olivLaw · US equity research
Webull Corporation BULL
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Webull is a mobile-first digital investment platform offering retail investors trading, market data and analytical tools. The company reported total revenues of 571 million USD in fiscal 2025, up from the prior year, and its focus on retail investors makes its model worth close monitoring.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Webull Corporation (BULL) stock was 4.81 USD (−10.76% on the day), with beta 1.66, 52-week range 4.63–10.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.84 – 6.62
- below the lower band · %B -0.02 · band width 31.1%
- SMA 50 / 200
- 7.20 / 6.78
- mixed trend
- MACD (12, 26, 9)
- -0.55 / -0.55
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.9% | −5.9% | −28.0 pp | — |
| 3 months | −33.4% | −4.6% | −28.8 pp | — |
| 6 months | −33.3% | +0.2% | −33.5 pp | — |
| Year to date | −38.1% | +7.4% | −45.5 pp | — |
| 1 year | −51.6% | +8.2% | −59.8 pp | −15.6% |
| 3 years | −55.6% | +68.4% | −124.0 pp | +59.7% |
| 5 years | unavailable | +56.5% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 388.3 m | 389.6 m | 390.2 m | 571.0 m |
| Revenue YoY | unavailable | +0.3% | +0.2% | +46.3% |
| Net income | 50.1 m | 6.1 m | -22.7 m | 24.8 m |
| Net income YoY | unavailable | −87.9% | −473.9% | unavailable |
| Diluted EPS | -0.01 | -2.42 | -3.73 | -1.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 12.9% | 1.6% | -5.8% | 4.3% |
| Free cash flow | -62.8 m | 466.1 m | 182.8 m | 561.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 653.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.0 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.33x
- ROE
- unavailable
- ROA
- 0.8%
- FCF margin
- 98.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 388.3 m | 389.6 m | 390.2 m | 571.0 m | SEC (XBRL)· 09 Apr 2026verified |
| Research & development | — | 32.0 m | 32.7 m | 35.5 m | SEC (XBRL)· 09 Apr 2026verified |
| Depreciation & amortisation | 1.4 m | 2.8 m | 3.5 m | 3.2 m | SEC (XBRL)· 09 Apr 2026verified |
| Interest expense | — | — | 122.8 k | 5.5 m | SEC (XBRL)· 09 Apr 2026verified |
| Pre-tax income | 65.7 m | 20.2 m | -12.1 m | 45.2 m | SEC (XBRL)· 09 Apr 2026verified |
| Income tax | 32.2 m | 16.1 m | 13.8 m | 20.8 m | SEC (XBRL)· 09 Apr 2026verified |
| Net income | 50.1 m | 6.1 m | -22.7 m | 24.8 m | SEC (XBRL)· 09 Apr 2026verified |
| Diluted EPS | -0.01 | -2.42 | -3.73 | -1.23 | SEC (XBRL)· 09 Apr 2026verified |
| Weighted average diluted shares | 134.5 m | 138.0 m | 138.8 m | 397.0 m | SEC (XBRL)· 09 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 436.2 m | 372.3 m | 270.7 m | 653.2 m | SEC (XBRL)· 09 Apr 2026verified |
| Receivables | — | 693.8 k | 3.8 m | 5.6 m | SEC (XBRL)· 09 Apr 2026verified |
| Current assets | — | 1.2 bn | 1.9 bn | 3.7 bn | SEC (XBRL)· 09 Apr 2026verified |
| Property, plant & equipment, net | — | 34.3 m | 33.6 m | 35.9 m | SEC (XBRL)· 09 Apr 2026verified |
| Goodwill | — | 5.2 m | 5.2 m | 30.3 m | SEC (XBRL)· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 21.4 m | 19.4 m | 55.4 m | SEC (XBRL)· 09 Apr 2026verified |
| Total assets | — | 1.3 bn | 2.1 bn | 3.9 bn | SEC (XBRL)· 09 Apr 2026verified |
| Accounts payable | — | 15.4 m | 9.7 m | 19.0 m | SEC (XBRL)· 09 Apr 2026verified |
| Current liabilities | — | 680.5 m | 1.4 bn | 2.8 bn | SEC (XBRL)· 09 Apr 2026verified |
| Total liabilities | — | 695.9 m | 1.5 bn | 2.9 bn | SEC (XBRL)· 09 Apr 2026verified |
| Equity | -1.5 bn | -1.8 bn | -2.3 bn | 1.0 bn | SEC (XBRL)· 09 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -31.2 m | 470.6 m | 185.2 m | 566.4 m | SEC (XBRL)· 09 Apr 2026verified |
| Capex | 31.6 m | 4.5 m | 2.4 m | 4.9 m | SEC (XBRL)· 09 Apr 2026verified |
| Free cash flow | -62.8 m ≈ | 466.1 m ≈ | 182.8 m ≈ | 561.5 m ≈ | SEC (XBRL)· 09 Apr 2026derived |
| Investing cash flow | -32.4 m | -10.0 m | -2.4 m | 45.5 m | SEC (XBRL)· 09 Apr 2026verified |
| Financing cash flow | 17.9 m | 12.8 m | 40.3 m | 352.1 m | SEC (XBRL)· 09 Apr 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: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.3% | 27 (vs peers) | 25% |
