FTK Stock Analysis: flatexDEGIRO | XETRA
Capital Markets | XETRA, Germany | Market Cap: 4.045m EUR | 12M Return: 44.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 10.1M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
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: 193.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.97 > 1.0 |
| NWC/Revenue: 971.3% < 20% (prev 41.16%; Δ 930.1% < -1%) |
| CFO/TA 0.29 > 3% & CFO 2.15b > Net Income 193.9m |
| Net Debt (-848.8m) to EBITDA (319.6m): -2.66 < 3 |
| Current Ratio: 66.69 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.1m) vs 12m ago 0.03% < -2% |
| Gross Margin: 70.14% > 18% (prev 73.53%; Δ -3.39% > 0.5%) |
| Asset Turnover: 9.68% > 50% (prev 9.24%; Δ 0.44% > 0%) |
| Interest Coverage Ratio: 336.5 > 6 (EBIT TTM 269.2m / Interest Expense TTM 800k) |
| 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 269.2m / Avg Total Assets 6.42b) |
| D: 0.14 (Book Value of Equity 893.8m / Total Liabilities 6.54b) |
| Altman-Z'' = 6.01 = AAA |
| DSRI: 0.92 (Receivables 1.42b/1.24b, Revenue 621.5m/499.2m) |
| GMI: 1.05 (GM 73.53% / 70.14%) |
| AQI: 1.53 (AQ_t 0.17 / AQ_t-1 0.11) |
| SGI: 1.25 (Revenue 621.5m / 499.2m) |
| TATA: -0.26 (NI 193.9m - CFO 2.15b) / TA 7.44b) |
| Beneish M = -2.58 (Cap -4..+1) = A |
As of July 28, 2026, the stock is trading at EUR 37.38 with a total of 225,510 shares traded. Over the past week, the price has changed by +6.68%, over one month by +0.05%, over three months by +20.39% and over the past year by +44.56%.
Current recommended Stop Loss: 35.70 (which is 4.5% or 1.2 ATR below the current price).
flatexDEGIRO has no consensus analysts rating.
P/E Trailing = 25.2
P/S = 6.5382
P/B = 4.3958
Revenue TTM = 621.5m EUR
EBIT TTM = 269.2m EUR
EBITDA TTM = 319.6m 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 = 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 (4.04b + Debt 168.8m - CCE 1.02b)
Interest Coverage Ratio = 336.5 (Ebit TTM 269.2m / Interest Expense TTM 800k)
EV/FCF = 24.21x (Enterprise Value 3.20b / FCF TTM 132.0m)
FCF Yield = 4.13% (FCF TTM 132.0m / Enterprise Value 3.20b)
FCF Margin = 21.24% (FCF TTM 132.0m / Revenue TTM 621.5m)
Net Margin = 31.20% (Net Income TTM 193.9m / Revenue TTM 621.5m)
Gross Margin = 70.14% ((Revenue TTM 621.5m - Cost of Revenue TTM 185.6m) / Revenue TTM)
Gross Margin QoQ = 72.63% (prev 67.13%)
Tobins Q-Ratio = 0.43 (Enterprise Value 3.20b / Total Assets 7.44b)
Interest Expense / Debt = 0.47% (Interest Expense 800k / Debt 168.8m)
Taxrate = 27.81% (74.7m / 268.6m)
NOPAT = 194.3m (EBIT 269.2m * (1 - 27.81%))
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 = -2.66 (Net Debt -848.8m / EBITDA 319.6m)
Debt / FCF = -6.43 (Net Debt -848.8m / FCF TTM 132.0m)
Total Stockholder Equity = 797.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.02% (Net Income 193.9m / Total Assets 7.44b)
RoE = 24.30% (Net Income TTM 193.9m / Total Stockholder Equity 797.9m)
RoCE = 32.44% (EBIT 269.2m / Capital Employed (Equity 797.9m + L.T.Debt 31.9m))
RoIC = 2.62% (NOPAT 194.3m / Invested Capital 7.41b)
WACC = 8.53% (E(4.04b)/V(4.21b) * Re(8.87%) + D(168.8m)/V(4.21b) * Rd(0.47%) * (1-Tc(0.28)))
Discount Rate = 8.87% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 45.88 | Cagr: 0.14%
[DCF] Terminal Value 73.12% ; FCFF base≈138.6m ; Y1≈126.2m ; Y5≈109.9m
[DCF] Fair Price = 23.79 (EV 1.70b - Net Debt -848.8m = Equity 2.55b / Shares 107.0m; r=8.53% [WACC]; 5y FCF grow -11.08% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 99.23 | Revenue CAGR: 19.07% | SUE: N/A | # QB: 0
EPS current Quarter (2026-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=2.10 | Chg30d=+10.45% | Revisions=+50% | GrowthEPS=+40.0% | GrowthRev=+19.5%
EPS next Year (2027-12-31): EPS=2.39 | Chg30d=+5.08% | Revisions=+57% | GrowthEPS=+13.9% | GrowthRev=+6.9%
[Analyst] Revisions Ratio: +70% (up=7, down=0)