Latest Ratios: P/E Ratio -1.8x · EV/EBITDA -17.8x · 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 | $1.0B | $1.1B | — | — | — |
| Enterprise Value | $-1098156535 | $-975381085 | — | — | — |
| P/E Ratio → | -1.84 | — | — | — | — |
| P/S Ratio | 1.78 | 1.99 | — | — | — |
| P/B Ratio | 0.88 | 1.12 | — | — | — |
| P/FCF | 1.81 | 2.03 | — | — | — |
| P/OCF | 1.79 | 2.01 | — | — | — |
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 | — | -1.71 | — | — | — |
| EV / EBITDA | -17.80 | -15.81 | — | — | — |
| EV / EBIT | -18.78 | -19.25 | — | — | — |
| EV / FCF | — | -1.74 | — | — | — |
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 | 5.1% | 5.1% | -1.8% | 3.1% | 9.7% |
| 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 | 606.53 | 606.53 | 0.19 | 0.55 | 0.77 |
| Asset Turnover | — | 0.15 | 0.19 | 0.31 | 0.36 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
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 | 55.3% | 49.4% | — | — | — |
| Buyback Yield | 2.0% | 1.8% | — | — | — |
| Total Shareholder Yield | 2.0% | 1.8% | — | — | — |
| Shares Outstanding | — | $397M | $459M | $459M | $459M |
Operating margin volatility
As reported in recent financial statements, Webull's gross margin has experienced a notable contraction, falling from a peak of 84.7% in 2023Q2 to 73.5% by 2025Q2, suggesting that the company is struggling to maintain its premium pricing power while scaling its digital brokerage infrastructure.
The decline in gross margins appears to indicate either increased competition forcing lower commission structures or a shift in product mix toward lower-margin services. Investors should monitor whether this compression is a structural byproduct of aggressive customer acquisition or a temporary impact from promotional pricing strategies.
Based on the provided quarterly data, Webull's ROIC has deteriorated from a positive 4.2% in 2023Q1 to a negative 0.4% by 2025Q2, reflecting a fundamental inability to generate adequate returns on the capital deployed into its proprietary trading platform and global expansion efforts.
The shift into negative territory suggests that the company's investments are currently destroying shareholder value rather than compounding it. This trend warrants further investigation into whether the current capital allocation strategy is prioritizing market share at the expense of long-term economic viability.
According to the latest quarterly filings, the company's Days Sales Outstanding (DSO) has ballooned to 210 days in 2025Q2, a significant increase from the 24-day levels observed in 2023Q4, which suggests a growing disconnect between revenue recognition and actual cash collection from brokerage activities.
Such a dramatic extension in the collection cycle may indicate that the company is facing difficulties in converting its transactional revenue into liquid assets. This inefficiency appears to be a primary driver of the firm's recent cash flow volatility and requires closer scrutiny regarding the quality of its receivables.
As reported in the 2025Q2 balance sheet, Webull maintains a current ratio of 1.42, yet this figure appears to be heavily influenced by segregated client assets rather than unrestricted corporate cash, potentially overstating the firm's true financial flexibility under conditions of severe market stress.
While the headline liquidity ratio appears adequate, the underlying trend of negative operating margins suggests that the company may be burning through its available resources to sustain operations. Investors should be cautious of relying on these liquidity metrics without adjusting for the regulatory constraints on cash held for clients.
The market's reliance on a 1.56 P/S ratio to value Webull likely obscures the company's underlying cash burn and the significant disconnect between its top-line growth and its inability to generate consistent free cash flow, as detailed in recent quarterly financial disclosures.
Using a price-to-sales multiple is particularly misleading for this business model because it ignores the high cost of customer acquisition and the volatility of transactional revenue. A more appropriate metric would be an adjusted EV/EBITDA or a cash-burn-adjusted valuation that accounts for the heavy reliance on stock-based compensation.
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying BULLW stock.
Webull Corporation Warrants's current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Webull Corporation Warrants's current EV/EBITDA is -17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Webull Corporation Warrants's return on equity (ROE) is 3.1%. The historical average is 2.5%.
Based on historical data, Webull Corporation Warrants is trading at a P/E of -1.8x. 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 Warrants has 77.5% gross margin and 10.2% operating margin. Operating margin between 10-20% is typical for established companies.
Webull Corporation Warrants's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.