olivLaw · European equity research
SL Benfica - Futebol, SAD SLBEN.LS
Portugal · Euronext Lisbon · ISIN PTSLB0AM0010 · Vertical: Listed companies from Portugal
SL Benfica - Futebol, SAD runs the professional football activity of the Benfica club, earning revenue from TV, commercial activities and matchdays. In fiscal 2025/26 it posted a second consecutive year of net profit, although operating income excluding player rights declined. The positive net result and lower net debt are the most relevant markers of the current position.
At the close of 05 Nov 2026, SL Benfica - Futebol, SAD (SLBEN.LS) stock was 6.48 EUR (−0.31% on the day), with market capitalisation 149.3 m EUR, P/E 7.8 on diluted EPS of 0.83 EUR over the last 12 months, beta -0.18, 52-week range 5.86–8.16 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.5
- weak (30–45)
- Bollinger (20, 2)
- 6.43 – 6.70
- in the lower half of the band · %B 0.19 · band width 4.1%
- SMA 50 / 200
- 6.61 / 6.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | +0.4% | −2.5 pp | — |
| 3 months | −4.1% | −3.3% | −0.9 pp | — |
| 6 months | −15.2% | +4.0% | −19.1 pp | — |
| Year to date | +0.3% | +8.1% | −7.8 pp | — |
| 1 year | +0.6% | +10.7% | −10.1 pp | −10.1% |
| 3 years | +111.1% | +50.1% | +61.0 pp | +10.3% |
| 5 years | +20.0% | +43.6% | −23.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 3.5, median 5.9, max 8.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -31.4 m | 34.4 m | 19.1 m |
| Net income YoY | unavailable | unavailable | −44.5% |
| Diluted EPS | 0.00 | 1.50 | 0.83 |
| Diluted EPS YoY | unavailable | unavailable | −44.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -77.1 m | -23.1 m | -75.4 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 8.9 m EUR
- Financial debt
- 193.7 m EUR
- Net debt
- 184.9 m EUR
- Equity
- 135.5 m EUR
- Total assets
- 649.4 m EUR
- Debt / equity
- 1.43x
- Current ratio
- 0.60x
- ROE
- 15.2%
- ROA
- 3.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -14.8 m | 50.6 m | 32.4 m | esef· 22 Oct 2026verified |
| Interest expense | 28.8 m | 25.7 m | 21.2 m | esef· 22 Oct 2026verified |
| Pre-tax income | -30.8 m | 37.2 m | 21.9 m | esef· 22 Oct 2026verified |
| Income tax | 570.0 k | 2.7 m | 2.7 m | esef· 22 Oct 2026verified |
| Net income | -31.4 m | 34.4 m | 19.1 m | esef· 22 Oct 2026verified |
| Diluted EPS | 0.00 | 1.50 | 0.83 | esef· 22 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.4 m | 6.4 m | 8.9 m | esef· 22 Oct 2026verified |
| Receivables | 50.7 m | 68.7 m | 87.3 m | esef· 22 Oct 2026verified |
| Current assets | 100.6 m | 120.9 m | 155.1 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 93.7 m | 89.1 m | 84.9 m | esef· 22 Oct 2026verified |
| Total assets | 565.2 m | 591.2 m | 649.4 m | esef· 22 Oct 2026verified |
| Accounts payable | 90.2 m | 119.6 m | 138.0 m | esef· 22 Oct 2026verified |
| Short-term debt | 57.8 m | 60.4 m | 51.2 m | esef· 22 Oct 2026verified |
| Long-term debt | 164.5 m | 142.9 m | 142.6 m | esef· 22 Oct 2026verified |
| Current liabilities | 209.6 m | 249.5 m | 260.1 m | esef· 22 Oct 2026verified |
| Total liabilities | 483.4 m | 474.9 m | 513.9 m | esef· 22 Oct 2026verified |
| Equity | 81.9 m | 116.3 m | 135.5 m | esef· 22 Oct 2026verified |
| Shares outstanding at year end | — | 23.0 m | 23.0 m | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -74.3 m | -20.2 m | -73.4 m | esef· 22 Oct 2026verified |
| Capex | 2.8 m | 2.8 m | 2.0 m | esef· 22 Oct 2026verified |
| Free cash flow | -77.1 m ≈ | -23.1 m ≈ | -75.4 m ≈ | esef· 22 Oct 2026derived |
| Investing cash flow | 22.7 m | 35.2 m | 87.1 m | esef· 22 Oct 2026verified |
| Financing cash flow | 43.4 m | -29.0 m | -11.2 m | esef· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 149.3 m EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.42 – 12.90 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E8.42 – 12.90 (Mid 9.94)7 companies used · median multiple 12.0x · quartiles 10.1x – 15.5xCOR.LS, CTT.LS, EGL.LS, JMT.LS, NVG.LS, SEM.LS, TDSA.LS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.0% | 57 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -394.4% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 7.8x | 88 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -50.5% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SPORT LISBOA E BENFICA - FUTEBOL, SAD (SLBEN.LS). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: ROE 15.2%.
