Futu Holdings Limited (FUTU) financials

NASDAQ · Financial Services · Financial - Capital Markets · 3,540 employees · CEO Hua Li

Price: $98.45 -2.98%
Market cap: $13.8B
Enterprise value: HK$118B
Last report: Q2 '26 filed 2026-08-20
Next report: 2026-11-17

Revenue (TTM)HK$25.9B+45.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)63.9%+8.1 pp vs a year agoOperating income HK$16.6B

Net income (TTM)HK$11.1B+40.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)HK$0– vs a year agoCapex HK$0

Diluted EPS (TTM)HK$79.04+40.1% vs a year agoSum of the last 4 quarters

Net cash-HK$3.01B-624.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $13.8B
Revenue: HK$25.9B
Revenue growth: +12%
Profit margin: 42.9%
P/E: 9.7×
P/S: 4.2×
EV / EBITDA: 7.2×
Free cash flow: HK$0
Net income: HK$11.1B
Revenue estimate: HK$25.5B
Earnings: 2026-11-17
Dividend: $2.60

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: 35.7% year on yearQ2 '26 revenue HK$7.21B, against an average of 56.5% over the four quarters before.
Operating margin 63.9% (TTM), +8.1 pp on a year agoOperating income grew 66.0% while revenue grew 45.0%.
21.3% of pre-tax profit is eaten by non-operating lossesPre-tax income HK$13.7B vs operating income HK$16.6B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.0% of revenue (a year ago 0.0%)HK$0 invested in the last 4 quarters (– on a year earlier). Free cash flow HK$0 = 0.0% of net income.
Diluted share count down 0.6% in a year140M diluted shares in Q2 '26, 141M a year earlier.
Net debt HK$3.01BCash + short-term investments HK$25.3B, debt incl. leases HK$28.3B; a year ago net debt HK$416M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	HK$7.21B	HK$5.31B	+35.7%
Gross margin	93.4%	87.4%	+6.1 pp
Operating income	HK$4.98B	HK$3.34B	+49.0%
Operating margin	69.1%	63.0%	+6.2 pp
Net income	HK$3.65B	HK$2.57B	+41.8%
Diluted EPS	HK$26.24	HK$18.32	+43.2%
Operating cash flow	HK$0	HK$0	–
Capex	HK$0	HK$0	–
Free cash flow	HK$0	HK$0	–
R&D	HK$0	HK$442M	-100.0%
Stock-based compensation	HK$83.3M	HK$87.3M	-4.6%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '22	y/y	Share	TTM	TTM y/y
Brokerage Commission Income	HK$855M	–	81.6%	–	–
Brokerage commission income	–	–	–	–	–
Handling Charge Income	HK$193M	–	18.4%	–	–
Handling charge income	–	–	–	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: HK$0
Capex: HK$0
Buybacks: HK$0
Dividends: HK$0
Acquisitions: HK$0
Net debt issued: HK$0
Stock-based compensation: HK$353M
Free cash flow: HK$0
Returned to shareholders / FCF: –

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	9.7×	15.7×	13.7× – 18.0×
EV / EBITDA	7.2×	12.3×	5.2× – 20.6×
EV / Sales	4.6×	6.1×	3.2× – 9.6×
Price / FCF	0.0×	7.3× 4 of 5 years	2.8× – 13.4×
Price / Book	2.8×	2.9×	2.2× – 4.5×
FCF yield	0.0%	13.4%	-10.7% – 35.4%
Return on invested capital	4.6%	11.1%	5.1% – 15.3%
Return on equity	28.4%	18.5%	13.4% – 28.3%

Analysts

Consensus target $136.32 (+38.5%)
range $102.13 – $170.50 · rating Buy

Strong buy0

Buy7

Hold4

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	HK$25.5B	+11.8%	HK$78.82	-1.6%	–	7
FY2027	HK$27.7B	+8.8%	HK$99.82	+26.6%	–	8
FY2028	HK$32.4B	+16.7%	HK$118.57	+18.8%	–	10

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in HKD as reported; price and market cap in USD.