Webull Corporation

Capital Markets

BULLMixed4 of 9 basics passed

$6.32

+6.19%

Market cap $3.41B

$6.32

+6.19%

Market cap $3.41B

Webull Corp is a digital investment platform built upon a next-generation globally infrastructure services. It strives to be the platform of choice for a new generation of investors by creating an efficient, low-cost, and easy-to-use investment platform.

It is a $3.41B financial services company. Revenue grew 45.1% over the last year, and it currently loses money.

Website: webullcorp.com
Employees: 1 396
Sector: Financial Services
Founded: 2016

Share price · 2 years

$13.25 → $6.32-52.3%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $564M
Loss: spends more than it earns; -$488M
Net cash: more cash than debt; $623M
P/E: years of profit in the price; 80.1
Shares: down 19% since 2022 — buybacks; 529.8M
Volatility: beta vs the market — under 1 swings less; 0.64

Revenue, last 4 years

52-week range

Low $4.63$6.32High $11.75

Today's price is 24% of the way from the year's low to its high.

Valuation vs own history

P/S

6.0×

85%

EV/EBITDA

52.5×

70%

P/B

3.3×

85%

FCF yield

16.5%

98%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.78Mnet selling

Purchases$0

Sales$2.78M

Insiders trading, last 14d0 buy · 1 sell

Standing in Financial Services

Size$3.41Btop 98%
Revenue growth+14%top 29%
Net margin6%top 79%
Return on equity4%top 87%
P/E80.1×top 98%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability and Moat lag behind.

Valuation42

P/E vs own historyn/a · 10/25
FCF yieldn/a · 10/25
P/S5.0x · 12/25
EV/EBITDAn/a · 10/25

Growth45

Revenue CAGR13.3% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth166.4% · 25/25

Profitability17

ROIC-115.9% · 0/25
ROE4.2% · 5/25
Net margin-86.4% · 0/25
Operating margin12.4% · 12/25

Health50

Altman Z0.09 · 3/25
Current ratio1.29 · 12/25
Interest coverage3.6x · 10/25
Net cash / debtNet cash · 25/25

Quality50

Piotroski F4/9 · 10/25
Beneish M-2.45 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 7.7% · 20/25

Moat25

ROIC >12% years1/4 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years3/3 yrs · 25/25
Worst-year net marginworst -133.1% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2025Acquisition
Webull became a publicly traded company on the Nasdaq through a merger with special-purpose…
2024Product
Webull launched overnight, or extended-hours, trading, expanding the trading window of U.S
Feb 28, 2024Acquisition
Webull agreed to go public through a business combination with SK Growth Opportunities…
2022Milestone
Webull restructured its China-related corporate arrangements in 2022 and later stated that Hunan Fumi was no longer…
2021Milestone
The initial post-listing surge increased the value of Webull holdings owned by earlier investors, including RIT…
2020Product
Webull introduced options trading in 2020 and later added cryptocurrency trading through a separate digital-asset…
2018Product
It launched U.S. brokerage services through Webull Financial LLC in 2018 and expanded during the retail-trading boom…
2016Founded
Webull began operations in 2016 under Hunan Fumi Information Technology, a China-based financial technology company…

Achievements

Verifiable track record, straight from the reported numbers.

$564.3M revenue in FY2025

Revenue up 45.1% year over year

1 396 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (77.5%)
Revenue growing 45.1% year over year
Net cash position after subtracting debt from cash

Watch-outs

Not profitable — 86.4% net margin
Altman Z-Score 0.09 — elevated financial-distress risk
Loss-making in 4 of the recent years
Short reporting history — trends are less reliable

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 9 checks passed

Revenue growing — the company sells more than a year ago+45.1% YoY
Profitable — makes more than it spends-$488M FY2025
Profit growing — earnings are higher than last year-16.8% YoY
Generates cash — cash left after running and investingno data
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$3.41B market cap
Not printing shares — share count not ballooning — you keep your slice-18.9% shares over ~5y
Proven track record — years of profitability behind it0/4 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 80.1

Peer comparisonWebull Corporation vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BULL this company	$3.4B	80.1	+45.1%	-86.4%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: BULL vs BRK.A · BULL vs BRK.B · BULL vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 5Hold 1

Appendix · Financial records

The full statements behind this CV, FY2022–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $564M · net income -$488M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (FY2025)

$564M

YoY 45.1%

Net income (FY2025)

-$488M

Margin -86.4%

Gross margin

77.5%

Operating margin

12.4%

P/E ratio

80.1

Income statement — full detail

Figures in USD billions · EPS in USD

	2022	2023	2024	2025
Revenue	0.4	0.4	0.4	0.6
Gross profit	—	—	—	—
Operating income (EBIT)	0.1	0.0	-0.0	0.1
Net income	-0.0	-0.3	-0.5	-0.5
EPS (diluted)	-0.00	-0.60	-0.99	-0.92

Cash flowFree cash flow — · operating cash flow — (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

—

Operating cash flow (FY2025)

—

FY basis

Cash flow statement — full detail

Figures in USD billions

	2022	2023	2024	2025
Operating cash flow	0.5	0.2	0.6	—
Capital expenditure	-0.0	-0.0	-0.0	—
Free cash flow	0.5	0.2	0.6	—
FCF margin	120.1%	47.1%	144.4%	—

Balance sheetAssets $4.11B · net cash $623M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $4.11B of assets is financed

75%

25%

Liabilities $3.07B — borrowed moneyEquity $1.04B — owners' stake

Cash vs debt

Total debt $78.7M − cash $702M = net cash $623M

Cash on hand covers all debt.

Altman Z-Score

0.09

Distress zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

3.6x

EBIT ÷ interest expense

ROE

4.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2022	2023	2024	2025
Cash & equivalents	0.4	0.3	0.7	0.7
Total assets	1.3	2.1	3.9	4.1
Total liabilities	0.7	1.5	2.9	3.1
Total debt	0.0	0.0	0.1	0.1
Equity	0.6	0.6	1.0	1.0
Net debt	-0.4	-0.3	-0.6	-0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BULL on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $6.32 · market cap $3.41B.