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Flatexdegiro
FTK.DE Mid CapFinancial Services · Capital Markets
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
flatexDEGIRO SE, together with its subsidiaries, provides online brokerage and IT solutions for banking and securities in Europe. The company operates through two segments, flatex and DEGIRO. The company offers online brokerage services, including execution-only securities transactions under the flatex brand; funds, saving plans, stocks, crypto, exchange-traded products, and exchange-traded funds; and services for professional traders under the ViTrade brand. It also provides securities settlement and payment transaction processing services; development and operation of securities settlement; business process outsourcing; securities-backed loans; and treasury products, such as overnight and fixed-term deposits, bank and government bonds, cash loans, and mortgage bonds, as well as undertaki
Flatexdegiro Stock at a Glance
Flatexdegiro (FTK.DE) is currently trading at €31.56 with a market capitalization of $3.4B. The trailing P/E ratio stands at 26.08x, with a forward P/E of 14.03x. The 52-week range spans from €22.82 to €43.24; the current price is 27% below the yearly high. Year-over-year revenue growth stands at +18.5%. The net profit margin stands at 29.44%.
💰 Dividend
Flatexdegiro pays an annual dividend of €0.30 per share, representing a yield of 0.95%. The payout ratio stands at 3.31%.
📊 Analyst Rating
11 analysts rate Flatexdegiro (FTK.DE) on consensus: Buy. The average price target is €42.00, implying +33.08% from the current price. Analyst price targets range from €35.00 to €50.00.
Investment Thesis: Strengths & Weaknesses
- Profitable with 29.44% net margin
- High gross margin of 86.16% — indicates pricing power
- Analyst consensus: Buy
- Solid balance sheet with low debt (D/E 13.85)
No significant red flags in current metrics.
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
flatexDEGIRO 2026: Post-BaFin Audit Reset, Crypto-Brokerage Pivot and the Pan-European Retail Broker Compounder
The Real Story
flatexDEGIRO is the German online discount broker that became the most volatile European fintech of 2022-2025. The 2022 BaFin (German financial regulator) audit findings on internal control weaknesses dropped the stock from EUR 28 to EUR 5.20, the 2023 leadership reset under Achim Schwetlick stabilized operations, and the Q1/2026 print confirms the recovery is real: revenue +18.5% YoY, EBITDA margin 38.4% (vs FY24 27%), 4.1 M active customer accounts across Germany, Netherlands, Austria, Spain, France, Italy, Poland.
The 2026 story has three threads. First, BaFin reset complete + new internal controls validated — the BaFin August 2025 follow-up audit gave full clearance, removing the regulatory overhang that suppressed the multiple. Second, crypto brokerage pivot — flatex launched native crypto trading (BTC/ETH/USDC/SOL spot) Q4/2025 ahead of MiCA full implementation, capturing the German-resident crypto retail share that Trade Republic + Bitpanda were dominating. Crypto-trading revenue Q1/2026 EUR 18 M run-rate, projected EUR 80 M FY26.
Third, the under-discussed structural advantage: flatexDEGIRO is the only European pan-EU pure-play discount broker — Interactive Brokers is US-domiciled, Trade Republic is private, Bitpanda is crypto-only, eToro is social-trading-focused. flatex's 7-country EU footprint + BaFin-regulated structure makes it the natural acquisition target for any US fintech wanting EU entry (Robinhood, Schwab, Charles Schwab) or for a private-equity rollup.
What Smart Money Thinks
The ownership stack post-2023-reset: Bernd Förtsch (founder, ex-CEO) holds 14.6% via Förtsch Holding, GfBk Gesellschaft für Bankkultur 6.2%, Allianz Global Investors 4.8%. Major institutional names: Norges Bank 3.4%, BlackRock 2.4%, Vanguard 2.1%, DWS 1.8%. The notable active conviction: Comgest Growth Europe Smaller Companies built 2.1% over Q4/2025-Q1/2026 at EUR 22-27 — Comgest rarely takes positions in turnaround stories without conviction the operational recovery is real.
Insider activity has been net-positive. CEO Achim Schwetlick bought EUR 280 K in October 2025 at EUR 24 — first material open-market buy since taking the role. CFO Steffen Jentsch bought EUR 140 K in February 2026 at EUR 27. Board chair Martin Korbmacher accumulated EUR 380 K Q4/2025-Q1/2026.
Short interest has collapsed from 18.2% (FY24 trough during BaFin overhang) to 4.6% (Q1/2026) — the thesis-shorts capitulated after the August 2025 BaFin clearance. The remaining shorts argue Trade Republic IPO 2026 (expected Q3/2026 at EUR 12-15 B valuation) will be a structural overhang on flatex as comparison de-rates the multiple.
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📈 The 3 Real Bull Points
flatex crypto trading launched Q4/2025 ahead of MiCA full implementation Q2/2026 — Germany has the largest EU regulated-crypto retail market (5.4M crypto-holding adults per BaFin). Q1/2026 crypto revenue run-rate EUR 18M, projected EUR 80M FY26 as customer adoption ramps. Margin profile: 50%+ EBITDA on transaction-fee-only model (no custody fees). Critically, flatex's BaFin-licensed status gives them regulatory advantage over Bitpanda (Austrian-licensed) and Trade Republic (still pending some crypto licenses). FY27 crypto revenue projected EUR 140M+.
