olivLaw · US equity research
UP Fintech Holding Ltd TIGR
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
UP Fintech Holding Ltd, known in Asia-Pacific as Tiger Brokers, runs an integrated digital brokerage platform with ESOP management, IPO distribution and wealth management products. Revenues rose to 612.1 million USD in 2025, and the company reported net income of 171.5 million USD, which matters for investors watching online brokerage growth.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, UP Fintech Holding Ltd (TIGR) stock was 3.95 USD (+2.60% on the day), with P/E 63.7 on diluted EPS of 0.06 USD over the last 12 months, beta 1.42, 52-week range 3.85–11.12 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)
- 38.7
- weak (30–45)
- Bollinger (20, 2)
- 3.79 – 4.46
- in the lower half of the band · %B 0.24 · band width 16.3%
- SMA 50 / 200
- 4.52 / 5.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.16
- 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 | −10.2% | −1.1% | −9.1 pp | — |
| 3 months | −17.9% | −0.5% | −17.4 pp | — |
| 6 months | −43.0% | +4.4% | −47.4 pp | — |
| Year to date | −58.7% | +12.3% | −71.0 pp | — |
| 1 year | −61.1% | +13.5% | −74.6 pp | −11.1% |
| 3 years | −17.5% | +76.4% | −93.9 pp | +64.7% |
| 5 years | −42.0% | +63.7% | −105.7 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 0 percentile of its own 5-quarter history (min 154.2, median 315.7, max 794.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.6 m | 58.7 m | 138.5 m | 264.5 m | 225.4 m | 272.5 m | 391.5 m | 612.1 m |
| Revenue YoY | +98.0% | +74.8% | +136.1% | +91.0% | −14.8% | +20.9% | +43.7% | +56.3% |
| Net income | -43.2 m | -6.6 m | 19.2 m | 14.7 m | -2.3 m | 33.0 m | 61.4 m | 171.5 m |
| Net income YoY | unavailable | unavailable | unavailable | −23.4% | −115.4% | unavailable | +85.9% | +179.5% |
| Diluted EPS | -0.09 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | 0.0% | −100.0% | unavailable | +71.4% | +158.3% |
| net % | -128.7% | -11.2% | 13.8% | 5.6% | -1.0% | 12.1% | 15.7% | 28.0% |
| Free cash flow | -22.9 m | 242.0 m | 534.3 m | 408.2 m | 253.2 m | -9.3 m | 826.4 m | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 791.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 865.2 m USD
- Total assets
- 8.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.12x
- ROE
- 22.6%
- ROA
- 2.3%
- FCF margin
- 214.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 138.5 m | 264.5 m | 225.4 m | 272.5 m | 391.5 m | 612.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | 22.5 m | 47.8 m | 60.1 m | 63.5 m | 80.1 m | 100.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Depreciation & amortisation | 928.4 k | 1.3 m | 2.7 m | 2.8 m | 2.6 m | 2.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Interest expense | 10.1 m | 18.4 m | 18.7 m | 47.0 m | 60.8 m | 73.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | 22.0 m | 19.1 m | 2.0 m | 46.0 m | 81.8 m | 207.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | 2.9 m | 4.4 m | 4.3 m | 13.0 m | 20.4 m | 36.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | 19.2 m | 14.7 m | -2.3 m | 33.0 m | 61.4 m | 171.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.06 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 2.2 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 24 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 79.7 m | 269.1 m | 277.7 m | 322.6 m | 393.6 m | 791.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | 372.2 m | — | — | — | — | — | SEC (XBRL)· 28 Apr 2021verified |
| Current assets | 2.2 bn | 3.3 bn | 3.7 bn | 3.7 bn | 6.3 bn | 8.2 bn | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | 1.6 m | 5.1 m | 6.3 m | 5.2 m | 4.2 m | 5.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Goodwill | 2.4 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 83.7 k | 61.8 k | 45.1 k | 29.2 k | 15.2 k | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | 2.2 bn | 3.3 bn | 3.8 bn | 3.7 bn | 6.4 bn | 8.2 bn | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | 2.0 bn | 2.7 bn | 3.2 bn | 3.1 bn | 5.6 bn | 7.3 bn | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | 2.0 bn | 2.9 bn | 3.3 bn | 3.3 bn | 5.7 bn | 7.4 bn | SEC (XBRL)· 24 Apr 2026verified |
| Equity | 235.7 m | 446.6 m | 447.0 m | 488.7 m | 654.9 m | 865.2 m | SEC (XBRL)· 24 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 535.3 m | 413.2 m | 258.1 m | -6.6 m | 828.0 m | 1.3 bn | SEC (XBRL)· 24 Apr 2026verified |
| Capex | 978.1 k | 5.0 m | 4.9 m | 2.8 m | 1.6 m | 5.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | 534.3 m ≈ | 408.2 m ≈ | 253.2 m ≈ | -9.3 m ≈ | 826.4 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | 43.6 m | 10.9 m | -3.6 m | -7.8 m | -8.7 m | -5.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | -8.4 m | 330.9 m | 4.7 m | 1.8 m | 103.8 m | -2.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Share repurchases | 2.2 m | — | — | — | — | — | SEC (XBRL)· 28 Apr 2021verified |
≈ 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: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · 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: 0.65 – 1.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
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/E0.65 – 1.17 (Mid 0.91)17 companies used · median multiple 14.7x · quartiles 10.4x – 18.9xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 28.0% | 73 (vs peers) | 18% |
| FCF conversion · Quality | 764.6% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | 39.5% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 63.7x | 11 (vs peers) | 29% |
| 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· partial26/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial11/100 · 1/3 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
UP FINTECH HOLDING LIMITED (TIGR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 612.1 m USD in 2025; YoY growth 56.3%; net margin 28.0%; ROE 22.6%.
