olivLaw · European equity research
Futebol Clube do Porto, Futebol SAD FCP.LS
Portugal · Euronext Lisbon · ISIN PTFCP0AM0008 · Vertical: Listed companies from Portugal
FC Porto is one of Portugal's largest football clubs, with activities in football, other sports, ticketing, hospitality, merchandising and its own infrastructure. In fiscal 2025/26 the club returned to sporting success and continued its financial recovery, investing about 110 million euros in the squad.
At the close of 05 Nov 2026, Futebol Clube do Porto, Futebol SAD (FCP.LS) stock was 2.64 EUR (−5.71% on the day), with market capitalisation 59.3 m EUR, dividend yield 6.05%, beta -0.04, 52-week range 2.50–3.88 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)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 2.51 – 2.91
- in the lower half of the band · %B 0.32 · band width 14.9%
- SMA 50 / 200
- 2.77 / 3.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above 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 | +0.8% | +0.4% | +0.4 pp | — |
| 3 months | −5.7% | −3.3% | −2.5 pp | — |
| 6 months | −13.7% | +4.0% | −17.7 pp | — |
| Year to date | −24.6% | +8.1% | −32.7 pp | — |
| 1 year | −35.3% | +10.7% | −46.0 pp | −10.1% |
| 3 years | unavailable | +50.1% | unavailable | +10.3% |
| 5 years | +60.0% | +43.6% | +16.4 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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -21.1 m | 39.2 m | -26.3 m |
| Net income YoY | unavailable | unavailable | −166.9% |
| Diluted EPS | -0.94 | 1.74 | -1.17 |
| Diluted EPS YoY | unavailable | unavailable | −167.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 16.9 m | -54.5 m | -58.2 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 19.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -29.7 m EUR
- Total assets
- 523.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.41x
- ROE
- unavailable
- ROA
- -5.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 6.5 m | 6.8 m | 8.5 m | esef· 22 Oct 2026verified |
| Operating income | 7.2 m | 68.5 m | 2.6 m | esef· 22 Oct 2026verified |
| Interest expense | 31.7 m | 27.7 m | 26.3 m | esef· 22 Oct 2026verified |
| Pre-tax income | -22.6 m | 45.0 m | -20.3 m | esef· 22 Oct 2026verified |
| Income tax | -27.0 k | 4.0 m | 804.0 k | esef· 22 Oct 2026verified |
| Net income | -21.1 m | 39.2 m | -26.3 m | esef· 22 Oct 2026verified |
| Diluted EPS | -0.94 | 1.74 | -1.17 | esef· 22 Oct 2026verified |
| Dividend per share | 0.02 | 0.00 | 0.16 | esef· 22 Oct 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.5 m | 18.4 m | 19.5 m | esef· 22 Oct 2026verified |
| Inventories | 4.1 m | 4.2 m | 6.7 m | esef· 22 Oct 2026verified |
| Current assets | 58.5 m | 153.0 m | 111.9 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 216.4 m | 221.4 m | 235.7 m | esef· 22 Oct 2026verified |
| Goodwill | 238.0 k | 238.0 k | 0 | esef· 22 Oct 2026verified |
| Total assets | 407.1 m | 508.7 m | 523.0 m | esef· 22 Oct 2026verified |
| Current liabilities | 301.8 m | 184.2 m | 270.3 m | esef· 22 Oct 2026verified |
| Total liabilities | 520.9 m | 519.2 m | 552.7 m | esef· 22 Oct 2026verified |
| Equity | -113.8 m | -10.5 m | -29.7 m | esef· 22 Oct 2026verified |
| Shares outstanding at year end | 22.4 m | 22.6 m | 22.4 m | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 17.6 m | -44.4 m | -42.3 m | esef· 22 Oct 2026verified |
| Capex | 726.0 k | 10.1 m | 15.9 m | esef· 22 Oct 2026verified |
| Free cash flow | 16.9 m ≈ | -54.5 m ≈ | -58.2 m ≈ | esef· 22 Oct 2026derived |
| Investing cash flow | 51.1 m | 59.3 m | 81.9 m | esef· 22 Oct 2026verified |
| Financing cash flow | -85.0 m | -53.0 k | -38.5 m | esef· 22 Oct 2026verified |
| Dividends paid | 372.0 k | 0 | 3.6 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 59.3 m EUR
Key indicators
Coverage and freshness
Score by group
25% · 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: 2.17 – 2.96 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)2.17 – 2.96 (Mid 2.51)
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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -98.3% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 6.1% | 86 (on a fixed band) | 25% |
| 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
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial86/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
