FLOW Stock Analysis: Flow Traders BV | AS
Capital Markets | AS, Netherlands | Market Cap: 1.297m EUR | 12M Return: 16.7% | BMG3602E1084 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.87M
Warnings
No concerns identified
Tailwinds
Seasonality 11.1 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: 111.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -1.42 > 1.0 |
| NWC/Revenue: 1.76k% < 20% (prev 404.6%; Δ 1.36k% < -1%) |
| CFO/TA 0.03 > 3% & CFO 538.7m > Net Income 111.0m |
| Net Debt (4.58b) to EBITDA (191.3m): 23.91 < 3 |
| Current Ratio: 2.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (45.7m) vs 12m ago 3.30% < -2% |
| Gross Margin: 94.34% > 18% (prev 74.33%; Δ 20.01% > 0.5%) |
| Asset Turnover: 1.73% > 50% (prev 5.11%; Δ -3.38% > 0%) |
| Interest Coverage Ratio: 27.06 > 6 (EBIT TTM 170.5m / Interest Expense TTM 6.30m) |
| A: 0.27 (Total Current Assets 10.0b - Total Current Liabilities 4.38b) / Total Assets 21.2b |
| B: 0.04 (Retained Earnings 809.7m / Total Assets 21.2b) |
| C: 0.01 (EBIT TTM 170.5m / Avg Total Assets 18.5b) |
| D: 0.05 (Book Value of Equity 970.4m / Total Liabilities 20.3b) |
| Altman-Z'' = 1.98 = BBB |
| DSRI: 3.0 (Receivables 10.0b/7.04b, Revenue 319.9m/804.5m) |
| GMI: 0.79 (GM 74.33% / 94.34%) |
| AQI: 1.16 (AQ_t 0.53 / AQ_t-1 0.45) |
| SGI: 0.40 (Revenue 319.9m / 804.5m) |
| TATA: -0.02 (NI 111.0m - CFO 538.7m) / TA 21.2b) |
| Beneish M = -1.91 (Cap -4..+1) = B |
As of August 31, 2026, the stock is trading at EUR 29.44 with a total of 186,280 shares traded. Over the past week, the price has changed by +4.25%, over one month by +14.20%, over three months by +18.81% and over the past year by +16.73%.
Current recommended Stop Loss: 28.80 (which is 2.2% or 1.2 ATR below the current price).
Flow Traders BV has no consensus analysts rating.
P/E Trailing = 9.8133
P/E Forward = 11.4416
P/S = 1.5411
P/B = 1.3197
Revenue TTM = 319.9m EUR
EBIT TTM = 170.5m EUR
EBITDA TTM = 191.3m EUR
Long Term Debt = 203.8m EUR (estimated: total debt 4.58b - short term 4.38b)
Short Term Debt = 4.38b EUR (from shortTermDebt, last quarter)
Debt = 4.58b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.58b EUR (calculated: Debt 4.58b - CCE 6.92m)
Enterprise Value = 5.87b EUR (1.30b + Debt 4.58b - CCE 6.92m)
Interest Coverage Ratio = 27.06 (Ebit TTM 170.5m / Interest Expense TTM 6.30m)
EV/FCF = 56.32x (Enterprise Value 5.87b / FCF TTM 104.3m)
FCF Yield = 1.78% (FCF TTM 104.3m / Enterprise Value 5.87b)
FCF Margin = 32.60% (FCF TTM 104.3m / Revenue TTM 319.9m)
Net Margin = 34.70% (Net Income TTM 111.0m / Revenue TTM 319.9m)
Gross Margin = 94.34% ((Revenue TTM 319.9m - Cost of Revenue TTM 18.1m) / Revenue TTM)
Gross Margin QoQ = 78.45% (prev none%)
Tobins Q-Ratio = 0.28 (Enterprise Value 5.87b / Total Assets 21.2b)
Interest Expense / Debt = 0.14% (Interest Expense 6.30m / Debt 4.58b)
Taxrate = 44.83% (61.0m / 136.1m)
NOPAT = 94.1m (EBIT 170.5m * (1 - 44.83%))
Current Ratio = 0.71 (Total Current Assets 10.0b / Total Current Liabilities 14.1b)
Debt / Equity = 4.72 (Debt 4.58b / totalStockholderEquity, last quarter 970.4m)
Debt / EBITDA = 23.91 (Net Debt 4.58b / EBITDA 191.3m)
Debt / FCF = 43.88 (Net Debt 4.58b / FCF TTM 104.3m)
Total Stockholder Equity = 882.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.60% (Net Income 111.0m / Total Assets 21.2b)
RoE = 12.59% (Net Income TTM 111.0m / Total Stockholder Equity 882.0m)
RoCE = 15.70% (EBIT 170.5m / Capital Employed (Equity 882.0m + L.T.Debt 203.8m))
RoIC = 0.44% (NOPAT 94.1m / Invested Capital 21.2b)
WACC = 1.05% (E(1.30b)/V(5.88b) * Re(4.48%) + D(4.58b)/V(5.88b) * Rd(0.14%) * (1-Tc(0.45)))
Discount Rate = 4.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.01 | Cagr: 1.54%
[DCF] Terminal Value 73.10% ; FCFF base≈182.9m ; Y1≈160.4m ; Y5≈129.6m
[DCF] Fair Price = N/A (negative equity: EV 2.08b - Net Debt 4.58b = -2.50b; debt exceeds intrinsic value)
EPS Correlation: 80.12 | EPS CAGR: 43.80% | SUE: -0.26 | # QB: 0
Revenue Correlation: -31.47 | Revenue CAGR: -7.78% | SUE: 1.12 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.67 | Chg30d=-22.91% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=3.68 | Chg30d=+17.45% | Revisions=+0% | GrowthEPS=+23.5% | GrowthRev=+18.3%
EPS next Year (2027-12-31): EPS=3.66 | Chg30d=+0.18% | Revisions=+17% | GrowthEPS=-0.5% | GrowthRev=+7.5%
[Analyst] Revisions Ratio: +0% (up=2, down=2)