Latest Ratios: P/E Ratio -5.8x · EV/EBITDA 27.6x · ROE 3.1%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $3.8B | $3.1B | — | — | — |
| Enterprise Value | $1.7B | $972M | — | — | — |
| P/E Ratio → | -5.83 | — | — | — | — |
| P/S Ratio | 6.68 | 5.40 | — | — | — |
| P/B Ratio | 2.80 | 3.03 | — | — | — |
| P/FCF | 6.79 | 5.49 | — | — | — |
| P/OCF | 6.73 | 5.45 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 1.70 | — | — | — |
| EV / EBITDA | 27.55 | 15.75 | — | — | — |
| EV / EBIT | 29.08 | 19.18 | — | — | — |
| EV / FCF | — | 1.73 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 79.7% | 83.0% | 84.6% |
| Operating Margin | 10.2% | 10.2% | -3.7% | 5.9% | 17.7% |
| Net Profit Margin | 4.3% | 4.3% | -5.8% | 1.6% | 12.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | -3.9% | 1.1% | 9.8% |
| ROA | 0.8% | 0.8% | -1.4% | 0.5% | 4.6% |
| ROIC | — | — | -3.9% | 11.5% | 54.3% |
| ROCE | 2.6% | 2.6% | -2.4% | 4.1% | 13.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.03 | 0.02 | 0.03 |
| Debt / EBITDA | 1.26 | 1.26 | — | 0.47 | 0.24 |
| Net Debt / Equity | — | -2.08 | -0.42 | -0.64 | -0.82 |
| Net Debt / EBITDA | -34.24 | -34.24 | — | -12.99 | -5.81 |
| Debt / FCF | — | -3.76 | -1.40 | -0.77 | — |
| Interest Coverage | 9.28 | 9.28 | -97.15 | — | — |
Net cash position: cash ($2.2B) exceeds total debt ($78M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 958.70 | 958.70 | 1.34 | 1.74 | 1.82 |
| Quick Ratio | 958.70 | 958.70 | 1.34 | 1.74 | 1.82 |
| Cash Ratio | 654.25 | 654.25 | 0.26 | 0.61 | 0.78 |
| Asset Turnover | — | 0.15 | 0.19 | 0.31 | 0.36 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 827.68 | 554.35 | 95.03 | 55.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | 14.7% | 18.2% | — | — | — |
| Buyback Yield | 0.5% | 0.6% | — | — | — |
| Total Shareholder Yield | 0.5% | 0.6% | — | — | — |
| Shares Outstanding | — | $397M | $459M | $459M | $459M |
Regulatory PFOF monetization risk
Based on reported figures, Webull's forward P/E of 63.92 suggests that investors are pricing in aggressive future earnings growth, a valuation that appears disconnected from the company's recent net losses and the inherent volatility of its transaction-based revenue model compared to more established brokerage peers.
The current P/S ratio of 6.35 reflects a significant premium over traditional financial services firms, implying that the market views Webull as a high-growth technology platform rather than a standard broker-dealer. This valuation warrants caution, as it assumes a rapid transition to sustained profitability that has yet to be demonstrated in the company's recent quarterly performance.
According to recent financial statements, Webull's ROIC has fluctuated into negative territory, reaching -0.8% in 2025Q2, which indicates that the company is currently failing to generate positive returns on its invested capital base while struggling to overcome a massive accumulated deficit.
The inability to maintain consistent positive ROIC suggests that the firm's aggressive expansion strategy is currently destroying shareholder value rather than compounding it. Investors should monitor whether management can pivot toward operational efficiency, as the current trend of decaying returns appears structural rather than temporary.
As reported in quarterly filings, Webull's asset turnover ratio has remained stagnant at approximately 0.06, highlighting a persistent inability to generate meaningful revenue relative to its expanding asset base, which is likely inflated by regulatory capital requirements and clearinghouse deposits.
The extremely high DSO figures, which reached 392 days in 2025Q2, suggest significant friction in the cash conversion cycle that is atypical for a high-velocity brokerage. This may indicate that a large portion of reported assets are tied up in long-term clearing arrangements rather than being utilized for core operational growth.
Based on an analysis of the business model, the P/E ratio is a fundamentally flawed metric for Webull, as it obscures the massive impact of stock-based compensation and the volatility of payment for order flow revenue that characterizes the firm's current financial profile.
Analysts should instead focus on adjusted EBITDA or cash-based metrics that strip out non-cash equity expenses to better gauge the company's true earning power. Relying on standard P/E multiples risks overestimating the company's profitability and ignoring the regulatory risks that could force a total reset of its monetization strategy.
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Quick answers to the most common questions about buying BULL stock.
Webull Corporation Class A Ordinary Shares's current P/E ratio is -5.8x. This places it at the 50th percentile of its historical range.
Webull Corporation Class A Ordinary Shares's current EV/EBITDA is 27.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
Webull Corporation Class A Ordinary Shares's return on equity (ROE) is 3.1%. The historical average is 2.5%.
Based on historical data, Webull Corporation Class A Ordinary Shares is trading at a P/E of -5.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Webull Corporation Class A Ordinary Shares has 77.5% gross margin and 10.2% operating margin. Operating margin between 10-20% is typical for established companies.
Webull Corporation Class A Ordinary Shares's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.