Our previous work has proved that the uniquely decodable code (UDC) has the ability of enhancing the throughput of a free space optical communication (FSO) system. This paper quantitatively analyzes the error performance and channel capacity of the UDC-FSO system under Malaga turbulence and pointing errors. We first propose the minimum distance of the superimposed patterns (MDSP) approximation to reveal the universal symbol error rate (SER) for UDC-FSO systems. A closed form expression of SER is further deduced for a special case of 2 TXs. Based on the deduced SER, the upper and lower bounds of bit error rate (BER) can be obtained. Additionally, the discrete channel capacity of the UDC-FSO system is defined and deduced according to different superposition patterns, as well as the channel capacity gain. Both simulation and experiment verify the accuracy of the MDSP and SER's expressions. It's also discovered that the channel capacity of the UDC-FSO system is superior to the conventional end-to-end (E2E) link, where maximal channel capacity is limited by the UDC codebooks.