Who are Flow Traders's main competitors?

Named competitors: Virtu Financial (VIRT), Jane Street (private or unlisted), Optiver (private or unlisted), Susquehanna International Group (private or unlisted), Citadel Securities (private or unlisted). The cockpit's measured peer set (industry) also includes JM Financial (JMFINANCIL.NS), Tokai Tokyo Financial (8616.T), Gold.com (GOLD), IIFL Capital Services (IIFLCAPS.NS), Canaccord Genuity (CF.TO), Yuanta Futures (6023.TWO).

Is Flow Traders expensive compared with its peers?

On forward p/e it trades at 7.2× against a peer median of 13.8×, 2nd cheapest of 12 in its peer set.

How has Flow Traders stock performed?

Over six months to 6 Nov 2026 the shares returned -19.6% against -7.8% for the median peer; over one year -0.2%.

← CockpitCompetitor Analysis › FLOW.AS Flow Traders LtdOpen in the cockpit ↗

Flow Traders LtdFLOW.ASCompetitor analysis, valuation and peers

Netherlands · EUR·Financials›Investment Banks/Brokers

Dutch electronic market maker providing bid/ask liquidity in exchange-traded products like ETFs globally.

≈ A high-frequency ETF market maker, like a listed Virtu for ETPsMomentum laggard 16

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.13B

US dollars, full cap

Free float

73%

of shares outstanding

$/day

$5.36M

20-day average traded

Fwd P/E

7.2×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Close · EUR€23.42

1D+0.6%

1W+2.9%

1M-7.5%

3M-14.8%

6M-19.6%

YTD-6.8%

1Y-0.2%

ATR %2.9%

52w lowhigh23.2% off high

What Flow Traders does

Dutch electronic market maker providing bid/ask liquidity in exchange-traded products like ETFs globally.

Trades with its own capital, buying and selling ETFs and other products all day and keeping the small gap between buy and sell prices, so it charges clients no commission. Each position is hedged against related assets, and income swells when markets are busy and volatile and thins when they are quiet.

In one line: A high-frequency ETF market maker, like a listed Virtu for ETPs.

Products and services

ETP market making (equities/fixed income)
Crypto ETP liquidity provision
OTC liquidity services

Customers

Institutional investors and exchanges needing ETP

Where it sits in the supply chain

Financial markets
Electronic market making
ETP liquidity provision

What could go right

ETF/ETP market volume growth
Crypto ETF proliferation and volatility

What could go wrong

Earnings tied to trading volume/volatility
Competitive margin compression in market making

Moat: narrow (scale, IP / patents). Proprietary trading technology, exchange memberships and balance-sheet scale support quoting.

Headquarters: Amsterdam, Netherlands · Founded: 2004 · Employees: 635

Named competitors

Virtu Financial VIRT
Jane Street private or unlisted
Optiver private or unlisted
Susquehanna International Group private or unlisted
Citadel Securities private or unlisted

Flow Traders at a glance

Size Flow Traders (FLOW.AS) is a Netherlands Financials company (Investment Banks/Brokers) with a market value of $1.13B, the 45th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €23.42 on 6 Nov 2026.

Performance Over six months the shares fell 19.6%, against -7.8% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue fell 3.6% over the last twelve months (peer median +16.0%); the operating margin is 43.5% (peer median 30.6%).

Valuation It trades at 7.2× forward earnings against a peer median of 13.8× (2nd cheapest of 12).

Relative performance

Six months, rebased to 100: Flow Traders against the median of its 20 peers (local-currency closes).

Flow Traders financials

Reported figures in EUR; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	€848M	€798M	€801M	€577M	€677M
Revenue growth	—	0%	+39%	-15%	—
Gross profit	€676M	€622M	€654M	€460M	€443M
EBITDA	€385M	€353M	€420M	€248M	€179M
Net income	€137M	€134M	€160M	€36.2M	€127M
Free cash flow	€2.39B	€532M	€986M	€783M	€442M
Capital expenditure	€9.23M	€6.79M	€6.58M	€12.1M	€7.60M
Total debt	n/a	€2.93B	€1.96B	€2.02B	€1.68B

Quarterly statements and history in the cockpit →

Flow Traders competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Flow Traders is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Flow Traders is the large dot.

