(FLOW) Flow Traders BV - Overview
Exchange: AS •
Country: Netherlands •
Currency: EUR •
Type: Common Stock •
ISIN: BMG3602E1084
Stock: Liquidity Provision, Exchange Traded Products, Institutional Liquidity Services
Total Rating 32
Risk 38
Buy Signal -0.98
| Risk 5d forecast | |
|---|---|
| Volatility | 29.5% |
| Relative Tail Risk | -22.1% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.33 |
| Alpha | 8.32 |
| Character TTM | |
|---|---|
| Beta | -0.100 |
| Beta Downside | -0.269 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.79% |
| CAGR/Max DD | 0.18 |
Description: FLOW Flow Traders BV January 18, 2026
Flow Traders BV (AS:FLOW) is a technology-driven market-making firm that supplies multi-asset class liquidity across Europe, the Americas and Asia, enabling investors to transact in exchange-traded and over-the-counter products.
Founded in 2004 and headquartered in Amsterdam, the firm has expanded into the digital-asset ecosystem, offering institutional-grade liquidity services for cryptocurrencies and tokenised securities.
Key performance indicators (as of FY 2023) include €1.2 bn of gross revenue, a 38 % net profit margin, and an average daily trading volume of roughly €30 bn, reflecting the firm’s scale in both traditional and digital markets.
Sector drivers that materially affect Flow Traders are (1) macro-level market volatility, which raises demand for liquidity provision; (2) regulatory developments in the EU’s MiCA framework that could reshape crypto-market making; and (3) the continued growth of passive investing, which increases exchange-traded product turnover.
For a deeper quantitative assessment, see the ValueRay analysis of FLOW.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: 72.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 11.31 > 1.0 |
| NWC/Revenue: 127.3% < 20% (prev 1161 %; Δ -1034 % < -1%) |
| CFO/TA 0.11 > 3% & CFO 1.80b > Net Income 72.5m |
| Net Debt (3.09b) to EBITDA (202.6m): 15.26 < 3 |
| Current Ratio: 1.14 > 1.5 & < 3 |
| Outstanding Shares: last quarter (44.2m) vs 12m ago 2.36% < -2% |
| Gross Margin: 89.00% > 18% (prev 0.61%; Δ 8839 % > 0.5%) |
| Asset Turnover: 3.58% > 50% (prev 2.04%; Δ 1.54% > 0%) |
| Interest Coverage Ratio: 2.05 > 6 (EBITDA TTM 202.6m / Interest Expense TTM 88.0m) |
Altman Z'' 0.58
| A: 0.05 (Total Current Assets 6.00b - Total Current Liabilities 5.27b) / Total Assets 15.74b |
| B: 0.04 (Retained Earnings 670.0m / Total Assets 15.74b) |
| C: 0.01 (EBIT TTM 180.7m / Avg Total Assets 16.15b) |
| D: 0.06 (Book Value of Equity 863.0m / Total Liabilities 14.92b) |
| Altman-Z'' Score: 0.58 = B |
Beneish M -1.66
| DSRI: 0.51 (Receivables 7.04b/8.10b, Revenue 578.6m/337.7m) |
| GMI: 0.69 (GM 89.00% / 61.36%) |
| AQI: 3.79 (AQ_t 0.61 / AQ_t-1 0.16) |
| SGI: 1.71 (Revenue 578.6m / 337.7m) |
| TATA: -0.11 (NI 72.5m - CFO 1.80b) / TA 15.74b) |
| Beneish M-Score: -1.66 (Cap -4..+1) = CCC |
What is the price of FLOW shares?
As of February 07, 2026, the stock is trading at EUR 26.48 with a total of 138,936 shares traded.
Over the past week, the price has changed by -3.57%, over one month by +1.69%, over three months by +11.45% and over the past year by +9.15%.
Over the past week, the price has changed by -3.57%, over one month by +1.69%, over three months by +11.45% and over the past year by +9.15%.
Is FLOW a buy, sell or hold?
Flow Traders BV has no consensus analysts rating.
