UP Fintech Holding Ltd is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$4.6
Valuation models combined (3)
Base case. Range ~$3.8–$5.3. Weighted average of 3 models (price-to-earnings vs peers, residual income, justified price-to-book), the price-to-earnings vs peers counting double.
Modestly undervalued
The price is inside our value range, 15% below our base value.
Price used: $3.91, November 2, 2026
UP Fintech Holding Ltd 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 $612m, up 56.3% on a year earlier, faster than the 43.7% growth a quarter earlier. That growth ranks 5 of 40 among the investment banking & brokerage companies we cover. The diluted share count is up 10.8% on a year earlier, which dilutes existing holders. Our cash-flow model value is $4.52 a share, against a share price of $3.87.
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.
UP Fintech Holding Ltd's trailing-twelve-month revenue grew 56.3% year on year, with a free-cash-flow margin of 214.2%. Where it stands out: revenue growth of 56.3% ranks 5 of 40 investment banking & brokerage companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 58.7% while net income grew 181.4%: a 123pp divergence.
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 TIGR from the sources we follow. See filings →
We value UP Fintech Holding Ltd as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.13 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. | ~$5.3 ~$11–$24 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$3.9 ~$2.6–$5.9 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$3.8 ~$3.3–$4.4 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.5 ~$5.6–$20 | Left out: out of range vs price (0.12x) |
| 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 |
| 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. | ~$4.6 ~$3.8–$5.3 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare UP Fintech Holding Ltd 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, before the open.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $696m | +14% |
| Next | — | — | $678m | −3% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.24 | $0.21 | −10.7% |
| Mar 2026 | $0.23 | −$0.15 | −164.5% |
| Dec 2025 | $0.20 | $0.24 | +20.7% |
| Sept 2025 | $0.21 | $0.29 | +39.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| TIGR | −38% | −31% | +30% | +46% | +48% | −59% |
| Industry peers (median) | +31% | −18% | +16% | +43% | +8% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| TIGR | 42% | 50% | 42% | 50% | 67% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| TIGR | −88% | −51% | −48% | −56% | −39% | −65% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 20, 2019: 94% from February 16, 2021 to May 18, 2023. Getting back needed a 1476% gain, and the shares have not yet recovered.
How UP Fintech Holding Ltd’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $16.9M |
| FY18 Q4 | $33.6M |
| FY19 Q4 | $58.7M |
| FY20 Q4 | $138.5M |
| FY21 Q4 | $264.5M |
| FY22 Q4 | $225.4M |
| FY23 Q4 | $272.5M |
| FY24 Q4 | $391.5M |
| FY25 Q4 | $612.1M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 98.0% |
| FY19 Q4 | 74.8% |
| FY20 Q4 | 136.1% |
| FY21 Q4 | 91.0% |
| FY22 Q4 | -14.8% |
| FY23 Q4 | 20.9% |
| FY24 Q4 | 43.7% |
| FY25 Q4 | 56.3% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | -53.7% |
| FY18 Q4 | -68.1% |
| FY19 Q4 | 412.5% |
| FY20 Q4 | 385.8% |
| FY21 Q4 | 154.3% |
| FY22 Q4 | 112.3% |
| FY23 Q4 | -3.4% |
| FY24 Q4 | 211.1% |
| FY25 Q4 | 214.2% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 17 | 34 | 59 | 138 | 264 | 225 | 273 | 392 | 612 |
