flatexDEGIRO AG (DE:FTK)
XETRA:FTK
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flatexDEGIRO AG
(XETRA:FTK)
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Rating:67Neutral
Price Target:
€37.00
▲(9.47% Upside)
Action:DowngradedDate:03/31/26
The score is driven primarily by strong underlying profitability and improving 2025 growth, tempered by volatility/data-quality concerns in the latest cash-flow/balance-sheet figures. Technicals are a significant drag (below key moving averages and negative MACD), while valuation is supported by a very high dividend yield despite a mid-to-high P/E.
Positive Factors
High margins & profitability
Sustained high gross and operating margins indicate a structurally profitable brokerage platform with strong unit economics. Such margins support recurring cash generation, allow reinvestment in product and compliance, and provide capacity to fund growth or shareholder returns through varying market cycles.
Negative Factors
Cash-flow volatility & 2025 anomaly
A very large, outsized cash-flow jump in 2025 undermines the reliability of free cash-flow trends. If driven by timing or classification effects, it weakens forecasts for sustainable cash generation, complicates capital planning and reduces confidence in coverage metrics used for long-term investment decisions.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & profitability
Sustained high gross and operating margins indicate a structurally profitable brokerage platform with strong unit economics. Such margins support recurring cash generation, allow reinvestment in product and compliance, and provide capacity to fund growth or shareholder returns through varying market cycles.
Read all positive factors
flatexDEGIRO AG (FTK) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€3.72B
Dividend Yield0.11%
Average Volume (3M)300.26K
Price to Earnings (P/E)25.2
Beta (1Y)0.95
Revenue Growth16.56%
EPS Growth17.76%
CountryDE
Employees1,250
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.85
Shares Outstanding110,134,544
10 Day Avg. Volume395,787
30 Day Avg. Volume300,264
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)4.53
Price to Sales (P/S)7.23
P/FCF Ratio1.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€43.00Price Target Upside27.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.86
Revenue Forecast (FY)€604.08M
flatexDEGIRO AG Business Overview & Revenue Model
Company Description
flatexDEGIRO AG provides online brokerage and IT solutions in the areas of finance and financial technology services in Europe. It operates through Financial Services (FIN) and Technologies (TECH) segments. The FIN segment offers business-to-consu...
How the Company Makes Money
flatexDEGIRO primarily makes money from brokerage- and account-related revenues generated when clients trade and hold financial instruments on its platforms. Key revenue streams typically include: (1) Transaction-based income: commissions and/or f...
flatexDEGIRO AG Earnings Call Summary
Earnings Call Date:Jul 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong performance with record revenues and growth in customer base and assets under custody. Effective cost management and positive trading metrics were highlighted. However, there were concerns about delays in the international rollout of crypto trading, a decline in interest income, and potential interest rate headwinds. Overall, the positives outweighed the negatives, but challenges remain.Positive Updates
Record Half-Year Performance
Achieved a record half year in both top line and bottom line. Raised full-year guidance aiming for more than EUR 0.5 billion in revenues and a 15% to 25% increase in net income.
Negative Updates
Delayed International Rollout of Crypto Trading
The international rollout of crypto trading was delayed due to a partner's pending MiCAR license.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Half-Year Performance
Achieved a record half year in both top line and bottom line. Raised full-year guidance aiming for more than EUR 0.5 billion in revenues and a 15% to 25% increase in net income.
Read all positive updates
Company Guidance
During the flatexDEGIRO Analyst Call for H1 2025 results, significant guidance was provided highlighting a record half-year performance in terms of both top and bottom-line metrics. The company is on track to achieve over EUR 0.5 billion in revenues and anticipates a 15% to 25% increase in net income. Achievements were driven by a record-setting first half, aided by market volatility and strategic platform captures, especially in U.S. trading. The company noted a substantial increase in assets under custody, reaching EUR 83 billion, marking a 37% year-on-year growth. Gross customer additions amounted to approximately 103,000, a 22% increase year-on-year. Commission income rose by 28% year-on-year, and the average commission per trade increased to EUR 4.72. Personnel expenses rose mainly due to provisions for long-term compensation, while marketing expenses decreased, reflecting cost efficiency. The company also updated its full-year guidance, expecting revenue growth of 4% to 8% and net income between EUR 128 million and EUR 139 million, indicating a strong operational leverage. Additionally, the company's ongoing strategic initiatives, including crypto trading and securities lending, are progressing with updates expected shortly.flatexDEGIRO AG Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 559.70M | 462.50M | 390.73M | 406.96M | 417.58M |
| Gross Profit | 388.90M | 462.50M | 286.86M | 311.18M | 310.42M |
| EBITDA | 267.70M | 211.86M | 139.67M | 192.34M | 128.43M |
| Net Income | 160.40M | 111.50M | 71.86M | 106.07M | 51.54M |
Balance Sheet | |||||
| Total Assets | 7.44B | 5.40B | 4.54B | 4.10B | 3.69B |
| Cash, Cash Equivalents and Short-Term Investments | 4.71B | 3.50B | 2.97B | 2.54B | 1.77B |
| Total Debt | 123.80M | 160.02M | 112.77M | 125.39M | 181.00M |
| Total Liabilities | 6.54B | 4.65B | 3.87B | 3.49B | 3.19B |
| Stockholders Equity | 893.80M | 754.65M | 673.62M | 607.62M | 498.85M |
Cash Flow | |||||
| Free Cash Flow | 2.13B | 120.68M | 490.91M | 457.99M | 802.24M |
| Operating Cash Flow | 2.15B | 168.86M | 537.24M | 500.73M | 828.45M |
| Investing Cash Flow | -1.01B | -48.19M | -46.13M | 117.98M | -464.12M |
| Financing Cash Flow | -28.50M | -32.22M | -394.00K | -9.96M | -1.21M |
flatexDEGIRO AG Technical Analysis
Positive
33.80
Price Trends
33.73
Positive
34.40
Negative
31.44
Positive
Market Momentum
-0.43
Negative
57.49
Neutral
75.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:FTK, the sentiment is Positive. The current price of 33.8 is above the 20-day moving average (MA) of 31.88, above the 50-day MA of 33.73, and above the 200-day MA of 31.44, indicating a bullish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 57.49 is Neutral, neither overbought nor oversold. The STOCH value of 75.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:FTK.
flatexDEGIRO AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €338.67M | 6.20 | 24.60% | 1.91% | 15.69% | 268.17% | |
68 Neutral | €249.16M | 2.03 | 40.48% | 8.03% | 36.62% | 23.21% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | €3.72B | 25.23 | 18.79% | 0.11% | 16.56% | 17.76% | |
51 Neutral | €182.84M | 102.62 | 12.06% | 0.85% | 23.63% | ― | |
44 Neutral | €30.22M | -12.53 | -6.76% | ― | 38.84% | 98.00% |
* Financial Sector Average
DE:FTK
flatexDEGIRO AG
33.80
14.23
72.72%
DE:NF4
Netfonds AG
78.50
36.64
87.53%
DE:BWB
Baader Bank AG
6.98
2.97
74.06%
DE:LUS1
Lang & Schwarz AG
26.40
6.20
30.69%
DE:T2G
Tradegate AG Wertpapierhandelsbank
85.00
-2.79
-3.18%
DE:N4G0
Naga Group AG
1.37
-3.93
-74.24%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.