
Futu Holdings Limited
- Growing?
- Yes: revenue went from HKD 7.6B in FY22 to HKD 22.8B in FY25.
- Expensive?
- P/E (trailing) 9.5×. Priced 39% below the peer median of 15.7x.
- Analysts?
- 89% of 18 say buy; average 12-month target $161, 68% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 60% over the past year (the S&P 500's 14%), and it fell as much as 60% since Nov 2021.
Futu Holdings Ltd (Nasdaq: FUTU) operates tech-driven, fully digital brokerage and wealth management platforms (Futubull and moomoo) that provide trade execution and clearing, margin financing & securities lending, and wealth management product distribution (e.g., funds, bonds, structured products) across multiple markets.
More about Futu Holdings
Market Position
Futu differentiates through a one-stop investing app that pairs brokerage functionality with market data/news, analytics tools, and embedded community features (e.g., NiuNiu/Moo Community) to drive engagement and retention.
Key Segments
Primary activities include brokerage (commissions/handling), net interest income from margin financing/securities lending, and wealth management distribution fees, alongside corporate services such as IPO distribution and ESOP/IR solutions.
How has the stock done?
Over the past month FUTU fell 14.8%; the financials ETF (XLF) rose 5.7% and the S&P 500 fell 2.7%.
Over the past six months FUTU fell 30.2%; the financials ETF (XLF) rose 12.9% and the S&P 500 rose 2.6%.
Over the past year FUTU fell 48.6%; the financials ETF (XLF) rose 8.5% and the S&P 500 rose 10.8%.
Over five years FUTU rose 64.6%; the financials ETF (XLF) rose 45.0% and the S&P 500 rose 62.0%.
From Nov 15, 2021 to Mar 14, 2022, the deepest drop from a high since Nov 2021
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 1.7% 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 HKD 7.6B in FY22 to HKD 22.8B in FY25; net income from HKD 2.9B to HKD 11.3B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | HKD 7.6B | HKD 2.9B |
| FY23 | HKD 10.0B | HKD 4.3B |
| FY24 | HKD 13.6B | HKD 5.4B |
| FY25 | HKD 22.8B | HKD 11.3B |
Fiscal years: Yahoo Finance.
How it makes money
Of every $100 in revenue, $49.6 ends up as net income. Net margin rose from 38.4% to 49.6% over the past 3 years.
Roughly flat over 3 years
+14.8 pts over 3 years
+11.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Customers and suppliers
In its latest annual report Futu Holdings buys from Nasdaq, Hong Kong Exchange and Clearing, Singapore Exchange and 1 more.
Suppliers
Partners
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Nasdaq | supplier | “Particularly, we have contracted with affiliates of Nasdaq, Hong Kong Exchange and Clearing Limited and Singapore Exchange and a few other institutions to allow our clients to access real-time market information data, which are essential for our clients to make their investment decisions and take actions.” |
| Hong Kong Exchange and Clearing | supplier | “Particularly, we have contracted with affiliates of Nasdaq, Hong Kong Exchange and Clearing Limited and Singapore Exchange and a few other institutions to allow our clients to access real-time market information data, which are essential for our clients to make their investment decisions and take actions.” |
| Singapore Exchange | supplier | “Particularly, we have contracted with affiliates of Nasdaq, Hong Kong Exchange and Clearing Limited and Singapore Exchange and a few other institutions to allow our clients to access real-time market information data, which are essential for our clients to make their investment decisions and take actions.” |
| Nasdaq | partner | “We have partnered with the Nasdaq Stock Market and the New York Stock Exchange to launch advanced U.S. stock Level II market data.” |
| New York Stock Exchange | partner | “We have partnered with the Nasdaq Stock Market and the New York Stock Exchange to launch advanced U.S. stock Level II market data.” |
| DTCC | supplier | “However, clearing brokers also must rely on third-party clearing system and organizations, such as Hong Kong’s Central Clearing and Settlement System, or CCASS, and the Depositary Trust Clearing Corporation and its subsidiaries in the United States, in settling client securities transactions....Another wholly-owned subsidiary of ours, Futu Clearing Inc., is also a member in good standing with FINRA and Depository Trust & Clearing Corporation, or DTCC, with capacity to provide clearing services in the U.S.” |
Only the companies Futu Holdings names in its 20-F filed Apr 15, 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 9.5x, below the peer median of 15.7x, with earnings still growing.
Priced 39% below the peer median of 15.7x.
Show the data
| Company | P/E (trailing) |
|---|---|
| HOOD · Robinhood Markets, Inc. | 37.5× |
| IBKR · Interactive Brokers Group, Inc. | 31× |
| SCHW · The Charles Schwab Corporation | 15.7× |
| MS · Morgan Stanley | 15× |
| GS · The Goldman Sachs Group, Inc. | 13.1× |
| FUTU · Futu Holdings Limited | 9.5× |
What analysts expect
The average analyst price target is $161, 68% above the current price; 89% of 18 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 16 analysts (89%). Sell or Strong Sell: 0.
No firm raised or cut its target in the past three months. 1 upgrade and 1 downgrade over the year; the latest: JP Morgan moved it to Neutral from Overweight on May 22, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| May 26, 2026 | JP Morgan | Target raised | Neutral | $100.00, was $87.00 |
| May 22, 2026 | JP Morgan | Downgrade | Neutral, was Overweight | $87.00, was $300.00 |
| Mar 16, 2026 | Barclays | Target cut | Overweight | $200.00, was $236.00 |
| Nov 21, 2025 | Citigroup | Upgrade | Buy, was Neutral | $201.00 |
| Nov 20, 2025 | Barclays | Target raised | Overweight | $236.00, was $232.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Sep ’25 | HKD 20.48 | HKD 23.40 | +14.3% |
| Dec ’25 | HKD 23.79 | HKD 24.38 | +2.5% |
| Mar ’26 | HKD 26.35 | HKD 8.11 | −69.2% |
| Jun ’26 | HKD 25.85 | HKD 26.64 | +3.1% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split.
Financial health
Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.4, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.2x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.4 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of HKD 17.7B against debt of HKD 16.9B. Lease obligations of HKD 594M are not counted: they are rent owed, not money borrowed. It also holds HKD 615M of long-term investments, HKD 6M of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 funds whose copy leaves FUTU out (on the exchange, not in the app yet): Baillie Gifford &, Mirae Asset Global Investments.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 6 held FUTU at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 3 cut, 1 bought new and 2 sold all. The largest of them is Baillie Gifford &, 421,532 shares worth $46.6M at Sep 30, 2026, 1.6% more than a quarter earlier.
1 of them new holders
2 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Baillie Gifford & | Q3 2026 | 421,532 | $46.6M | +6,638 | +1.6% | Nov 9, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 0 | — | −130,977 | Sold all | Aug 12, 2026 |
| Nomura Holdings | Q2 2026 | 0 | — | −55,962 | Sold all | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 47,707 | $4.5M | +34,725 | +267% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 23,311 | $2.6M | −23,780 | −50% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 21,193 | $2.0M | −294,813 | −93% | Aug 12, 2026 |
| Dodge & Cox | Q2 2026 | 4,200 | $394K | +4,200 | New | Aug 13, 2026 |
| National Pension Service | Q3 2026 | 2,230 | $247K | −9,925 | −82% | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FUTU 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. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.
Are insiders buying or selling?
No officer or director bought or sold FUTU on the open market in the 12 months to Nov 12, 2026.
0 sales
0 purchases
From the Form 4s filed with the SEC about Futu Holdings Limited (1 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: 1 other transaction (grants).