PerpEquities

Equity

Webull Corporation Class A Ordinary Shares (BULL) perpetual futures

Webull Corporation is a digital investment platform offering trading, wealth management, market data, and investor education to retail investors globally.

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Perpetual market activity

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24h volume
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Tightest spread
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Settlement mix
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Perp/spot vol.
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OI / float
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Spot performance
1D-3.04%
5D-5.89%
1M-22.75%
6M-14.47%
YTD-23.94%
1Y-46.66%

Venue matrix

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Company data

Company fundamentals

Updated 240h ago
Market cap
$3.4B
Updated 240h ago
Revenue
$680.9M
Trailing 12 months
Revenue growth
+41%
Next fiscal year
Profit margin
+6.3%
P/E
73.5
Peer P/E -4.2
Free cash flow
$0
Trailing 12 months
More metrics
Net income
$42.6M
Trailing 12 months
P/S
4.9
Peer P/E
-4.2
Similar listed perps
Revenue estimate
$804.5M
Next fiscal year
Earnings
2026-11-19
Revenue est. $216.9M · Updated 240h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$571M
Net margin+4.3%
Free cash flow$561.5M
Net debt-$575.7M
2021$0
2022$388.3M
2023$389.6M
2024$390.2M
2025$571M
PeriodRevenueGrowthNet incomeFCF
2021$0--$33.8K-
2022$388.3M-$50.1M-$62.8M
2023$389.6M0%$6.1M$466.1M
2024$390.2M0%-$22.7M$182.8M
2025$571M+46%$24.8M$561.5M
PeriodGross marginOperating marginNet marginROEROA
20210.0%0.0%0.0%0.0%0.0%
2022+84.6%+17.7%+12.9%+9.8%+4.6%
2023+83.0%+5.9%+1.6%-0.3%+0.5%
2024+79.7%-3.7%-5.8%+1.0%-1.1%
2025+77.5%+10.2%+4.3%+2.4%+0.6%
PeriodCashDebtNet debtCurrent ratio
2021---0.00
2022$436.2M$17.4M-$418.8M1.82
2023$372.3M$13.1M-$359.3M1.74
2024$270.7M$15.4M-$255.3M1.34
2025$653.2M$77.5M-$575.7M1.33
PeriodMarket capEnterprise valueP/SP/E
2021$5B$00.0-99,400.0
2022$4.7B$4.3B12.0-3,510.3
2023$5B$4.6B12.8-14.8
2024$5.3B$5.1B13.7-10.3
2025$3.1B$2.5B5.4129.5
Q3 2024$101.9M
Q4 2024$107.7M
Q1 2025$117.4M
Q2 2025$131.5M
Q3 2025$156.9M
Q4 2025$165.2M
Q1 2026$159.9M
Q2 2026$198.8M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$101.9M+2%-$9.4M$83.2M
Q4 2024$107.7M+27%$10.8M$38M
Q1 2025$117.4M+32%$13.1M$0
Q2 2025$131.5M+46%-$28.3M$0
Q3 2025$156.9M+54%$36.9M$0
Q4 2025$165.2M+53%$3M$0
Q1 2026$159.9M+36%-$21.7M$0
Q2 2026$198.8M+51%$24.4M$0
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+80.5%-10.5%-9.3%-1.6%-0.5%
Q4 2024+79.0%+14.0%+10.0%-0.5%+0.5%
Q1 2025+80.2%+17.5%+11.1%-0.6%+0.6%
Q2 2025+73.5%-2.8%-21.5%-3.8%-1.1%
Q3 2025+77.3%+15.6%+23.5%+3.7%+1.1%
Q4 2025+78.8%+10.4%+1.8%+0.3%+0.1%
Q1 2026+76.0%-1.5%-13.6%-2.1%-0.6%
Q2 2026+77.7%+22.9%+12.3%+2.3%+0.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$314.3M$22.6M-$291.6M1.39
Q4 2024$270.7M$15.4M-$255.3M1.34
Q1 2025$297.5M$13.7M-$283.8M1.37
Q2 2025$476.7M$113M-$363.7M1.42
Q3 2025$654.8M$112.8M-$542.1M1.40
Q4 2025$653.2M$77.5M-$575.7M1.33
Q1 2026$677.2M$76.5M-$600.6M1.35
Q2 2026$701.6M$78.7M-$622.9M51.17
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$5.2B$4.9B51.12.0
Q4 2024$5.4B$5.1B49.71,384.5
Q1 2025$5.6B$5.3B48.0-162.2
Q2 2025$5.2B$4.8B39.2-2.5
Q3 2025$7.2B$6.7B46.249.1
Q4 2025$4.1B$3.5B24.6334.9
Q1 2026$2.5B$1.9B15.8-29.1
Q2 2026$3.5B$2.8B17.435.5