| FCF conversion · Quality | 2,266.9% | 100 (on a fixed band) | 25% |
| Revenue CAGR 3Y · Growth | 13.7% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial44/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Webull Corporation (BULL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 571.0 m USD in 2025; YoY growth 46.3%; net margin 4.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 2,266.9%
- Revenue CAGR 3Y: 13.7%
What contradicts it
- Net margin: 4.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 285.2 bn | 14.4 | 18.0% | — | unavailable | +8% / +130% |
| BLKBlackRock, Inc. | 181.4 bn | 26.8 | 12.2% | 24.2% | +89.3% | +12% / +56% |
| SCHWSchwab Charles Corp | 160.1 bn | 16.7 | 20.3% | 38.8% | +22.0% | −0% / +51% |
| RJFRaymond James Financial, Inc. | 31.7 bn | 14.3 | 18.5% | 13.6% | +6.6% | +5% / +57% |
| SEICSei Investments Company | 12.5 bn | 18.3 | 28.9% | 28.1% | +8.1% | +30% / +79% |
| FRHCFreedom Holding Corp. | 11.3 bn | 70.0 | 11.2% | 6.5% | +9.3% | +34% / +118% |
| JEFJefferies Financial Group Inc. | 9.9 bn | 10.9 | 8.6% | 7.5% | +2.9% | −16% / +37% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.0 bn | 5.1 | 16.5% | 14.6% | +6.7% | −12% / +77% |
| PIPRPiper Sandler Companies | 4.7 bn | 7.4 | 22.7% | 14.5% | +24.3% | −20% / +74% |
| IBKRInteractive Brokers Group, Inc. | 4.7 bn | 15.6 | 89.4% | 179.6% | +23.4% | +12% / +274% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.3 | 28.9% | 19.8% | +19.6% | −24% / unavailable |
| WTWisdomTree, Inc. | 2.9 bn | 26.6 | 27.0% | 16.6% | +15.4% | +72% / +192% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 508.9 m | — | -272.7% | -6,944.3% | −56.8% | +88% / −44% |
| SIEBSiebert Financial Corp. | 74.8 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 35.0 m | — | -315.4% | -51.6% | +487.0% | −69% / −36% |
| COHNCohen & Co Inc. | 32.3 m | 1.9 | 33.3% | 5.6% | +246.2% | −35% / +63% |
| LGHLLion Group Holding Ltd. | 28.0 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| AXGSolowin Holdings, Ltd. | 21.7 m | — | -88.9% | -47.4% | +895.0% | −62% / −49% |
| GLXYGalaxy Digital Inc. | 1.3 k | — | -16.7% | -0.5% | +41.8% | −51% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 36.1 | 21.3% | 39.0% | +51.6% | −39% / +791% |
| TIGRUp Fintech Holding Limited | — | 60.5 | 22.6% | 28.0% | +56.3% | −57% / −16% |
| ETOReToro Group Ltd. | — | 10.0 | 1.4% | 1.6% | +9.5% | −46% / unavailable |
| VIRTVirtu Financial, Inc. | — | 8.8 | 33.6% | 13.5% | +26.2% | +51% / +200% |
1- and 3-year price returns: for BULL 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.
Possibly outdated: the newest document it read is from 09 Apr 2026; since then the company filed 6-K (09 Oct 2026), 6-K (01 Oct 2026), 6-K (11 Sept 2026), 6-K (19 Aug 2026), 6-K (21 May 2026), 6-K (21 Apr 2026).
In brief
Webull is a mobile-first digital investment platform offering retail investors trading, market data and analytical tools. The company reported total revenues of 571 million USD in fiscal 2025, up from the prior year, and its focus on retail investors makes its model worth close monitoring.
SWOT
Strengths
- The mobile-first platform, a large user base and a high retention rate give a clear advantage over traditional brokers 1.
- A product range from equities and options to digital assets and futures allows revenue to be diversified 1.
- The connected community and educational tools support customer engagement and organic referrals 1.
Weaknesses
- The operating history is relatively short, and past results do not guarantee future performance 1.
- The company recorded net losses attributable to ordinary shareholders in earlier years and cannot guarantee consistent profitability 1.
- Revenue is concentrated in trading and in a limited number of market partners, increasing exposure to lower volumes 1.
Opportunities
Risks
- Dependence on trading volumehigh
Revenue falls when market activity slows, and this risk could affect financial results 1.
- Payment for order flowhigh
The PFOF practice may create a conflict of interest with customers, and regulatory changes could affect this model 1.
- Evolving regulationmedium
The regulatory environment changes constantly, which may bring additional costs or changes to business practices 1.
