olivLaw · European equity research
Flow Traders Ltd. FLOW.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Flow Traders is a global liquidity provider specialised in exchange-traded products (ETPs) and, increasingly, digital assets. In 2025 the firm traded ETP volume of close to 2 trillion euro, of which 898 billion euro in the Americas and 890 billion euro in Europe, and its strategy aims at expanding into tokenisation and 24/7 markets.
At the close of 05 Nov 2026, Flow Traders Ltd. (FLOW.AS) stock was 23.28 EUR (+3.10% on the day), with market capitalisation 1.0 bn EUR, P/E 7.8 on diluted EPS of 2.98 EUR over the last 12 months, dividend yield 0.00%, beta -0.15, 52-week range 22.58–30.34 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 22.33 – 26.87
- in the lower half of the band · %B 0.21 · band width 18.5%
- SMA 50 / 200
- 26.57 / 26.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.01 / -0.87
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.0% | +0.4% | −12.4 pp | — |
| 3 months | −13.3% | −3.3% | −10.0 pp | — |
| 6 months | −17.3% | +4.0% | −21.2 pp | — |
| Year to date | −7.3% | +8.1% | −15.4 pp | — |
| 1 year | −2.0% | +10.7% | −12.7 pp | +0.3% |
| 3 years | +33.7% | +50.1% | −16.4 pp | +2.2% |
| 5 years | −21.4% | +43.6% | −65.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.1, median 8.4, max 22.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 36.2 m | 159.5 m | 133.6 m |
| Net income YoY | unavailable | +341.3% | −16.3% |
| Diluted EPS | 0.81 | 3.56 | 2.98 |
| Diluted EPS YoY | unavailable | +339.5% | −16.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 67.5 m | 25.5 m | -126.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 868.4 m EUR
- Total assets
- 15.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 16.3%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 51.5 m | 199.7 m | 170.1 m | esef· 18 Mar 2026verified |
| Interest expense | 2.3 m | 3.3 m | 6.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | 44.7 m | 194.4 m | 164.6 m | esef· 18 Mar 2026verified |
| Income tax | 8.5 m | 34.8 m | 31.1 m | esef· 18 Mar 2026verified |
| Net income | 36.2 m | 159.5 m | 133.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.81 | 3.56 | 2.98 | esef· 18 Mar 2026verified |
| Dividend per share | 1.11 | 0.15 | 0.00 | esef· 18 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.7 m | 8.4 m | 7.2 m | esef· 18 Mar 2026verified |
| Total assets | 11.6 bn | 12.9 bn | 15.9 bn | esef· 18 Mar 2026verified |
| Total liabilities | 11.0 bn | 12.1 bn | 15.1 bn | esef· 18 Mar 2026verified |
| Equity | 585.8 m | 766.6 m | 868.4 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 43.0 m | 43.2 m | 43.5 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 79.5 m | 32.1 m | -120.6 m | esef· 18 Mar 2026verified |
| Capex | 12.0 m | 6.6 m | 6.3 m | esef· 18 Mar 2026verified |
| Free cash flow | 67.5 m ≈ | 25.5 m ≈ | -126.9 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -17.5 m | -25.9 m | -4.7 m | esef· 18 Mar 2026verified |
| Financing cash flow | -64.7 m | -3.8 m | 124.7 m | esef· 18 Mar 2026verified |
| Dividends paid | 47.6 m | 6.5 m | 0 | esef· 18 Mar 2026verified |
| Share repurchases | 8.8 m | 11.8 m | 0 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.92 – 75.60 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E28.92 – 75.60 (Mid 41.29)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -95.0% | 0 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 27.1x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.8x | 95 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -12.5% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation53/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Flow Traders Ltd. (FLOW.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 16.3%.
The estimated value range is 28.92–75.60 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 41.29 EUR, the price of 23.28 EUR leaves a potential of 77.4% (value / price − 1) and a margin of safety of 43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 27.1x
- P/E (TTM): 7.8x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -95.0%
- FCF yield: -12.5%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for FLOW.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Flow Traders is a global liquidity provider specialised in exchange-traded products (ETPs) and, increasingly, digital assets. In 2025 the firm traded ETP volume of close to 2 trillion euro, of which 898 billion euro in the Americas and 890 billion euro in Europe, and its strategy aims at expanding into tokenisation and 24/7 markets.
SWOT
Strengths
- A proprietary technology platform that allows deep customisation and rapid launch of new business lines.
- A leading position in European ETP liquidity and global coverage with hubs in Amsterdam, Hong Kong and New York.
- A market-neutral model in which results come from price differences rather than market direction.
Weaknesses
- Dependence on the level of trading volumes, which can vary strongly from year to year.
- The reduction of capital allocated to fixed income shows sensitivity of results to shifts across asset classes.
- High operating costs due to continued investment in technology and talent.
Opportunities
- Expansion into China and other Asian markets, where the firm has only just begun active trading.
- Development of 24/7 trading in equities and tokenised assets.
- Growing its share of US-listed ETFs, a stated focus of the company.
Threats
- Intense competition from other quantitative market makers, which could compress margins.
- Regulatory changes for digital assets and ETPs that could alter market access.
- Technology or model errors that could produce losses in execution.
Risks
- Market and liquidity riskmedium
Sudden price moves or a lack of counterparties could affect capital and the firm's ability to convert investments into cash without losses.