The estimated value range is 0.65–1.17 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.91 USD, the price of 3.95 USD leaves a potential of -76.9% (value / price − 1) and a margin of safety of -333.8% (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: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.0%
- FCF conversion: 764.6%
- Revenue CAGR 3Y: 39.5%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 63.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for TIGR 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 24 Apr 2026; since then the company filed 6-K (26 Aug 2026), 6-K (02 Jun 2026), 6-K (22 May 2026).
In brief
UP Fintech Holding Ltd, known in Asia-Pacific as Tiger Brokers, runs an integrated digital brokerage platform with ESOP management, IPO distribution and wealth management products. Revenues rose to 612.1 million USD in 2025, and the company reported net income of 171.5 million USD, which matters for investors watching online brokerage growth.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Compliance and regulationhigh
Failure to comply with laws in the jurisdictions where it operates could lead to fines, licence suspension or operating restrictions, according to the report 1.
- China VIE structurehigh
The company operates in China through contractually controlled VIEs without equity ownership, exposing the business to regulatory decisions 1.
- Limited operating historymedium
Rapid growth does not guarantee the current trend will continue, and the company has incurred net losses in the past 1.
- Pressure on commission ratesmedium
Industry competition has lowered average commission rates, which could weigh on margins if the trend continues 1.
- Dependence on trading volumemedium
Revenue depends on trading volumes and market conditions, which can be volatile 1.
Investment thesis
What would need to be true (bull case)
- If commission and IPO distribution income keeps growing, the company could consolidate the profitability it reached in 2025 1.
- Self-clearing and product integration could support better margins as the client base grows 1.
- Expansion into new jurisdictions and growth in client assets could open additional revenue sources 1.
What would break the thesis
What to watch
- Trend in the average commission rate over trading volume2026
- Outcome of FINRA and SEC compliance proceedingsnext 10-K
- Development of client assets and net asset inflows2026
- Development of the China business through the VIE structurenext 10-K
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 24 Apr 2026; since then the company filed 6-K (26 Aug 2026), 6-K (02 Jun 2026), 6-K (22 May 2026).
The business
Most revenue comes from commissions on securities trades, interest income and financing fees on margin lending, plus other income from IPO distribution and wealth management 1. The company says bundling products raises average revenue per user and customer lifetime value 1.
The company holds licences for brokerage in the United States, Hong Kong, Singapore, New Zealand and Australia, and in 2019 acquired TradeUP Securities, a US self-clearing broker-dealer 1. By the end of the fourth quarter of 2025, over 90% of US cash equity and option trades on its platform were self-cleared 1.
Segments
Online brokerage and commissions
Commission revenue reached 266.8 million USD in 2025, but the average commission rate over trading volume fell from 0.0288% to 0.0260%, which the company attributes to industry competition 1.
Market context
The company operates in online brokerage, which is sensitive to trading volumes, economic conditions and regulatory change in the US, Hong Kong, China and other jurisdictions 1. Client assets reached 60 billion USD by the end of 2025, up from 40 billion USD at the end of 2024 1.
The report points to structural trends such as online migration, rising retail participation and growing private wealth, which could support demand for online investing 1. Market volatility and inflation could, however, reduce trading and weigh on commission income 1.
Trends
- Online migration of investorstailwind
The shift to online investing is described as a structural trend that supports growth in digital brokerage platforms, including this one 1.
- Rising retail participationtailwind
Growing participation by retail investors could expand the client base and trading volumes, according to the company's description 1.
- Pressure on commission ratesheadwind
Industry competition lowered the average commission rate in 2025, which limits gains from higher volume 1.
- Interest rate cyclemixed
Lower interest rates reduced financing fees and margin lending yields, though growth in margin balances partly offset this effect 1.
Competitive position
The company cites industry competition as the factor that lowered average commission rates in 2025 1. The report does not name specific competitors, and the advantages it highlights are its integrated product offering and US self-clearing 1.
The company describes its edge as a single-account platform, integrated ESOP and IPO products and self-clearing of US equities and options, which lowers clearing costs 1. Price competition remains a risk, according to the report 1.
- Interactive BrokersIBKR
Clearing partner and financing provider for the company, and a shareholder through its group; the report describes it more as a partner than a direct rival 1.
- Other Asia-Pacific online brokers
The report mentions industry competition without naming rivals; the company operates in several jurisdictions where other online brokers also serve clients 1.
- US and Hong Kong exchanges
Exchanges are suppliers of market data and fees to the company rather than direct competitors 1.
- Investment banks and IPO underwriters
The company takes part in IPO underwriting, where it competes with other institutions offering similar services 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
- UP Fintech’s (TIGR) Record Quarter Comes With A Bigger BillYahoo Finance — News · 01 Sept 2026 · EN
- UP Fintech Q2 Earnings Call HighlightsYahoo Finance — News · 26 Aug 2026 · EN
- China’s Tiger Brokers reports strong results, with no mention of trading crackdownSouth China Morning Post — China · 02 Jun 2026 · RO
- Hedge Funds Backing Futu, Up Fintech Hit by China CrackdownBloomberg Markets · 26 May 2026 · EN
- Futu, Up Fintech Options Surged Before Crackdown Sparked SlumpBloomberg Markets · 22 May 2026 · EN
SEC filings
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)02 Jun 2026
- Current report (foreign issuer)22 May 2026
- Annual report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)19 Mar 2026
- Current report (foreign issuer)04 Dec 2025
- Current report (foreign issuer)27 Aug 2025
- Current report (foreign issuer)30 May 2025
- Annual report (foreign issuer)23 Apr 2025
- Current report (foreign issuer)18 Mar 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / UP Fintech Holding Ltd · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.