Webull Corporation (BULL)
NASDAQ:BULL
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Webull Corporation
(NASDAQ:BULL)
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Rating:72Outperform
Price Target:
$8.00
▲(19.05% Upside)
Action:UpgradedDate:04/16/26
The score is driven primarily by strong financial performance (notably the 2025 profitability turnaround and cash-flow surge) and a constructive earnings outlook with measurable growth and margin-expansion goals. Offsetting factors are a still-mixed technical setup (negative MACD and longer-term downtrend signals) and a stretched valuation with a very high P/E and no dividend support.
Positive Factors
Cash generation strength
Webull’s operating and free cash flow materially improved in 2025 and roughly matched net income, providing durable internal funding. Strong cash conversion increases flexibility to invest in AI and product rollout, repay promissory notes, fund buybacks, and reduce reliance on external financing over the next several quarters.
Negative Factors
Elevated, volatile marketing spend
Marketing drove large uneven expense spikes in Q4 and remains an opportunistic lever management may reapply. Persistent or recurring elevated marketing creates volatility in adjusted operating margins and cash flow, making margin expansion dependent on sustained customer economics and careful cadence of future spend.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
Webull’s operating and free cash flow materially improved in 2025 and roughly matched net income, providing durable internal funding. Strong cash conversion increases flexibility to invest in AI and product rollout, repay promissory notes, fund buybacks, and reduce reliance on external financing over the next several quarters.
Read all positive factors
Webull Corporation (BULL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.60B
Dividend YieldN/A
Average Volume (3M)11.66M
Price to Earnings (P/E)333.4
Beta (1Y)0.41
Revenue Growth170.11%
EPS Growth-127.12%
CountryUS
Employees1,194
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.03
Shares Outstanding447,959,660
10 Day Avg. Volume14,472,924
30 Day Avg. Volume11,657,621
Financial Highlights & Ratios
PEG Ratio14.07
Price to Book (P/B)3.04
Price to Sales (P/S)5.40
P/FCF Ratio5.49
Enterprise Value/Market Cap0.41
Enterprise Value/Revenue3.23
Enterprise Value/Gross Profit4.14
Enterprise Value/Ebitda54.24
Forecast
1Y Price Target
$11.67Price Target Upside73.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.16
Revenue Forecast (FY)$719.85M
Webull Corporation Business Overview & Revenue Model
Company Description
Webull Corporation operates as a digital investment platform. The company offers trading services, wealth management product distribution, market data and information, user community, and investor education....
How the Company Makes Money
null...
Webull Corporation Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call highlighted strong growth across revenue, customer assets (AUM), trading volumes and profitability, supported by product innovation (AI assistant Vega), subscription momentum and global expansion. These positives were balanced against elevated operating expenses—notably marketing—which drove a large sequential rise in Q4 costs, crypto and B2B contributions that are still early-stage, and some normalization in stock-lending interest income. On balance, the operational and financial momentum materially outweighs the near-term cost and early-stage execution risks.Positive Updates
Record Revenue and Strong YoY Growth
Full-year 2025 revenue of $571 million, up 46% year-over-year; Q4 revenue of $165.2 million, up 50% year-over-year.
Negative Updates
Elevated Operating Expenses Driven by Marketing
Adjusted operating expenses for the year were $460.7 million (+24% year-over-year); Q4 adjusted operating expenses were $143.6 million, up 62% year-over-year, primarily due to increased marketing and branding investments.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Strong YoY Growth
Full-year 2025 revenue of $571 million, up 46% year-over-year; Q4 revenue of $165.2 million, up 50% year-over-year.
