FDJ United

FDJU.PA

Gambling, Resorts & Casinos · Consumer Cyclical

Price

€22.15

-0.05 (-0.23%)

Market Cap

€4.09B

Exchange

Euronext Paris

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−3.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 191.0M (2021) → 185.2M (2025)

Winston Score History

The full picture

FDJ United is a French gambling company that runs lotteries, sports betting, and online casino games. It owns the FDJ brand, which operates France's national lottery — one of the largest lotteries in Europe — and also owns Kindred Group, a major online gambling platform with brands like Unibet. Its main customers are everyday consumers who buy lottery tickets at retail shops or place bets online.

The company earns money by keeping a portion of every bet or ticket sold, after paying out winnings and taxes. FDJ United operates primarily in France for its lottery business, while Kindred expands its reach across Europe and beyond, making FDJ United one of the larger gambling groups on the continent. Its lottery business benefits from a regulated monopoly in France, which protects it from direct competition, but the broader online gambling market is highly competitive and faces ongoing regulatory changes across different countries that could affect how and where it can operate.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-111.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

44.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€569M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

FDJ United's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

31.4%

Modest — 31.4% gross margin

Profit after running costs

Operating Margin

16.9%

Healthy — 16.9% operating margin

Return on the money invested

ROCE

22.0%

Exceptional — 22.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.5%

Nearly flat sales (+2.5% YoY)

Profit growth

EPS YoY

-92.3%

Earnings shrinking (-92.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

1429%

Turns 1429% of profit into real cash

Spare cash per sale

FCF Margin

4.8%

Thin free cash flow (4.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

3.70

Heavy debt load (3.70)

Covers its interest

Interest Cover

7.24x

Adequate interest coverage (7.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

165.8x

Expensive — P/E 165.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+158.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (165.8 → 7.5)

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Dividends

Dividend

Dividend Yield

9.58%

Healthy income — 9.58% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+126.0%

Dividend growing fast (126.0% YoY)

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