| Net income | −8 | −43 | −7 | 16 | 15 | −2 | 33 | 61 | 171 |
| Diluted EPS | — | −$1.35 | — | — | — | — | $0.21 | $0.36 | $0.93 |
| Growth (year on year) | |||||||||
| Revenue | — | +98.0% | +74.8% | +136.1% | +91.0% | −14.8% | +20.9% | +43.7% | +56.3% |
| Net income | — | — | — | — | −8.6% | −114.9% | — | +86.5% | +181.4% |
| Diluted EPS | — | — | — | — | — | — | — | +71.4% | +158.3% |
| Margins | |||||||||
| Net margin | −44.3% | −128.7% | −11.2% | 11.6% | 5.6% | −1.0% | 11.9% | 15.5% | 27.9% |
| Free-cash-flow margin | −53.7% | −68.1% | 412.5% | 385.8% | 154.3% | 112.3% | −3.4% | 211.1% | 214.2% |
| Cash flow | |||||||||
| Cash from operations | −9 | −21 | 243 | 535 | 413 | 258 | −7 | 828 | 1,317 |
| Capital spending | 1 | 2 | 1 | 1 | 5 | 5 | 3 | 2 | 5 |
| Free cash flow | −9 | −23 | 242 | 534 | 408 | 253 | −9 | 826 | 1,311 |
| Stock-based pay | 0 | 34 | 4 | 6 | 13 | 14 | 10 | 10 | 16 |
| Free cash flow after stock pay | −9 | −57 | 238 | 528 | 395 | 239 | −19 | 817 | 1,296 |
| Balance sheet | |||||||||
| Cash | 18 | 34 | 59 | 80 | 269 | 278 | 323 | 394 | 791 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 154 | 157 | 160 | 162 |
| Net debt (negative = net cash) | −18 | −34 | −59 | −80 | −269 | −123 | −166 | −234 | −629 |
| Diluted shares | 30m | 34m | 117m | 144m | 156m | 153m | 162m | 169m | 187m |
| Returned to shareholders | |||||||||
| Buybacks | — | — | — | 2 | — | — | — | — | — |
| Total returned | — | — | — | 2 | — | — | — | — | — |
| Last 12 months unless stated | TIGR | BULL | PWP | COHN | XP | OPY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $612m | $571m | $776m | $314m | $1.4bn | $1.8bn | $2.0bn |
| Revenue growth, last 12 months | 56.3% | 46.3% | 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 | 27.9% | 4.3% | 4.3% | 5.6% | 64.9% | 4.9% | 5.8% |
| Cash from operations / revenue | 215.1% | 99.2% | 13.9% | −2.2% | 151.2% | 3.7% | 7.7% |
| Free-cash-flow margin | 214.2% | 98.3% | 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 | 2.6% | 7.7% | 16.0% | 6.7% | 4.9% | 4.8% | 4.7% |
| Change in share count | 10.8% | 186.0% | −12.9% | 6.4% | −3.0% | −1.0% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 56.3% | 20.8% | 5 of 40 |
| Change in growth rate Growth | +12.6pp | -0.3pp | 11 of 40 |
| Net margin Profitability | 27.9% | 6.0% | 7 of 40 |
| Stock pay as % of revenue Cash generation | 2.6% | 4.8% | 13 of 36 |
| Change in share count Balance sheet | 10.8% | 1.2% | 24 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 |
|---|---|---|---|---|
| Avenir Tech Ltd | $96M | 21.8M | 36.6% | ▲ 110.8% |
| Sparta 24 Ltd. | $29.7M | 6.8M | 11.3% | ▲ 16.4% |
| Renaissance Technologies LLC | $14.6M | 3.3M | 5.6% | ▲ 86.3% |
| Capital International Investors | $9.6M | 2.2M | 3.7% | ▼ 58.5% |
| Arrowstreet Capital, Limited Partnership | $9.5M | 2.2M | 3.6% | ▼ 46.2% |
| Blackrock, Inc. | $9M | 2.0M | 3.4% | ▼ 29.4% |
| Quinn Opportunity Partners LLC | $8.4M | 1.9M | 3.2% | ▲ 202.9% |
| Morgan Stanley | $7.2M | 1.6M | 2.7% | ▲ 95.4% |
| Nuveen, LLC | $7M | 1.6M | 2.7% | ▼ 2.4% |
| Millennium Management LLC | $5.8M | 1.3M | 2.2% | ▲ 3574.6% |
| Point72 Asset Management, L.P. | $5.5M | 1.2M | 2.1% | New |
| Marshall Wace, LLP | $5M | 1.1M | 1.9% | ▲ 55.7% |
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 UP Fintech Holding Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Liu Jian Director | June 25, 2026 | Sell | 9,333 | $4.60 | $42,932 |
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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