Webull Corporation Class A Ordinary Shares
- Open
- 9.36
- Day high
- 9.58
- Day low
- 9.16
- Prev close
- 9.37
- Volume
- 15.8M
- Mkt cap
- $5.0B
- P/E (TTM)
- 110.6
- EPS (TTM)
- $0.09
- P/B
- 4.8
- P/S
- 7.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$929K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Webull Corporation Class A Ordinary Shares (BULL) is a Technology company listed on NASDAQ. The stock is down 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering BULL.
Webull Corporation Class A Ordinary Shares (BULL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BULL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 19, 2026 | $0.04 | $0.07 | +55.6% | $199M | +8.4% |
| May 21, 2026 | $0.03 | $0.02 | -33.3% | $160M | +1.1% |
| Mar 4, 2026 | $0.05 | $0.03 | -40.0% | $165M | +0.5% |
| Nov 20, 2025 | $0.02 | $0.07 | +319.9% | $157M | +18.7% |
| Aug 28, 2025 | — | $-1.10 | — | $131M | — |
| May 22, 2025 | — | $-0.06 | — | $117M | — |
| Sep 30, 2024 | — | $-0.02 | — | $102M | — |
| Jun 30, 2024 | — | $-0.03 | — | $91M | — |
| Mar 31, 2024 | — | $-0.03 | — | $89M | — |
| Dec 31, 2023 | — | $-0.03 | — | $84M | — |
| Sep 30, 2023 | — | $0.02 | — | $100M | — |
| Jun 30, 2023 | — | $0.02 | — | $102M | — |
BULL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Denier Anthony Michaeldirector, officer: President | Sell | 53,848 | $8.83 |
| Aug 24, 2026 | James Benjamin Worthydirector, officer: General Counsel | Sell | 50,273 | $9.02 |
| Jun 9, 2026 | Bishop Walter A.director | Option | 12,500 | — |
| Jun 9, 2026 | Bishop Walter A.director | Grant | 29,584 | — |
| May 27, 2026 | Denier Anthony Michaeldirector, officer: President | Sell | 75,000 | $6.22 |
| Apr 14, 2026 | HOULIHAN WILLIAM Adirector | Grant | 42,471 | — |
| Apr 13, 2026 | HOULIHAN WILLIAM Adirector | Option | 12,500 | — |
| Apr 13, 2026 | HOULIHAN WILLIAM Adirector | Grant | 4,719 | — |
| Feb 7, 2005 | ROBINSON HARRIETT J10 percent owner | Buy | 5,000 | $0.52 |
| Feb 7, 2005 | ROBINSON HARRIETT J10 percent owner | Buy | 1,000 | $0.52 |
| Feb 7, 2005 | ROBINSON J MACKdirector, 10 percent owner, officer: Chairman | Buy | 5,000 | $0.52 |
| Feb 7, 2005 | ROBINSON J MACKdirector, 10 percent owner, officer: Chairman | Buy | 1,000 | $0.52 |
| Jan 6, 2005 | ROBINSON HARRIETT J10 percent owner | Buy | 2,500 | $0.42 |
| Jan 6, 2005 | ROBINSON J MACKdirector, 10 percent owner, officer: Chairman | Buy | 2,500 | $0.42 |
| Jan 6, 2005 | ROBINSON HARRIETT J10 percent owner | Buy | 5,000 | $0.50 |
Source: BULL SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full BULL insider & 13F page →Webull Corporation Class A Ordinary Shares company profile
Overview
Webull Corporation (NASDAQ:BULL) is a digital investment platform company that was founded in 2005 and went public through an IPO in December of that year. The company operates primarily as a fintech platform providing online brokerage services, wealth management solutions, and financial education tools to retail investors. Based in China but serving global markets, Webull has positioned itself as a technology-driven alternative to traditional brokerage firms, focusing on commission-free trading and user-friendly mobile applications. The company has experienced significant growth in recent years as retail investing has surged, particularly among younger demographics seeking accessible and cost-effective investment platforms.
Business
Webull operates in the financial technology (fintech) sector, specifically within the online brokerage and digital investment platform industry. This industry has been transformed over the past decade by companies offering commission-free trading, mobile-first experiences, and democratized access to financial markets that were traditionally dominated by established brokerages charging high fees. The company's core offerings include several interconnected services. Trading services form the primary business, allowing users to buy and sell stocks, exchange-traded funds (ETFs), options, and other securities through their mobile app and web platform. Unlike traditional brokers that charge per-transaction fees, Webull offers commission-free equity trading, which has become the industry standard among digital-first platforms. Wealth management product distribution represents another significant revenue stream, where Webull acts as a distributor for various investment products including mutual funds, structured products, and alternative investments. The platform earns fees and commissions from product providers for facilitating these investments. Market data and information services provide users with real-time quotes, charts, research reports, and analytical tools. While basic market data is typically free to attract users, premium data packages and advanced analytical tools generate subscription revenue. The company also operates a user community and investor education platform, creating social features where users can share investment ideas, follow successful traders, and access educational content about investing and market analysis. This community aspect helps with user engagement and retention while potentially generating advertising revenue from financial service providers. While specific revenue breakdowns are not publicly detailed, trading services and wealth management product distribution likely represent the majority of revenue, with market data services and community features serving more as user acquisition and retention tools that support the primary revenue-generating activities.
