Flow Traders (NL:FLOW)
:FLOW
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Flow Traders
(FLOW)
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Rating:64Neutral
Price Target:
€27.00
▲(15.78% Upside)
Action:Reiterated
Date:05/28/26
The score is driven primarily by solid but volatile financial performance with elevated leverage risk, balanced by an attractive low P/E valuation. Technicals are a key drag as the stock trades below major moving averages despite mildly constructive momentum indicators.
Positive Factors
Recurring market‑making business model
Flow Traders’ core market‑making model—continuous quoting in ETPs and other asset classes—generates recurring spread income and is rooted in market structure. This tech-driven, high-turnover model scales with venue access and client flow, providing a durable revenue engine across cycles.
Negative Factors
Elevated leverage
Consistently high debt amplifies downside risk for a trading business that faces volatile revenues. Elevated leverage can force asset sales, increase funding costs or constrain risk-taking during quieter markets, reducing strategic flexibility and increasing probability of enforced deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring market‑making business model
Flow Traders’ core market‑making model—continuous quoting in ETPs and other asset classes—generates recurring spread income and is rooted in market structure. This tech-driven, high-turnover model scales with venue access and client flow, providing a durable revenue engine across cycles.
Read all positive factors
Flow Traders (FLOW) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€1.06B
Dividend Yield1.83%
Average Volume (3M)98.79K
Price to Earnings (P/E)13.1
Beta (1Y)0.06
Revenue Growth-0.32%
EPS Growth-16.81%
CountryNL
Employees619
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.91
Shares Outstanding45,671,646
10 Day Avg. Volume73,635
30 Day Avg. Volume98,791
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)1.26
Price to Sales (P/S)2.25
P/FCF Ratio2.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€27.20Price Target Upside16.64% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)3.46
Revenue Forecast (FY)€510.21M
Flow Traders Business Overview & Revenue Model
Company Description
Flow Traders N.V. operates as a financial technology-enabled liquidity provider in financial products in Europe, the Americas, and Asia. The company uses its proprietary technology platform to quote bid and ask prices in thousands of exchange trad...
How the Company Makes Money
Flow Traders makes money primarily through proprietary market making and liquidity provision rather than charging clients explicit fees. Its main revenue engine is the trading income it earns from capturing the bid-ask spread and managing inventor...
Flow Traders Earnings Call Summary
Earnings Call Date:Jul 26, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook, with significant increases in total income and EBITDA, as well as solid performance in the digital assets and ETP markets. However, there are challenges in quarter-on-quarter declines in some areas and the suspension of dividend payments. The overall sentiment leans towards positive, but with caution regarding market volatility and strategic shifts.Positive Updates
Significant Increase in Total Income and EBITDA
Total income for the second quarter was EUR 76.2 million, a 48% increase compared to the same period last year. EBITDA reached EUR 21.1 million, more than a six-fold increase from the second quarter of last year.
Negative Updates
Quarter-on-Quarter Decline in ETP Value Traded
ETP value traded decreased by 9% compared to the first quarter, with overall market volatility remaining subdued.
Read all updates
Q2-2024 Updates
Positive
Negative
Significant Increase in Total Income and EBITDA
Total income for the second quarter was EUR 76.2 million, a 48% increase compared to the same period last year. EBITDA reached EUR 21.1 million, more than a six-fold increase from the second quarter of last year.
Read all positive updates
Company Guidance
In the second quarter of 2024, Flow Traders saw a mixed trading environment with the total market ETP value traded rising by 12% year-over-year but declining by 9% quarter-on-quarter. Despite a 15% decrease in volatility compared to the same period last year, total income reached EUR 76.2 million, marking a 48% increase from the previous year. Trading income was EUR 79.5 million, with other income and losses amounting to EUR 3.3 million. The firm achieved an EBITDA of EUR 21.1 million, which represents a more than six-fold increase from the previous year, and the profit for the period was EUR 12.8 million, resulting in a basic EPS of EUR 0.03. The ETP market value traded increased by 12% year-over-year, but declined by 9% quarter-over-quarter, while total ETP assets under management rose by 13% to over EUR 12 trillion. In terms of expenses, fixed operating expenses slightly declined, and NTI increased by 29% year-over-year, resulting in a 40% EBITDA margin for the first half of the year. The firm plans to expand its trading capital and has secured a EUR 25 million bank term loan as part of a broader trading capital expansion strategy, suspending dividend payments to accelerate growth.Flow Traders Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
55
Neutral
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 485.80M | 804.51M | 571.28M | 656.09M | 539.91M |
| Gross Profit | 467.70M | 598.00M | 390.79M | 552.57M | 476.76M |
| EBITDA | 189.00M | 211.65M | 62.95M | 178.55M | 160.01M |
| Net Income | 133.60M | 159.54M | 36.15M | 126.83M | 114.93M |
Balance Sheet | |||||
| Total Assets | 15.94B | 12.90B | 13.92B | 11.10B | 10.82B |
| Cash, Cash Equivalents and Short-Term Investments | 7.23M | 8.39M | 5.50B | 8.61M | 4.51B |
| Total Debt | 2.93B | 1.96B | 2.02B | 1.68B | 1.87B |
| Total Liabilities | 15.08B | 12.13B | 13.33B | 10.50B | 10.32B |
| Stockholders Equity | 868.38M | 766.61M | 585.84M | 606.32M | 508.17M |
Cash Flow | |||||
| Free Cash Flow | 532.48M | 25.48M | 67.43M | 86.15M | 238.00M |
| Operating Cash Flow | 538.75M | 32.06M | 79.48M | 93.75M | 244.76M |
| Investing Cash Flow | -665.25M | -25.85M | -17.47M | -19.72M | -13.84M |
| Financing Cash Flow | 125.87M | -3.78M | -64.69M | -70.59M | -234.62M |
Flow Traders Technical Analysis
Negative
23.32
Price Trends
28.17
Negative
27.51
Negative
26.15
Negative
Market Momentum
-0.63
Positive
23.33
Positive
3.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:FLOW, the sentiment is Negative. The current price of 23.32 is below the 20-day moving average (MA) of 28.44, below the 50-day MA of 28.17, and below the 200-day MA of 26.15, indicating a bearish trend. The MACD of -0.63 indicates Positive momentum. The RSI at 23.33 is Positive, neither overbought nor oversold. The STOCH value of 3.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:FLOW.
Flow Traders Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €2.83B | 17.93 | 12.31% | 7.89% | -0.08% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | €28.08B | 12.01 | 9.85% | 4.36% | -9.78% | 1.72% | |
64 Neutral | €1.06B | 13.11 | 24.83% | 1.83% | -0.32% | -16.81% | |
60 Neutral | €75.69B | 11.91 | 12.05% | 5.10% | 2.44% | 10.58% | |
58 Neutral | €10.92B | 11.24 | 14.36% | 5.79% | 26.07% | 45.09% | |
52 Neutral | €5.16B | 2,226.27 | -7.45% | 1.65% | -1.54% | ― |
* Financial Sector Average
NL:FLOW
Flow Traders
24.78
-4.12
-14.26%
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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.