Futu Holdings Ltd (FUTU)
NASDAQ:FUTU
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Futu Holdings
(NASDAQ:FUTU)
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Rating:80Outperform
Price Target:
$192.00
▲(15.02% Upside)
Action:ReiteratedDate:04/18/26
Score is driven primarily by strong financial performance (exceptional margins, strong ROE, and solid recent growth) and supportive earnings-call momentum/guidance. Technicals are bullish but somewhat overextended, and valuation is reasonable but lacks dividend support; rising absolute debt and historical cash-flow volatility are the key risk factors.
Positive Factors
Exceptional margins and profitability
Sustained very high gross and net margins indicate a scalable, low-cost digital brokerage model that converts trading volume into cash flow efficiently. High operating profitability supports reinvestment in product, funds capital returns, and provides a durable earnings buffer through market cycles.
Negative Factors
Historical cash-flow volatility
A history of volatile operating and free cash flows reduces predictability of capital returns and makes planning for sustained growth riskier. For a brokerage reliant on client activity, volatility can force opportunistic financing or cutbacks in R&D/marketing during downturns, weakening long-term momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional margins and profitability
Sustained very high gross and net margins indicate a scalable, low-cost digital brokerage model that converts trading volume into cash flow efficiently. High operating profitability supports reinvestment in product, funds capital returns, and provides a durable earnings buffer through market cycles.
Read all positive factors
Futu Holdings (FUTU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.48B
Dividend YieldN/A
Average Volume (3M)1.55M
Price to Earnings (P/E)13.1
Beta (1Y)1.50
Revenue Growth68.18%
EPS Growth106.47%
CountryUS
Employees3,343
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.05
Shares Outstanding95,750,480
10 Day Avg. Volume1,424,432
30 Day Avg. Volume1,550,193
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)4.45
Price to Sales (P/S)7.81
P/FCF Ratio4.37
Enterprise Value/Market Cap2.84
Enterprise Value/Revenue3.42
Enterprise Value/Gross Profit4.06
Enterprise Value/Ebitda6.12
Forecast
1Y Price Target
$214.37Price Target Upside28.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)94.74
Revenue Forecast (FY)$25.74B
Futu Holdings Business Overview & Revenue Model
Company Description
Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin ...
How the Company Makes Money
Futu primarily generates revenue from (1) brokerage-related income and (2) interest-related income, supplemented by other service fees tied to its platform and wealth products.
1) Brokerage-related income (commissions and fees): Futu earns transa...
Futu Holdings Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
The call conveyed strong year-over-year growth across accounts, trading volume, revenue and profitability, with notable operational progress in AI, crypto product enrichment and Airstar Bank capabilities. Key positives include record trading volume (HKD 3.98 trillion, +38% YoY), robust client acquisition in 2025 (950k new funded accounts, +40% total accounts YoY), and significant margin expansion (net income +80% YoY). Offsetting risks were sequential moderation in new accounts (-8% QoQ), substantial mark-to-market losses on Hong Kong holdings that flattened client assets QoQ, a 31% QoQ decline in Hong Kong trading volume, and pending regulatory approvals for Hong Kong crypto services. Overall, the positive operational and financial momentum materially outweighs the near-term market and regulatory headwinds.Positive Updates
Strong Client Acquisition in 2025
Added more than 950,000 net new funded accounts in 2025 (surpassing full-year guidance by 19%), bringing total funded accounts to ~3.4 million, up 40% year-over-year; guidance for 2026 is to acquire 800,000 net new funded accounts.
Negative Updates
Sequential Deceleration in New Funded Accounts
Q4 net new funded accounts were ~230,000, down 8% quarter-over-quarter (though up 9% year-over-year), with Hong Kong client growth moderating following a sharp local market downturn.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Client Acquisition in 2025
Added more than 950,000 net new funded accounts in 2025 (surpassing full-year guidance by 19%), bringing total funded accounts to ~3.4 million, up 40% year-over-year; guidance for 2026 is to acquire 800,000 net new funded accounts.
