Share count
397Mpeak FY2024
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BULLW, Webull Corporation
Capital Markets & Asset Management financial
An asset manager, paid a fee on the money it runs for other people.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$571M
+46.3% YoY · 14% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $571M 4-yr avg $435M
Net margin 4.3% 4-yr avg 3.2%
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $388M | $390M | $390M | $571M | $571M | RevenueRevenue |
| — | — | −2.4% | 8.9% | 8.9% | Operating marginOp. mgn |
| 12.9% | 1.5% | −5.9% | 4.3% | 4.3% | Net marginNet mgn |
| $50M | $6M | ($23M) | $24M | $24M | Net incomeNet inc. |
| 39% | — | — | 46% | 46% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| ($33M) | $468M | $183M | $563M | $563M | Owner earningsOwner earn. |
| — | — | — | 2% | 2% | Return on equityROE |
| — | — | — | 2% | 2% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $1.3B | $2.1B | $3.9B | $3.9B | Total assetsAssets |
| — | $372M | $271M | $653M | $653M | Cash & investmentsCash+inv |
| — | ($1.8B) | ($2.3B) | $1.0B | $1.0B | Shareholders’ equityEquity |
| Per share | |||||
| 403M | 414M | 416M | 397M | 397M | Shares out (diluted)Shares |
| $0.96 | $0.94 | $0.94 | $1.44 | $1.44 | Revenue / shareRev/sh |
| $0.12 | $0.01 | $-0.06 | $0.06 | $0.06 | EPS (diluted)EPS |
| $-0.08 | $1.13 | $0.44 | $1.42 | $1.42 | Owner earnings / shareOE/sh |
| — | $-4.26 | $-5.42 | $2.56 | $2.56 | Book value / shareBVPS |
Share counts before 2025 are restated ×3 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +14.3%/yr | +14.3%/yr (3-yr) |
| EPS | −20.9%/yr | −20.9%/yr (3-yr) |
| Capital spending / share | −46.0%/yr | −46.0%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
$571Mlow FY2022
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 8.9%Modest fee marginOperating income $51M ÷ revenue $571MIndustry peers: median 29%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 4.3%SlimNet income $24M ÷ revenue $571M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Below the cost of equityNet income $24M ÷ equity $1.0BIndustry peers: median 18%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$3.7B
- Cash & short-term investments$653M
- Receivables$6M
- Other current assets$3.0B
Current liabilities$2.8B
- Accounts payable$19M
- Other current liabilities$2.8B
Current ratio1.33×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.33×stricter: inventory excluded
Cash ratio0.24×strictest: cash alone against what's due
Working capital$907Mthe cushion left after near-term bills
Deeper floors
Tangible book value$931Mequity stripped of goodwill & intangibles
Net current asset value$820MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$4M$4M of it operating leases
Deferred revenue$2.7Bcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| PIPRPiper Sandler | $1.9B | 10.0% | 7.6% | 9% |
| MIAXMiami International Holdings Inc. | $1.4B | -0.2% | -2.0% | -8% |
| MKTXMarketAxess | $846M | 48.5% | 35.9% | 26% |
| BULLWWebull Corporation | $571M | 8.9% | 2.9% | 2% |
| GCMGGCM Grosvenor Inc. | $558M | 18.9% | 3.3% | 168% |
| CNSCohen & Steers | $556M | 38.3% | 28.4% | 39% |
| WTWisdomTree Inc. | $494M | 29.1% | 16.6% | 18% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| Group median | — | 24.0% | 12.1% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Webull Corporation reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Webull Corporation has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’22→’25+23%/yr
Owner-earnings growth · ’22→’25+20%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $562M on 397M shares outstanding (a weighted average, the only count this filer tags); net cash $653M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($5M) runs well above depreciation ($3M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $563M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Webull Corporation (BULLW), the owner's record," https://ownerscorecard.com/c/BULLW, data as of 2026-07-09.
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