Refreshed 240h ago

Charts: revenue, profit, cash flow & valuation
Revenue$198.8MQ2 2026
$49.7M$99.4M$149.1M$198.8MQ3 2023: $99.6MQ4 2023: $84.5MQ1 2024: $88.9MQ2 2024: $89.9MQ3 2024: $101.9MQ4 2024: $107.7MQ1 2025: $117.4MQ2 2025: $131.5MQ3 2025: $156.9MQ4 2025: $165.2MQ1 2026: $159.9MQ2 2026: $198.8MQ3 2023Q2 2026
Net income$24.4MQ2 2026
-$12M$4.3M$20.6M$36.9MQ3 2023: $7.4MQ4 2023: -$13.5MQ1 2024: -$12.4MQ2 2024: -$11.6MQ3 2024: -$9.4MQ4 2024: $10.8MQ1 2025: $13.1MQ2 2025: -$28.3MQ3 2025: $36.9MQ4 2025: $3MQ1 2026: -$21.7MQ2 2026: $24.4MQ3 2023Q2 2026
EBITDA$34.7MQ2 2026
-$5.3M$9.5M$24.2M$39MQ3 2023: $14.9MQ4 2023: -$15.8MQ1 2024: -$8.9MQ2 2024: -$9.4MQ3 2024: -$8.4MQ4 2024: $18.3MQ1 2025: $19.5MQ2 2025: -$20MQ3 2025: $39MQ4 2025: $8.1MQ1 2026: -$12.8MQ2 2026: $34.7MQ3 2023Q2 2026
Free cash flow$0Q2 2026
$35.5M$79.1M$122.7M$166.4MQ3 2023: $166.4MQ4 2023: $57.6MQ1 2024: -$8.2MQ2 2024: $69.8MQ3 2024: $83.2MQ4 2024: $38MQ1 2025: $0Q2 2025: $0Q3 2025: $0Q4 2025: $0Q1 2026: $0Q2 2026: $0Q3 2023Q2 2026
EPS$0.04Q2 2026
-$1.45-$0.5$0.44$1.39Q3 2023: $0.48Q4 2023: -$1.45Q1 2024: -$2.39Q2 2024: -$0.05Q3 2024: $1.39Q4 2024: $0Q1 2025: -$0.02Q2 2025: -$1.2Q3 2025: $0.07Q4 2025: $0.01Q1 2026: -$0.04Q2 2026: $0.04Q3 2023Q2 2026
Cash / Debt$701.6MQ2 2026
$175.4M$350.8M$526.2M$701.6MQ3 2023 · Cash: $399MQ3 2023 · Debt: $12.4MQ4 2023 · Cash: $372.3MQ4 2023 · Debt: $13.1MQ1 2024 · Cash: $388.7MQ1 2024 · Debt: $18.5MQ2 2024 · Cash: $335.9MQ2 2024 · Debt: $22.7MQ3 2024 · Cash: $314.3MQ3 2024 · Debt: $22.6MQ4 2024 · Cash: $270.7MQ4 2024 · Debt: $15.4MQ1 2025 · Cash: $297.5MQ1 2025 · Debt: $13.7MQ2 2025 · Cash: $476.7MQ2 2025 · Debt: $113MQ3 2025 · Cash: $654.8MQ3 2025 · Debt: $112.8MQ4 2025 · Cash: $653.2MQ4 2025 · Debt: $77.5MQ1 2026 · Cash: $677.2MQ1 2026 · Debt: $76.5MQ2 2026 · Cash: $701.6MQ2 2026 · Debt: $78.7MQ3 2023Q2 2026
CashDebt
Profitability+77.7%Q2 2026
+4.7%+30.9%+57.1%+83.3%Q3 2023 · Gross margin: +83.3%Q4 2023 · Gross margin: +79.3%Q1 2024 · Gross margin: +79.8%Q2 2024 · Gross margin: +78.9%Q3 2024 · Gross margin: +80.5%Q4 2024 · Gross margin: +79.0%Q1 2025 · Gross margin: +80.2%Q2 2025 · Gross margin: +73.5%Q3 2025 · Gross margin: +77.3%Q4 2025 · Gross margin: +78.8%Q1 2026 · Gross margin: +76.0%Q2 2026 · Gross margin: +77.7%Q3 2023 · Operating margin: +16.6%Q4 2023 · Operating margin: -16.8%Q1 2024 · Operating margin: -11.0%Q2 2024 · Operating margin: -9.9%Q3 2024 · Operating margin: -10.5%Q4 2024 · Operating margin: +14.0%Q1 2025 · Operating margin: +17.5%Q2 2025 · Operating margin: -2.8%Q3 2025 · Operating margin: +15.6%Q4 2025 · Operating margin: +10.4%Q1 2026 · Operating margin: -1.5%Q2 2026 · Operating margin: +22.9%Q3 2023 · Net margin: +7.4%Q4 2023 · Net margin: -16.0%Q1 2024 · Net margin: -14.0%Q2 2024 · Net margin: -12.9%Q3 2024 · Net margin: -9.3%Q4 2024 · Net margin: +10.0%Q1 2025 · Net margin: +11.1%Q2 2025 · Net margin: -21.5%Q3 2025 · Net margin: +23.5%Q4 2025 · Net margin: +1.8%Q1 2026 · Net margin: -13.6%Q2 2026 · Net margin: +12.3%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+51.2%Q2 2026
