UP Fintech Holding Limited
- Open
- 5.01
- Day high
- 5.13
- Day low
- 4.92
- Prev close
- 5.04
- Volume
- 2.4M
- Mkt cap
- $906M
- P/E (TTM)
- 8.0
- EPS (TTM)
- $0.63
- P/B
- 1.0
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$43K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
UP Fintech Holding Limited (TIGR) is a Financial Services company listed on NASDAQ. The stock is down 59% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering TIGR.
UP Fintech Holding Limited (TIGR) 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.
TIGR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 26, 2026 | $0.21 | $0.23 | +10.8% | $182M | +18.4% |
| Jun 2, 2026 | $0.23 | $-0.13 | -156.0% | $155M | +1.8% |
| Mar 19, 2026 | $0.21 | $0.26 | +21.0% | $176M | +19.1% |
| Dec 4, 2025 | $0.22 | $0.31 | +39.7% | $175M | +31.9% |
| Aug 27, 2025 | $0.10 | $0.24 | +140.0% | $139M | +17.4% |
| May 30, 2025 | $0.11 | $0.19 | +72.7% | $124M | +24.6% |
| Mar 18, 2025 | $0.11 | $0.17 | +54.5% | $123M | +26.4% |
| Oct 22, 2024 | — | $0.02 | — | $87M | — |
| Mar 20, 2024 | $0.07 | $0.01 | -85.7% | $79M | -61.9% |
| Nov 27, 2023 | $0.04 | $0.08 | +107.5% | $70M | +2.7% |
| Aug 29, 2023 | $0.04 | $0.08 | +110.0% | $66M | +47.9% |
| Nov 23, 2022 | — | $0.04 | — | $55M | +9.4% |
TIGR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | LIU JIANdirector | Sell | 9,333 | $4.60 |
| Jun 29, 2026 | Dong Mingofficer: Key Personnel | Grant | 80,000 | — |
| Mar 19, 2026 | LIU JIANdirector | Grant | 399,990 | — |
| Sep 22, 2015 | Singer Ericdirector | Grant | 10,000 | $1.00 |
| Mar 16, 2015 | Singer Ericdirector | Grant | 10,000 | $0.45 |
| Jan 26, 2015 | Singer Ericdirector | Grant | 25,000 | $0.36 |
Source: TIGR SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full TIGR insider & 13F page →UP Fintech Holding Limited company profile
Overview
UP Fintech Holding Limited (NASDAQ:TIGR) is a Chinese online brokerage company founded in 2014 and headquartered in Beijing. The company went public on NASDAQ in March 2019 and operates under the brand name "Tiger Brokers." UP Fintech has evolved from serving primarily Chinese investors to becoming a global online brokerage platform with significant international expansion across Singapore, Southeast Asia, Australia, New Zealand, Hong Kong, the United States, and the United Kingdom.
Business
UP Fintech operates in the online brokerage industry, providing digital investment and trading services through its proprietary platform accessible via mobile app and website. The company's core offering is Tiger Trade, a comprehensive brokerage platform that enables retail and institutional investors to trade various financial instruments including stocks, options, warrants, exchange-traded funds (ETFs), and futures across multiple global markets. The company operates two primary business segments. The retail brokerage business generates approximately 85-90% of total revenue and serves individual investors with trading services, margin financing, securities lending, and wealth management products. The institutional and corporate services business accounts for 10-15% of revenue and includes investment banking services such as IPO underwriting, Employee Stock Ownership Plan (ESOP) management services for companies, and asset management services. UP Fintech's platform supports trading across major global exchanges including the New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange, and Singapore Exchange. The company has developed specialized features such as overnight trading for US stocks, options trading strategies, cryptocurrency trading capabilities in Hong Kong, and wealth management products including US Treasury securities and structured products. The platform also incorporates artificial intelligence through its TigerGPT investment assistant and provides educational content, market research, and community engagement features for investors.
Revenue model
UP Fintech generates revenue through multiple streams within its brokerage ecosystem. Commission income represents the largest revenue source, accounting for approximately 35-40% of total revenue, earned from transaction fees on stock, options, and futures trades. The commission structure varies by asset class, with cash equities generating about 65% of commission revenue, options contributing 30%, and futures/other products making up the remaining 5%. The company's take rate on cash equities is approximately 6.9 basis points. Interest income comprises 45-50% of total revenue, generated from margin lending to clients, securities lending activities, and interest earned on client cash balances. This revenue stream benefits from higher interest rate environments but faces pressure when rates decline. Other income sources include investment banking fees from IPO underwriting services, ESOP management fees, wealth management product fees, and platform service charges. The company's paying customers are primarily retail investors, with the average client maintaining approximately $38,000 in assets. Geographic revenue distribution shows Singapore and Southeast Asia contributing 60% of new funded accounts, Greater China 25%, Australia and New Zealand 10%, and the United States 5%. Factors that positively impact margins include increased market volatility driving higher trading volumes, rising interest rates boosting interest income, successful client acquisition in high-net-worth segments, and operational efficiency improvements through technology automation. Margin pressures arise from intense competition in commission rates (particularly zero-commission trends), declining interest rates, increased customer acquisition costs, regulatory compliance expenses, and the need for continuous technology investment to maintain platform competitiveness.
