Amtd Digital Inc. is a US-listed company in the diversified financial services industry. Its financial year ends in October.
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~$5.3
Valuation models combined (2)
Base case. Range ~$3.4–$7.1. Weighted average of 2 models (residual income, justified price-to-book).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Amtd Digital Inc. valuation: adjust assumptions and compare models →
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 $136m. That growth ranks 3 of 14 among the diversified financial services companies we cover. The diluted share count is up 61.1% on a year earlier, which dilutes existing holders. Our valuation models combined value is $5.66 a share, against a share price of $1.66.
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.
Amtd Digital Inc.'s trailing-twelve-month revenue grew 565.7% year on year, with a free-cash-flow margin of 10.5%. Where it stands out: net margin of 71.3% ranks 1 of 14 diversified financial services companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 565.7% (+550.9pp 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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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for HKD from the sources we follow. See filings →
We value Amtd Digital Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 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. | ~$1.1 ~$2.0–$5.2 | Left out: far from the other models (more than 3x away from their median) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$7.1 ~$5.0–$10 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$3.4 ~$3.0–$4.0 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.0 ~$0.7–$3.5 | Left out: out of range vs price (0.02x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$5.3 ~$3.4–$7.1 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Amtd Digital Inc. with asset managers, brokers 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 18, 2026, after the close.
No analyst estimates are published for Amtd Digital Inc.: too few analysts cover it.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| HKD | −58% | −29% | −57% | +28% |
| Industry peers (median) | −41% | −47% | −14% | −34% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| HKD | 33% | 17% | 25% | 64% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| HKD | −88% | −51% | −60% | −22% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since July 15, 2022: 100% from August 2, 2022 to December 31, 2025. Getting back needed a 132105% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q2 | $25.3M |
| FY22 Q2 | $42.2M |
| FY23 Q2 | $48.5M |
| FY24 Q4 | $20.4M |
| FY25 Q4 | $136.1M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q2 | -0.2% |
| FY22 Q2 | 1.4% |
| FY23 Q2 | 0.3% |
| FY24 Q4 | 181.0% |
| FY25 Q4 | 0.8% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q2 | 42.2% |
| FY22 Q2 | 24.3% |
| FY23 Q2 | 32.0% |
| FY24 Q4 | 20.0% |
| FY25 Q4 | 10.5% |
| Fiscal year | 2021 Apr 2021 | 2022 Apr 2022 | 2023 Apr 2023 | 2024 Oct 2024 | 2025 Oct 2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 25 | 42 | 48 | 20 | 136 |
| EBITDA | 1 | 1 | 1 | 42 | 11 |
| Operating income | −0 | 1 | 0 | 37 | 1 |
| Net income | 22 | 26 | 41 | 42 | 97 |
| Diluted EPS | $0.17 | — | $0.23 | $0.23 | — |
| Growth (year on year) | |||||
| Revenue | — | +67.2% | +14.8% | −57.8% | +565.7% |
| EBITDA | — | +145.8% | +0.7% | +>999% | −74.9% |
| Operating income | — | — | — | — | −97.0% |
| Net income | — | +16.7% | +57.9% | +2.1% | +132.7% |
| Diluted EPS | — | — | — | +1.8% | — |
| Margins | |||||
| EBITDA margin | 2.3% | 3.4% | 3.0% | 206.2% | 7.8% |
| Operating margin | −0.2% | 1.4% | 0.3% | 181.0% | 0.8% |
| Net margin | 87.7% | 61.2% | 84.2% | 203.8% | 71.3% |
| Free-cash-flow margin | 42.2% | 24.3% | 32.0% | 20.0% | 10.5% |
| Cash flow | |||||
| Cash from operations | 11 | 10 | 16 | 4 | 14 |
| Capital spending | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 11 | 10 | 15 | 4 | 14 |
| Stock-based pay | 0 | 1 | 0 | 0 | — |
| Free cash flow after stock pay | 11 | 9 | 15 | 4 | — |
| Balance sheet | |||||
| Cash | — | — | — | 61 | 46 |
| Total debt | — | 0 | 66 | 399 | 404 |
| Net debt (negative = net cash) | — | — | — | 338 | 358 |
| Diluted shares | 132m | 186m | 186m | 192m | 309m |
| Last 12 months unless stated | HKD | AMTD | BCG | BMNR | VIP | ZNB | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $136m | $101m | $192m | $61m | $51m | $28m | $28m |
| Revenue growth, last 12 months | 565.7% | 25.8% | 8.3% | >999% | −14.1% | 225.0% | 30.9% |
| Revenue growth, 3-year average | — | — | — | 409.8% | −9.1% | — | −9.1% |
| Revenue growth, latest quarter | — | — | 12.1% | >999% | −73.7% | — | 25.1% |
| Gross margin | — | — | — | 84.4% | — | −18.6% | 25.7% |
| Operating margin | 0.8% | — | — | <−999% | −24.0% | −66.0% | −148.1% |
| Operating margin, 3-year average | — | — | — | <−999% | −19.2% | — | −144.9% |
| Net margin | 71.3% | 66.4% | 2.2% | <−999% | 1.0% | −555.2% | −65.5% |
| Cash from operations / revenue | 10.6% | 17.6% | 3.0% | −479.0% | −39.7% | −24.5% | −13.4% |
| Free-cash-flow margin | 10.5% | 16.9% | 2.9% | −481.4% | −57.9% | −58.9% | −30.5% |
| Free-cash-flow margin, 3-year average | — | — | 1.5% | −157.5% | −49.1% | — | −35.7% |
| Stock pay / revenue | 0.4% | — | 0.5% | 64.5% | 1.9% | 2.3% | 2.1% |
| Change in share count | 61.1% | — | — | 3.2% | 26.1% | >999% | 18.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 565.7% | 36.0% | 3 of 14 |
| Change in growth rate Growth | +550.9pp | +2.3pp | 3 of 14 |
| Operating margin Profitability | 0.8% | -148.1% | 2 of 11 |
| Net margin Profitability | 71.3% | -31.4% | 1 of 14 |
| Stock pay as % of revenue Cash generation | 0.4% | 2.3% | 2 of 8 |
| Change in share count Balance sheet | 61.1% | 26.1% | 7 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Smartharvest Portfolios, LLC | $189,278 | 119K | 21.0% | ▲ 3.7% |
| Renaissance Technologies LLC | $168,791 | 106K | 18.8% | ▲ 15.6% |
| Xtx Topco Ltd | $93,627 | 59K | 10.4% | ▲ 131.8% |
| UBS Group AG | $91,633 | 58K | 10.2% | ▼ 16.2% |
| Independent Advisor Alliance | $78,829 | 50K | 8.8% | ▲ 3.2% |
| Gamma Investing LLC | $43,825 | 28K | 4.9% | ▼ 14.9% |
| Faithward Advisors, LLC | $39,750 | 25K | 4.4% | ▲ 56.2% |
| Dlk Investment Management, LLC | $36,984 | 10K | 4.1% | New |
| Virtu Financial LLC | $34,000 | 21K | 3.8% | ▼ 20.3% |
| Hightower Advisors, LLC | $32,213 | 20K | 3.6% | 0.0% |
| LPL Financial LLC | $25,440 | 16K | 2.8% | ▼ 44.8% |
| Institute For Wealth Management, Llc. | $19,875 | 13K | 2.2% | 0.0% |
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 Amtd Digital Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
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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