FUTEBOL CLUBE DO PORTO, FUTEBOL SAD (FCP.LS). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
The estimated value range is 2.17–2.96 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.51 EUR, the price of 2.64 EUR leaves a potential of -5.0% (value / price − 1) and a margin of safety of -5.3% (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 (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.1%
What contradicts it
- Interest coverage: 0.1x
- Current ratio: 0.4x
- FCF yield: -98.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 FCP.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
FC Porto is one of Portugal's largest football clubs, with activities in football, other sports, ticketing, hospitality, merchandising and its own infrastructure. In fiscal 2025/26 the club returned to sporting success and continued its financial recovery, investing about 110 million euros in the squad 1.
SWOT
Strengths
- The community of members and supporters is very large and loyal, with a new historic high of members and a stadium that is nearly full at matches 1.
- The club owns infrastructure, including a modernised stadium and a high-performance centre project under development, which supports sporting activity.
- The club showed sporting recovery and the ability to attract sponsors, which strengthens its commercial brand.
Weaknesses
- Financial recovery is still in progress, and the report acknowledges liquidity challenges and an imbalance between investment and revenue.
- Commercial revenue is, according to management, below the potential of the brand size and supporter base.
- Reliance on sporting results makes revenue and sponsorship sensitive to team performance.
Opportunities
- Growth in hospitality, ticketing and merchandising revenue could continue if stadium modernisation and online sales consolidate.
- International expansion of the brand and product distribution could open new commercial markets.
- New training infrastructure and the multisport pavilion could support talent development and its economic value.
Threats
- High spending on the squad and infrastructure could limit financial flexibility if revenue does not grow enough.
- Strong competition in the Liga Portugal and European competitions may affect results, sponsorship and revenue.
- Changes in audiovisual consumption and content access could affect the value of media rights and the club's own channel.
Risks
- Liquidity and financial balancehigh
The club acknowledged in its report that liquidity and the ability to fund investment from revenue remain challenges, which could limit future investment if the situation does not improve.
- Dependence on sporting resultshigh
Revenue from tickets, sponsorship and transfers depends on team performance, and a fall in results could reduce these sources of income.
- High cost of infrastructure projectsmedium
Stadium modernisation and the new performance centre involve large outlays, and budget overruns or delays could weigh on the financial position.
- Compliance and internal control risksmedium
The club recently set up an integrated internal control function, but process reorganisation could create errors or non-compliance during the transition.
- Changes in media consumptionlow
Repositioning the Porto Canal toward a thematic model depends on implementation and audience demand, and results remain uncertain until completion.
Investment thesis
What would need to be true (bull case)
- If revenue from the stadium, merchandising and sponsorship keeps growing, the club could ease financial pressure and fund investment in the squad and infrastructure more easily.
- A member and supporter community at a historic high provides a solid base for recurring revenue and commercial expansion.
- The modernised infrastructure and the new performance centre could support long-term sporting recovery and the development of talent.
What would break the thesis
- Financial recovery remains incomplete, and heavy investment could strain liquidity if revenue does not grow as expected.
- Revenue depends heavily on sporting results, so a weak period could hit ticketing, sponsorship and transfers.
- Competition in the domestic league and in Europe is intense, and a lasting competitive recovery is not assured.