+13.5%+27.0%+40.5%+54.0%Q3 2024: +2.3%Q4 2024: +27.4%Q1 2025: +32.0%Q2 2025: +46.3%Q3 2025: +54.0%Q4 2025: +53.4%Q1 2026: +36.3%Q2 2026: +51.2%Q3 2023Q2 2026
Shares outstanding542.6MQ2 2026
135.7M271.3M407M542.6MQ3 2023: 459.4MQ4 2023: 459.4MQ1 2024: 459.4MQ2 2024: 459.4MQ3 2024: 459.4MQ4 2024: 460.4MQ1 2025: 461.5MQ2 2025: 431.4MQ3 2025: 508.3MQ4 2025: 522MQ1 2026: 526.1MQ2 2026: 542.6MQ3 2023Q2 2026
Valuation35.5Q2 2026
224.5611.1997.81,384.5Q3 2023 · P/E: 5.6Q4 2023 · P/E: -1.9Q1 2024 · P/E: -1.2Q2 2024 · P/E: -56.3Q3 2024 · P/E: 2.0Q4 2024 · P/E: 1,384.5Q1 2025 · P/E: -162.2Q2 2025 · P/E: -2.5Q3 2025 · P/E: 49.1Q4 2025 · P/E: 334.9Q1 2026 · P/E: -29.1Q2 2026 · P/E: 35.5Q3 2023 · P/S: 49.6Q4 2023 · P/S: 58.8Q1 2024 · P/S: 57.2Q2 2024 · P/S: 56.8Q3 2024 · P/S: 51.1Q4 2024 · P/S: 49.7Q1 2025 · P/S: 48.0Q2 2025 · P/S: 39.2Q3 2025 · P/S: 46.2Q4 2025 · P/S: 24.6Q1 2026 · P/S: 15.8Q2 2026 · P/S: 17.4Q3 2023Q2 2026
P/EP/S
Revenue$571M2025
$142.7M$285.5M$428.2M$571M2021: $02022: $388.3M2023: $389.6M2024: $390.2M2025: $571M20212025
Net income$24.8M2025
-$4.5M$13.7M$31.9M$50.1M2021: -$33.8K2022: $50.1M2023: $6.1M2024: -$22.7M2025: $24.8M20212025
EBITDA$53.9M2025
$11.3M$31M$50.7M$70.5M2021: -$33.8K2022: $70.5M2023: $23M2024: -$8.4M2025: $53.9M20212025
Free cash flow$561.5M2025
$93.3M$249.4M$405.5M$561.5M2022: -$62.8M2023: $466.1M2024: $182.8M2025: $561.5M20212025
EPS$0.062025
-$0.83-$0.53-$0.24$0.062021: -$02022: -$02023: -$0.732024: -$1.132025: $0.0620212025
Cash / Debt$653.2M2025
$163.3M$326.6M$489.9M$653.2M2022 · Cash: $436.2M2022 · Debt: $17.4M2023 · Cash: $372.3M2023 · Debt: $13.1M2024 · Cash: $270.7M2024 · Debt: $15.4M2025 · Cash: $653.2M2025 · Debt: $77.5M20212025
CashDebt
Profitability+77.5%2025
+16.8%+39.4%+62.0%+84.6%2021 · Gross margin: 0.0%2022 · Gross margin: +84.6%2023 · Gross margin: +83.0%2024 · Gross margin: +79.7%2025 · Gross margin: +77.5%2021 · Operating margin: 0.0%2022 · Operating margin: +17.7%2023 · Operating margin: +5.9%2024 · Operating margin: -3.7%2025 · Operating margin: +10.2%2021 · Net margin: 0.0%2022 · Net margin: +12.9%2023 · Net margin: +1.6%2024 · Net margin: -5.8%2025 · Net margin: +4.3%20212025
Gross marginOperating marginNet margin
Revenue growth+46.3%2025
+11.6%+23.2%+34.7%+46.3%2023: +0.3%2024: +0.2%2025: +46.3%20212025
Shares outstanding397M2025
125M250M375M500M2021: 500M2022: 459.4M2023: 459.4M2024: 459.4M2025: 397M20212025
Valuation129.52025
-74,517.6-49,635.2-24,752.9129.52021 · P/E: -99,400.02022 · P/E: -3,510.32023 · P/E: -14.82024 · P/E: -10.32025 · P/E: 129.52021 · P/S: 0.02022 · P/S: 12.02023 · P/S: 12.82024 · P/S: 13.72025 · P/S: 5.420212025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-19
Revenue est. $216.9M · Updated 240h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20260.18$804.5M+41%2
FY 20270.29$975.2M+71%2
FY 20280.38$1.2B+101%1
Q1 20270.06$224.5M+40%1
Q2 20270.07$242.1M+22%1
Q3 20270.08$253.7M+62%1

