# Webull (BULL.US)

Canonical: https://gigainvestors.com/s/BULL

Analysis as of: 2026-10-16T07:27:08.451Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.30 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since Sep 2025 · "Webull (BULL) Tumbles 11% on $1-Billion Share Sale to Yorkville" (finance.yahoo.com, Jul 2025)

Story as of 2026-10-16T09:58:26.256Z; price observation 2026-10-15.

- 2025-07-08: Webull (BULL) Tumbles 11% on $1-Billion Share Sale to Yorkville ([finance.yahoo.com](https://finance.yahoo.com/news/webull-bull-tumbles-11-1-182846026.html))

- 2025-09-08: Webull (BULL) Expands Into European Market With Dutch Brokerage Launch ([finance.yahoo.com](https://finance.yahoo.com/news/webull-bull-expands-european-market-173813163.html))

- 2026-08-21: Webull (BULL) Is Up 10.1% After Record Q2 Profit Surge On Post-PDT Trading Boom ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/webull-bull-10-1-record-161205440.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 571 million.

- Source: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm (filed 2026-04-09); FY2025: revenue 570996806; grossProfit 442247742; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 77.5% to 83% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 79.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm (filed 2026-04-09); FY2025: grossProfit / revenue = 77.5%.

### Where the cash goes

Reinvests 6.8% of cash earnings; paid no dividends in 4 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 0; upkeep 31550704; cash acquisitions 109163; owner earnings 23295027. Growth capex plus acquisitions / owner earnings = 0.004686107468345068.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: growth capex 147913.3326973822; upkeep 4396019.667302618; cash acquisitions 5495863; owner earnings 4451740.332697382. Growth capex plus acquisitions / owner earnings = 1.2677685379007104.

- Source: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm (filed 2026-04-09); FY2025: growth capex 1684760; upkeep 3202512; cash acquisitions 0; owner earnings 24770704. Growth capex plus acquisitions / owner earnings = 0.06801421550231274.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm (filed 2026-04-09); FY2025: cash repurchases 20005651 USD.

### Are managers owners

Insiders own 24% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BULL.US SharesStats.PercentInsiders = 24.03 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Closing price 6.295 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.4382802712543252; price multiple 4.376754743712174. FY2025 cash earnings/share 0.06239477085320263. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-08: $9.95 per share

- 2022-09: $9.95 per share

- 2022-10: $10.05 per share

- 2022-11: $10.15 per share

- 2022-12: $10.18 per share

- 2023-01: $10.27 per share

- 2023-02: $10.35 per share

- 2023-03: $10.43 per share

- 2023-04: $10.47 per share

- 2023-05: $10.53 per share

- 2023-06: $10.59 per share

- 2023-07: $10.61 per share

- 2023-08: $10.70 per share

- 2023-09: $10.75 per share

- 2023-10: $10.80 per share

- 2023-11: $10.84 per share

- 2023-12: $10.82 per share

- 2024-01: $10.98 per share

- 2024-02: $11.17 per share

- 2024-03: $11.05 per share

- 2024-04: $11.09 per share

- 2024-05: $11.11 per share

- 2024-06: $11.12 per share

- 2024-07: $11.19 per share

- 2024-08: $11.25 per share

- 2024-09: $11.34 per share

- 2024-10: $11.46 per share

- 2024-11: $11.57 per share

- 2024-12: $11.63 per share

- 2025-01: $11.64 per share

- 2025-02: $11.68 per share

- 2025-03: $12.20 per share

- 2025-04: $13.89 per share

- 2025-05: $11.68 per share

- 2025-06: $11.96 per share

- 2025-07: $14.19 per share

- 2025-08: $13.59 per share

- 2025-09: $14.79 per share

- 2025-10: $10.82 per share

- 2025-11: $9.33 per share

- 2025-12: $7.77 per share

- 2026-01: $7.03 per share

- 2026-02: $5.81 per share

- 2026-03: $4.80 per share

- 2026-04: $6.83 per share

- 2026-05: $6.40 per share

- 2026-06: $6.52 per share

- 2026-07: $7.06 per share

- 2026-08: $9.48 per share

- 2026-09: $6.97 per share

- 2026-10: $6.30 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm); period 2025-12-31, filed 2026-04-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.