What to watch
- Development of liquidity and of the balance between investment and structural revenue2026/27
- Completion of the second phase of the Estádio do Dragão modernisation and effects on hospitality revenue2026/27
- Implementation of the new Centro de Alto Rendimento in Olivalnext annual report
- Commercial results of merchandising and the online channel2026/27
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
Futebol Clube do Porto, Futebol SAD is the company through which the Porto club carries out its professional football activity, within a group that also includes other sports, international academies and commercial activities. The 2025/26 annual report describes an organisation seeking to combine sporting competitiveness with growth in structural revenue. At 30 June 2026 the club reached a new historic high of 180,470 members 1. During the year it also agreed the sale of the insurance brokerage Porto Seguro, valuing its capital at 10 million euros 1.
The source indicates that group activity is organised across several lines: the relationship with members and supporters, commercial revenue, infrastructure and youth development. In 2025/26 the club moved from a reorganisation phase to an execution phase, with a Strategic Plan 2025–2030. The emphasis on simplifying the structure and on internal control is described as part of this process 1.
The club's recovery also has a financial dimension: the report stresses that financial sustainability remains a condition for sporting ambition, and that liquidity and the balance between investment and revenue generation remain open challenges 1.
Segments
Tickets, hospitality and stadium
The Estádio do Dragão was on average 91% occupied in the Liga Portugal, with an average of 45,612 spectators per match 1. Corporate hospitality revenue rose to 11.5 million euros and individual ticketing revenue to 18.1 million euros, both pointing to better monetisation of the stadium 1.
Merchandising and licensing
Merchandising and licensing revenue reached 15.7 million euros, up 18% on the previous season, while the online store generated 2.4 million euros, up 72% 1. A limited-edition shirt sold out in two hours, and a five-year partnership with New Era extends distribution to more than 80 countries 1.
Sponsorship and partnerships
Betano, New Balance, Revigrés and Super Bock remained among the main partners, and Fidelidade became principal sponsor on the women's team shirt, the first commercial deal for this asset since the project launched 1. The report notes that the overall sponsorship structure did not change materially 1.
Market context
The market described in the source is Portuguese professional football and the club's global community. Revenue depends on stadium capacity, member engagement, sales of official products and sponsorship, and the club stresses that the brand's international reach can only be turned into revenue with a more consistent commercial presence in priority markets 1. The report gives no quantitative data on market share or total market size.
Commercial activity also depends on how the club uses its infrastructure: the stadium modernisation, the new High Performance Centre and the multisport pavilion under development create conditions for new revenue sources, if exploited efficiently 1.
Trends
- Stadium monetisationtailwind
The modernisation of the Estádio do Dragão, including renovated VIP boxes and common areas, supported higher ticketing and hospitality revenue, although demand and pricing policy also contributed 1. If this trend holds, matchday revenue could keep growing.
- Digitalisation of commerce and fan relationsmixed
The club launched a fully digital ticketing platform and is extending data analytics, which could improve sales and the fan experience. At the same time, technology investment and system reorganisation require resources and implementation time 1.
- Financial pressure on investmentheadwind
Large investments in the squad and infrastructure were made alongside financial recovery, raising questions on liquidity and on the balance between spending and revenue, which the report recognises as challenges 1. If structural revenue does not grow enough, the pressure could persist.
- International expansiontailwind
The club is extending its international academies and supporter community presence, and international distribution agreements for products are a growth channel. The financial impact of these efforts is not quantified in the source 1.
Competitive position
The source does not name competitors or give market-share comparisons. Direct competition takes place in Portuguese football and in European competitions, where the club aims to return, and rival clubs in the same league are implicitly both sporting and commercial competitors.
- Rival clubs in the Liga Portugal
Sporting competition and competition for audience, sponsors and talent in the domestic league; the source does not name them.
- European clubs in UEFA competitions
Competition for qualification, prize money and international visibility, in the context of the return to the Champions League the report mentions.
