Latest Ratios: P/E Ratio 9.3x · EV/EBITDA -0.2x · ROE 33.1%. (2016–2025 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.3B | $23.2B | $11.2B | $7.6B | $5.8B | $6.6B | $6.0B | $1.2B | — | — | — |
| Enterprise Value | $-274933015 | $-82964358766 | $8.1B | $8.6B | $3.5B | $24.0B | $21.6B | $2.5B | — | — | — |
| P/E Ratio → | 9.31 | 2.05 | 2.06 | 1.79 | 2.00 | 2.35 | 4.54 | 8.06 | — | — | — |
| P/S Ratio | 4.56 | 1.02 | 0.82 | 0.76 | 0.77 | 0.93 | 1.81 | 1.12 | — | — | — |
| P/B Ratio | 2.61 | 0.58 | 0.40 | 0.31 | 0.28 | 0.31 | 0.72 | 0.46 | — | — | — |
| P/FCF | 2.55 | 0.57 | 0.36 | — | 1.73 | 1.11 | 0.29 | 0.64 | — | — | — |
| P/OCF | 2.55 | 0.57 | 0.36 | — | 1.68 | 1.10 | 0.29 | 0.60 | — | — | — |
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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -3.64 | 0.59 | 0.86 | 0.46 | 3.37 | 6.52 | 2.32 | — | — | — |
| EV / EBITDA | -0.15 | -5.81 | 1.19 | 1.66 | 0.94 | 7.25 | 13.95 | 9.70 | — | — | — |
| EV / EBIT | -0.15 | -6.08 | 1.22 | 1.72 | 0.98 | 7.53 | 14.70 | 13.11 | — | — | — |
| EV / FCF | — | -2.04 | 0.26 | — | 1.04 | 4.03 | 1.06 | 1.33 | — | — | — |
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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 82.0% | 84.7% | 86.9% | 83.0% | 79.0% | 73.5% | 69.2% | 65.0% | 48.2% |
| Operating Margin | 61.6% | 61.6% | 48.7% | 50.0% | 46.9% | 44.7% | 44.3% | 17.7% | 25.7% | 2.7% | -127.2% |
| Net Profit Margin | 49.6% | 49.6% | 40.1% | 42.8% | 38.4% | 39.5% | 40.0% | 15.6% | 17.1% | -2.6% | -113.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.1% | 33.1% | 20.7% | 18.8% | 14.0% | 19.2% | 24.4% | 9.1% | 31.9% | — | — |
| ROA | 5.8% | 5.8% | 4.3% | 4.5% | 3.0% | 3.3% | 2.9% | 0.9% | 1.0% | -0.1% | -2.2% |
| ROIC | 22.3% | 22.3% | 14.8% | 13.9% | 8.1% | 7.0% | 7.6% | 4.1% | 7.1% | 0.7% | -2775.8% |
| ROCE | 11.7% | 11.7% | 25.1% | 21.6% | 17.9% | 23.8% | 26.2% | 8.9% | 17.0% | 1.5% | -64.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.31 | 0.24 | 0.13 | 1.04 | 2.00 | 0.64 | 1.43 | — | — |
| Debt / EBITDA | 1.24 | 1.24 | 1.26 | 1.14 | 0.72 | 6.63 | 10.73 | 6.46 | 7.26 | 154.21 | — |
| Net Debt / Equity | — | -2.63 | -0.11 | 0.04 | -0.11 | 0.83 | 1.87 | 0.50 | 1.24 | — | — |
| Net Debt / EBITDA | -7.44 | -7.44 | -0.46 | 0.18 | -0.63 | 5.25 | 10.06 | 5.03 | 6.27 | 124.42 | — |
| Debt / FCF | — | -2.61 | -0.10 | — | -0.69 | 2.92 | 0.76 | 0.69 | 0.31 | 0.85 | 0.01 |
| Interest Coverage | — | — | — | — | 12.20 | 8.44 | 7.93 | 2.11 | 2.18 | 0.42 | -31.99 |
Net cash position: cash ($123.9B) exceeds total debt ($17.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.15 | 9.15 | 1.19 | 1.32 | 0.58 | 0.55 | 1.13 | 1.13 | 1.10 | 1.08 | 1.03 |
| Quick Ratio | 9.15 | 9.15 | 1.19 | 1.32 | 0.58 | 0.55 | 1.13 | 1.13 | 1.10 | 1.08 | 1.03 |
| Cash Ratio | 7.17 | 7.17 | 0.09 | 0.07 | 0.07 | 0.05 | 0.02 | 0.02 | 0.01 | 0.04 | 0.04 |
| Asset Turnover | — | 0.10 | 0.09 | 0.10 | 0.08 | 0.07 | 0.05 | 0.05 | 0.05 | 0.03 | 0.02 |
| 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 9.3% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 19.0% | 19.0% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 48.8% | 48.6% | 55.9% | 50.0% | 42.5% | 22.0% | 12.4% | — | — | — |
| FCF Yield | 39.2% | 175.5% | 275.2% | — | 57.9% | 90.0% | 339.9% | 156.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 11.4% | 53.8% | 17.9% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.0% | 9.3% | 0.0% | 11.4% | 53.8% | 17.9% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $141M | $140M | $140M | $144M | $152M | $131M | $115M | $64M | $111M | $111M |
