Webull Corporation (BULL)
NASDAQ:BULL
Top Page
Webull Corporation
(NASDAQ:BULL)
Select Model
Select Model
Rating:52Neutral
Price Target:
$7.00
▲(45.23% Upside)
Action:UpgradedDate:11/28/25
Webull Corporation's overall stock score is primarily influenced by its strong earnings call performance, which highlights significant revenue growth and strategic expansion. However, financial performance and valuation concerns, including negative equity and a negative P/E ratio, weigh heavily on the score. Technical analysis presents a mixed picture, with bearish trends offset by some neutral indicators.
Positive Factors
Revenue growth and margin expansion
Sustained high revenue growth with material adjusted margin expansion signals improving unit economics and operating leverage. If revenue growth persists, higher margins provide durable free cash generation and reinvestment capacity, supporting product development and international expansion over months.
Negative Factors
Negative stockholders' equity
Negative equity and high leverage constrain financial flexibility, increasing refinancing and regulatory risk for a broker. This structural weakness limits ability to absorb shocks, fund expansion, or withstand market downturns without equity raises or deleveraging, which can be dilutive or costly.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and margin expansion
Sustained high revenue growth with material adjusted margin expansion signals improving unit economics and operating leverage. If revenue growth persists, higher margins provide durable free cash generation and reinvestment capacity, supporting product development and international expansion over months.
Read all positive factors
Webull Corporation (BULL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.52B
Dividend YieldN/A
Average Volume (3M)11.40M
Price to Earnings (P/E)124.5
Beta (1Y)0.06
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,194
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.03
Shares Outstanding439,591,700
10 Day Avg. Volume11,206,885
30 Day Avg. Volume11,396,990
Financial Highlights & Ratios
PEG Ratio-4.33
Price to Book (P/B)8.90
Price to Sales (P/S)13.81
P/FCF Ratio29.48
Enterprise Value/Market Cap0.16
Enterprise Value/Revenue0.89
Enterprise Value/Gross Profit1.15
Enterprise Value/Ebitda15.02
Forecast
1Y Price Target
$11.67Price Target Upside142.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.16
Revenue Forecast (FY)$735.66M
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
Webull generates revenue primarily through several key streams. First, the company earns income from payment for order flow, where it receives compensation from market makers for directing orders through their platforms. This practice allows Webul...
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
45
Neutral
Balance Sheet
30
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 458.45M | 390.23M | 389.60M | 388.33M | 0.00 |
| Gross Profit | 357.99M | 310.92M | 323.18M | 328.57M | 0.00 |
| EBITDA | 27.31M | -5.26M | 27.66M | 72.06M | 372.14K |
| Net Income | -13.88M | -22.69M | 6.07M | 50.08M | -33.83K |
Balance Sheet | |||||
| Total Assets | 2.62B | 2.07B | 1.26B | 1.09B | 31.98K |
| Cash, Cash Equivalents and Short-Term Investments | 604.14M | 378.98M | 417.87M | 436.71M | 0.00 |
| Total Debt | 112.99M | 15.41M | 13.07M | 17.38M | 0.00 |
| Total Liabilities | 1.87B | 1.46B | 695.88M | 578.18M | 40.82K |
| Stockholders Equity | 751.56M | 605.50M | 563.60M | 513.50M | -8.83K |
Cash Flow | |||||
| Free Cash Flow | 121.14M | 182.80M | 466.05M | -62.76M | 8.83K |
| Operating Cash Flow | 122.58M | 185.22M | 470.60M | -31.21M | 8.83K |
| Investing Cash Flow | -1.44M | -2.41M | -10.04M | -32.43M | 0.00 |
| Financing Cash Flow | 291.00 | 40.35M | 12.84M | 17.89M | 0.00 |
Webull Corporation Technical Analysis
Negative
4.82
Price Trends
5.94
Negative
7.34
Negative
10.30
Negative
Market Momentum
-0.35
Negative
35.19
Neutral
28.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BULL, the sentiment is Negative. The current price of 4.82 is below the 20-day moving average (MA) of 5.17, below the 50-day MA of 5.94, and below the 200-day MA of 10.30, indicating a bearish trend. The MACD of -0.35 indicates Negative momentum. The RSI at 35.19 is Neutral, neither overbought nor oversold. The STOCH value of 28.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $30.19B | 29.11 | 19.88% | 0.46% | 11.88% | 28.96% | |
74 Outperform | $164.30B | 18.00 | 17.91% | 1.07% | 5.90% | 66.60% | |
68 Neutral | $19.50B | 15.73 | 32.39% | ― | 81.43% | 119.47% | |
64 Neutral | $62.03B | 53.37 | 22.32% | ― | 73.48% | 315.24% | |
63 Neutral | $20.21B | 62.56 | 5.87% | ― | 22.40% | 215.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $2.52B | 124.53 | 2.92% | ― | ― | ― |
* Technology Sector Average
BULL
Webull Corporation
4.82
-6.29
-56.62%
IBKR
Interactive Brokers
67.74
31.85
88.75%
SCHW
Charles Schwab
93.77
24.58
35.53%
FUTU
Futu Holdings
140.16
61.05
77.17%
SOFI
SoFi
15.85
5.99
60.75%
HOOD
Robinhood
68.90
33.49
94.58%
Webull Corporation Corporate Events
Webull Corporation Reports Strong Q3 2025 Financial Results with Significant Revenue Growth
Nov 20, 2025
On November 20, 2025, Webull Corporation reported its financial results for the third quarter ending September 30, 2025, showcasing a 55% year-over-year revenue growth to $156.9 million, driven by increased user engagement and trading volumes. The...
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.