(FTK) flatexDEGIRO - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: XETRA (Germany) | Market Cap: 3.336m EUR | Total Return: 26.2% in 12m
Avg Turnover: 10.6M
Warnings
Choppy
Tailwinds
Confidence
flatexDEGIRO SE is a major European online brokerage and financial technology provider headquartered in Frankfurt, Germany. The company operates primarily through its flatex and DEGIRO segments, offering execution-only securities trading, savings plans, and specialized services for professional traders under the ViTrade brand. Its business model integrates a retail brokerage front-end with a proprietary back-end IT infrastructure, allowing for high-margin scalability as transaction volumes increase.
Beyond retail trading, the firm provides comprehensive B2B solutions, including its Core Banking System for third-party financial institutions and business process outsourcing. The online brokerage sector in Europe is characterized by high regulatory barriers to entry and a shift toward zero-commission models, which flatexDEGIRO counters by offering a diverse range of products including crypto assets, ETFs, and securities-backed loans. For a deeper analysis of the companys valuation metrics, consider reviewing the data on ValueRay.
The company also maintains a significant IT division that develops and maintains hardware and software infrastructure for securities settlement and payment processing. Founded in 1999, the firm recently transitioned its legal structure to a Societas Europaea (SE) to reflect its broad operational footprint across the European Union.
- Trading volume fluctuations drive commission revenue across flatex and DEGIRO platforms
- BaFin regulatory oversight and capital requirements impact operational scaling capabilities
- Interest rate environment shifts affect net interest income from cash balances
- Customer acquisition costs and retention rates determine long term margin stability
- Expansion of zero commission product offerings pressures traditional brokerage fee structures
| Net Income: 271.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -0.27 > 1.0 |
| NWC/Revenue: 69.42% < 20% (prev 37.02%; Δ 32.40% < -1%) |
| CFO/TA 0.29 > 3% & CFO 2.15b > Net Income 271.9m |
| Net Debt (-847.8m) to EBITDA (482.6m): -1.76 < 3 |
| Current Ratio: 1.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.1m) vs 12m ago 0.03% < -2% |
| Gross Margin: 83.29% > 18% (prev 0.74%; Δ 8.25k% > 0.5%) |
| Asset Turnover: 17.07% > 50% (prev 12.95%; Δ 4.12% > 0%) |
| Interest Coverage Ratio: 660.5 > 6 (EBITDA TTM 482.6m / Interest Expense TTM 600k) |
| A: 0.10 (Total Current Assets 6.13b - Total Current Liabilities 5.42b) / Total Assets 7.44b |
| B: 0.08 (Retained Earnings 595.5m / Total Assets 7.44b) |
| C: 0.07 (EBIT TTM 396.3m / Avg Total Assets 5.99b) |
| D: 0.11 (Book Value of Equity 706.2m / Total Liabilities 6.54b) |
| Altman-Z'' = 1.44 = BB |
| DSRI: 0.82 (Receivables 1.42b/999.3m, Revenue 1.02b/588.0m) |
| GMI: 0.89 (GM 83.29% / 74.44%) |
| AQI: 1.49 (AQ_t 0.17 / AQ_t-1 0.11) |
| SGI: 1.74 (Revenue 1.02b / 588.0m) |
| TATA: -0.25 (NI 271.9m - CFO 2.15b) / TA 7.44b) |
| Beneish M = -2.71 (Cap -4..+1) = A |
As of May 24, 2026, the stock is trading at EUR 31.50 with a total of 186,430 shares traded.
Over the past week, the price has changed by +4.57%,
over one month by -13.63%,
over three months by +3.00% and
over the past year by +26.24%.
flatexDEGIRO has no consensus analysts rating.
P/E Trailing = 25.7686
P/S = 5.7078
P/B = 4.1385
Revenue TTM = 1.02b EUR
EBIT TTM = 396.3m EUR
EBITDA TTM = 482.6m EUR
Long Term Debt = 31.9m EUR (estimated: total debt 123.8m - short term 91.9m)
Short Term Debt = 91.9m EUR (from shortTermDebt, last quarter)
Debt = 169.8m EUR (from shortLongTermDebtTotal, last quarter) + Leases 46.0m
Net Debt = -847.8m EUR (calculated: Debt 169.8m - CCE 1.02b)
Enterprise Value = 2.49b EUR (3.34b + Debt 169.8m - CCE 1.02b)
Interest Coverage Ratio = 660.5 (Ebit TTM 396.3m / Interest Expense TTM 600k)
EV/FCF = 8.87x (Enterprise Value 2.49b / FCF TTM 280.4m)
FCF Yield = 11.27% (FCF TTM 280.4m / Enterprise Value 2.49b)
FCF Margin = 27.43% (FCF TTM 280.4m / Revenue TTM 1.02b)
Net Margin = 26.60% (Net Income TTM 271.9m / Revenue TTM 1.02b)
Gross Margin = 83.29% ((Revenue TTM 1.02b - Cost of Revenue TTM 170.8m) / Revenue TTM)
Gross Margin QoQ = 67.13% (prev none%)
Tobins Q-Ratio = 0.33 (Enterprise Value 2.49b / Total Assets 7.44b)
Interest Expense / Debt = 0.35% (Interest Expense 600k / Debt 169.8m)
Taxrate = 27.01% (29.2m / 108.1m)
NOPAT = 289.3m (EBIT 396.3m * (1 - 27.01%))
Current Ratio = 1.13 (Total Current Assets 6.13b / Total Current Liabilities 5.43b)
Debt / Equity = 0.19 (Debt 169.8m / totalStockholderEquity, last quarter 893.8m)
Debt / EBITDA = -1.76 (Net Debt -847.8m / EBITDA 482.6m)
Debt / FCF = -3.02 (Net Debt -847.8m / FCF TTM 280.4m)
Total Stockholder Equity = 797.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.54% (Net Income 271.9m / Total Assets 7.44b)
RoE = 34.08% (Net Income TTM 271.9m / Total Stockholder Equity 797.9m)
RoCE = 47.76% (EBIT 396.3m / Capital Employed (Equity 797.9m + L.T.Debt 31.9m))
RoIC = 3.90% (NOPAT 289.3m / Invested Capital 7.43b)
WACC = 8.21% (E(3.34b)/V(3.51b) * Re(8.62%) + D(169.8m)/V(3.51b) * Rd(0.35%) * (1-Tc(0.27)))
Discount Rate = 8.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 42.22 | Cagr: 0.07%
[DCF] Terminal Value 77.97% ; FCFF base≈241.7m ; Y1≈277.1m ; Y5≈407.8m
[DCF] Fair Price = 65.27 (EV 6.14b - Net Debt -847.8m = Equity 6.98b / Shares 107.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 98.59 | Revenue CAGR: 15.97% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=1.90 | Chg30d=+2.38% | Revisions=+50% | GrowthEPS=+26.4% | GrowthRev=+13.4%
EPS next Year (2027-12-31): EPS=2.25 | Chg30d=+1.03% | Revisions=+38% | GrowthEPS=+18.7% | GrowthRev=+10.0%
[Analyst] Revisions Ratio: +50%