Revenue model
Webull generates revenue through multiple interconnected streams typical of modern fintech platforms. The primary revenue source comes from payment for order flow (PFOF), where market makers pay Webull for routing customer trades to them. This allows the company to offer commission-free trading while still monetizing each transaction. Additionally, the company earns net interest income by lending out customer securities and earning interest on customer cash balances held in money market accounts. Wealth management product distribution generates revenue through commissions and fees paid by asset management companies whose products are sold through the Webull platform. The company acts as an intermediary, earning a percentage of assets under management or upfront sales commissions. Subscription services provide recurring revenue through premium market data packages, advanced trading tools, and enhanced platform features. Professional traders and active investors pay monthly or annual fees for real-time Level II market data, advanced charting tools, and priority customer support. The customer base primarily consists of retail investors, particularly younger demographics comfortable with mobile-first financial services. These customers range from casual investors making occasional trades to active day traders requiring sophisticated tools and real-time data. Several factors significantly impact Webull's profit margins. Market volatility and trading volume directly affect revenue since more active trading generates higher PFOF payments and interest income. Interest rate environments influence net interest margins on customer cash balances - higher rates generally improve profitability. Competitive pressure from established players like Charles Schwab, Fidelity, and newer entrants like Robinhood can compress PFOF rates and force increased marketing spending. Regulatory changes pose ongoing risks, as potential restrictions on PFOF or new compliance requirements could significantly impact the business model. Customer acquisition costs remain a major margin pressure, as the company must continually invest in marketing and promotional offers to attract new users in an increasingly crowded market.
Competitive moat
Webull's competitive moat appears relatively narrow, which is characteristic of the online brokerage industry where differentiation is challenging and switching costs are low. The company's primary advantages center around user experience and technology, particularly its mobile-first platform design and comprehensive suite of trading tools that appeal to active retail traders. The platform offers advanced charting capabilities, real-time market data, and social trading features that create some user stickiness. Network effects provide a modest moat through the community features where users share trading ideas and follow successful investors. As more users join the platform, the community becomes more valuable, potentially attracting additional users. However, these network effects are not as strong as those found in true social media platforms or marketplaces. The company benefits from regulatory compliance infrastructure that requires significant investment and expertise to maintain, creating some barriers to entry for new competitors. Additionally, brand recognition in key markets provides some competitive advantage, particularly among younger investors who value the platform's modern interface and commission-free trading model. However, Webull faces significant competitive threats that limit the strength of its moat. Established financial institutions like Charles Schwab, Fidelity, and TD Ameritrade have vastly superior financial resources, broader product offerings, and deeper customer relationships. These incumbents have largely matched Webull's commission-free trading while offering additional services like banking, lending, and comprehensive wealth management. Well-funded fintech competitors such as Robinhood operate with similar business models and target demographics, creating intense competition for market share. The low switching costs in online brokerage mean customers can easily move between platforms, limiting pricing power and customer retention. Big Tech companies represent a potential existential threat, as firms like Apple, Google, or Amazon could leverage their massive user bases and technological capabilities to enter the investment platform space. Overall, while Webull has carved out a niche in the market, its competitive advantages are not particularly durable or defensible against well-resourced competitors.
Risks & safety
Webull's margin of safety appears moderate to weak based on current financial metrics and market conditions. • Liquidity position: The company maintains $271 million in cash and short-term investments as of Q4 2024, providing reasonable short-term liquidity. However, with quarterly operating cash flows averaging around $46 million in recent quarters, the cash position provides approximately 6 quarters of operating runway at current burn rates. • Debt and solvency: Total liabilities significantly exceed total assets ($4.3 billion vs $2.1 billion), resulting in negative shareholder equity of approximately $2.3 billion. This unusual balance sheet structure is typical for brokerages due to customer deposits and securities lending arrangements, but creates complexity in traditional solvency analysis. • Profitability trends: The company showed profitability in 2022-2023 but returned to losses in 2024, with full-year net loss of $23 million despite revenue remaining stable around $390 million annually. • Valuation metrics: With negative EBITDA in recent quarters, traditional valuation multiples are not meaningful. The negative price-to-book ratio reflects the unusual balance sheet structure common in financial services. • Free cash flow: Positive free cash flow of $183 million for 2024 provides some comfort, though this was significantly lower than the $466 million generated in 2023. • Regulatory and competitive risks: Operating in a heavily regulated industry with potential PFOF restrictions and intense competition from better-capitalized rivals creates ongoing business model risks that are difficult to quantify but could materially impact future performance.
Recent development
Based on the available financial data, Webull has maintained relatively stable revenue performance over the past three years, with annual revenues consistently around $390 million from 2022 through 2024. However, the company's profitability has shown significant volatility, moving from a profitable $50 million net income in 2022 to a $23 million loss in 2024. The most notable trend has been the dramatic improvement in cash flow generation, with operating cash flows surging from negative $31 million in 2022 to $471 million in 2023, before moderating to $185 million in 2024. This improvement suggests the company has optimized its working capital management and operational efficiency, particularly in managing customer deposits and securities lending activities. The company's balance sheet has expanded significantly, with total assets growing from $1.1 billion in 2022 to $2.1 billion in 2024, primarily driven by increases in current assets related to customer account balances and securities lending operations. This growth reflects an expanding customer base and increased assets under custody. Quarterly performance in 2024 showed some seasonality, with Q4 revenue of $108 million representing the strongest quarter, while Q1 and Q2 revenues were around $90 million each. The company returned to quarterly profitability in Q4 2024 with $11 million in net income after three consecutive quarters of losses. The maintenance of stable revenue despite challenging market conditions suggests Webull has successfully retained its customer base and maintained trading activity levels. However, the volatility in profitability indicates the business remains sensitive to market conditions, interest rate environments, and competitive pressures in the online brokerage space.
BULL company profile · for informational purposes only — not investment advice.
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