Flow Traders competitors and peer comparison

Head to head with its named competitors (FLOW.AS vs VIRT)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Flow Traders FLOW.AS	$1.13B	-20%	-4%	43%	7.2×	n/a
Virtu Financial VIRT	$8.37B	+5%	+28%	38%	7.8×	n/a

How Flow Traders compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Flow Traders against its 20 peers (data as of 6 Nov 2026)
Measure	FLOW.AS	Peer median	Rank in peer set
1-month return	-7.5%	-5.5%	10th lowest of 21
6-month return	-19.6%	-7.8%	7th lowest of 21
Distance from 52-week high	-23.2%	-26.9%	9th highest of 21
Revenue growth (TTM)	-3.6%	+16.0%	2nd lowest of 21
Operating margin	43.5%	30.6%	7th highest of 21
Forward P/E	7.2×	13.8×	2nd cheapest of 12

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Flow Traders FLOW.AS	Netherlands	$1.13B	-20%	-4%	43%	7.2×	n/a	n/a
JM Financial JMFINANCIL.NS	India	$1.13B	-22%	+1%	32%	8.0×	n/a	n/a
Tokai Tokyo Financial 8616.T	Japan	$1.14B	+2%	+16%	18%	12.5×	n/a	n/a
Gold.com GOLD	United States	$1.09B	-17%	+132%	1%	13.8×	n/a	n/a
IIFL Capital Services IIFLCAPS.NS	India	$1.17B	0%	+8%	25%	n/a	n/a	n/a
Canaccord Genuity CF.TO	Canada	$1.08B	+17%	+32%	12%	11.0×	n/a	n/a
Yuanta Futures 6023.TWO	Taiwan	$1.07B	-9%	+10%	-22%	n/a	n/a	n/a
OSL 0863.HK	Hong Kong	$1.19B	-20%	+12,274%	-2%	n/a	n/a	n/a
Gielda Papierow Wartosciowych w Warszawie GPW.WA	Poland	$1.04B	+19%	+22%	34%	16.3×	n/a	n/a
Ruida Futures 002961.SZ	China	$1.22B	-21%	-51%	82%	10.6×	n/a	n/a
Indian Energy Exchange IEX.NS	India	$1.03B	-18%	+13%	80%	18.1×	n/a	n/a
Japan Securities Finance 8511.T	Japan	$1.02B	-6%	+73%	82%	n/a	n/a	n/a
Edelweiss Financial Services EDELWEISS.NS	India	$1.28B	+6%	+16%	11%	n/a	n/a	n/a
Nihon M&A Center 2127.T	Japan	$1.28B	-7%	+5%	36%	14.1×	n/a	n/a
Bright Smart Securities & Commodities 1428.HK	Hong Kong	$1.28B	-51%	-2%	67%	14.9×	n/a	n/a
JSW JSWHL.NS	India	$1.29B	-16%	+55%	94%	n/a	n/a	n/a
Oppenheimer OPY	United States	$963M	-5%	+14%	12%	n/a	n/a	n/a
Okasan Securities 8609.T	Japan	$1.33B	+5%	+36%	29%	n/a	n/a	n/a
DAOU TECHNOLOGY 023590.KS	South Korea	$919M	-35%	+134%	6%	n/a	n/a	n/a
Daishin Securities 003540.KS	South Korea	$868M	-44%	+44%	53%	2.9×	n/a	n/a
M&A Capital Partners 6080.T	Japan	$855M	+32%	+12%	38%	17.5×	n/a	n/a

Questions

Who are Flow Traders's main competitors?: Named competitors: Virtu Financial (VIRT), Jane Street (private or unlisted), Optiver (private or unlisted), Susquehanna International Group (private or unlisted), Citadel Securities (private or unlisted). The cockpit's measured peer set (industry) also includes JM Financial (JMFINANCIL.NS), Tokai Tokyo Financial (8616.T), Gold.com (GOLD), IIFL Capital Services (IIFLCAPS.NS), Canaccord Genuity (CF.TO), Yuanta Futures (6023.TWO).
Is Flow Traders expensive compared with its peers?: On forward p/e it trades at 7.2× against a peer median of 13.8×, 2nd cheapest of 12 in its peer set.
How has Flow Traders stock performed?: Over six months to 6 Nov 2026 the shares returned -19.6% against -7.8% for the median peer; over one year -0.2%.