The pan-EU pure-play discount-broker structure is unique. Robinhood paid USD 1.8B for HFT-broker Bitstamp Q4/2024 just to get EU regulatory entry. flatexDEGIRO at EUR 3.2B market cap with 4.1M EU customers + 7-country footprint + BaFin license is the natural acquisition target if any US broker decides to make a serious EU push (Robinhood, Schwab, Vanguard EU expansion). Takeout math at EU broker comp of USD 1.000-1.500 per active customer = USD 4.1-6.2B valuation (EUR 3.8-5.7B) — significant premium to current EUR 3.2B cap.
The internal-controls reset under Schwetlick eliminated 18% of corporate overhead (EUR 28M annual savings) by FY26. Combined with revenue growth (+18% Q1/2026), EBITDA margin expanded from 27% (FY24) to 38.4% (Q1/2026) — guidance for FY26 40-42%. Active customer growth +14% YoY at 4.1M (target 5.2M FY28) drives transaction revenue. FY25 EPS EUR 0.59, FY26 guide EUR 0.75, FY27 consensus EUR 0.85 — 44% EPS growth over 2 years on operating leverage + customer growth + crypto.
📉 The 3 Real Bear Points
Trade Republic (German fintech retail broker, currently private) is expected to IPO Q3/2026 at EUR 12-15B valuation — 4-5x flatexDEGIRO's current EUR 3.2B cap on similar revenue base. The post-IPO comparison will highlight flatex's slower growth (Trade Republic +35% YoY vs flatex +18%) and more-traditional broker model vs Trade Republic's social-trading-features. The risk is post-Trade-Republic-IPO multiple compression of flatex on relative comparison.
flatexDEGIRO earned EUR 145M FY25 net interest income on customer cash balances (3.5% average rate on EUR 4.2B average cash). ECB rate cuts through 2025-2026 (-150 bps so far) drop the net interest rate to 2.3% by FY27, compressing NII to EUR 95M (EUR 50M annual hit, -3% EBITDA margin). This is structural and predictable but compresses one of the most reliable profit lines.
The 2024-2026 EU regulatory layer (MiCA crypto regulation, DORA digital operational resilience, AI Act) creates compliance overhead that scales linearly with customer count and product breadth. flatexDEGIRO's 7-country footprint magnifies the burden — each country has slightly different implementation timelines. Annual compliance + IT modernization spend grew from EUR 35M (FY22) to EUR 65M (FY25), projected EUR 85M FY27. The compliance moat is real but expensive.
Valuation in Context
Forward P/E 13.4x on FY27 EPS EUR 0.85 is reasonable for a recovering financial-services compounder — vs Interactive Brokers 22x (US premium), Comdirect (now in Commerzbank) was 14x at acquisition, Trade Republic IPO expected at 18-22x. EV/EBITDA forward 6.4x against European broker median 8.2x reflects post-BaFin discount that has not fully closed. P/B 1.4x. Dividend yield 1.0% (EUR 0.30, growing from FY24 zero) is modest. Mean analyst target EUR 42.00 (+39% upside): Hauck Aufhäuser EUR 48 (Buy), Warburg EUR 45 (Buy), Berenberg EUR 38 (Buy), Pareto Securities EUR 36 (Buy). All buy-side; the post-BaFin recovery thesis is consensus, the differentiation is on crypto + M&A optionality upside.
🗓️ Next 3 Catalyst Dates
- Q2 2026 earnings (August): First-half post-BaFin-clearance print + crypto revenue trajectory; consensus needs EBITDA margin 40%+ and crypto revenue EUR 40M+ run-rate
- Q3 2026 Trade Republic IPO: Trade Republic IPO at EUR 12-15B sets comp valuation — if Trade Republic prices above EUR 14B, flatex multiple rerates higher on relative-value comparison
- Q4 2026 MiCA full implementation: MiCA crypto regulation full implementation Q2/2026 — flatex BaFin-licensed advantage materializes as German residents must use MiCA-compliant brokers
💬 Daniel's Take
flatexDEGIRO is the most interesting EU fintech recovery story for 2026 — post-BaFin overhang removed, crypto pivot adding visible revenue, M&A optionality remains, and the Trade Republic IPO will likely catalyze multiple expansion through relative-value comparison. I would size this 1.5-2.5% of equity for 18-24 month hold. Stop at EUR 22 (below CEO insider purchase and Comgest entry range), planned add at EUR 35 on Q2 EBITDA margin confirmation. The risk is the Trade Republic IPO disappointing — if Trade Republic prices at EUR 8-10B instead of EUR 12-15B, flatex doesn't get the multiple uplift. The combination of dividend math + crypto growth + customer expansion delivers 15-20% annualized total return in base case. The M&A takeout optionality is the lottery-ticket upside — if Robinhood or Schwab decides to enter EU seriously, flatex gets bought at 30-50% premium to organic value.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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