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Flow Traders Ltd (FLTLF) Fair Value & Analysis

Financial Services · US · Market cap $1.3B

FT Flow Traders Ltd logo Flow Traders Ltd FLTLF · US
Price$32.03
Fair Value$59.13
Upside+84.6%
Quality62/100
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Healthy Growth
Solidly profitable · 18.0% net margin
generates free cash flow
Ranks above peers (8/12)
Wide moat 70/100
Evidence: High Range $44.34 – $73.91 Share as image

Fair value as of: Jul 26, 2026

From 2 valuation models · updated 15 days ago

Fair value updated Jul 26, 2026, revised from $58.90 to $59.13 (+0.4%) since Jun 26, 2026. Share price +8.8% over the past month.

A solid business, screening 85% undervalued on our models.

What matters now

  • The price is below even our cautious bear case ($44.34). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

$39.60 $16.15 Fair Value $59.13 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

60‑month range $16.15 – $39.60 · fair‑value band $44.34 – $73.91 · the $32.03 price screens below the $59.13 fair value. Dashed = 300-day average. As of Jul 26, 2026.

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Analysis

Flow Traders Ltd (FLTLF) currently trades at $32.03, while our model-based Fair Value estimate is $59.13, implying the stock looks roughly 84.6% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Flow Traders Ltd generated revenue of $821M at a net margin of 18.0%. Revenue grew 16.7% year over year. It earns a return on equity of 18.1%. Net debt stands at $2.9B. Fundamentals as of Jul 26, 2026

Our scenario range runs from $44.34 (bear case) to $73.91 (bull case); at $32.03, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at 85%, FLTLF screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
P/B Multiple $12.71 $16.94 $21.18 55
NCAV (Graham) $9.97 $13.35 $19.93 50
All 2 models by family
Multiples
P/B Multiple $12.71 $16.94 $21.18 55
Asset-Based
NCAV (Graham) $9.97 $13.35 $19.93 50

Widest divergence: Multiples ($16.94) versus Asset-Based ($13.35). Highest evidence: P/B Multiple (55).

Key figures & financial health

Revenue (TTM) $821M
Revenue growth (YoY) +16.7%
Net margin 18.0%
Return on equity 18.1%
Free cash flow $532M FY2025
P/E ratio 8.6
More key figures
Operating margin 42.9%
EPS (TTM) $3.46
EPS growth (YoY) +37.8%
Net debt $2.9B FY2025

Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 54 · Market factors (momentum, volatility) 56

Profitability 38
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 0
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Flow Traders Ltd. operates as a financial technology-enabled multi-asset class liquidity provider in Europe, the Americas, and Asia. The company provides exchange traded products, including equities, fixed income, digital assets, commodities, and foreign exchange.

Full company description

Flow Traders Ltd. operates as a financial technology-enabled multi-asset class liquidity provider in Europe, the Americas, and Asia. The company provides exchange traded products, including equities, fixed income, digital assets, commodities, and foreign exchange. It also offers institutional grade liquidity services; and multi-faceted partner for the digital asset ecosystem. Flow Traders Ltd. was founded in 2004 and is headquartered in Amsterdam, the Netherlands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Flow Traders Ltd reported revenue of $486M in FY2025 versus $540M in FY2021, a compound −2.6%/yr. Reported net income was $134M in FY2025, compounding +3.8%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$486M
Avg. growth/yr (3Y)
+14.2%
Avg. growth/yr (5Y)
+18.1%
Avg. growth/yr (12Y)
+16.9%
Revenue −2.6%/yr
FY21 $540M
FY22 $656M
FY23 $571M
FY24 $805M
FY25 $486M
Net income +3.8%/yr
FY21 $115M
FY22 $127M
FY23 $36.2M
FY24 $160M
FY25 $134M

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Cite: Fair Value Calculator (2026). "Flow Traders Ltd Fair Value". https://www.fairvalue-calculator.com/stock/FLTLF

Peer Group

Capital Markets · 425 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +85% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 18% · Above median
Operating margin (TTM) 43% · Above median
Revenue growth 17% · Below median

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 8.6× · Cheaper than 75% of peers
P/B 1.50× · Pricier than median
P/S (TTM) 1.59× · Cheaper than median
P/FCF 2.4× · Pricier than median
EV/EBITDA 3.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 9
FUTURE 84 · sector 96
PAST 72 · sector 30
HEALTH 0 · sector 93
DIVIDEND 0 · sector 36

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).

Stock Price Fair Value vs Fair Value
Huatai Securities Co HTSC $0.2700 $0.0400 -85%
Mirae Asset Securities Co 006800 38,750 KRW 31,645 KRW -18%
Meritz Financial Group 138040 117,000 KRW 87,706 KRW -25%
Korea Investment Holdings 071050 239,000 KRW 318,825 KRW +33%
NH Investment & Securities Co 005940 31,000 KRW 37,133 KRW +20%
Samsung Securities Co 016360 107,700 KRW 126,487 KRW +17%
Motilal Oswal Financial Services Limited MOTILALOFS ₹967.00 ₹299.65 -69%
Kiwoom Securities Co 039490 322,000 KRW 358,091 KRW +11%
SSI Securities Corporation SSI 24,250 VND 28,021 VND +16%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 120.22 ARS -62%

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Frequently asked questions

Is Flow Traders Ltd (FLTLF) overvalued or undervalued?
As of Jul 26, 2026, our model estimates a fair value of $59.13 versus a price of $32.03, about +85% (undervalued).
What is the fair value of FLTLF?
Our model-based fair value for Flow Traders Ltd is $59.13 (as of Jul 26, 2026), built from audited fundamentals. The current price is $32.03.
What is the quality score of FLTLF?
Flow Traders Ltd has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Flow Traders Ltd (FLTLF)?
Flow Traders Ltd reported trailing-twelve-month revenue of about $821M (latest available figure, as of Jul 26, 2026).
What is the net profit margin of FLTLF?
The net profit margin of Flow Traders Ltd is about 18.0%, meaning it keeps roughly 18.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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