Webull Corp (BULL)

Price$9.29Cached quoteAs of 2026-09-10 15:16 UTC

AI: Overvalued

Price checkThe shares look overvalued because rapid growth still requires a demanding earnings multiple.

Webull's market value is about $4.8 billion. Analyst estimates imply roughly 39 times 2026 adjusted earnings and about 29 times 2027 adjusted earnings, while enterprise value is above five times expected 2026 revenue after allowing for substantial corporate cash. Revenue growth near 40% supports a premium, but second-quarter results benefited from unusually strong trading activity after a favorable rule change. A value investor therefore receives little protection if trading volumes normalize or growth slows faster than expected.

Big pictureRevenue growth accelerated sharply, but earnings remain sensitive to trading activity and accounting adjustments.

The supplied history shows revenue jumping 46% to $571 million in 2025, while reported net income turned positive and year-end net cash reached about $576 million. First-half 2026 revenue rose 44% to $359 million. Second-quarter revenue increased 51% and adjusted operating profit reached $62.6 million, but the first quarter had been much weaker. About $34 million of first-half share compensation also separated adjusted profit from reported economics, making normalized earnings less certain.

Business strengthUser growth and a cash-rich balance sheet are attractive, while new share issuance offsets modest buybacks.

June customer assets reached $28.5 billion, up 79% year over year, with 5.1 million funded accounts and $1.6 billion of quarterly net deposits. Corporate cash and equivalents were about $702 million at June, providing substantial expansion capacity. Webull authorized a $100 million buyback but had spent only about $11 million by June. Meanwhile, the Pi Securities acquisition issued roughly 9.5 million shares at closing, with up to another 2.8 million possible, meaning international expansion creates measurable dilution.

What could change the storySustained active-trader growth could justify the premium; normalized volumes or regulation could expose it.

The bull case is that June's trading surge proves structural rather than temporary, international markets add funded customers, and Webull converts its technology platform into consistently high operating margins. Options and equity trading volumes more than doubled in several June measures, showing considerable operating leverage. The bear case is that activity retreats when markets calm, payment-for-order-flow economics face tighter regulation, or global expansion adds costs and dilution faster than earnings. Today's valuation requires strong growth to continue well beyond one unusually active quarter.

AI: News

Record second quarterTrading volumes surged after rule changes, driving record revenue and a large jump in adjusted profit.

On August 19, Webull reported record quarterly revenue of $198.8 million, up 51%, and adjusted operating profit of $62.6 million, up 169%. Customer assets reached $28.5 billion. Management said the June removal of the Pattern Day Trader restriction helped active customers trade more frequently. Because the results were released after the close, the cleaner reaction was the next session's 2.4% gain; later strength also reflected broader market and regulatory factors, so attribution remains uncertain.

Thai brokerage acquiredBuying Pi Securities expands Webull in Thailand but introduces fresh dilution and integration risk.

Webull completed its acquisition of approximately 99.4% of Pi Securities on August 31 for aggregate consideration around $100 million. Most of the primary purchase price was paid with newly issued Webull shares, and a September 1 registration covered up to 12.3 million shares including possible adjustment shares. Webull fell 3.7% that day while the Nasdaq also declined about 1.0%, so the selloff cannot be attributed solely to dilution concerns or the acquisition.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$571.0M	$390.2M	$389.6M	$388.3M
Research & development	$35.5M	$32.7M	$32.0M	$46.8M
Operating expenses	$512.5M	$404.6M	$366.6M	$319.8M
Operating income	$58.5M	−$14.4M	$23.0M	$68.6M
Operating margin	10.24%	−3.68%	5.90%	17.65%
EBITDA	$53.9M	−$8.4M	$27.7M	$72.1M
EBITDA margin	9.44%	−2.16%	7.10%	18.56%
Net income	$24.8M	−$22.7M	$6.1M	$50.1M
Net profit margin	4.34%	−5.82%	1.56%	12.90%
Basic EPSper basic share	-$1.23	-$3.73	-$2.42	-$0.00
Diluted EPSper diluted share	-$1.23	-$3.73	-$2.42	-$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BULL
Holder	Shares held
PEAK6 LLC	29.65M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	27.3M
BlackRock, Inc.	22.61M
HS Investments IV Ltd	14.13M
TIGER GLOBAL MANAGEMENT LLC	6.72M
Azora Capital LP	6.52M
CITADEL ADVISORS LLC	6.13M
AQR CAPITAL MANAGEMENT LLC	5.41M
STATE STREET CORP	5.33M
GEODE CAPITAL MANAGEMENT, LLC	4.77M
HRT FINANCIAL LP	4.59M
Divisadero Street Capital Management, LP	4.41M
GOLDMAN SACHS GROUP INC	4.37M
UBS Group AG	4.17M
Nuveen, LLC	3.31M
CITIGROUP INC	3.28M
Tidal Investments LLC	2.74M
MILLENNIUM MANAGEMENT LLC	2.66M
VANGUARD PORTFOLIO MANAGEMENT LLC	2.32M
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	2.16M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$466.5K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 26, 2026Form 4	Denier Anthony MichaelPresident	SellClass A Ordinary Shares	75.0K	$6.22	$466.5K	2.39M

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat25 days ago
Webull plans access to CME’s smaller S&P 500 and Nasdaq-100 futures
Webull ($BULL) plans to expand its futures offering with CME ($CME) Group’s E-nano S&P 500 and Nasdaq-100 contracts. The contracts are one-tenth the size of the corresponding Micro E-mini products, reducing the notional exposure associated ...
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Webull Corp (BULL)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

Webull plans access to CME’s smaller S&P 500 and Nasdaq-100 futures