- Clubs in other European leagues
Competition for talent and players, and by extension for transfer budgets.
- Sportswear manufacturers and licensors
Indirect competition for sponsorship and licensing contracts relative to the club's current partners.
News & filings
In the press
- Scor record pentru Como în Champions League: 9 – 1 cu Lens / Manchester City și Arsenal câștigă în deplasare / Porto bate NapoliG4Media · 05 Nov 2026 · RO
- Feira do Livro de Porto Alegre registra aumento de vendasSurge — GDELT DOC · 04 Nov 2026 · RO
- Portugalia. Confruntări, duminică dimineața, între poliție și manifestanții din Porto și Lisabona. Aceștia și-au montat corturi în centrul orașelor, pentru a protesta împotriva unui proiect de lege, despre care spun că va elimina plafonarea chiriilor și va facilita evacuările.Biziday.ro · 01 Nov 2026 · RO
- Proteste în Portugalia: Poliția a evacuat tabere de corturi la Lisabona și Porto; 13 persoane arestateAgerpres · 01 Nov 2026 · RO
- De la academia lui FC Porto, la U Cluj! Fotbalistul care visează să ajungă pe Dragao şi legătura surprinzătoare cu un star de la Campionatul Mondial | VIDEO - OrangesportSurge — Google News · 29 Oct 2026 · RO
- Poliția portugheză a evacuat taberele din Lisabona și Porto ale activiștilor care protestau față de criza locuințelor / 55 de persoane arestateG4Media · 20 Oct 2026 · RO
- Portugalia: Poliția a evacuat taberele din Lisabona și Porto ale protestatarilor față de criza locuințelor, operând 55 de arestăriAgerpres · 20 Oct 2026 · RO
- Topul celor mai prietenoase orașe din Europa. Porto se află pe primul loc. România nu apare în clasamentAntena 3 CNN · 18 Oct 2026 · RO
- Ciocniri între polițiști și activiștii pentru locuințe, la Porto. Organizatorii spun că 37 de oameni au fost rănițiAntena 3 CNN · 15 Oct 2026 · RO
- My Favorite Airbnb: An Architect's Antique-Filled Porto Apartment With a Secret GardenConde Nast Traveler · 08 Oct 2026 · EN
- Tenis: Alexandru Jecan, calificat în semifinalele probei de dublu la Porto (challenger)Agerpres · 01 Oct 2026 · RO
- Tenis: Alexandru Jecan, calificat în sferturile probei de dublu la Porto (challenger)Agerpres · 30 Sept 2026 · RO
- Un avion cu 296 de pasageri, aterizare de urgență la Porto. Fum în cabină și pasageri spitalizați - hotnews.roHotNews.ro · 28 Sept 2026 · RO
- 15 Best Airbnbs in Porto—For Walking-Distance Wine Bars and Views of the DouroConde Nast Traveler · 23 Sept 2026 · EN
- Haaland to the double as Manchester City beat Porto in Champions LeagueAl Jazeera — World · 08 Sept 2026 · EN
- Care sunt cele mai „Gen Z friendly” oraşe din lume: Tokyo e în fruntea clasamentului, dar Europa vine tare din urmă cu Porto, Copenhaga sau BerlinZiarul Financiar · 12 Aug 2026 · RO
- Tokyo și Porto conduc clasamentul celor mai bune orașe din lume pentru Generația Z / Europa domină topul Time OutG4Media · 07 Aug 2026 · RO
- FC Porto a cucerit pentru a 25-a oară Supercupa PortugalieiSpotMedia.ro · 02 Aug 2026 · RO
- Campion al Portugaliei cu FC Porto, transferat la CFR ClujMediafax · 21 Jul 2026 · RO
- Porto Vathy, plaja din Thassos îndrăgită de români s-a redeschis în 2026, după ce nu a mai fost amenajată timp de un an din cauza incendiilor de vegetațieLibertatea.ro · 24 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 / Futebol Clube do Porto, 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.