# Futu Holdings (FUTU.US)

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

Analysis as of: 2026-10-16T07:28:41.133Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: HKD.

## Verdict

Not a wonderful business

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

Share price: $109.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 9

- Return on common equity variation (informational): 0.39×

Chart: Net income; fiscal year observations.

- FY2016: HKD -116M

- FY2017: HKD -56M

- FY2018: HKD 37M

- FY2019: HKD 143M

- FY2020: HKD 1.3B

- FY2021: HKD 2.8B

- FY2022: HKD 2.9B

- FY2023: HKD 4.3B

- FY2024: HKD 5.4B

- FY2025: HKD 11B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 13.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 0.0%

- FY2017: 0.0%

- FY2018: 0.0%

- FY2019: 5.6%

- FY2020: 16.0%

- FY2021: 13.4%

- FY2022: 14.1%

- FY2023: 17.5%

- FY2024: 19.5%

- FY2025: 28.5%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- nonpositive book value in the compounding window

- Book return interval: 9 years

- Starting book value per share: HKD -1.72

- Ending book value per share: HKD 280.82

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 0.3%

- Share growth excluding flagged crisis recapitalisations: 2.7%

- Five-year share growth excluding flagged crisis recapitalisations: 0.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: HKD 282.55

- Earnings retained per share after dividends and buybacks: HKD -191.90

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

## Price story

Down 45% since Oct 2025 · "FUTU Q1 Earnings Fall Y/Y Due to RMB1.85B CSRC Penalty, Revenues Miss" (finance.yahoo.com, Jun 2026) · net income +108.3%

Story as of 2026-10-16T09:58:47.948Z; price observation 2026-10-15.

- 2025-08-26: Why Futu Holdings (FUTU) Is Up 12.6% After Strong Earnings and U.S. Crypto Launch ([finance.yahoo.com](https://finance.yahoo.com/news/why-futu-holdings-futu-12-101133419.html))

- 2026-06-01: FUTU Q1 Earnings Fall Y/Y Due to RMB1.85B CSRC Penalty, Revenues Miss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/futu-q1-earnings-fall-y-175200401.html))

### Net income · FY2025

net income +108.3%; source https://www.sec.gov/Archives/edgar/data/1754581/000110465926043451/futu-20251231x20f.htm; observed 2026-04-15.

- FY2016: HKD -116M 

- FY2017: HKD -56M 

- FY2018: HKD 37M 

- FY2019: HKD 143M 

- FY2020: HKD 1.3B 

- FY2021: HKD 2.8B 

- FY2022: HKD 2.9B 

- FY2023: HKD 4.3B 

- FY2024: HKD 5.4B 

- FY2025: HKD 11B 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are HKD 22.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1754581/000110465926043451/futu-20251231x20f.htm#000110465926043451 (filed 2026-04-15); FY2025: revenue 22846898000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FUTU.US: Futu Holdings Limited engages in the provision of digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms. The company also provides financial information and online community services; online wealth management services under the Money Plus brand name through its Futubull and moomoo platforms, which provides its client access to mutual funds, private funds, bonds, structured products, and other wealth management products; market data and information services; and NiuNiu Community, an open forum for users and clients to share insights, ask questions, and exchange ideas. Futu Holdings Limited was founded in 2007 and is headquartered in Admiralty, Hong Kong.

### Why customers stay

It earns 13.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on tangible equity observations [[2016,0],[2017,0],[2018,0],[2019,0.05634273434978708],[2020,0.1597501842126893],[2021,0.13402157090062586],[2022,0.14067047126614882],[2023,0.1747778320028461],[2024,0.19491414991056413],[2025,0.28500212198325636]]; median 0.13734602108338734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,53506927000],[2022,0],[2023,0],[2024,0],[2025,2151038000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FUTU.US SharesStats.PercentInsiders = 15.78 percentage points; cache date 2026-10-16.

