Unibail Rodamco Westfield (URW) AI Stock Analysis

• Market Cap: €14.07B
• Dividend Yield: 3.8%
• Average Volume (3M): 316.03K
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.86
• Revenue Growth: 4.09%
• EPS Growth: N/A
• Country: FR
• Employees: 2,316
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 3.98
• Shares Outstanding: 143,334,100
• 10 Day Avg. Volume: 285,525
• 30 Day Avg. Volume: 316,026
• PEG Ratio: 0.01
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 4.34
• P/FCF Ratio: 11.53
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €118.26
• Price Target Upside: 20.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 9.27
• Revenue Forecast (FY): €2.52B

• Rating: 60 Neutral
• Price Target: €104.00 ▲(5.95% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improved profitability and durable cash generation, tempered by a debt-heavy balance sheet and declining 2025 revenue. Technically, the uptrend is intact but overbought signals reduce confidence in near-term upside, while valuation (low P/E and solid dividend yield) is supportive.

Positive Factors

Cash generation

Consistent operating cash flow (~€2.05B) and positive free cash flow (~€1.15B) indicate durable internal funding for operations, maintenance and selective redevelopment. That persistent cash generation supports distributions, deleveraging or reinvestment over the medium term even if revenues fluctuate.

Profitability recovery

A sharp rebound to ~€1.27B net income demonstrates restored earnings power after prior volatility, improving coverage of interest and fixed costs. This recovery increases resilience to cyclical pressure and provides a more stable base for cash returns and strategic investment decisions over coming quarters.

Scale & capital base

A substantial asset base (~€49.7B) and meaningful equity (~€17.7B) give URW scale advantages in prime retail/office markets and provide balance-sheet capacity. This capital base supports development, tenant relationships and access to financing, helping the company navigate market cycles sustainably.

Negative Factors

High leverage

Elevated debt (~€25.0B) and a historically high debt-to-equity ratio increase sensitivity to rising interest rates and refinancing risk. Such leverage constrains strategic flexibility, raises financing costs, and magnifies the impact of any property-value or rental-income deterioration over the medium term.

Declining revenue

A ~14.5% revenue decline signals top-line pressure in the retail/office portfolio, which can erode rental yields and tenant mix quality. If this trend persists, it could compress margins, reduce cash flow headroom for debt service and slow recovery from cyclical downturns over several quarters.

Softening FCF trend

A 17.7% drop in free cash flow indicates weakening conversion of operating profits to discretionary cash. Reduced FCF limits ability to pay down debt, fund redevelopment or maintain distributions, increasing the chance management must prioritize liquidity actions or asset sales if weakness continues.

Unibail Rodamco Westfield Business Overview & Revenue Model

Company Description

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States. The Group operates 75 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a EUR 3 Bn development pipeline of mainly mixed-use assets. Currently, its EUR 51 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2023). URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group's Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates. URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.

How the Company Makes Money

URW generates revenue primarily through rental income from its extensive portfolio of shopping centers, office buildings, and convention venues. The company leases space to a variety of tenants, including retail stores, restaurants, and service providers, which contribute to a steady stream of rental income. Additionally, URW benefits from property management fees and service charges related to the maintenance and operation of its properties. The firm also engages in development projects, which can lead to capital gains upon completion and leasing of new spaces. Significant partnerships with leading retailers and brands enhance its attractiveness as a retail destination, while strategic investments in location and property upgrades contribute to increased foot traffic and higher rental yields.

Unibail Rodamco Westfield Financial Statement Overview

Summary

Earnings rebounded sharply in 2025 (net income ~€1.27B vs near breakeven in 2024 and a large loss in 2023) and operating cash flow remains strong (~€2.05B) with positive free cash flow (~€1.15B). Offsetting this, revenue fell ~14.5% in 2025 and leverage remains elevated with very large debt (~€25.0B), increasing sensitivity to property conditions and financing costs.

Income Statement

Profitability rebounded meaningfully in 2025 with net income of ~€1.27B versus near-breakeven in 2024 and a large loss in 2023, indicating a sharp recovery from prior volatility. Revenue, however, declined ~14.5% in 2025 after modest growth in 2024, suggesting top-line pressure. Overall, results show improved earnings power but an uneven revenue trajectory and historically unstable profitability.