Company events

6
2026-11-19EarningsActual - / Estimate 0.07-
2026-08-19EarningsActual 0.07 / Estimate 0.05Beat
2026-05-21EarningsActual 0.02 / Estimate 0.04Miss
2026-03-04EarningsActual 0.03 / Estimate 0.05Miss
2025-11-20EarningsActual 0.07 / Estimate 0.02Beat
2025-08-28EarningsActual -1.1 / Estimate --

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
AXTI$3.4B26.92,157.3+3.2%18HPSP$3.3B27.051.1+52.7%1VKTX$3.3B--5.50.0%11CIFR$3.5B18.1-2.9-585.8%6FRVO$3.5B19,915.3-37.7-54,477.6%1ONDS$3.5B20.162.6+96.2%18FSLY$3.6B5.2-42.4-11.8%1ABCL$3.7B55.7-21.1-248.8%1

Analyst track record

How the analysts covering BULL have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings3134
Analysts55
Buy / hold / sell28 / 3 / 031 / 3 / 0
Upgrades / downgrades / initiations1 / 0 / 31 / 0 / 6
Price targets hit / missed0 / 31 (0%)0 / 34 (0%)
Avg. return after a rating (TipRanks)-54.0%-55.2%
Best / worst call-34.3% / -67.2%-34.3% / -68.9%

After buy calls on this stock: median 21-day move -4.3% vs S&P 500 -5.7% (n = 29)

Latest ratings

DateAnalystCallTarget
Oct 16, 2026Michael GrondahlNorthland SecuritiesBuyMaintained$12.00article ↗
Oct 16, 2026Michael GrondahlNorthland SecuritiesBuyMaintained$12.00
Oct 9, 2026Chris BrendlerRosenblatt SecuritiesBuyMaintained$12.00article ↗
Oct 9, 2026Chris BrendlerRosenblatt SecuritiesBuyMaintained$12.00article ↗
Oct 9, 2026Lance JessurunScotiabankBuyUpgraded$9.00article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$4.00$6.00$8.00$10.00$12.00$14.00$16.00Nov 25 · Buy 2 · Hold 0 · Sell 0Nov 25Dec 25 · Buy 2 · Hold 0 · Sell 0Jan 26 · Buy 2 · Hold 0 · Sell 0Jan 26Feb 26 · Buy 2 · Hold 0 · Sell 0Mar 26 · Buy 3 · Hold 0 · Sell 0Mar 26Apr 26 · Buy 3 · Hold 0 · Sell 0May 26 · Buy 3 · Hold 0 · Sell 0May 26Jun 26 · Buy 3 · Hold 0 · Sell 0Jul 26 · Buy 3 · Hold 0 · Sell 0Jul 26Aug 26 · Buy 3 · Hold 0 · Sell 0Sep 26 · Buy 2 · Hold 2 · Sell 0Sep 26Oct 26 · Buy 3 · Hold 1 · Sell 0Nov 25 · avg. target $16.50Dec 25 · avg. target $16.50Jan 26 · avg. target $16.50Feb 26 · avg. target $16.50Mar 26 · avg. target $11.67Apr 26 · avg. target $11.67May 26 · avg. target $11.67Jun 26 · avg. target $11.67Jul 26 · avg. target $12.00Aug 26 · avg. target $13.00Sep 26 · avg. target $12.00Oct 26 · avg. target $10.50Nov 25 · month-end close $9.33Dec 25 · month-end close $7.77Jan 26 · month-end close $7.03Feb 26 · month-end close $5.81Mar 26 · month-end close $4.80Apr 26 · month-end close $6.83May 26 · month-end close $6.40Jun 26 · month-end close $6.52Jul 26 · month-end close $7.06Aug 26 · month-end close $9.48Sep 26 · month-end close $6.97Oct 26 · month-end close $6.07

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 23, 2026 · 31 ratings

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