### What the price says

The price is 5.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Closing price 109.8 USD; reporting-to-trading FX 0.12743; FY2025 annual sales per share 161.27935541619252; price multiple 5.342590382094704. FY2025 cash earnings/share 81.08601274597558. Closing-price date 2026-10-15.

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

- 2019-03: $18.52 per share

- 2019-04: $13.95 per share

- 2019-05: $10.98 per share

- 2019-06: $10.57 per share

- 2019-07: $11.33 per share

- 2019-08: $10.80 per share

- 2019-09: $10.97 per share

- 2019-10: $10.77 per share

- 2019-11: $10.45 per share

- 2019-12: $10.32 per share

- 2020-01: $11.11 per share

- 2020-02: $11.57 per share

- 2020-03: $9.47 per share

- 2020-04: $11.15 per share

- 2020-05: $15.99 per share

- 2020-06: $23.67 per share

- 2020-07: $34.37 per share

- 2020-08: $32.17 per share

- 2020-09: $28.62 per share

- 2020-10: $29.73 per share

- 2020-11: $44.10 per share

- 2020-12: $45.75 per share

- 2021-01: $99.41 per share

- 2021-02: $152.79 per share

- 2021-03: $158.82 per share

- 2021-04: $148.78 per share

- 2021-05: $142.27 per share

- 2021-06: $179.09 per share

- 2021-07: $102.46 per share

- 2021-08: $95.19 per share

- 2021-09: $91.02 per share

- 2021-10: $53.52 per share

- 2021-11: $47.49 per share

- 2021-12: $43.30 per share

- 2022-01: $43.25 per share

- 2022-02: $42.75 per share

- 2022-03: $32.56 per share

- 2022-04: $31.99 per share

- 2022-05: $36.71 per share

- 2022-06: $52.21 per share

- 2022-07: $41.60 per share

- 2022-08: $49.09 per share

- 2022-09: $37.29 per share

- 2022-10: $33.86 per share

- 2022-11: $61.49 per share

- 2022-12: $40.65 per share

- 2023-01: $50.76 per share

- 2023-02: $49.21 per share

- 2023-03: $51.85 per share

- 2023-04: $44.27 per share

- 2023-05: $36.86 per share

- 2023-06: $39.74 per share

- 2023-07: $60.20 per share

- 2023-08: $59.60 per share

- 2023-09: $57.81 per share

- 2023-10: $55.45 per share

- 2023-11: $53.92 per share

- 2023-12: $54.63 per share

- 2024-01: $46.72 per share

- 2024-02: $53.52 per share

- 2024-03: $54.15 per share

- 2024-04: $64.31 per share

- 2024-05: $75.14 per share

- 2024-06: $65.61 per share

- 2024-07: $63.28 per share

- 2024-08: $63.56 per share

- 2024-09: $95.65 per share

- 2024-10: $94.99 per share

- 2024-11: $87.23 per share

- 2024-12: $79.99 per share

- 2025-01: $96.65 per share

- 2025-02: $109.19 per share

- 2025-03: $102.35 per share

- 2025-04: $92.31 per share

- 2025-05: $101.93 per share

- 2025-06: $123.59 per share

- 2025-07: $153.68 per share

- 2025-08: $185.60 per share

- 2025-09: $173.91 per share

- 2025-10: $199.04 per share

- 2025-11: $169.66 per share

- 2025-12: $164.21 per share

- 2026-01: $162.57 per share

- 2026-02: $148.84 per share

- 2026-03: $136.76 per share

- 2026-04: $154.51 per share

- 2026-05: $104.07 per share

- 2026-06: $93.74 per share

- 2026-07: $105.12 per share

- 2026-08: $122.14 per share

- 2026-09: $110.55 per share

- 2026-10: $109.80 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/1754581/000110465926043451/futu-20251231x20f.htm); period 2025-12-31, filed 2026-04-15.

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.