What are the forecasts/targets for the FLOW price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29.2 | 10.2% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 27.6 | 4% |
FLOW Fundamental Data Overview February 03, 2026
Market Cap USD = 1.41b (1.20b EUR * 1.1801 EUR.USD)
P/E Trailing = 6.6081
P/E Forward = 7.734
P/S = 1.5628
P/B = 1.4492
Revenue TTM = 578.6m EUR
EBIT TTM = 180.7m EUR
EBITDA TTM = 202.6m EUR
Long Term Debt = 45.1m EUR (estimated: total debt 3.10b - short term 3.05b)
Short Term Debt = 3.05b EUR (from shortTermDebt, last quarter)
Debt = 3.10b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.09b EUR (from netDebt column, last quarter)
Enterprise Value = 4.29b EUR (1.20b + Debt 3.10b - CCE 8.13m)
Interest Coverage Ratio = 2.05 (Ebit TTM 180.7m / Interest Expense TTM 88.0m)
EV/FCF = 2.39x (Enterprise Value 4.29b / FCF TTM 1.80b)
FCF Yield = 41.87% (FCF TTM 1.80b / Enterprise Value 4.29b)
FCF Margin = 310.4% (FCF TTM 1.80b / Revenue TTM 578.6m)
Net Margin = 12.53% (Net Income TTM 72.5m / Revenue TTM 578.6m)
Gross Margin = 89.00% ((Revenue TTM 578.6m - Cost of Revenue TTM 63.6m) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 100.0%)
Tobins Q-Ratio = 0.27 (Enterprise Value 4.29b / Total Assets 15.74b)
Interest Expense / Debt = 0.01% (Interest Expense 400.0k / Debt 3.10b)
Taxrate = 18.06% (8.00m / 44.3m)
NOPAT = 148.0m (EBIT 180.7m * (1 - 18.06%))
Current Ratio = 1.14 (Total Current Assets 6.00b / Total Current Liabilities 5.27b)
Debt / Equity = 3.78 (Debt 3.10b / totalStockholderEquity, last quarter 820.8m)
Debt / EBITDA = 15.26 (Net Debt 3.09b / EBITDA 202.6m)
Debt / FCF = 1.72 (Net Debt 3.09b / FCF TTM 1.80b)
Total Stockholder Equity = 780.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.45% (Net Income 72.5m / Total Assets 15.74b)
RoE = 9.29% (Net Income TTM 72.5m / Total Stockholder Equity 780.2m)
RoCE = 21.89% (EBIT 180.7m / Capital Employed (Equity 780.2m + L.T.Debt 45.1m))
RoIC = 4.52% (NOPAT 148.0m / Invested Capital 3.28b)
WACC = 1.55% (E(1.20b)/V(4.30b) * Re(5.55%) + D(3.10b)/V(4.30b) * Rd(0.01%) * (1-Tc(0.18)))
Discount Rate = 5.55% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -1.64%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈1.08b ; Y1≈1.34b ; Y5≈2.28b
Fair Price DCF = 1469 (EV 66.35b - Net Debt 3.09b = Equity 63.25b / Shares 43.1m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 13.71 | EPS CAGR: -8.58% | SUE: -0.85 | # QB: 0
Revenue Correlation: -10.41 | Revenue CAGR: 13.52% | SUE: 0.01 | # QB: 0
EPS next Year (2026-12-31): EPS=3.53 | Chg30d=-0.003 | Revisions Net=-1 | Growth EPS=+17.4% | Growth Revenue=+9.2%
P/E Trailing = 6.6081
P/E Forward = 7.734
P/S = 1.5628
P/B = 1.4492
Revenue TTM = 578.6m EUR
EBIT TTM = 180.7m EUR
EBITDA TTM = 202.6m EUR
Long Term Debt = 45.1m EUR (estimated: total debt 3.10b - short term 3.05b)
Short Term Debt = 3.05b EUR (from shortTermDebt, last quarter)
Debt = 3.10b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.09b EUR (from netDebt column, last quarter)
Enterprise Value = 4.29b EUR (1.20b + Debt 3.10b - CCE 8.13m)
Interest Coverage Ratio = 2.05 (Ebit TTM 180.7m / Interest Expense TTM 88.0m)
EV/FCF = 2.39x (Enterprise Value 4.29b / FCF TTM 1.80b)
FCF Yield = 41.87% (FCF TTM 1.80b / Enterprise Value 4.29b)
FCF Margin = 310.4% (FCF TTM 1.80b / Revenue TTM 578.6m)
Net Margin = 12.53% (Net Income TTM 72.5m / Revenue TTM 578.6m)
Gross Margin = 89.00% ((Revenue TTM 578.6m - Cost of Revenue TTM 63.6m) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 100.0%)
Tobins Q-Ratio = 0.27 (Enterprise Value 4.29b / Total Assets 15.74b)
Interest Expense / Debt = 0.01% (Interest Expense 400.0k / Debt 3.10b)
Taxrate = 18.06% (8.00m / 44.3m)
NOPAT = 148.0m (EBIT 180.7m * (1 - 18.06%))
Current Ratio = 1.14 (Total Current Assets 6.00b / Total Current Liabilities 5.27b)
Debt / Equity = 3.78 (Debt 3.10b / totalStockholderEquity, last quarter 820.8m)
Debt / EBITDA = 15.26 (Net Debt 3.09b / EBITDA 202.6m)
Debt / FCF = 1.72 (Net Debt 3.09b / FCF TTM 1.80b)
Total Stockholder Equity = 780.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.45% (Net Income 72.5m / Total Assets 15.74b)
RoE = 9.29% (Net Income TTM 72.5m / Total Stockholder Equity 780.2m)
RoCE = 21.89% (EBIT 180.7m / Capital Employed (Equity 780.2m + L.T.Debt 45.1m))
RoIC = 4.52% (NOPAT 148.0m / Invested Capital 3.28b)
WACC = 1.55% (E(1.20b)/V(4.30b) * Re(5.55%) + D(3.10b)/V(4.30b) * Rd(0.01%) * (1-Tc(0.18)))
Discount Rate = 5.55% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -1.64%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈1.08b ; Y1≈1.34b ; Y5≈2.28b
Fair Price DCF = 1469 (EV 66.35b - Net Debt 3.09b = Equity 63.25b / Shares 43.1m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 13.71 | EPS CAGR: -8.58% | SUE: -0.85 | # QB: 0
Revenue Correlation: -10.41 | Revenue CAGR: 13.52% | SUE: 0.01 | # QB: 0
EPS next Year (2026-12-31): EPS=3.53 | Chg30d=-0.003 | Revisions Net=-1 | Growth EPS=+17.4% | Growth Revenue=+9.2%