Webull Corporation
- Growing?
- Yes: revenue went from $388M in FY22 to $571M in FY25.
- Expensive?
- P/E (trailing) 62×. No peers with a P/E to compare against.
- Analysts?
- 100% of 4 say buy; average 12-month target $11.25, 127% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 63% over the past year (the S&P 500's 14%), and it fell as much as 93% since Aug 2022.
Webull Corp (NASDAQ: BULL) is a technology-driven financial services holding company that owns and operates the Webull digital investment platform, providing access to trading in stocks, ETFs, options, futures, fractional shares, and digital assets, alongside market data, an in-app user community, and investor education.
More about Webull
The company monetizes primarily through brokerage-related economics such as order-routing economics (e.g., payment for order flow/market making rebates), net interest income (e.g., margin lending and customer cash), and other trading/platform fees depending on product and jurisdiction.
Market Position
Webull competes in the self-directed retail brokerage market against app-native and scaled incumbents, differentiating with an active-trader oriented platform that integrates advanced trading tools, market data, and a built-in community layer across multiple geographies.
Key Segments
Operations are centered on the Webull platform and regulated entities including Webull Financial LLC (broker-dealer) and Webull Advisors LLC (registered investment adviser) in the United States, with additional brokerage entities in other countries/regions.
How has the stock done?
Over the past month BULL fell 21.3%; the technology ETF (XLK) fell 11.5% and the S&P 500 fell 2.7%.
Over the past six months BULL fell 29.3%; the technology ETF (XLK) fell 0.8% and the S&P 500 rose 2.6%.
Over the past year BULL fell 49.2%; the technology ETF (XLK) rose 18.2% and the S&P 500 rose 10.8%.
From Apr 14, 2025 to Mar 30, 2026, the deepest drop from a high since Aug 2022
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 2.2% the same way
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from $388M in FY22 to $571M in FY25; net income from $50M to $25M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $388M | $50M |
| FY23 | $390M | $6M |
| FY24 | $390M | −$23M |
| FY25 | $571M | $25M |
Fiscal years: Webull Corporation's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $4.3 ends up as net income. Net margin fell from 12.9% to 4.3% over the past 3 years.
−7.2 pts over 3 years
−7.4 pts over 3 years
−8.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Webull Corporation's annual reports to the SEC.
Customers and suppliers
In its latest annual report Webull buys from Amazon, Apex Clearing, Alphabet and 1 more; sells to Apex Clearing.
Their suppliers
Suppliers
BULLWebullCustomers
Partners
Changes since the previous annual report (20-F filed Apr 25, 2025)
Apex ClearingCustomer, share of revenue16.2% → 8.6%Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Amazon | supplier | “We currently host our platform and support our operations on data centers provided by Amazon Web Services, or AWS, a third-party provider of cloud infrastructure services.” |
| Apex Clearing | supplier | “Our agreements with Apex Clearing are non-exclusive and do not prohibit it from working with our competitors or from offering competing services....Our only securities lending exposure arises from customer participation in a fully-paid securities lending program administered by our clearing broker, Apex Clearing Corporation (“Apex”).” |
| Apex Clearing | customer | “Our agreements with Apex Clearing are non-exclusive and do not prohibit it from working with our competitors or from offering competing services....For the years ended December 31, 2025 and 2024, 8.6% and 16.2% of our total revenues were attributable to payments from our clearing partner for interest related income, respectively.” |
| PEAK6 Group | partner · invested in Webull | “Apex Clearing is indirectly owned by PEAK6 Investments LLC, which also owns 100% of the equity interests in PEAK6 Group LLC, which is a minority shareholder of Webull Corporation.” |
| Alphabet | supplier | “We also abide by all best practices relating to information security, including those promulgated by our third-party service providers such as AWS and Google Cloud.” |
| Options Clearing | supplier | “Handling charge expenses mainly represent fees charged by the Options Clearing Corporation for the clearing of settled option transactions.” |
Only the companies Webull names in its 20-F filed Apr 9, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 62x; earnings are still growing. No peers to compare against.
No peers with a P/E to compare against.
Yahoo Finance's Software - Application list is another business, and this site has too few other companies in its StockFit industry group, Retail & Online Brokerage, near it in market value, so Webull is not compared with peers.