- Technology and model riskhigh
Errors in algorithms, data or pricing models could lead to execution losses and service interruptions.
- Concentration riskmedium
Exposure to a limited group of counterparties or products could amplify losses if one of them deteriorates.
- Regulatory and compliance riskmedium
Legislative changes on digital assets or financial crime could impose additional costs and activity restrictions.
- Cyber security riskhigh
A cyber attack or infrastructure outage could disrupt the continuity of liquidity provision and damage the firm's reputation.
Investment thesis
What would need to be true (bull case)
- If ETP inflows and trading volumes stay high, the firm could benefit from a broad activity base supported by its proprietary technology platform.
- Expansion into tokenised assets and 24/7 trading could open new revenue lines if the firm turns its technology investments into real volumes.
- Global coverage and relationships with thousands of institutional counterparties could help sustain market share against competition.
What would break the thesis
- If trading volumes fall after a year of high activity, revenue could decline faster than operating costs.
- Competitive pressure from other quantitative market makers could reduce margins in ETPs and digital assets.
- A technology or cyber security incident could generate losses and weaken the confidence of institutional clients.
What to watch
- Development of adjusted operating expenses against the range guided for 20262026
- Contribution of Asia and new markets, including China, to traded volume2026
- Trend in volume traded in digital assets and tokenised assetsnext 10-K
- Regulatory changes for digital assets and ETPs in the main markets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Flow Traders is a market maker: it continuously quotes bid and ask prices for financial instruments, both on exchange as a registered market maker and off-exchange in bilateral trades with institutional counterparties. From its headquarters in Amsterdam and its hubs in Hong Kong and New York, the firm covers global markets. Its revenue depends on small price differences between related assets rather than on market direction, according to the 2025 annual report 1.
The firm relies on a proprietary trading platform covering the entire trading lifecycle, which allows it to launch new business lines quickly. Its infrastructure connects it to thousands of counterparties and hundreds of venues, and technology makes up a large share of the workforce. The company states its strategy is to embed automation, data and agentic AI across core functions 1.
Besides ETPs, Flow Traders provides liquidity in related instruments such as futures, equities, digital assets, currencies and bonds. It is not a bank, broker or investment manager and has no client assets under management, as it trades from its own capital 1.
Segments
ETPs (exchange-traded products)
The core segment, where the firm is a leading liquidity provider in Europe, with a declared market share of over 25% in European ETPs. Its activity covers over 8,500 ETFs, about 50% of the ETF universe, and on an AuM-weighted basis coverage exceeds 90% 1.
Equities and FICC
Equity value traded reached 3,812 billion euro in 2025, while fixed income fell to 795 billion euro as the firm reduced capital allocated to that segment. The company plans to extend into tokenised equities and into FX and precious metals markets 1.
Digital assets
The firm has provided crypto liquidity for over nine years across OTC spot and ETPs, is connected to more than 20 venues and makes markets in over 200 cryptocurrencies. Stated goals include becoming a leading liquidity provider in tokenised real-world assets and building end-to-end institutional OTC liquidity 1.
Market context
The global ETP market grew by 33.7% in 2025, measured by assets under management, and annual inflows reached 2.35 trillion dollars, according to data cited in the report 1. Global trading volumes rose versus 2024, supported by trade tariff announcements, Middle East conflicts and growing regulatory acceptance of cryptocurrencies. European and Asian markets remain fragmented, and China is a growth segment the firm has only just begun to cover 1.
These developments are in principle favourable to a liquidity provider, since higher volumes and market fragmentation increase demand for liquidity. The firm's results nonetheless remain sensitive to market activity levels and to the capital it allocates to each asset class.
Trends
- ETP growth and capital inflowstailwind
Global ETP assets and inflows grew strongly in 2025, which widens the activity base for an ETP market maker if these flows persist.
- Tokenisation and digital assetstailwind
Tokenisation of real-world assets and 24/7 activity could open new revenue lines for a firm already providing digital asset liquidity, but it requires continued technology investment.
- Volatility and geopolitical eventsmixed
Episodes of volatility usually lift trading volumes but can also raise market and execution risk for a liquidity provider that does not hold directional positions.
- Regulation and geographic reachmixed
Differences in regulation and market maturity, including in Asia, could slow expansion but also create opportunities for an operator with global infrastructure.
Competitive position
Flow Traders competes with other market makers and liquidity providers in ETPs and digital assets that have comparable technology and distribution capabilities. The firm's stated advantage lies in its proprietary platform and global coverage, while European and US markets are contested by several players 1.
Competitive pressure could compress margins in ETPs and digital assets, especially if other providers invest aggressively in technology. The company aims to maintain its leading position in Europe and to expand its share in US-listed ETFs 1.
- Jane Street
Quantitative market maker active in ETPs and other instruments across global markets; direct rivalry in ETP liquidity is possible.
- Jump Trading
Algorithmic trading firm active in digital assets and traditional markets, which may compete for digital asset liquidity.
- Virtu FinancialVIRT
US-listed market maker with global activity in equities, FX and other instruments, competing for ETP liquidity in the Americas.
- Susquehanna International Group
Privately held quantitative trading firm active in ETP and options markets that may compete in the same segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202318 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Flow Traders Ltd. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.