The estimated value range is 8.42–12.90 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.94 EUR, the price of 6.48 EUR leaves a potential of 53.4% (value / price − 1) and a margin of safety of 34.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 7.8x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -394.4%
- Interest coverage: 1.5x
- Current ratio: 0.6x
- FCF yield: -50.5%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Portugal · same country · compared with 10 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JMT.LSJerónimo Martins Sgps SA | 12.2 bn | 18.9 | 20.5% | 1.8% | +7.6% | −5% / −14% |
| NVG.LSThe Navigator Company, S.A. | 2.2 bn | 15.1 | 10.5% | 7.3% | −5.7% | +1% / −19% |
| SEM.LSSemapa - Sociedade De Investimento E Gestão, Sgps, S.A. | 1.6 bn | 10.1 | 9.3% | 7.4% | −1.6% | +18% / +46% |
| EGL.LSMota - Engil, Sgps S.A. | 1.4 bn | 10.2 | 44.7% | 2.5% | −10.9% | −6% / +20% |
| COR.LSCorticeira Amorim, Sgps, S.A. | 889.3 m | 16.0 | 6.6% | 6.5% | −8.3% | −1% / −26% |
| CTT.LSCtt - Correios De Portugal S.A. | 607.2 m | 12.0 | 20.1% | 4.5% | +16.9% | −35% / +28% |
| NBA.LSNovabase - Sociedade Gestora De Participações Sociais S.A. | 261.8 m | 51.1 | 8.8% | 4.4% | −7.2% | −19% / +35% |
| TDSA.LSTeixeira Duarte, S.A. | 173.0 m | 3.5 | 34.1% | 7.1% | −8.9% | −39% / +485% |
| ESON.LSEstoril-Sol, SGPS S.A. | 32.2 m | — | -25.2% | -20.3% | −2.4% | −31% / −63% |
| RAM.LSRamada Investimentos E Indústria, S.A. | — | — | 8.1% | 85.9% | +0.6% | −14% / +0% |
1- and 3-year price returns: for SLBEN.LS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SL Benfica - Futebol, SAD runs the professional football activity of the Benfica club, earning revenue from TV, commercial activities and matchdays. In fiscal 2025/26 it posted a second consecutive year of net profit, although operating income excluding player rights declined. The positive net result and lower net debt are the most relevant markers of the current position 1.
SWOT
Strengths
- The club posted a net profit for a second consecutive year and reduced net debt, which indicates solid financial discipline 1.
- Commercial and matchday revenue reached record levels, which points to a strong base of supporters and partners 1.
- The club has a steady presence in the European revenue ranking, with a top-20 place after several years 1.
Weaknesses
- Media TV revenue depends heavily on European performance, and lower prize money reduced operating income 1.
- The financial result remains negative, although it improved, which shows that the cost of financing is still high 1.
- Dependence on player transfers can make results more volatile from one year to the next 1.
Opportunities
Risks
- Dependence on European competitionshigh
TV revenue and prize money depend on results in European competitions, and a weak season could reduce income.
- Transfer volatilitymedium
The result with player rights can vary widely, and a year without major sales could reduce profit.
- UEFA financial compliancemedium
The company must meet Financial Sustainability requirements, and any breach could affect licensing.
- Financing conditionslow
Borrowing and refinancing depend on capital markets, and tighter conditions could raise the cost of debt.
- Operating costslow
Higher impairments and other costs could reduce the operating margin if they are not controlled.
Investment thesis
What would need to be true (bull case)
- A second consecutive year of net profit and lower net debt could support a more stable financial position.
- Growth in commercial and matchday revenue points to a more diversified income base.
- Strong demand for the 2026 bond issue signals confidence from investors.
What would break the thesis
- Media TV, the largest revenue line, declined, and its recovery depends on European results.
- Profit partly depends on the result with player rights, which is volatile from year to year.
- Interest and financing costs remain a burden, even though they have fallen.
What to watch
- Evolution of Media TV revenue and European prize money2026/27
- Result with player rights and player sales2026/27
- Level of net debt and financing costs2026/27
- Publication of the second Sustainability Report2026/27
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The activity includes the Benfica Campus training complex, where playing surfaces of several pitches were replaced, and visits to the stadium and the Benfica Museum. The report notes that visitor numbers reached a new record, with more than 230 thousand visitors 1. The club also appeared in the Deloitte Football Money League 2026, ranking 19th 1.
The financial structure is supported by a bond issue made in April 2026 and admitted to trading on the Euronext Lisbon regulated market, with a five-year maturity 1. The company reports that net debt fell compared with the prior year, while equity rose 1.
