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Webull Corporation
(NASDAQ:BULL)
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Rating:73Outperform
Price Target:
$6.00
▼(-32.89% Downside)
Action:Upgraded
Date:10/08/26
The score is driven primarily by strong financial performance (cash generation, improving profitability, and low leverage) and a very upbeat earnings call showing operating leverage and rapid growth in core activity metrics. Offsetting factors are weak technicals (price below major moving averages with bearish momentum) and a high P/E valuation that increases sensitivity to any slowdown or execution/regulatory risks.
Positive Factors
Rapid revenue growth and operating leverage
Revenue is scaling substantially faster than expenses, producing sharp operating-profit growth and a 31.5% adjusted margin. If this relationship persists, Webull can convert expanding trading activity into stronger earnings and fund platform investment with less incremental cost.
Negative Factors
Profitability remains relatively thin and uneven
The return to profitability is encouraging, but thin net margins and modest ROE show that earnings have not yet scaled consistently with the company’s larger equity base. Continued volatility below gross profit could make future results less durable if expenses rise or activity moderates.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and operating leverage
Revenue is scaling substantially faster than expenses, producing sharp operating-profit growth and a 31.5% adjusted margin. If this relationship persists, Webull can convert expanding trading activity into stronger earnings and fund platform investment with less incremental cost.
Read all positive factors
Webull Corporation Key Performance Indicators (KPIs)
Any
Revenue by Type
Breakdown of Webull’s revenue streams—such as trading fees, payment for order flow, subscriptions, and interest—showing which activities drive earnings. A diversified mix reduces dependence on any single source, while concentration can increase exposure to regulatory or market changes.
Breakdown of Webull’s revenue streams—such as trading fees, payment for order flow, subscriptions, and interest—showing which activities drive earnings. A diversified mix reduces dependence on any single source, while concentration can increase exposure to regulatory or market changes.
Data provided by:
The Fly
The FlyWebull Corporation (BULL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.88B
Dividend YieldN/A
Average Volume (3M)13.02M
Price to Earnings (P/E)62.2
Beta (1Y)0.56
Revenue Growth47.94%
EPS Growth-97.17%
CountryUS
Employees1,396
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.09
Shares Outstanding481,812,500
10 Day Avg. Volume7,909,282
30 Day Avg. Volume13,016,499
Financial Highlights & Ratios
PEG Ratio-1.23
Price to Book (P/B)3.04
Price to Sales (P/S)5.40
P/FCF Ratio5.49
Enterprise Value/Market Cap0.59
Enterprise Value/Revenue2.48
Enterprise Value/Gross Profit3.20
Enterprise Value/Ebitda24.50
Forecast
1Y Price Target
$11.00Price Target Upside23.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.18
Revenue Forecast (FY)$804.54M
Webull Corporation Business Overview & Revenue Model
Company Description
Webull Corporation operates as a digital investment platform. The company offers various products and services, including trading, wealth management product distribution, market data and information, user community, and investor education. Its pla...
How the Company Makes Money
Webull’s revenue model is tied to operating a retail brokerage platform and monetizing customer trading activity and related account services. Key revenue streams include: (1) Payment for order flow (PFOF): the company may route certain customer o...
Webull Corporation Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Positive
The earnings call presented a strongly positive operating and financial performance: record revenue and profitability, large YoY growth in trading volumes and customer assets, clear operating leverage, AI/product traction and fast international expansion. The company did note some smaller frictions — crypto remains a tiny revenue contributor, certain expense items (marketing amortization and operational costs) linger, margin balances were choppy in July, and parts of the institutional rollout were delayed. However, these lowlights are modest relative to the magnitude of the quarter's growth and margin improvements, and management framed many negatives as temporary or addressable.Positive Updates
Record Revenue and Profitability
Q2 revenue of $198.8M, up 51% year-over-year. Adjusted operating profit of $62.6M, up 169% year-over-year, with an adjusted operating margin of 31.5%. Adjusted net income was $43.2M (net margin 21.7%). Revenue growth significantly outpaced expense growth, demonstrating operating leverage.
Negative Updates
Modest Crypto Revenue
Crypto revenue was small (approximately $2.25M in Q2, ~1% of total revenue). Management noted crypto has been a disappointing business across the industry, and regulatory/market uncertainty remains a headwind.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Profitability
Q2 revenue of $198.8M, up 51% year-over-year. Adjusted operating profit of $62.6M, up 169% year-over-year, with an adjusted operating margin of 31.5%. Adjusted net income was $43.2M (net margin 21.7%). Revenue growth significantly outpaced expense growth, demonstrating operating leverage.
