Webull Corp is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $571m. The diluted share count is up 186.0% on a year earlier, which dilutes existing holders.
Our model value for Webull is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Webull Corp's trailing-twelve-month revenue grew 46.3% year on year, with a free-cash-flow margin of 98.3%. Where it stands out: change in growth rate of +46.2pp ranks 6 of 40 investment banking & brokerage companies we cover. Where it lags: change in share count of 186.0% ranks 32 of 35 investment banking & brokerage companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 46.3% (+46.2pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BULL from the sources we follow. See filings →
No model value for Webull Corp at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Webull Corp as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 12.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.67 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.3 ~$2.6–$11 | Left out: out of range vs price (0.05x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Webull Corp with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026, after the close. Analysts expect revenue of $216m and EPS of $0.07 (range $0.05 to $0.08) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.23 | −16% | $806m | +41% |
| Next | $0.31 | +32% | $982m | +22% |
Next year's EPS estimate has moved +10.7% in 90 days, across 2 analysts.
The consensus EPS forecast for the current fiscal year is +74.1% on 90 days ago. In the last 30 days, 2 analysts raised Webull Corp's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.14 | $0.28 |
| 60 days ago | $0.14 | $0.30 |
| 30 days ago | $0.23 | $0.32 |
| 7 days ago | $0.23 | $0.32 |
| Now | $0.23 | $0.31 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.03 | $0.08 | +218.2% |
| Mar 2026 | $0.03 | $0.02 | −42.7% |
| Dec 2025 | $0.05 | $0.04 | −20.0% |
| Sept 2025 | $0.03 | $0.06 | +116.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| BULL | +6% | +7% | −33% | −33% |
| Industry peers (median) | +19% | +45% | +10% | −16% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| BULL | 92% | 92% | 58% | 46% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| BULL | −5% | −4% | −88% | −48% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since August 22, 2022: 93% from April 14, 2025 to March 30, 2026. Getting back needed a 1259% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $388.3M |
| FY23 Q4 | $389.6M |
| FY24 Q4 | $390.2M |
| FY25 Q4 | $571M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | -16.2% |
| FY23 Q4 | 119.6% |
| FY24 Q4 | 46.8% |
| FY25 Q4 | 98.3% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 388 | 390 | 390 | 571 |
| Net income | 50 | 6 | −23 | 25 |
| Diluted EPS | −$0.00 | −$0.81 | −$1.24 | −$1.23 |
| Growth (year on year) | ||||
| Revenue | — | +0.3% | +0.2% | +46.3% |
| Net income | — | −87.9% | — | — |
| Margins | ||||
| Net margin | 12.9% | 1.6% | −5.8% | 4.3% |
| Free-cash-flow margin | −16.2% | 119.6% | 46.8% | 98.3% |
| Cash flow | ||||
| Cash from operations | −31 | 471 | 185 | 566 |
| Capital spending | 32 | 5 | 2 | 5 |
| Free cash flow | −63 | 466 | 183 | 562 |
| Stock-based pay | 30 | 29 | 33 | 44 |
| Free cash flow after stock pay | −93 | 437 | 150 | 518 |
| Balance sheet | ||||
| Cash | 436 | 372 | 271 | 653 |
| Total debt | 0 | 0 | 0 | 65 |
| Net debt (negative = net cash) | −436 | −372 | −271 | −588 |
| Diluted shares | 403m | 414m | 416m | 397m |
| Last 12 months unless stated | BULL | TIGR | PWP | COHN | XP | OPY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $571m | $612m | $776m | $314m | $1.4bn | $1.8bn | $2.0bn |
| Revenue growth, last 12 months | 46.3% | 56.3% | 2.5% | 126.4% | 3.1% | 13.9% | 20.7% |
| Revenue growth, 3-year average | — | — | 7.8% | 67.1% | — | 11.8% | 16.2% |
| Revenue growth, latest quarter | — | — | 52.7% | 16.1% | — | −10.0% | 17.4% |
| Operating margin | — | — | 5.9% | 22.1% | — | 7.2% | −2.3% |
| Operating margin, 3-year average | — | — | −1.3% | 8.6% | — | 7.7% | 9.4% |
| Net margin | 4.3% | 27.9% | 4.3% | 5.6% | 64.9% | 4.9% | 5.8% |
| Cash from operations / revenue | 99.2% | 215.1% | 13.9% | −2.2% | 151.2% | 3.7% | 7.7% |
| Free-cash-flow margin | 98.3% | 214.2% | 13.1% | −2.6% | 148.6% | 3.3% | 5.2% |
| Free-cash-flow margin, 3-year average | — | 105.0% | 15.9% | 1.0% | 33.2% | −0.2% | 16.8% |
| Stock pay / revenue | 7.7% | 2.6% | 16.0% | 6.7% | 4.9% | 4.8% | 4.7% |
| Change in share count | 186.0% | 10.8% | −12.9% | 6.4% | −3.0% | −1.0% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 46.3% | 20.8% | 7 of 40 |
| Change in growth rate Growth | +46.2pp | -0.3pp | 6 of 40 |
| Net margin Profitability | 4.3% | 6.0% | 25 of 40 |
| Stock pay as % of revenue Cash generation | 7.7% | 4.8% | 25 of 36 |
| Change in share count Balance sheet | 186.0% | 1.2% | 32 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Peak6 LLC | $193M | 29.6M | 14.9% | ▼ 1.6% |
| Susquehanna International Group, LLP | $178M | 27.3M | 13.8% | ▼ 0.2% |
| Blackrock, Inc. | $147M | 22.6M | 11.4% | ▲ 42.8% |
| Hs Investments Iv Ltd | $92.1M | 14.1M | 7.1% | 0.0% |
| Tiger Global Management LLC | $43.8M | 6.7M | 3.4% | 0.0% |
| Azora Capital LP | $42.5M | 6.5M | 3.3% | New |
| Citadel Advisors LLC | $40M | 6.1M | 3.1% | ▼ 5.7% |
| AQR Capital Management LLC | $35.3M | 5.4M | 2.7% | ▲ 62.4% |
| State Street Corp | $34.8M | 5.3M | 2.7% | ▲ 10.9% |
| Geode Capital Management, LLC | $31.1M | 4.8M | 2.4% | ▲ 26.7% |
| HRT Financial LP | $30M | 4.6M | 2.3% | ▲ 46.9% |
| Divisadero Street Capital Management, LP | $28.8M | 4.4M | 2.2% | ▼ 53.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Webull Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Denier Anthony Michael President | October 21, 2026 | Sell pre-set plan | 53,846 | $6.09 | $328,041 |
| Denier Anthony Michael President | October 5, 2026 | Sell pre-set plan | 53,846 | $7.33 | $394,939 |
| Denier Anthony Michael President | September 21, 2026 | Sell pre-set plan | 53,846 | $8.32 | $447,999 |
| Wang Haichen Chief Financial Officer | September 14, 2026 | Sell | 55,000 | $8.98 | $493,900 |
| Denier Anthony Michael President | September 8, 2026 | Sell pre-set plan | 53,846 | $9.58 | $515,845 |
| Denier Anthony Michael President | August 25, 2026 | Sell pre-set plan | 53,848 | $8.83 | $475,478 |
| James Benjamin Worthy General Counsel | August 21, 2026 | Sell | 50,273 | $9.02 | $453,462 |
| Denier Anthony Michael President | May 26, 2026 | Sell | 75,000 | $6.22 | $466,500 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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