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Webull Corporation (BULL)
NASDAQ:BULL
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Webull Corporation
(NASDAQ:BULL)
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Rating:52Neutral
Price Target:
$7.00
▲(15.32% 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.
Rising customer assets and deposits
AUM growth and strong net deposits increase recurring asset-based revenues (net interest, securities lending) and deepen customer engagement. Large, sticky balances create predictable fee and interest income, lowering revenue cyclicality and supporting sustainable margins and investment without immediate external funding.
Product and geographic expansion plus AI
Diversifying offerings (crypto, prediction markets), EU launch and AI tooling broaden TAM and reduce dependence on a single revenue stream. Structural product breadth and localized expansion can raise customer lifetime value and retention, fostering steadier growth and competitive differentiation over the medium term.
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.
Declining profitability and 2024 loss
A material shift to losses and negative operating margins highlights structural cost or revenue volatility issues. Persistent margin deterioration undermines sustainable cash generation, making long-term investments and scale economics fragile unless operational efficiency or revenue mix improvements are sustained.
Inconsistent operating cash flows
Volatile operating cash flow reduces predictability of funding for growth, forcing reliance on external financing or asset sales. Even with positive free cash flow, inconsistency complicates planning for product rollout, marketing, and regulatory capital needs, raising execution risk during adverse markets.
Webull Corporation (BULL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.99B
Dividend YieldN/A
Average Volume (3M)9.27M
Price to Earnings (P/E)49.1
Beta (1Y)-0.02
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,194
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.01
Shares Outstanding417,957,820
10 Day Avg. Volume7,970,205
30 Day Avg. Volume9,272,406
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 Cap0.25
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit2.13
Enterprise Value/Ebitda27.93
Forecast
1Y Price Target
$13.00Price Target Upside114.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.2
Revenue Forecast (FY)$679.73M
Webull Corporation Business Overview & Revenue Model
Company DescriptionWebull 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 MoneyWebull 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 Webull to offer commission-free trades while still generating revenue. Second, the company charges interest on margin trading, where customers borrow funds to trade larger positions than their account balance allows. Additionally, Webull offers premium subscription services that provide users with enhanced features and tools for advanced trading, further diversifying its revenue. The firm also engages in partnerships with financial institutions and data providers, which can contribute additional revenue through collaborative services and data analytics. Overall, Webull's business model leverages the growth of retail trading and the increasing demand for accessible financial services.
Webull Corporation Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| 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.Q4-2025 Updates
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.
Improved Profitability and Operating Margin
Full-year adjusted operating profit of $110.3 million with an adjusted operating profit margin of 19.3% (up 14.6 percentage points year-over-year). Q4 adjusted operating profit was $21.6 million (13% margin) and adjusted net income was $14.6 million (8.8% of revenue). Full-year adjusted net income was $84 million.
Large Increase in Customer Assets and Net Deposits
Legal customer assets reached $24.6 billion, an 81% increase year-over-year (includes ~ $1 billion from Webull Pay acquisition). Customers deposited $3.9 billion in Q4 (+225% year-over-year), bringing full-year cumulative net deposits to $8.6 billion.
Surging Trading Volumes Across Asset Classes
Full-year equity trading notional rose 59% to $732 billion and options volume rose 19% to 550 million contracts. Q4 equity notional was $239 billion (+87% year-over-year, +17% sequential), and Q4 options contracts were 154 million (+38% year-over-year, +5% sequential).
Growing and Engaged User Base
Registered users reached 26.8 million (+15% year-over-year), funded accounts reached 5.03 million (+8% year-over-year), and quarterly retention remained high at ~97%.
Successful Subscription and Premium Adoption
Webull Premium surpassed target with 102,000 subscribers at year-end; premium subscribers represent 30% of AUM and 60% of margin debit balances.
AI Product Momentum (Vega)
Vega AI assistant launched late in the year and already assists ~1.2 million global users per week; 10% of weekly active users have deployed Vega and the tool has answered over 10 million questions since creation.
New Product Launches and Diversification
Reintroduced crypto trading in the U.S. via Webull Pay acquisition and launched crypto in Australia and Brazil; introduced prediction markets (162 million contracts traded in the quarter, 81 million in December); launched BlackRock model portfolios (robo-advisor) and expanded international licensing (Netherlands and 4 additional EU markets).
