# flatexDEGIRO AG (FTK.XETRA)

Canonical: https://gigainvestors.com/s/FTK.XETRA

Analysis as of: 2026-10-16T07:39:13.210Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 25.58 per share; close as of 2026-10-15.

Estimated value: low EUR 20.20 per share, central EUR 25.25 per share, high EUR 33.66 per share. Buy at or below the central value EUR 25.25 per share. Valuation as of 2026-10-16T07:39:13.210Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.25×

Chart: Net income; fiscal year observations.

- FY2016: EUR 8.4M

- FY2017: EUR 17M

- FY2018: EUR 17M

- FY2019: EUR 15M

- FY2020: EUR 50M

- FY2021: EUR 52M

- FY2022: EUR 106M

- FY2023: EUR 72M

- FY2024: EUR 112M

- FY2025: EUR 160M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 25.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 21.8%

- FY2017: 22.1%

- FY2018: 15.1%

- FY2019: 28.4%

- FY2020: 0.0%

- FY2021: 0.0%

- FY2022: >100%

- FY2023: 28.0%

- FY2024: 33.8%

- FY2025: 35.0%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: EUR 0.32

- Ending book value per share: EUR 4.16

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 6.5%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: 6.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.83×

- Book value created per share: EUR 3.84

- Earnings retained per share after dividends and buybacks: EUR 4.64

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 115

- FY2017: 119

- FY2018: 125

- FY2019: 137

- FY2020: 182

- FY2021: 187

- FY2022: 188

- FY2023: 188

- FY2024: 188

- FY2025: 188

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 38% since Jan 2026 · net income +43.9%

Story as of 2026-10-16T10:00:10.644Z; price observation 2026-10-15.

The price is 5 times annual sales

- 2025-07-23: flatexDEGIRO H1/2025 presentation: Record results prompt raised guidance ([investing.com](https://www.investing.com/news/company-news/flatexdegiro-h12025-presentation-record-results-prompt-raised-guidance-93CH-4147306))

### Net income · FY2025

net income +43.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 8.4M 

- FY2017: EUR 17M 

- FY2018: EUR 17M 

- FY2019: EUR 15M 

- FY2020: EUR 50M 

- FY2021: EUR 52M 

- FY2022: EUR 106M 

- FY2023: EUR 72M 

- FY2024: EUR 112M 

- FY2025: EUR 160M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are EUR 559.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.210Z); FY2025: revenue 559700000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FTK.XETRA: 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 undertakings for collective investment in transferable securities and special funds. In addition, the company purchases, develops, produces, distributes, and maintains software and hardware; and supplies and operates information technology infrastructure. Further, it offers Core Banking System, a platform for the technological mapping of business processes for bank operations. The company was formerly known as flatexDEGIRO AG and changed its name to flatexDEGIRO SE in December 2025. flatexDEGIRO SE was founded in 1999 and is based in Frankfurt am Main, Germany.

### Why customers stay

It earns 25% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.210Z); 10-year return on tangible equity observations [[2016,0.21809750790114502],[2017,0.22078502510713252],[2018,0.15094633000181404],[2019,0.2840135080991357],[2020,0],[2021,0],[2022,4.33182226578453],[2023,0.27975504547153357],[2024,0.3382180308127243],[2025,0.34983642311886587]]; median 0.25027003528933306. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back EUR 22.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.210Z); Dividend observations: [[2016,0],[2017,20274000],[2018,0],[2019,2069000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,4401000],[2025,4300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.210Z); FY2025: cash repurchases 22400000 EUR.

### Are managers owners

Insiders own 17.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FTK.XETRA SharesStats.PercentInsiders = 17.461 percentage points; cache date 2026-10-16.

### What the price says

The price is 5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.210Z); Closing price 25.58 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 5.081991029109993; price multiple 5.033460282294086. FY2025 cash earnings/share 1.6189369313745074. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 3.90 per share