Read all positive updates
Company Guidance
Guidance for 2026 centers on three priorities—sustain and grow elite offerings for active traders, expand the global business, and build the B2B platform—with several concrete targets and forward-looking metrics: management intends to double Webull Premium from 102,000 subscribers in 2025 (to ~204,000) in the coming year, keep marketing opportunistic but lighter in Q1 after the Q4 push (marketing fell from ~35% of revenue in 2024 to ~23–24% in 2025), continue heavy AI investment, bring additional digital‑asset licenses online (management indicated possibly ~2 more crypto licenses before the next earnings call), scale revenues ahead of expenses to drive margin expansion (Q4 adjusted operating profit margin was 13% and full‑year was 19.3%, with operating profit ex‑marketing at 45% in Q4), and accelerate B2B (Meritz has already routed >$1B notional to date and management expects roughly 10× growth by year‑end), all while remaining disciplined on adjusted operating expenses (FY2025 adj. Opex $460.7M) and cash/priorities such as paying down promissory notes over time.Webull Corporation Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
80
Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 458.45M | 571.00M | 390.23M | 389.60M | 388.33M | 0.00 |
| Gross Profit | 357.99M | 442.25M | 310.92M | 323.18M | 328.57M | 0.00 |
| EBITDA | 27.31M | 53.89M | -5.26M | 27.66M | 72.06M | 372.14K |
| Net Income | -13.88M | 24.77M | -22.69M | 6.07M | 50.08M | -33.83K |
Balance Sheet | ||||||
| Total Assets | 2.62B | 3.88B | 2.07B | 1.26B | 1.09B | 31.98K |
| Cash, Cash Equivalents and Short-Term Investments | 604.14M | 2.19B | 378.98M | 417.87M | 436.71M | 0.00 |
| Total Debt | 112.99M | 77.52M | 15.41M | 13.07M | 17.38M | 0.00 |
| Total Liabilities | 1.87B | 2.86B | 1.46B | 695.88M | 578.18M | 40.82K |
| Stockholders Equity | 751.56M | 1.02B | 605.50M | 563.60M | 513.50M | -8.83K |
Cash Flow | ||||||
| Free Cash Flow | 121.14M | 561.54M | 182.80M | 466.05M | -62.76M | 8.83K |
| Operating Cash Flow | 122.58M | 566.42M | 185.22M | 470.60M | -31.21M | 8.83K |
| Investing Cash Flow | -1.44M | 45.50M | -2.41M | -10.04M | -32.43M | 0.00 |
| Financing Cash Flow | 291.00 | 352.08M | 40.35M | 12.84M | 17.89M | 0.00 |
Webull Corporation Technical Analysis
Neutral
6.72
Price Trends
5.59
Positive
7.00
Negative
10.02
Negative
Market Momentum
0.17
Negative
73.55
Negative
95.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BULL, the sentiment is Neutral. The current price of 6.72 is above the 20-day moving average (MA) of 5.26, above the 50-day MA of 5.59, and below the 200-day MA of 10.02, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 73.55 is Negative, neither overbought nor oversold. The STOCH value of 95.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BULL.
Webull Corporation Risk Analysis
Webull Corporation disclosed 106 risk factors in its most recent earnings report. Webull Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Webull Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $21.48B | 13.13 | 32.39% | ― | 68.18% | 106.47% | |
80 Outperform | $34.33B | 27.97 | 19.88% | 0.46% | 13.08% | 28.20% | |
72 Outperform | $3.60B | 333.38 | 2.92% | ― | 170.11% | -127.12% | |
71 Outperform | $158.45B | 16.55 | 19.09% | 1.07% | 8.11% | 53.31% | |
66 Neutral | $64.09B | 45.02 | 22.32% | ― | 41.52% | 18.16% | |
65 Neutral | $19.80B | 62.56 | 5.87% | ― | 26.64% | -7.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BULL
Webull Corporation
6.76
-7.13
-51.33%
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Webull Corporation Corporate Events
Webull Launches $100 Million Share Buyback to Bolster Capital Strategy
Apr 21, 2026
On April 21, 2026, Webull Corporation announced that its board has approved a share repurchase program authorizing buybacks of up to $100 million of its Class A ordinary shares over the next 12 months. The purchases may be executed in the open mar...
Webull Ends $1 Billion Standby Equity Facility With Yorkville
Apr 7, 2026
Webull Corporation said on April 7, 2026 that it has terminated its standby equity purchase agreement with YA II PN, Ltd. (Yorkville), originally signed on July 1, 2025. The notice of termination was delivered on April 1 and became effective on Ap...
Webull Posts Record 2025 Results and Accelerates Global Expansion in First Year as Public Company
Mar 4, 2026
Webull Corporation, the online brokerage serving active, self-directed investors, reported its first full-year results as a public company on March 4, 2026, posting record 2025 revenue of $571 million, up 46% year-over-year, and record net deposit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.