Segments
Market context
The reference market remains sensitive to results in European competitions, which affect prize money and TV revenue. The report shows operating income grew on average about 6.1% a year between 2021/22 and 2025/26 1. This pattern suggests a base of recurring revenue that could support the activity over the medium term.
Trends
- Lower European prize moneyheadwind
UEFA Champions League prize money fell and the revenue linked to the FIFA Club World Cup did not recur, reducing operating income. If European performance stays volatile, Media TV revenue could continue to fluctuate.
- Growth in commercial revenuetailwind
Commercial revenue rose significantly in fiscal 2025/26, partly offsetting the decline in TV income. If this trend holds, diversifying revenue sources could reduce dependence on media rights.
- Lower net debttailwind
Net debt declined compared with the prior year, and financing costs fell. This supports financial stability, though it depends on future financing conditions.
- Volatility of player rightsmixed
Player transfer results weigh heavily on profit, and in the year under review the result with player rights was positive. If the transfer market changes, this result could be smaller.
Competitive position
The club competes with other teams in European football for players, sponsors and media rights. The report does not list direct competitors, but the 2026 Deloitte ranking shows the club's position against major European teams 1. The comparison matters most for commercial and broadcasting revenue.
Competition also extends to borrowing and capital-market financing, where conditions depend on financial discipline. The report notes that demand for the 2026 bond issue exceeded the initial offer size 1.
- Champions League clubs
European teams with comparable revenue, present in the Deloitte Football Money League ranking, against which the club is compared on income 1.
- Top clubs in the big European leagues
Clubs from the five major European leagues that dominate the revenue ranking and compete for players and TV rights 1.
- Other Portuguese clubs
Clubs in the same national league that compete for audiences, sponsors and talent, according to the context of commercial activity 1.
- Clubs outside the big five leagues
Teams with similar results on the European market that are compared with the club in revenue analyses 1.
News & filings
In the press
- Europa League. Juventus învinge la Alkmaar, Benfica rămâne perfectă, Marseille trece de LeverkusenMediafax · 05 Nov 2026 · RO
- Benfica, în fruntea academiilor din fotbal. Farul, singura reprezentantă a României din ierarhieMediafax · 26 Oct 2026 · RO
- VIDEO Fotbal: Victorii clare în deplasare pentru Real Sociedad, AZ Alkmaar, Benfica și Anderlecht în Europa LeagueAgerpres · 22 Oct 2026 · RO
- Juventus salvage Rennes draw as Benfica, Leverkusen stay perfectCNA (Channel NewsAsia) · 22 Oct 2026 · EN
- CFR Cluj a pregătit achizițiile. Cele trei transferuri pe care Șumudică le poate folosi: au trecut pe la Barcelona, Real Madrid și Benfica - ProsportSurge — Google News · 27 Sept 2026 · RO
- Fotbal: AC Milan, învinsă pe San Siro de Benfica, în Europa LeagueAgerpres · 17 Sept 2026 · RO
- Benfica earn win in Milan as Sunderland celebrate historic nightCNA (Channel NewsAsia) · 16 Sept 2026 · EN
- Breaking Bets: Milan - Benfica și meciurile din Europa League - GSPSurge — Google News · 16 Sept 2026 · RO
- Benfica Investor Dos Santos in Fresh Talks to Sell Stake in ClubBloomberg Markets · 09 Sept 2026 · EN
- Oțelul Galați l-a prezentat pe înlocuitorul lui Joao Lameira: „Am crescut la Benfica”HotNews.ro · 05 Sept 2026 · RO
- Oțelul Galați transferă un fost internațional portughez de juniori, format la BenficaMediafax · 05 Sept 2026 · RO
- Fotbal: AC Milan le va întâlni pe Benfica Lisabona și Olympiakos în Europa LeagueAgerpres · 28 Aug 2026 · RO
- João Palhinha pleacă de la Bayern și revine în Portugalia. Mijlocașul a semnat cu Benfica până în 2030Mediafax · 26 Aug 2026 · RO
- Fotbal: Newcastle l-a recrutat pe fundașul bosniac Amar Dedic (Benfica)Agerpres · 18 Aug 2026 · RO
- Fotbal: Victorie la scor pentru Benfica în Europa League, 6-1 cu HeartsAgerpres · 06 Aug 2026 · RO
- Fotbal: Acord pentru transferul fundașului Antonio Silva de la Benfica la BournemouthAgerpres · 31 Jul 2026 · RO
- Benfica anunță revenirea oficială a lui Mourinho la Real MadridG4Media · 10 Jun 2026 · RO
- Real Madrid, sumă de 5 ori mai mare pentru aducerea lui Mourinho de la BenficaG4Media · 02 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202622 Oct 2026
- Annual report 202522 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / SL Benfica - Futebol, SAD · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.