- 2016-11: EUR 3.46 per share

- 2016-12: EUR 3.41 per share

- 2017-01: EUR 3.35 per share

- 2017-02: EUR 3.78 per share

- 2017-03: EUR 3.70 per share

- 2017-04: EUR 3.67 per share

- 2017-05: EUR 4.62 per share

- 2017-06: EUR 4.24 per share

- 2017-07: EUR 4.16 per share

- 2017-08: EUR 4.38 per share

- 2017-09: EUR 5.08 per share

- 2017-10: EUR 5.86 per share

- 2017-11: EUR 6.48 per share

- 2017-12: EUR 7.66 per share

- 2018-01: EUR 7.53 per share

- 2018-02: EUR 7.40 per share

- 2018-03: EUR 6.94 per share

- 2018-04: EUR 7.79 per share

- 2018-05: EUR 7.78 per share

- 2018-06: EUR 6.74 per share

- 2018-07: EUR 7.44 per share

- 2018-08: EUR 7.24 per share

- 2018-09: EUR 7.50 per share

- 2018-10: EUR 5.63 per share

- 2018-11: EUR 5.41 per share

- 2018-12: EUR 4.24 per share

- 2019-01: EUR 4.79 per share

- 2019-02: EUR 5.00 per share

- 2019-03: EUR 5.30 per share

- 2019-04: EUR 5.26 per share

- 2019-05: EUR 4.44 per share

- 2019-06: EUR 4.87 per share

- 2019-07: EUR 6.20 per share

- 2019-08: EUR 6.91 per share

- 2019-09: EUR 6.18 per share

- 2019-10: EUR 6.30 per share

- 2019-11: EUR 5.93 per share

- 2019-12: EUR 6.13 per share

- 2020-01: EUR 6.83 per share

- 2020-02: EUR 6.88 per share

- 2020-03: EUR 6.84 per share

- 2020-04: EUR 7.16 per share

- 2020-05: EUR 7.81 per share

- 2020-06: EUR 11.38 per share

- 2020-07: EUR 9.48 per share

- 2020-08: EUR 10.16 per share

- 2020-09: EUR 10.66 per share

- 2020-10: EUR 11.50 per share

- 2020-11: EUR 14.00 per share

- 2020-12: EUR 15.88 per share

- 2021-01: EUR 19.03 per share

- 2021-02: EUR 21.85 per share

- 2021-03: EUR 19.75 per share

- 2021-04: EUR 26.68 per share

- 2021-05: EUR 25.70 per share

- 2021-06: EUR 28.38 per share

- 2021-07: EUR 25.50 per share

- 2021-08: EUR 22.00 per share

- 2021-09: EUR 18.38 per share

- 2021-10: EUR 19.66 per share

- 2021-11: EUR 21.22 per share

- 2021-12: EUR 20.24 per share

- 2022-01: EUR 16.90 per share

- 2022-02: EUR 18.58 per share

- 2022-03: EUR 18.38 per share

- 2022-04: EUR 16.43 per share

- 2022-05: EUR 13.97 per share

- 2022-06: EUR 9.08 per share

- 2022-07: EUR 9.90 per share

- 2022-08: EUR 9.61 per share

- 2022-09: EUR 9.23 per share

- 2022-10: EUR 8.86 per share

- 2022-11: EUR 10.14 per share

- 2022-12: EUR 6.33 per share

- 2023-01: EUR 7.79 per share

- 2023-02: EUR 8.08 per share

- 2023-03: EUR 7.95 per share

- 2023-04: EUR 9.75 per share

- 2023-05: EUR 8.81 per share

- 2023-06: EUR 9.08 per share

- 2023-07: EUR 8.97 per share

- 2023-08: EUR 8.09 per share

- 2023-09: EUR 8.30 per share

- 2023-10: EUR 9.55 per share

- 2023-11: EUR 10.69 per share

- 2023-12: EUR 11.17 per share

- 2024-01: EUR 10.18 per share

- 2024-02: EUR 9.67 per share

- 2024-03: EUR 10.40 per share

- 2024-04: EUR 12.29 per share

- 2024-05: EUR 14.07 per share

- 2024-06: EUR 13.25 per share

- 2024-07: EUR 13.07 per share

- 2024-08: EUR 13.07 per share

- 2024-09: EUR 12.86 per share

- 2024-10: EUR 13.50 per share

- 2024-11: EUR 13.58 per share

- 2024-12: EUR 14.78 per share

- 2025-01: EUR 16.38 per share

- 2025-02: EUR 18.96 per share

- 2025-03: EUR 21.19 per share

- 2025-04: EUR 23.10 per share

- 2025-05: EUR 24.46 per share

- 2025-06: EUR 23.98 per share

- 2025-07: EUR 26.60 per share

- 2025-08: EUR 28.26 per share

- 2025-09: EUR 27.88 per share

- 2025-10: EUR 32.88 per share

- 2025-11: EUR 33.12 per share

- 2025-12: EUR 36.74 per share

- 2026-01: EUR 41.16 per share

- 2026-02: EUR 30.82 per share

- 2026-03: EUR 29.40 per share

- 2026-04: EUR 30.48 per share

- 2026-05: EUR 33.82 per share

- 2026-06: EUR 37.50 per share

- 2026-07: EUR 36.30 per share

- 2026-08: EUR 38.40 per share

- 2026-09: EUR 29.22 per share

- 2026-10: EUR 24.54 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.46 per share, central EUR 1.83 per share, high EUR 2.44 per share

- FY2017: low EUR 2.76 per share, central EUR 3.46 per share, high EUR 4.61 per share

- FY2018: low EUR 4.35 per share, central EUR 5.44 per share, high EUR 7.26 per share

- FY2019: low EUR 2.06 per share, central EUR 2.57 per share, high EUR 3.43 per share

- FY2022: low EUR 0.63 per share, central EUR 0.78 per share, high EUR 1.05 per share

- FY2023: low EUR 7.47 per share, central EUR 9.33 per share, high EUR 12.44 per share

- FY2024: low EUR 9.54 per share, central EUR 11.92 per share, high EUR 15.90 per share

- FY2025: low EUR 13.32 per share, central EUR 16.65 per share, high EUR 22.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:07.478Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.