Read all positive updates
Company Guidance
Management’s guidance emphasized normalization of marketing as 2025 asset‑match promotions roll off—marketing spend should be similar in quantum to H1 2026 (Q2 marketing ≈ $35M, down ≈ $15M QoQ from Q1) and not exceed Q1 levels for the remainder of the year—while revenue scaling should continue to drive operating leverage: Q2 revenue was $198.8M (+51% YoY) outpacing adjusted operating expenses of $136.2M (+26% YoY) to produce adjusted operating profit of $62.6M (+169% YoY) and a 31.5% adjusted operating margin (adjusted net income $43.2M, 21.7% net margin). They expect trading revenue growth to be durable (trading‑related revenue $147.7M, +66% YoY; DARTs 1.64M, +62% YoY; equity notional $279B, +73% YoY; options 213M contracts, +68% YoY), interest income to remain a stable complement (Q2 $42.8M, +18% YoY), and margin balances to grow with AUM (customer assets $28.5B, +79% YoY; net deposits $1.6B; APAC AUM >$5B; international funded accounts ~810k; total funded accounts 5.13M; registered users 28.2M), while continuing to publish monthly operating metrics, closing the Pi Securities acquisition end‑August, not expecting to clear U.S. trades for some time, and highlighting growing adjacencies (prediction markets ~ $5–6M/quarter, +71% QoQ; crypto Q2 revenue ≈ $2.25M) as incremental opportunities.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 | 680.89M | 571.00M | 390.23M | 389.60M | 388.33M | 0.00 |
| Gross Profit | 527.45M | 442.25M | 310.92M | 323.18M | 328.57M | 0.00 |
| EBITDA | 68.96M | 53.86M | -8.42M | 22.96M | 70.45M | 372.14K |
| Net Income | 42.60M | 24.77M | -22.69M | 6.07M | 50.08M | -33.83K |
Balance Sheet | ||||||
| Total Assets | 4.11B | 3.88B | 2.07B | 1.26B | 1.09B | 31.98K |
| Cash, Cash Equivalents and Short-Term Investments | 925.42M | 825.50M | 378.98M | 417.87M | 436.71M | 0.00 |
| Total Debt | 78.73M | 77.52M | 15.41M | 13.07M | 17.38M | 0.00 |
| Total Liabilities | 3.07B | 2.86B | 4.32B | 3.02B | 578.18M | 40.82K |
| Stockholders Equity | 1.04B | 1.02B | -2.26B | -1.76B | 513.50M | -8.83K |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 561.54M | 182.80M | 466.05M | -62.76M | 8.83K |
| Operating Cash Flow | 0.00 | 566.42M | 185.22M | 470.60M | -31.21M | 8.83K |
| Investing Cash Flow | 0.00 | 45.50M | -2.41M | -10.04M | -32.43M | 0.00 |
| Financing Cash Flow | 0.00 | 352.08M | 40.35M | 12.84M | 17.89M | 0.00 |
Webull Corporation Technical Analysis
Negative
8.94
Price Trends
7.57
Negative
7.41
Negative
6.85
Negative
Market Momentum
-0.55
Positive
29.11
Positive
7.91
Positive
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 8.94 is above the 20-day moving average (MA) of 6.13, above the 50-day MA of 7.57, and above the 200-day MA of 6.85, indicating a bearish trend. The MACD of -0.55 indicates Positive momentum. The RSI at 29.11 is Positive, neither overbought nor oversold. The STOCH value of 7.91 is Positive, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.27B | 20.22 | 84.35% | ― | 48.63% | 291.92% | |
73 Outperform | $2.88B | 62.19 | 4.18% | ― | 47.94% | -97.17% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $4.28B | -3.13 | -45.26% | ― | ― | ― | |
55 Neutral | $1.65B | -11.93 | -14.62% | ― | ― | ― |
* Technology Sector Average
BULL
Webull Corporation
5.17
-5.65
-52.22%
DAVE
Dave
316.79
77.47
32.37%
BLSH
Bullish
23.90
-26.67
-52.74%
WLTH
Wealthfront Corporation
10.27
-3.92
-27.63%
Webull Corporation Corporate Events
Webull Challenges House Committee Report, Reaffirms Safeguards for U.S. Customers
Oct 9, 2026
On October 9, 2026, Webull Corporation issued a detailed response to a report released by the U.S. House Select Committee, supporting the Committee’s broader mission and recommendations to strengthen U.S. financial regulatory frameworks. At ...
Webull Sets October 30 Hybrid Shareholder Meeting to Revise Charter and Launch Employee Share Plan
Oct 1, 2026
Webull Corporation will hold its 2026 General Meeting of Shareholders as a hybrid event on October 30, 2026, at its St. Petersburg, Florida headquarters and via live webcast, with holders of record as of September 25, 2026 entitled to vote. The me...
Webull Files Q2 2026 Results and Details Apex Clearing Agreement Amendment
Sep 11, 2026
On August 27, 2025, Webull Financial LLC amended its omnibus clearing agreement with Apex Clearing Corporation to clarify the term of the arrangement, underscoring the brokerage’s continued reliance on Apex for core clearing services. The cl...
Webull Delivers Record Q2 2026 Results as Trading Volumes Surge After PDT Rule Elimination
Aug 19, 2026
Webull Corporation reported its strongest quarter to date on August 19, 2026, posting record second‑quarter revenue of $198.8 million, up 51% year over year, and a swing to $24.4 million in net income from a loss a year earlier. Adjusted ope...
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.