What analysts expect
The average analyst price target is $11.25, 127% above the current price; 100% of 4 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.
Buy or Strong Buy: 4 analysts (100%). Sell or Strong Sell: 0.
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Sep ’25 | $0.03 | $0.06 | +100.0% |
| Dec ’25 | $0.05 | $0.04 | −20.0% |
| Mar ’26 | $0.03 | $0.02 | −33.3% |
| Jun ’26 | $0.03 | $0.08 | +166.7% |
For the quarter ending Sep 2026 (Webull reports on Nov 19, 2026), analysts expect adjusted earnings of $0.07 a share and revenue of $216M. For the fiscal year ending Dec 2026, they expect adjusted earnings of $0.23 a share and revenue of $806M.
Adjusted. Sep 2025: $0.06, far from its estimate; range $0.05 to $0.08; 2 analysts
Range $208M to $229M; 3 analysts
Adjusted. Range $0.21 to $0.26; 2 analysts
Range $784M to $832M; 4 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Sep 2026, results Nov 19, 2026 | EPS (adjusted) | $0.07 | $0.05 to $0.08 | 2 | $0.06 (Sep 2025) | — |
| Quarter ending Sep 2026, results Nov 19, 2026 | Revenue | $216M | $208M to $229M | 3 | — | — |
| Quarter ending Dec 2026 | EPS (adjusted) | $0.07 | $0.06 to $0.09 | 2 | $0.04 (Dec 2025) | +88% |
| Quarter ending Dec 2026 | Revenue | $226M | $215M to $245M | 3 | — | — |
| Year ending Dec 2026 | EPS (adjusted) | $0.23 | $0.21 to $0.26 | 2 | — | — |
| Year ending Dec 2026 | Revenue | $806M | $784M to $832M | 4 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | $0.31 | $0.24 to $0.38 | 2 | $0.23 (expected, year to Dec 2026) | — |
| Year ending Dec 2027 | Revenue | $982M | $898M to $1.0B | 4 | $806M (expected, year to Dec 2026) | +22% |
Targets, ratings and earnings estimates: Yahoo Finance. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Financial health
Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.1, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.1 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $825M against debt of $65M. Lease obligations of $13M are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 fund whose copy leaves BULL out (on the exchange, not in the app yet): Tiger Global Management.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 3 held BULL at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 cut, 1 sold all and 1 held the same. The largest of them is Tiger Global Management, 6.72M shares worth $43.8M at Jun 30, 2026.
Over their latest quarter
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Tiger Global Management | Q2 2026 | 6.72M | $43.8M | 0 | 0.0% | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 2.06M | $14.3M | −79,044 | −3.7% | Nov 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 364,622 | $2.4M | −1.43M | −80% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 0 | — | −1,091 | Sold all | Nov 3, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BULL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.
Are insiders buying or selling?
Officers and directors sold $3.9M of BULL on the open market in the 12 months to Nov 11, 2026; none bought. 63% of the sales were made under 10b5-1 plans, set up in advance. The largest was Anthony Michael Denier (President; director), who sold $2.9M in 7 sales.
9 sales
0 purchases
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,846 | $5.39 | $290K | Nov 5, 2026 |
| Oct 21, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,846 | $6.09 | $328K | Oct 22, 2026 |
| Oct 5, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,846 | $7.33 | $395K | Oct 5, 2026 |
| Sep 21, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,846 | $8.32 | $448K | Sep 22, 2026 |
| Sep 14, 2026 | Haichen Wang | Chief Financial Officer; director | Sale | 55,000 | $8.98 | $494K | Sep 16, 2026 |
| Sep 8, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,846 | $9.58 | $516K | Sep 8, 2026 |
| Aug 25, 2026 | Anthony Michael Denier | President; director | Sale (10b5-1 plan) | 53,848 | $8.83 | $476K | Aug 26, 2026 |
| Aug 21, 2026 | Benjamin Worthy James | General Counsel; director | Sale | 50,273 | $9.02 | $453K | Aug 24, 2026 |
| May 26, 2026 | Anthony Michael Denier | President; director | Sale | 75,000 | $6.22 | $467K | May 27, 2026 |
From the Form 4s filed with the SEC about Webull Corporation (13 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 4 other transactions (grants, option exercises and other transfers).