FLOW Stock Analysis: Flow Traders BV | AS
Capital Markets | AS, Netherlands | Market Cap: 1.117m EUR | 12M Return: -6.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.96M
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Flow Traders Ltd. is a financial technology-enabled liquidity provider that operates across multiple asset classes, including equities, fixed income, commodities, foreign exchange, and digital assets, serving institutional clients in Europe, the Americas, and Asia. Founded in 2004 and headquartered in Amsterdam, the company combines traditional institutional liquidity services with a growing presence in the digital asset ecosystem.
As a market maker, Flow Traders earns revenue primarily by quoting bid and ask prices on exchanges and profiting from the spread, rather than charging traditional brokerage commissions. The company is dual-listed on the Australian Securities Exchange (ASX) under the ticker FLOW and on Euronext Amsterdam, and operates within the broader exchange-traded product (ETP) liquidity provision space, which has expanded alongside the global growth of ETFs and other exchange-listed instruments.
- Elevated market volatility drives ETP trading volumes higher
- Digital asset liquidity business scales amid growing crypto ETF adoption
- Competitive pressure from high-frequency market makers compresses spreads
| Net Income: 133.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.96 > 1.0 |
| NWC/Revenue: 1.13k% < 20% (prev 91.54%; Δ 1.04k% < -1%) |
| CFO/TA 0.03 > 3% & CFO 538.7m > Net Income 133.6m |
| Net Debt (2.92b) to EBITDA (146.8m): 19.88 < 3 |
| Current Ratio: 2.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.0m) vs 12m ago 4.35% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 3.37% > 50% (prev 6.24%; Δ -2.87% > 0%) |
| Interest Coverage Ratio: 18.78 > 6 (EBIT TTM 118.3m / Interest Expense TTM 6.30m) |
| A: 0.35 (Total Current Assets 8.40b - Total Current Liabilities 2.90b) / Total Assets 15.9b |
| B: 0.05 (Retained Earnings 718.3m / Total Assets 15.9b) |
| C: 0.01 (EBIT TTM 118.3m / Avg Total Assets 14.4b) |
| D: 0.06 (Book Value of Equity 868.4m / Total Liabilities 15.1b) |
| Altman-Z'' = 2.53 = A |
| DSRI: 0.10 (Receivables 4.33m/5.97b, Revenue 485.8m/804.5m) |
| GMI: 0.77 (GM 74.33% / 96.27%) |
| AQI: 0.89 (AQ_t 0.47 / AQ_t-1 0.53) |
| SGI: 0.60 (Revenue 485.8m / 804.5m) |
| TATA: -0.03 (NI 133.6m - CFO 538.7m) / TA 15.9b) |
| Beneish M = -4.33 (Cap -4..+1) = AAA |
As of July 08, 2026, the stock is trading at EUR 25.84 with a total of 85,440 shares traded. Over the past week, the price has changed by +0.08%, over one month by +3.28%, over three months by -8.69% and over the past year by -6.10%.
Current recommended Stop Loss: 24.80 (which is 4% or 1.9 ATR below the current price).
Flow Traders BV has no consensus analysts rating.
P/E Trailing = 8.604
P/E Forward = 11.655
P/S = 1.3609
P/B = 1.2864
Revenue TTM = 485.8m EUR
EBIT TTM = 118.3m EUR
EBITDA TTM = 146.8m EUR
Long Term Debt = 31.2m EUR (estimated: total debt 2.93b - short term 2.90b)
Short Term Debt = 2.90b EUR (from shortTermDebt, last quarter)
Debt = 2.93b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.92b EUR (calculated: Debt 2.93b - CCE 7.23m)
Enterprise Value = 4.04b EUR (1.12b + Debt 2.93b - CCE 7.23m)
Interest Coverage Ratio = 18.78 (Ebit TTM 118.3m / Interest Expense TTM 6.30m)
EV/FCF = 20.96x (Enterprise Value 4.04b / FCF TTM 192.6m)
FCF Yield = 4.77% (FCF TTM 192.6m / Enterprise Value 4.04b)
FCF Margin = 39.65% (FCF TTM 192.6m / Revenue TTM 485.8m)
Net Margin = 27.50% (Net Income TTM 133.6m / Revenue TTM 485.8m)
Gross Margin = unknown ((Revenue TTM 485.8m - Cost of Revenue TTM 18.1m) / Revenue TTM)
Tobins Q-Ratio = 0.25 (Enterprise Value 4.04b / Total Assets 15.9b)
Interest Expense / Debt = 0.22% (Interest Expense 6.30m / Debt 2.93b)
Taxrate = 19.02% (10.8m / 56.8m)
NOPAT = 95.8m (EBIT 118.3m * (1 - 19.02%))
Current Ratio = 0.89 (Total Current Assets 8.40b / Total Current Liabilities 9.47b)
Debt / Equity = 3.37 (Debt 2.93b / totalStockholderEquity, last quarter 868.4m)
Debt / EBITDA = 19.88 (Net Debt 2.92b / EBITDA 146.8m)
Debt / FCF = 15.16 (Net Debt 2.92b / FCF TTM 192.6m)
Total Stockholder Equity = 805.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.93% (Net Income 133.6m / Total Assets 15.9b)
RoE = 16.58% (Net Income TTM 133.6m / Total Stockholder Equity 805.6m)
RoCE = 14.14% (EBIT 118.3m / Capital Employed (Equity 805.6m + L.T.Debt 31.2m))
RoIC = 0.60% (NOPAT 95.8m / Invested Capital 15.9b)
WACC = 1.05% (E(1.12b)/V(4.04b) * Re(3.36%) + D(2.93b)/V(4.04b) * Rd(0.22%) * (1-Tc(0.19)))
Discount Rate = 3.36% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 3.72%
Shares (quarterly) Correlation: 2.22 | Cagr: 1.22%
[DCF] Terminal Value 73.10% ; FCFF base≈227.7m ; Y1≈199.7m ; Y5≈161.3m
[DCF] Fair Price = N/A (negative equity: EV 2.59b - Net Debt 2.92b = -329.7m; debt exceeds intrinsic value)
EPS Correlation: 79.66 | EPS CAGR: 43.42% | SUE: -0.18 | # QB: 0
Revenue Correlation: -31.47 | Revenue CAGR: -7.78% | SUE: 0.05 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.95 | Chg30d=-8.26% | Revisions=+25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.87 | Chg30d=-3.09% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=3.13 | Chg30d=-4.67% | Revisions=+0% | GrowthEPS=+5.1% | GrowthRev=+15.3%
EPS next Year (2027-12-31): EPS=3.65 | Chg30d=-0.54% | Revisions=+0% | GrowthEPS=+16.6% | GrowthRev=+7.8%
[Analyst] Revisions Ratio: +22% (up=4, down=2)