Webull Corp

BULL
About the company

Webull Corporation operates as a digital investment platform. The company offers various products and services, including trading, wealth management product distribution, market data and information, user community, and investor education. Its platform enables retail investors to trade securities through its licensed broker dealer in the United States, Canada, the United Kingdom, Australia, Hong Kong, Indonesia, Singapore, Malaysia, Thailand, Japan, South Africa, the Netherlands, and internationally. Webull Corporation was founded in 2016 and is headquartered in Saint Petersburg, Florida.

Country: United StatesPrice: $5.18Market Cap: $2.8B

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

$1.31

-74.7% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

9 of 10 pass — Buffett objects

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #1538 (Top 49.7%)PASSFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-600.0%N/A-1338.9%N/AN/A+64.4%-1469.7%-175.5%N/A+69.7%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-09

Score computed: 2026-11-14

Where It Passes

  • Cash Flow90% pass✓ 11✗ 1▾

    9 of 10 pass — Buffett objects

    Free Cash Flow Proxy$24.8M
    ✗BuffettPositive and growing
    FCF Positive and Growing$561.5M
    ✓LynchPositive and growing
    Operating Cash Flow$566.4M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=14.60%, ROA=0.64%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)3.6x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=20.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/4 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap27.3%
    ✓Ackman>= 4%
    Price / FCF per Share3.7x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency3/4 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$561.5M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+20.09%; #290/4519 (top 6.4%)
    ✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 4✗ 31▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/5 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)3/5 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)2.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$24.8M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE2.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value2.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.3%, ROC=16.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets0.64%
    ✓PiotroskiROA > 0
    ROA Change YoY-1.10% -> 0.64% (delta: +1.74%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=14.60%, ROA=0.64%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue7.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity2.4%
    ✗Dreman> 12%
    Margin of SafetyP/B=2.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity2.4% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity2.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+0.89%; #3011/6340 (top 47.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+2.44%; #2721/5226 (top 52.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0078; #678/5884 (top 11.5%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.01 (2022) -> $-1.23 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency3/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth0.3%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/3 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag BULL's efficiency

    Current Ratio1.33
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)16.8%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.34 -> 1.33
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.19x -> 0.15x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.33
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts7% pass✓ 1✗ 14▾

    Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #1538✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
  • Debt & Leverage8% pass✓ 1✗ 14▾

    11 of 12 flag BULL's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.33
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=14.0x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Valuation15% pass✓ 5✗ 23▾

    11 of 13 flag BULL's valuation — Graham, Lynch, Greenblatt +8 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio2.0x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value2.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.3%, ROC=16.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)3.6x
    ✓Dreman< 8x
    Price / Book Value per Share2.0x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=1.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=20.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=2.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share3.7x
    ✓Ackman<= 25
    Price vs. Trailing Low108% of trailing low ($4.80)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+0.89%; #3011/6340 (top 47.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.3635; #3418/6449 (top 53.0%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share2.21x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.2042; #3759/5247 (top 71.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+20.09%; #290/4519 (top 6.4%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-19.06%; #3923/6202 (top 63.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation models33% pass✓ 2✗ 4▾

    Models split on BULL at $5.18 — fair values range $0.33–$17.12

    Buffett fair value$0.74
    ✗Buffett-600.0% margin vs $5.18
    Greenblatt fair value$0.36
    ✗Greenblatt-1338.9% margin vs $5.18
    Munger fair value$14.56
    ✓Munger+64.4% margin vs $5.18
    Pabrai fair value$0.33
    ✗Pabrai-1469.7% margin vs $5.18
    Akre fair value$1.88
    ✗Akre-175.5% margin vs $5.18
    Ackman fair value$17.12
    ✓Ackman+69.7% margin vs $5.18

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Security & Commodity Brokers
Size: Mid Cap($2.8B)
Revenue: $571.0M+46.3% YoY
Net Income: $24.8M+209.2% YoY

Financial Snapshot

Operating Margin--
Return on Equity2.4%
Debt / Equity--
Current Ratio1.33
EPS (Diluted)$-1.23
Buybacks (1y)$20.0M
Buybacks (2y)$120.0M

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$20.0M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-04-09
FY 2024
Sources
  • 20-F · 2025-04-25
FY 2023
Sources
  • 20-F · 2025-04-25
FY 2022
Sources
  • 20-F · 2025-04-25
FY 2021
Sources
  • 20-F · 2025-04-25
Market Cap$2.8Bcurrent$1.6Best.$1.5Best.$1.4Best.--
Revenue$571.0M↑46%$390.2M$389.6M$388.3M--
Operating Income----------
Net Income$24.8M↑209%-$22.7M↓474%$6.1M↓88%$50.1M--
EPS (Diluted)$-1.23↑67%$-3.73↓54%$-2.42↓24100%$-0.01--
Gross Margin—————
Operating Margin—————
ROE2.4%↑142%1.0%↑392%-0.3%↑90%-3.4%—
Total Debt----------
Shareholders' Equity$1.0B↑145%-$2.3B↓28%-$1.8B↓21%-$1.5B↑2%-$1.5B
Current Ratio1.33↓1%1.34↓23%1.74——
Debt / Equity—————
Operating Cash Flow$566.4M↑206%$185.2M↓61%$470.6M↑1608%-$31.2M--
Free Cash Flow$561.5M↑207%$182.8M↓61%$466.1M↑843%-$62.8M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

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BULL vs Peers — Financial Grading

Revenue$571.0MMedian
Net Income$24.8MBottom 25%
ROE2.4%Median
D/E—
Op. Margin—
Curr. Ratio1.33Median
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Ventas, Inc.VTR$47.0B$88.92$5.8B$261.5M2.1%1.043.5%—2/71/92/70/3F-Score 62/10
RAYMOND JAMES FINANCIAL INCRJF$32.4B$168.64$15.9B$2.1B17.1%0.28——3/93/93/71/3F-Score 64/11
ROYAL GOLD INCRGLD$21.7B$256.89$1.0B$466.3M6.5%0.1361.9%3.124/92/94/70/3F-Score 44/11
iShares Ethereum Trust ETFETHA$19.4B$44.02—$2.3B——————————
KIMCO REALTY CORPKIM$17.0B$25.55$2.1B$584.7M5.6%0.7436.0%—3/72/94/70/3F-Score 75/10
LandBridge Co LLCLB$5.6B$73.15$199.1M$30.1M8.9%1.6559.5%4.872/93/92/70/3F-Score 63/11
Digital Turbine, Inc.APPS$927.6M$7.61$565.3M$37.7M-19.6%1.886.0%1.161/92/92/71/3F-Score 70/11