flatexDEGIRO SE (FTK.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+150.2%

€58.50

vs €23.38 price

Levered DCF

€107.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.45

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.16×	14.49×	16.68×	6.53×	43.06×	28.87×	32.26×	18.54×
P/B	4.53×	2.17×	1.77×	1.14×	4.45×	3.26×	2.62×	1.95×
P/S	7.23×	3.53×	3.05×	1.71×	5.31×	5.55×	3.61×	2.82×
EV / EBITDA	0.64×	-7.17×	-10.07×	-6.48×	6.08×	3.27×	2.57×	-6.59×
Gross margin	69.5%	100.0%	73.4%	76.5%	74.3%	73.4%	64.1%	66.3%
Operating margin	39.6%	55.0%	29.1%	39.7%	23.1%	30.0%	20.5%	28.3%
Net margin	28.7%	24.1%	18.4%	26.1%	12.3%	19.1%	11.3%	18.6%
Current ratio	66.69×	1.05×	1.06×	98.15×	47.62×	32.12×	44.42×	129.05×
Debt / equity	0.14×	0.21×	0.17×	0.21×	0.36×	0.28×	0.49×	0.45×
Interest coverage	277×	66.22×	50.31×	12.47×	5.86×	0×	5.02×	7.63×
Dividend yield	0.1%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	2.7%	3.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.9%	14.8%	10.7%	17.5%	10.3%	11.2%	8.2%	12.9%
Return on invested capital	2.2%	15.7%	9.3%	4.4%	3.2%	3.3%	3.2%	2.6%
Return on assets	2.2%	2.1%	1.6%	2.6%	1.4%	1.8%	1.2%	1.7%
Free cash flow yield	52.7%	7.4%	41.2%	65.8%	36.2%	89.7%	5.2%	77.6%
Earnings yield	4.0%	6.8%	6.0%	15.2%	2.3%	3.4%	3.1%	6.6%
Enterprise value	€167.7M	-€1.5B	-€1.4B	-€1.2B	€780.4M	€322.8M	€96.3M	-€263.6M
Net debt / EBITDA	-14.79×	-14.88×	-18.6×	-10.1×	-11.19×	-11.46×	-10.12×	-14.56×
Cash conversion cycle (days)	908	961	876	875	1,204	1,190	-42	-25