR 48.15 per share

- 2017-07: EUR 51.49 per share

- 2017-08: EUR 49.85 per share

- 2017-09: EUR 52.67 per share

- 2017-10: EUR 54.31 per share

- 2017-11: EUR 56.60 per share

- 2017-12: EUR 57.34 per share

- 2018-01: EUR 58.70 per share

- 2018-02: EUR 55.96 per share

- 2018-03: EUR 51.10 per share

- 2018-04: EUR 53.78 per share

- 2018-05: EUR 54.60 per share

- 2018-06: EUR 49.06 per share

- 2018-07: EUR 46.00 per share

- 2018-08: EUR 45.32 per share

- 2018-09: EUR 40.75 per share

- 2018-10: EUR 36.58 per share

- 2018-11: EUR 39.75 per share

- 2018-12: EUR 38.20 per share

- 2019-01: EUR 34.59 per share

- 2019-02: EUR 31.99 per share

- 2019-03: EUR 32.53 per share

- 2019-04: EUR 35.73 per share

- 2019-05: EUR 32.05 per share

- 2019-06: EUR 28.96 per share

- 2019-07: EUR 27.07 per share

- 2019-08: EUR 29.80 per share

- 2019-09: EUR 32.73 per share

- 2019-10: EUR 27.01 per share

- 2019-11: EUR 30.75 per share

- 2019-12: EUR 29.28 per share

- 2020-01: EUR 29.30 per share

- 2020-02: EUR 27.01 per share

- 2020-03: EUR 26.87 per share

- 2020-04: EUR 31.45 per share

- 2020-05: EUR 36.88 per share

- 2020-06: EUR 37.71 per share

- 2020-07: EUR 38.47 per share

- 2020-08: EUR 41.14 per share

- 2020-09: EUR 32.67 per share

- 2020-10: EUR 30.10 per share

- 2020-11: EUR 33.43 per share

- 2020-12: EUR 34.43 per share

- 2021-01: EUR 35.85 per share

- 2021-02: EUR 36.48 per share

- 2021-03: EUR 34.20 per share

- 2021-04: EUR 35.01 per share

- 2021-05: EUR 34.14 per share

- 2021-06: EUR 34.48 per share

- 2021-07: EUR 34.90 per share

- 2021-08: EUR 36.61 per share

- 2021-09: EUR 33.62 per share

- 2021-10: EUR 31.88 per share

- 2021-11: EUR 33.15 per share

- 2021-12: EUR 34.94 per share

- 2022-01: EUR 34.63 per share

- 2022-02: EUR 30.36 per share

- 2022-03: EUR 31.18 per share

- 2022-04: EUR 30.73 per share

- 2022-05: EUR 30.54 per share

- 2022-06: EUR 27.23 per share

- 2022-07: EUR 25.67 per share

- 2022-08: EUR 22.55 per share

- 2022-09: EUR 19.26 per share

- 2022-10: EUR 18.93 per share

- 2022-11: EUR 20.18 per share

- 2022-12: EUR 18.89 per share

- 2023-01: EUR 21.29 per share

- 2023-02: EUR 20.72 per share

- 2023-03: EUR 15.87 per share

- 2023-04: EUR 15.56 per share

- 2023-05: EUR 13.44 per share

- 2023-06: EUR 12.90 per share

- 2023-07: EUR 13.62 per share

- 2023-08: EUR 17.75 per share

- 2023-09: EUR 20.26 per share

- 2023-10: EUR 19.65 per share

- 2023-11: EUR 20.56 per share

- 2023-12: EUR 23.04 per share

- 2024-01: EUR 24.32 per share

- 2024-02: EUR 22.40 per share

- 2024-03: EUR 20.86 per share

- 2024-04: EUR 22.64 per share

- 2024-05: EUR 21.82 per share

- 2024-06: EUR 20.12 per share

- 2024-07: EUR 20.50 per share

- 2024-08: EUR 19.17 per share

- 2024-09: EUR 18.47 per share

- 2024-10: EUR 18.76 per share

- 2024-11: EUR 15.69 per share

- 2024-12: EUR 15.67 per share

- 2025-01: EUR 16.21 per share

- 2025-02: EUR 17.55 per share

- 2025-03: EUR 18.99 per share

- 2025-04: EUR 19.89 per share

- 2025-05: EUR 22.94 per share

- 2025-06: EUR 23.64 per share

- 2025-07: EUR 25.20 per share

- 2025-08: EUR 27.30 per share

- 2025-09: EUR 26.86 per share

- 2025-10: EUR 26.74 per share

- 2025-11: EUR 25.86 per share

- 2025-12: EUR 27.68 per share

- 2026-01: EUR 27.50 per share

- 2026-02: EUR 28.00 per share

- 2026-03: EUR 27.52 per share

- 2026-04: EUR 26.72 per share

- 2026-05: EUR 26.36 per share

- 2026-06: EUR 23.00 per share

- 2026-07: EUR 23.64 per share

- 2026-08: EUR 27.28 per share

- 2026-09: EUR 24.38 per share

- 2026-10: EUR 23.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 19.72 per share, central EUR 22.42 per share, high EUR 26.01 per share

- FY2017: low EUR 28.17 per share, central EUR 31.94 per share, high EUR 36.95 per share

- FY2018: low EUR 37.95 per share, central EUR 49.58 per share, high EUR 57.99 per share

- FY2019: low EUR 38.14 per share, central EUR 49.42 per share, high EUR 57.76 per share

- FY2020: low EUR 18.97 per share, central EUR 21.56 per share, high EUR 25.00 per share

- FY2021: low EUR 29.08 per share, central EUR 33.09 per share, high EUR 38.42 per share

- FY2022: low EUR 20.74 per share, central EUR 23.60 per share, high EUR 27.41 per share

- FY2023: low EUR 16.11 per share, central EUR 18.33 per share, high EUR 21.29 per share

- FY2024: low EUR 10.61 per share, central EUR 12.07 per share, high EUR 14.01 per share

- FY2025: low EUR 1.07 per share, central EUR 1.24 per share, high EUR 1.44 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 2026-10-15T06:43:32.365Z 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