Webull Corporation (BULL)
NASDAQ:BULL
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Webull Corporation
(NASDAQ:BULL)
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Rating:73Outperform
Price Target:
$8.00
▲(19.05% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by strong financial momentum—especially sharply improved cash generation and a return to profitability—reinforced by an earnings call highlighting robust growth and continued adjusted profitability. Offsetting these strengths are a very expensive valuation (extremely high P/E) and mixed technicals, with the stock still well below its 200-day average and only modest momentum.
Positive Factors
Cash generation strength
A marked surge in operating and free cash flow in 2025 materially improves financial flexibility, enabling organic investment, buybacks, and cushioning against volatility. Sustained FCF conversion reduces reliance on external financing and supports strategic initiatives over the next several quarters.
Negative Factors
Thin profitability and modest ROE
Although profitability rebounded, low net margins and modest ROE limit internal capital generation relative to equity growth. Sustained value creation requires either materially higher margins or more efficient capital deployment; otherwise returns may disappoint over multiple reporting cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
A marked surge in operating and free cash flow in 2025 materially improves financial flexibility, enabling organic investment, buybacks, and cushioning against volatility. Sustained FCF conversion reduces reliance on external financing and supports strategic initiatives over the next several quarters.
Read all positive factors
Webull Corporation (BULL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.77B
Dividend YieldN/A
Average Volume (3M)14.06M
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth86.62%
EPS Growth-126.98%
CountryUS
Employees1,194
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.17
Shares Outstanding447,959,660
10 Day Avg. Volume15,083,959
30 Day Avg. Volume14,060,023
Financial Highlights & Ratios
PEG Ratio-0.71
Price to Book (P/B)3.04
Price to Sales (P/S)5.40
P/FCF Ratio5.49
Enterprise Value/Market Cap0.51
Enterprise Value/Revenue4.17
Enterprise Value/Gross Profit5.33
Enterprise Value/Ebitda167.48
Forecast
1Y Price Target
$13.00Price Target Upside93.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.16
Revenue Forecast (FY)$710.94M
Webull Corporation Business Overview & Revenue Model
Company Description
Webull Corporation serves as a prominent digital investment platform. It provides a comprehensive suite of financial services, encompassing brokerage for trading activities, the distribution of wealth management products, detailed market insights,...
How the Company Makes Money
null...
Webull Corporation Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, record trading volumes, rapid year-over-year expansion in customer assets and clear progress on strategic initiatives (AI infrastructure, international expansion, institutional/B2B traction, and a self-clearing license). These positives were tempered by a sizable, deliberate increase in marketing-driven operating expenses (up ~64% YoY), resulting in compressed near-term margins and delayed benefits from some initiatives (crypto product rollouts and full self-clearing operations). On balance, execution, profitability continuity, and strategic momentum outweigh the near-term margin headwinds and timing-related delays.Positive Updates
Strong Revenue Growth
Total revenue of $159.9M in Q1 2026, up 36% year-over-year, driven by high trading volumes across core asset classes.
Negative Updates
Sharp Increase in Operating Expenses
Adjusted operating expenses increased ~64% year-over-year (reported as $145.1M by CFO versus $141.1M earlier in remarks), primarily driven by elevated marketing and branding investments, pressuring near-term margins.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $159.9M in Q1 2026, up 36% year-over-year, driven by high trading volumes across core asset classes.
Read all positive updates
Company Guidance
Management reiterated a growth-first stance and provided tangible operational signposts: Q1 revenue $159.9M (+36% YoY) with trading-related revenue $110.9M (+36%) and interest income $40.1M (+29%), adjusted operating expenses roughly $141–145M (+64% YoY), adjusted operating profit $14.8M (9.3% margin) and adjusted net income $9.2M (5.8% of revenue). Customer assets were $24B (+90% YoY) with $2.1B of net deposits (+90% YoY); equity notional volume was $261B (+104% YoY, +9.2% QoQ) and options volume 159M contracts (+31% YoY, +3.2% QoQ); futures grew 84% YoY (+27% QoQ) and institutional flow was 9.5% of equity volume. Key strategic and timing items included readiness for the June 4 PDT rule change (management expects a ~20% transactions uplift over time), US self‑clearing approval (expected to be operational by Q4), approval to operate in 22 additional EEA markets, a $100M share repurchase authorization, 27.6M registered users (+800k this quarter), 5.11M funded accounts (+80k, +8% YoY), 98.4% quarterly retention, and a commitment to publish monthly operating metrics.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 | 11.40M | 53.89M | -5.26M | 24.85M | 69.19M | 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
Positive
6.72
Price Trends
6.64
Positive
6.18
Positive
8.30
Negative
Market Momentum
0.09
Negative
55.26
Neutral
82.09
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BULL, the sentiment is Positive. The current price of 6.72 is above the 20-day moving average (MA) of 6.35, above the 50-day MA of 6.64, and below the 200-day MA of 8.30, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 55.26 is Neutral, neither overbought nor oversold. The STOCH value of 82.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $42.77B | 41.20 | 19.89% | 0.46% | 12.92% | 28.20% | |
73 Outperform | $3.77B | ― | -1.06% | ― | 86.62% | -126.98% | |
73 Outperform | $97.48B | 51.26 | 21.61% | ― | 41.76% | 17.91% | |
72 Outperform | $13.55B | 10.57 | 26.62% | ― | 52.73% | 52.01% | |
70 Outperform | $159.48B | 16.99 | 19.08% | 1.07% | 8.11% | 53.31% | |
65 Neutral | $22.97B | 39.62 | 6.25% | ― | 32.00% | 10.31% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BULL
Webull Corporation
6.86
-3.56
-34.17%
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Webull Corporation Corporate Events
Webull Posts Strong Q1 2026 Growth but Swings to Net Loss as It Accelerates Global and AI Expansion
May 22, 2026
On May 21, 2026, Webull Corporation reported first-quarter 2026 results showing 36% year-over-year revenue growth to $159.9 million and its sixth consecutive quarter of adjusted profitability, even as higher marketing, brokerage and share-based co...
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...
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.