Trading- and Interest-Related Revenue Growth
Trading-related revenues grew 56% year-over-year to $112.5 million in Q4. Interest-related income grew 31% year-over-year to $43.5 million for Q4, with customer margin balances up 43% year-over-year to $689 million.
Consistent Operating Profitability
Company delivered five consecutive quarters of adjusted operating profitability, each quarter generating over $20 million in adjusted operating profit.
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.
Marketing Spend Concentration and Volatility Risk
Large Q4 marketing push drove net deposits but creates sensitivity to cadence of spend; marketing as a % of revenue decreased from ~35% in 2024 to ~23-24% in 2025, but Q4 was intentionally elevated and management indicated Q1 will be lighter while remaining opportunistic.
Crypto Revenue Not Yet Material
Although crypto trading was reintroduced and crypto licenses expanded, management noted crypto trading revenue is currently de minimis versus securities business and key product rollouts that would materially contribute are expected later (potentially Q2).
B2B/Meritz Partnership Early Stage
Meritz partnership (Korea) has traded north of $1 billion notional to date but is described as 'very early innings' with limited revenue contribution so far; B2B ramp expected to be multi-quarter and long-term.
Sequential Pressure on Some Interest Income Components
Interest-related income was roughly flat sequentially as declines in fully-paid stock lending revenues offset gains elsewhere, reflecting normalization of borrowing rates for certain hard-to-borrow securities.
Regulatory/Execution Uncertainty for Prediction Markets
Prediction markets ramped quickly (162 million contracts in the quarter) but management characterized them as non-core and noted regulatory/political oversight and strategic caution before committing to further expansion.
Outstanding Debt (Promissory Note)
Company reduced a $100 million promissory note by $35 million in Q4 but an outstanding balance remains; management plans to evaluate paydown timing based on cash flow and priorities.
Ambiguity Around Some Operational Metrics
Certain metrics discussed on the call (e.g., DARTs commentary contained an unclear numeric reference) introduced minor ambiguity in the near-term activity picture.
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
Webull Corporation faces significant financial challenges. The income statement indicates declining profitability with a shift to a significant loss in 2024. The balance sheet reveals high leverage and negative equity, suggesting financial instability. Although cash flow remains positive, inconsistencies highlight potential liquidity issues.Income Statement
The income statement reveals a concerning trend with declining profitability. Despite stable revenue over three years, the company experienced a shift from positive net income in 2022 to a significant loss in 2024. Gross profit margins remain decent, but negative EBIT and EBITDA margins in 2024 highlight operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet shows high financial risk with negative stockholders' equity, indicating insolvency. The debt-to-equity ratio is not calculable but suggests a highly leveraged position. The equity ratio is negative, reflecting the company's financial distress and potential risks.30
Negative
Cash Flow
Cash flow analysis indicates fluctuating operational cash flows with a decline from a strong position in 2023 to a lower value in 2024. The free cash flow remains positive, but the operating cash flow to net income ratio shows inconsistency, pointing to potential cash management issues.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
6.07
Price Trends
7.23
Negative
8.57
Negative
10.97
Negative
Market Momentum
-0.38
Negative
42.16
Neutral
68.60
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 6.07 is below the 20-day moving average (MA) of 6.08, below the 50-day MA of 7.23, and below the 200-day MA of 10.97, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 42.16 is Neutral, neither overbought nor oversold. The STOCH value of 68.60 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 | $30.91B | 29.11 | 20.41% | 0.46% | 11.88% | 28.96% | |
70 Outperform | $20.15B | 14.61 | 30.18% | ― | 81.43% | 119.47% | |
69 Neutral | $166.88B | 20.00 | 18.10% | 1.07% | 5.90% | 66.60% | |
64 Neutral | $68.49B | 53.37 | 22.01% | ― | 73.48% | 315.24% | |
63 Neutral | $23.73B | 62.56 | 5.66% | ― | 22.40% | 215.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $2.99B | 49.09 | ― | ― | ― | ― |
* Technology Sector Average
BULL
Webull Corporation
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-5.92
-50.82%
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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 company achieved record customer assets of $21.2 billion, reflecting an 84% increase due to market recovery and strong net deposits. Webull’s strategic focus on technological innovation and geographic expansion, including the relaunch of cryptocurrency trading and the introduction of new AI tools, has bolstered its market position and profitability. The company’s efforts in expanding its product offerings and global reach are expected to create long-term shareholder value.
The most recent analyst rating on (BULL) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Webull Corporation stock, see the BULL Stock Forecast page.
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.