DB1 Stock Analysis: Deutsche Börse | XETRA
Financial Data & Stock Exchanges | XETRA, Germany | Market Cap: 52.752m EUR | 12M Return: 30.7% | DE0005810055 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 83.1M
EPS Trend: 97.7%
Qual. Beats: 0
Rev. Trend: 4.1%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 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.
Deutsche Börse AG is an international exchange organization headquartered in Eschborn, Germany, with operations across Germany, the rest of Europe, the United States, and the Asia-Pacific region. The company operates through four business segments: Investment Management Solutions (financial data, analytics, indices, and SaaS investment management software), Trading & Clearing (markets and trading systems for securities, derivatives, commodities, currencies, and digital assets, along with clearing house services), Fund Services (infrastructure for fund order routing, settlement, custody, and distribution), and Securities Services (securities issuance, settlement, custody, collateral management, securities lending, and liquidity management). The company was founded in 1585, making it one of the longest-established exchange operators globally.
As a major player in the Financial Exchanges & Data sub-industry, Deutsche Börse operates a vertically integrated business model that combines exchange operations, post-trade infrastructure (clearing, settlement, and custody), and information services. This integrated structure allows the company to capture revenue across multiple stages of the financial value chain, including transaction fees, post-trade service charges, and recurring subscription income from data and analytics products.
- Net interest income at Securities Services expands with ECB rate cycle
- Passive ETF inflows boost STOXX and DAX index licensing fees
- Derivatives trading volumes rise on heightened European market volatility
| Net Income: 2.12b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.02 > 1.0 |
| NWC/Revenue: -3.95k% < 20% (prev 46.74%; Δ -3.99k% < -1%) |
| CFO/TA 0.01 > 3% & CFO 2.81b > Net Income 2.12b |
| Net Debt (6.54b) to EBITDA (3.60b): 1.82 < 3 |
| Current Ratio: 0.09 > 1.5 & < 3 |
| Outstanding Shares: last quarter (180.6m) vs 12m ago -1.59% < -2% |
| Gross Margin: 72.93% > 18% (prev 54.28%; Δ 18.66% > 0.5%) |
| Asset Turnover: 2.23% > 50% (prev 2.46%; Δ -0.22% > 0%) |
| Interest Coverage Ratio: 20.56 > 6 (EBIT TTM 3.17b / Interest Expense TTM 154.0m) |
| A: -0.76 (Total Current Assets 29.2b - Total Current Liabilities 337b) / Total Assets 405b |
| B: 0.02 (Retained Earnings 9.29b / Total Assets 405b) |
| C: 0.01 (EBIT TTM 3.17b / Avg Total Assets 349b) |
| D: 0.03 (Book Value of Equity 10.4b / Total Liabilities 394b) |
| Altman-Z'' = -4.83 = D |
| DSRI: 0.53 (Receivables 1.19b/2.08b, Revenue 7.80b/7.23b) |
| GMI: 0.74 (GM 54.28% / 72.93%) |
| AQI: 11.55 (AQ_t 0.93 / AQ_t-1 0.08) |
| SGI: 1.08 (Revenue 7.80b / 7.23b) |
| TATA: -0.00 (NI 2.12b - CFO 2.81b) / TA 405b) |
| Beneish M = 2.66 (Cap -4..+1) = D |
As of October 09, 2026, the stock is trading at EUR 292.60 with a total of 276,244 shares traded. Over the past week, the price has changed by +2.06%, over one month by +4.46%, over three months by +14.61% and over the past year by +30.68%.
Current recommended Stop Loss: 280.30 (which is 4.2% or 2.4 ATR below the current price).
Deutsche Börse has no consensus analysts rating.
P/E Trailing = 25.2241
P/E Forward = 21.1416
P/S = 6.8076
P/B = 4.8728
P/EG = 3.2313
Revenue TTM = 7.80b EUR
EBIT TTM = 3.17b EUR
EBITDA TTM = 3.60b EUR
Long Term Debt = 5.09b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 27.6b EUR (from shortTermDebt, last quarter)
Debt = 34.3b EUR (from shortLongTermDebtTotal, last quarter) + Leases 521.0m
Net Debt = 6.54b EUR (calculated: Debt 34.3b - CCE 27.7b)
Enterprise Value = 59.3b EUR (52.8b + Debt 34.3b - CCE 27.7b)
Interest Coverage Ratio = 20.56 (Ebit TTM 3.17b / Interest Expense TTM 154.0m)
EV/FCF = 21.52x (Enterprise Value 59.3b / FCF TTM 2.75b)
FCF Yield = 4.65% (FCF TTM 2.75b / Enterprise Value 59.3b)
FCF Margin = 35.32% (FCF TTM 2.75b / Revenue TTM 7.80b)
Net Margin = 27.12% (Net Income TTM 2.12b / Revenue TTM 7.80b)
Gross Margin = 72.93% ((Revenue TTM 7.80b - Cost of Revenue TTM 2.11b) / Revenue TTM)
Gross Margin QoQ = 66.93% (prev 59.01%)
Tobins Q-Ratio = 0.15 (Enterprise Value 59.3b / Total Assets 405b)
Interest Expense / Debt = 0.45% (Interest Expense 154.0m / Debt 34.3b)
Taxrate = 26.70% (808.6m / 3.03b)
NOPAT = 2.32b (EBIT 3.17b * (1 - 26.70%))
Current Ratio = 0.09 (Total Current Assets 29.2b / Total Current Liabilities 337b)
Debt / Equity = 3.31 (Debt 34.3b / totalStockholderEquity, last quarter 10.4b)
Debt / EBITDA = 1.82 (Net Debt 6.54b / EBITDA 3.60b)
Debt / FCF = 2.37 (Net Debt 6.54b / FCF TTM 2.75b)
Total Stockholder Equity = 10.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.61% (Net Income 2.12b / Total Assets 405b)
RoE = 19.71% (Net Income TTM 2.12b / Total Stockholder Equity 10.7b)
RoCE = 20.02% (EBIT 3.17b / Capital Employed (Equity 10.7b + L.T.Debt 5.09b))
RoIC = 0.57% (NOPAT 2.32b / Invested Capital 404b)
WACC = 3.11% (E(52.8b)/V(87.0b) * Re(4.92%) + D(34.3b)/V(87.0b) * Rd(0.45%) * (1-Tc(0.27)))
Discount Rate = 4.92% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -91.29 | Cagr: -0.89%
[DCF] Terminal Value 77.97% ; FCFF base≈2.47b ; Y1≈2.83b ; Y5≈4.17b
[DCF] Fair Price = 312.0 (EV 62.8b - Net Debt 6.54b = Equity 56.2b / Shares 180.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 97.66 | EPS CAGR: 9.03% | SUE: 0.56 | # QB: 0
Revenue Correlation: 4.15 | Revenue CAGR: 0.69% | SUE: 0.65 | # QB: 0
EPS current Quarter (2026-09-30): EPS=3.01 | Chg30d=-2.62% | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=12.67 | Chg30d=-0.78% | Revisions=+50% | GrowthEPS=+16.3% | GrowthRev=+8.8%
EPS next Year (2027-12-31): EPS=13.62 | Chg30d=+0.11% | Revisions=+57% | GrowthEPS=+7.5% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: +73% (up=8, down=0)