Balance Sheet

Leverage remains elevated for a retail REIT, with total debt still very large (~€25.0B in 2025) and previously reported debt-to-equity around ~1.6x in 2023–2024. Equity has been relatively stable (~€17.7B in 2025), providing a meaningful capital base, and total assets remain substantial (~€49.7B in 2025). Key risk is that the capital structure is still debt-heavy, which can limit flexibility if property values or rental income weaken.

Cash Flow

Cash generation is solid and consistent: operating cash flow remained strong (~€2.05B in 2025) and free cash flow stayed positive (~€1.15B in 2025). That said, free cash flow declined ~17.7% in 2025 after a small increase in 2024, pointing to some recent softening. Overall, the company demonstrates durable cash flow capacity, but the latest year shows mild pressure versus prior levels.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.06B	3.26B	3.06B	3.00B	2.52B
Gross Profit	1.98B	2.05B	1.88B	1.89B	1.44B
EBITDA	2.73B	1.63B	1.68B	1.24B	1.31B
Net Income	1.27B	146.20M	-1.63B	178.20M	-972.10M
Balance Sheet
Total Assets	49.68B	53.55B	53.58B	54.64B	54.92B
Cash, Cash Equivalents and Short-Term Investments	2.68B	5.29B	5.50B	3.33B	2.26B
Total Debt	24.49B	27.56B	27.90B	26.40B	27.13B
Total Liabilities	27.99B	32.51B	32.81B	31.69B	32.55B
Stockholders Equity	17.70B	17.67B	17.21B	19.18B	18.92B
Cash Flow
Free Cash Flow	1.15B	881.90M	875.50M	1.53B	831.70M
Operating Cash Flow	2.05B	2.19B	2.06B	2.44B	1.72B
Investing Cash Flow	650.70M	-537.10M	-791.40M	280.80M	620.80M
Financing Cash Flow	-5.26B	-1.88B	865.40M	-1.64B	-2.24B

Unibail Rodamco Westfield Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 98.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:URW, the sentiment is Neutral. The current price of 98.16 is below the 20-day moving average (MA) of 100.72, above the 50-day MA of 95.81, and above the 200-day MA of 89.09, indicating a neutral trend. The MACD of 2.32 indicates Positive momentum. The RSI at 45.58 is Neutral, neither overbought nor oversold. The STOCH value of 41.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:URW.

Unibail Rodamco Westfield Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LI	75 Outperform	€9.79B	7.44	14.13%	5.04%	6.74%	74.00%
COVH	68 Neutral	€3.57B	10.97	6.03%	6.49%	21.24%	241.67%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
COV	61 Neutral	€6.43B	8.50	5.11%	6.37%	8.36%	―
URW	60 Neutral	€14.07B	10.47	―	3.80%	4.09%	―
GFC	59 Neutral	€5.49B	13.36	4.93%	6.39%	3.84%	―
ICAD	51 Neutral	€1.52B	-13.56	-4.49%	20.25%	-6.91%	80.39%

Unibail Rodamco Westfield Corporate Events

Unibail-Rodamco-Westfield N.V. Posts Unaudited 2025 Results Ahead of Full Annual Report

Unibail-Rodamco-Westfield N.V. has released unaudited full-year 2025 results for the period ended December 31, 2025, ahead of its audited annual report due in March 2026. The disclosure signals continued integration with Unibail-Rodamco-Westfield SE, which consolidates the N.V. entity and provides investors with a broader view of the group’s performance across its U.S. and Dutch assets.

Management directs stakeholders to upcoming detailed financial statements and group-level results available through the parent company’s investor platform. This structure underscores that key operational and financial insights for shareholders and bondholders are best interpreted at the wider group level, where URW SE’s accounts provide the primary lens on strategy, performance, and asset positioning.

The most recent analyst rating on (FR:URW) stock is a Buy with a EUR135.00 price target. To see the full list of analyst forecasts on Unibail Rodamco Westfield stock, see the FR:URW Stock Forecast page.