Read all positive updates
Company Guidance
Management guided to add 800,000 net new funded accounts in 2026 (backed by expansion into one new Asian market), citing strong bottom‑up growth after adding >950,000 accounts in 2025 (which beat guidance by 19%) to reach ~3.4 million funded accounts (+40% YoY); for Q1 they expect net new funded accounts and trading volume to be flattish Q‑on‑Q (trading volume to stay near Q4’s record levels), a double‑digit sequential increase in net asset inflows (Q1 net inflow expected to be the highest quarterly amount), a modest increase in total client assets despite quarter‑to‑date negative mark‑to‑market effects, a flattish blended commission rate Q‑on‑Q, and a sequential rise in margin financing and securities‑lending balances (which stood at HKD 67.7 billion, +7% Q‑on‑Q at quarter end); management also flagged an initial CAC target of about HKD 2,500–3,000 for the year (with YTD CAC at the low end or below that range).Futu Holdings Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.87B | 22.81B | 13.59B | 10.01B | 7.61B | 7.12B |
| Gross Profit | 15.05B | 19.87B | 11.14B | 8.47B | 6.62B | 5.91B |
| EBITDA | 9.98B | 13.64B | 6.80B | 5.18B | 3.72B | 3.30B |
| Net Income | 7.91B | 11.32B | 5.44B | 4.28B | 2.93B | 2.81B |
Balance Sheet | ||||||
| Total Assets | 198.40B | 228.42B | 158.76B | 97.14B | 94.50B | 101.54B |
| Cash, Cash Equivalents and Short-Term Investments | 9.38B | 130.54B | 14.42B | 8.19B | 5.74B | 5.83B |
| Total Debt | 9.79B | 17.68B | 8.55B | 5.89B | 2.69B | 21.91B |
| Total Liabilities | 165.12B | 188.10B | 130.75B | 72.56B | 73.64B | 80.55B |
| Stockholders Equity | 33.29B | 40.00B | 28.01B | 24.57B | 20.86B | 20.99B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 40.73B | 30.83B | -6.42B | 3.38B | 5.94B |
| Operating Cash Flow | 0.00 | 40.79B | 31.00B | -6.34B | 3.47B | 6.01B |
| Investing Cash Flow | 0.00 | -1.78B | 103.93M | -2.44B | 93.86M | -963.57M |
| Financing Cash Flow | 0.00 | 4.30B | 70.85M | 2.31B | -7.01B | 10.55B |
Futu Holdings Technical Analysis
Positive
166.93
Price Trends
145.83
Positive
156.12
Positive
161.59
Positive
Market Momentum
5.28
Negative
71.30
Negative
90.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUTU, the sentiment is Positive. The current price of 166.93 is above the 20-day moving average (MA) of 144.91, above the 50-day MA of 145.83, and above the 200-day MA of 161.59, indicating a bullish trend. The MACD of 5.28 indicates Negative momentum. The RSI at 71.30 is Negative, neither overbought nor oversold. The STOCH value of 90.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FUTU.
Futu Holdings Risk Analysis
Futu Holdings disclosed 98 risk factors in its most recent earnings report. Futu Holdings 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
Futu Holdings Peers Comparison
UnderperformOutperform
Sector (68)
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% | |
75 Outperform | $30.66B | 13.05 | 23.00% | 1.26% | 5.84% | 1.44% | |
74 Outperform | $27.88B | 28.21 | 13.64% | 0.45% | 18.92% | 61.95% | |
71 Outperform | $158.45B | 16.55 | 19.09% | 1.07% | 8.11% | 53.31% | |
69 Neutral | $1.16B | 9.34 | 21.89% | ― | 56.68% | 159.90% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $26.53B | 32.56 | 18.57% | 0.32% | 37.18% | -21.84% |
* Financial Sector Average
FUTU
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Futu Holdings Corporate Events
Futu Holdings Declares US$365 Million Cash Dividend for April 2026
Apr 2, 2026
On April 2, 2026, Futu Holdings announced that its board of directors approved a cash dividend of US$0.325 per ordinary share, equivalent to US$2.6 per American Depositary Share, payable in U.S. dollars to shareholders of record as of April 16, 20...
Futu Holdings Posts Surging 2025 Profit as Client Assets and Trading Volumes Hit Records
Mar 12, 2026
Futu Holdings reported strong operational and financial performance for the fourth quarter and full year 2025, with results released on March 12, 2026. Funded accounts grew 39.6% year-over-year to 3.37 million, total users reached 29.2 million, an...
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.