- Cybersecurity and datamedium
A security incident or system error could affect customers and reputation and expose the company to legal liability 1.
- International expansionmedium
Operating in different markets carries economic, regulatory and currency risks that could slow growth 1.
Investment thesis
What would need to be true (bull case)
- If growth in users and trading volumes continues, revenue and profitability could keep improving 1.
- The mobile-first platform and broad product range could strengthen the company's position among younger investors 1.
- Expansion into new markets and wealth management products could open more stable sources of income 1.
What to watch
- Trend in trading-related revenue and DARTsQ1 2027
- Results from wealth management products and international expansion2027
- Regulatory developments for PFOF, event contracts and digital assets2027
- Quarterly retention rate and the number of funded accountsnext 20-F
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.
Possibly outdated: the newest document it read is from 09 Apr 2026; since then the company filed 6-K (09 Oct 2026), 6-K (01 Oct 2026), 6-K (11 Sept 2026), 6-K (19 Aug 2026), 6-K (21 May 2026), 6-K (21 Apr 2026).
The business
Webull was incorporated in the Cayman Islands and operates a digital investment platform aimed at retail investors, with a mobile-first interface. The company offers trading in equities, options, futures and digital assets, along with wealth management products, all within one account. Revenue comes mainly from trading, in the US through payment for order flow (PFOF) and in other markets through direct commissions. According to the filing, 26.8 million registered users and 57 million app downloads indicate the scale of its customer base 1.
Segments
Interest income and wealth management
Interest income comes from stock lending and margin financing, while cash management, robo-advisor and managed retirement accounts complement the offering for passive investors 1.
Trends
- Higher retail participationtailwind
The retail share of US equity volume has grown, with peaks during periods of high volatility, which could support trading volumes 1.
- Dependence on trading volumeheadwind
Revenue depends heavily on trading activity, and a prolonged slowdown in securities markets could reduce the company's revenue 1.
- Regulation of new productsmixed
Event contracts and digital assets are subject to ongoing regulatory enforcement and litigation that could restrict these products 1. The effect depends on legislative developments.
Competitive position
Webull competes with traditional retail brokerage firms and other digital trading platforms in the markets where it operates. The company notes that competitors may adopt more aggressive pricing or invest more in marketing 1. Its stated advantage lies in its mobile-first experience and freely available analytical tools.
- Traditional retail brokerage firms
These firms have invested in technology but, according to the filing, offer limited mobile functionality 1.
- Digitally native online investment platforms
These platforms offer a simplified mobile experience but may have less product depth and fewer analytical tools 1.
- Global digital investment platforms
Competitors with greater international experience could enter the markets where Webull is expanding 1.
- Market makers and liquidity providers
The company relies on a limited number of market makers and liquidity providers, and the loss of some could affect revenue 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Webull fined $4.2 million over compliance failures, FINRA saysCNA (Channel NewsAsia) · 05 Nov 2026 · EN
- Webull to Pay $4.2 Million Finra Fine Over Compliance IssuesBloomberg Markets · 05 Nov 2026 · EN
- House committee says Webull messages point to China access to U.S. customer dataCNBC — Top News · 21 Oct 2026 · EN
- Stocks making the biggest moves midday: Goldman Sachs, Webull, Worthington Steel, Micron & moreCNBC — Top News · 07 Oct 2026 · EN
- Trading platform Webull's China ties create national security risk, congressional panel findsCNBC — Top News · 07 Oct 2026 · EN
- Robinhood Sinks 5% After Prosecutors Reportedly Charge Two Former Engineers Over Crypto Trades; Webull Drops 9%Yahoo Finance — News · 16 Sept 2026 · EN
- The Next Phase of Webull Could Be the One That Matters MostYahoo Finance — News · 16 Sept 2026 · EN
- Should You Forget Robinhood and Buy Webull Instead?Yahoo Finance — News · 06 Sept 2026 · EN
- Robinhood Rallies 11% on Price Target Hikes, Webull Climbs 7%, Interactive Brokers Gains 4%Yahoo Finance — News · 03 Sept 2026 · EN
- Webull Surges 8%, Robinhood Ticks Up as the Retail Trading Bid ExtendsYahoo Finance — News · 27 Aug 2026 · EN
- Webull President Sells 53,848 SharesYahoo Finance — News · 26 Aug 2026 · EN
- Robinhood Rises 7%, Webull Climbs 4% as a Day Trading Rule Repeal Ignites Retail Crypto OrdersYahoo Finance — News · 25 Aug 2026 · EN
- Webull to offer commission-free trades of US stocks in JapanNikkei Asia · 08 Jul 2026 · RO
SEC filings
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)21 May 2026
- Current report (foreign issuer)21 Apr 2026
- Annual report (foreign issuer)09 Apr 2026
- Current report (foreign issuer)07 Apr 2026
- Current report (foreign issuer)04 Mar 2026
- Current report (foreign issuer)20 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Webull Corporation · 09 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.