FDJ United

LFDJF

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$25.54

+0.00 (+0.00%)

Market Cap

$4.72B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

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)

FDJ United is a French gambling company that runs lotteries, sports betting, and online casino games. Its most well-known product is the French national lottery, which it has operated under a government-granted license for decades. It also owns the Kindred Group, a major online gambling brand with products like Unibet, giving it a strong presence in digital betting across Europe.

The company earns money by keeping a portion of every bet or lottery ticket sold, paying out the rest as prizes. FDJ United operates primarily in France and across Europe, with the Kindred acquisition significantly expanding its online reach. Its lottery business in France is protected by an exclusive government license, which acts as a strong competitive moat, but its online gambling operations face growing regulatory pressure across European markets, which could limit expansion or increase compliance costs going forward.

Winston Score History

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

-4.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-112.0% 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

36.9%ownership

Insiders own a meaningful stake in the company

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.

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Quality

Gross Margin

31.4%

Modest — 31.4% gross margin

Operating Margin

12.9%

Healthy — 12.9% operating margin

ROCE

8.4%

Below par — 8.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.5%

Nearly flat sales (+2.5% YoY)

EPS YoY

-92.9%

Earnings shrinking (-92.9% YoY)

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

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

1439%

Turns 1439% of profit into real cash

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

Debt / Equity

3.70

Heavy debt load (3.70)

Interest Cover

5.81x

Adequate interest coverage (5.8x)

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

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Valuation

P/E Ratio (TTM)

208.1x

Expensive — P/E 208.1

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

P/E vs Forward

+200.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (208.1 → 7.7)

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Dividends

Dividend Yield

9.46%

Healthy income — 9.46% yield

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

Dividend Growth

N/A

Data not available

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