FTK Stock Analysis: flatexDEGIRO | XETRA
Capital Markets | XETRA, Germany | Market Cap: 4.053m EUR | 12M Return: 58.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 11.3M
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.
flatexDEGIRO SE is a Frankfurt am Main-based online broker founded in 1999 that provides retail brokerage and related banking/securities IT services across Europe. The group operates two main retail brands - flatex (execution-only brokerage, savings plans, ETFs, stocks, and crypto) and DEGIRO - alongside the ViTrade brand for professional traders. Beyond brokerage, it offers securities settlement and payment processing, business process outsourcing, securities-backed lending, treasury/deposit products, and a Core Banking System software platform, with the latter activities supporting its classification under the GICS Application Software sub-industry.
In December 2025 the company changed its legal form from flatexDEGIRO AG to flatexDEGIRO SE, reflecting its status as a European public company (Societas Europaea) listed on XETRA under the ticker FTK. While officially classified under Information Technology, the bulk of revenue is generated by commission- and fee-based retail brokerage activity, making it primarily a consumer-facing capital markets business.
- ECB rate cuts pressure interest income from client cash deposits
- Active client growth drives flatex and DEGIRO transaction volumes
- Italian and Spanish regulators restrict flatex brand marketing activities
| Net Income: 160.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.97 > 1.0 |
| NWC/Revenue: 1.09k% < 20% (prev 43.90%; Δ 1.05k% < -1%) |
| CFO/TA 0.29 > 3% & CFO 2.15b > Net Income 160.4m |
| Net Debt (-848.8m) to EBITDA (270.7m): -3.14 < 3 |
| Current Ratio: 66.69 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.1m) vs 12m ago 0.03% < -2% |
| Gross Margin: 69.20% > 18% (prev 80.89%; Δ -11.68% > 0.5%) |
| Asset Turnover: 8.63% > 50% (prev 8.67%; Δ -0.03% > 0%) |
| Interest Coverage Ratio: 58.46 > 6 (EBIT TTM 224.7m / Interest Expense TTM 3.84m) |
| A: 0.81 (Total Current Assets 6.13b - Total Current Liabilities 91.9m) / Total Assets 7.44b |
| B: 0.08 (Retained Earnings 595.5m / Total Assets 7.44b) |
| C: 0.04 (EBIT TTM 224.7m / Avg Total Assets 6.42b) |
| D: 0.14 (Book Value of Equity 893.8m / Total Liabilities 6.54b) |
| Altman-Z'' = 5.96 = AAA |
| DSRI: 0.97 (Receivables 1.42b/1.24b, Revenue 554.3m/468.0m) |
| GMI: 1.17 (GM 80.89% / 69.20%) |
| AQI: 1.53 (AQ_t 0.17 / AQ_t-1 0.11) |
| SGI: 1.18 (Revenue 554.3m / 468.0m) |
| TATA: -0.27 (NI 160.4m - CFO 2.15b) / TA 7.44b) |
| Beneish M = -2.48 (Cap -4..+1) = BBB |
As of July 08, 2026, the stock is trading at EUR 37.94 with a total of 271,630 shares traded. Over the past week, the price has changed by +1.17%, over one month by +11.98%, over three months by +25.89% and over the past year by +58.90%.
Current recommended Stop Loss: 36.20 (which is 4.6% or 1.3 ATR below the current price).
flatexDEGIRO has no consensus analysts rating.
P/E Trailing = 25.2533
P/S = 6.9343
P/B = 4.5203
Revenue TTM = 554.3m EUR
EBIT TTM = 224.7m EUR
EBITDA TTM = 270.7m 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 = 168.8m EUR (from shortLongTermDebtTotal, last quarter) + Leases 45.0m
Net Debt = -848.8m EUR (calculated: Debt 168.8m - CCE 1.02b)
Enterprise Value = 3.20b EUR (4.05b + Debt 168.8m - CCE 1.02b)
Interest Coverage Ratio = 58.46 (Ebit TTM 224.7m / Interest Expense TTM 3.84m)
EV/FCF = 24.28x (Enterprise Value 3.20b / FCF TTM 132.0m)
FCF Yield = 4.12% (FCF TTM 132.0m / Enterprise Value 3.20b)
FCF Margin = 23.81% (FCF TTM 132.0m / Revenue TTM 554.3m)
Net Margin = 28.95% (Net Income TTM 160.4m / Revenue TTM 554.3m)
Gross Margin = 69.20% ((Revenue TTM 554.3m - Cost of Revenue TTM 170.7m) / Revenue TTM)
Gross Margin QoQ = 67.13% (prev 71.35%)
Tobins Q-Ratio = 0.43 (Enterprise Value 3.20b / Total Assets 7.44b)
Interest Expense / Debt = 2.28% (Interest Expense 3.84m / Debt 168.8m)
Taxrate = 27.32% (60.3m / 220.7m)
NOPAT = 163.3m (EBIT 224.7m * (1 - 27.32%))
Current Ratio = 60.80 (Total Current Assets 6.13b / Total Current Liabilities 100.8m)
Debt / Equity = 0.19 (Debt 168.8m / totalStockholderEquity, last quarter 893.8m)
Debt / EBITDA = -3.14 (Net Debt -848.8m / EBITDA 270.7m)
Debt / FCF = -6.43 (Net Debt -848.8m / FCF TTM 132.0m)
Total Stockholder Equity = 797.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.50% (Net Income 160.4m / Total Assets 7.44b)
RoE = 20.11% (Net Income TTM 160.4m / Total Stockholder Equity 797.9m)
RoCE = 27.08% (EBIT 224.7m / Capital Employed (Equity 797.9m + L.T.Debt 31.9m))
RoIC = 2.20% (NOPAT 163.3m / Invested Capital 7.41b)
WACC = 8.50% (E(4.05b)/V(4.22b) * Re(8.79%) + D(168.8m)/V(4.22b) * Rd(2.28%) * (1-Tc(0.27)))
Discount Rate = 8.79% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 42.22 | Cagr: 0.07%
[DCF] Terminal Value 73.21% ; FCFF base≈138.6m ; Y1≈126.2m ; Y5≈109.9m
[DCF] Fair Price = 23.85 (EV 1.70b - Net Debt -848.8m = Equity 2.55b / Shares 107.0m; r=8.50% [WACC]; 5y FCF grow -11.08% → 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 Quarter (2026-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=1.92 | Chg30d=+1.19% | Revisions=+40% | GrowthEPS=+27.9% | GrowthRev=+12.6%
EPS next Year (2027-12-31): EPS=2.29 | Chg30d=+1.72% | Revisions=+25% | GrowthEPS=+19.3% | GrowthRev=+11.5%
[Analyst] Revisions Ratio: +50% (up=3, down=0)