Fucus vesiculosus is a brown seaweed with applications in the food, pharmaceutic, and cosmetic industries. Among its most valuable bioactive compounds are the pigment fucoxanthin and polysaccharides (e.g., fucoidans). In this study, we profiled the photosynthetic pigments and carbohydrates of F. vesiculosus from six locations along the Ílhavo Channel in the Iberian coastal lagoon of Ria de Aveiro, Portugal. Photosynthetic performance (Fv/Fm), pigment, and carbohydrate concentrations were similar between locations, despite differences in environmental factors, such as salinity and periods of exposure to desiccation. Concentration of total carbohydrates (neutral sugars + uronic acids) averaged 418 mg g−1 dw. Fucose was the second most abundant neutral sugar, with an average concentration of 60.7 mg g−1 dw, indicating a high content of fucoidans. Photosynthetic pigments included chlorophylls a and c, β,β-carotene, and the xanthophylls fucoxanthin, violaxanthin, antheraxanthin, and zeaxanthin. Concentrations of fucoxanthin were higher than those reported for most brown macroalgae, averaging 0.58 mg g−1 dw (65% of total carotenoids). This study indicates that F. vesiculosus from Ria de Aveiro is a valuable macroalgal resource for aquaculture companies operating in the region, with considerable potential to yield high-value bioactive compounds.