Competitive moat
UP Fintech's competitive moat is moderate but narrowing due to the commoditized nature of online brokerage services. The company's primary advantages include its multi-market access capability, allowing clients to trade across US, Hong Kong, Singapore, and other Asian markets from a single platform - a feature that differentiates it from many regional brokers who focus on single markets. The company benefits from regulatory licenses across multiple jurisdictions, which create barriers to entry and took years to obtain. These include securities licenses in Singapore, Hong Kong, Australia, New Zealand, and the United States. The recent acquisition of cryptocurrency trading licenses in Hong Kong provides additional differentiation in the emerging digital asset space. Network effects exist through the platform's community features, educational content, and social trading elements, though these are not as strong as those found in pure social trading platforms. The company's Chinese heritage and Mandarin-language support provide advantages in serving Chinese diaspora investors globally. However, the moat faces significant challenges. The brokerage industry is highly competitive with established players like Interactive Brokers, Charles Schwab, and regional competitors offering similar services. The trend toward zero-commission trading pressures traditional revenue models. Technology barriers are low, as trading platforms can be developed or licensed relatively easily. Customer switching costs are minimal since account transfers between brokers are standardized processes. The company must continuously invest in technology and customer acquisition to maintain market position, making this a scale-dependent business where larger competitors with deeper resources hold structural advantages.
Risks & safety
UP Fintech demonstrates adequate financial safety with some areas of concern typical for a financial services company. • Liquidity and Solvency: Current ratio of 1.14 indicates tight but adequate short-term liquidity. Cash and short-term investments of $394 million provide reasonable buffer. Debt-to-equity ratio of 0.26 shows conservative leverage levels. • Valuation Metrics: Trading at P/E ratio of 9.8x based on 2024 earnings, suggesting reasonable valuation. EV/EBITDA of 4.1x appears attractive for a growing financial services company. Price-to-book ratio of 1.68x is reasonable for a profitable brokerage. • Profitability and Cash Generation: Generated $827 million in operating cash flow and $826 million in free cash flow for 2024, demonstrating strong cash generation capability. Return on equity of 9.3% shows decent profitability. • Regulatory and Operational Risks: As a financial services company, faces regulatory capital requirements and potential client fund segregation issues. The company holds significant client assets ($41.7 billion) relative to its own balance sheet, creating operational risk exposure. • Growth Sustainability: Customer acquisition costs averaging $150 per funded account appear manageable given average client asset levels of $38,000+.
Recent development
Over the past few years, UP Fintech has executed significant strategic initiatives focused on geographic expansion and product diversification. The company has successfully expanded beyond its original Chinese investor base to become a truly international platform, with over 90% of new funded accounts now coming from markets outside mainland China. Geographic expansion has been the primary growth driver, with the company establishing strong positions in Singapore and Southeast Asia (60% of new accounts), expanding into Australia and New Zealand markets, and officially launching services in Hong Kong. The company has also maintained its US presence while exploring opportunities in the UK market. Product innovation has accelerated with the introduction of cryptocurrency trading capabilities in Hong Kong following regulatory approval, the launch of overnight trading for US stocks and ETFs, development of options trading strategies including combo options, and the introduction of wealth management products such as US Treasury securities and structured products. The company has also invested heavily in artificial intelligence, upgrading its investment assistant from TigerGPT to TigerAI. Business model diversification includes expanding the investment banking division, which underwrote 44 IPOs in 2024, and growing the ESOP management business to 613 corporate clients. The company has also introduced innovative products like the Tiger Vault debit card in Singapore, which offers fractional share rewards, and developed comprehensive wealth management services that now exceed $1 billion in assets under management. These strategic moves have resulted in strong financial performance, with 2024 revenue growing 43.7% to $391.5 million and the company achieving its highest-ever quarterly revenue in Q4 2024. The focus on high-quality client acquisition has improved unit economics while maintaining growth momentum.
TIGR company profile · for informational purposes only — not investment advice.
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