Cross-border regulatory compliance
Based on current market data, Futu trades at a P/E of 9.44, which appears significantly compressed relative to its high-growth fintech peers, suggesting that investors are applying a substantial discount to account for ongoing cross-border regulatory uncertainties and potential geopolitical headwinds in its core markets.
The forward P/E of 1.30 and PEG ratio of 0.18 imply that the market is pricing in a high probability of earnings stagnation or contraction, which contrasts sharply with the company's recent operational growth. This valuation gap suggests that the market may be misclassifying the firm as a high-risk cyclical entity rather than a scalable technology platform.
As reported in financial statements, Futu's ROIC has trended upward from 2.6% in 2023Q4 to 5.9% in 2025Q2, indicating that the company is becoming more efficient at deploying capital into its proprietary technology stack and international expansion efforts despite the inherent challenges of scaling a brokerage platform.
The steady expansion in ROIC suggests that the firm's fixed-cost infrastructure is beginning to yield significant operating leverage as the user base grows. Investors should monitor whether this trend continues as the company enters more competitive, lower-margin international markets that may require higher capital intensity.
According to recent quarterly data, the company's DSO has increased from 399 days in 2023Q4 to 520 days in 2025Q2, which warrants further investigation into the underlying credit quality of its margin financing book and the potential for extended collection cycles in its international expansion markets.
The rising DSO suggests that the company may be extending more lenient credit terms to attract or retain high-value clients, which increases the risk profile of its interest-income-driven revenue model. This trend warrants caution, as it may mask underlying liquidity pressures that are not immediately apparent in the headline profitability figures.
Based on reported figures, Futu maintains a modest debt-to-equity ratio of 0.29 as of 2025Q2, providing a robust buffer against market volatility and ensuring that the firm remains well-positioned to navigate potential regulatory shocks without the immediate pressure of significant debt service obligations or covenant breaches.
The company's disciplined approach to leverage is a key differentiator in the capital-intensive brokerage industry, allowing it to prioritize R&D and market entry over debt repayment. This conservative stance appears prudent given the unpredictable nature of the regulatory environment in which the firm operates.
The most commonly misapplied metric for Futu is the traditional P/E ratio, which obscures the company's transition from a transactional brokerage model to a recurring-revenue financial ecosystem, thereby failing to capture the long-term value of its social-centric user engagement and wealth management platform.
Analysts should instead focus on metrics that account for the 'stickiness' of the user base, such as AUM growth and the lifetime value of paying clients, rather than relying on cyclical P/E multiples. Using traditional brokerage valuation frameworks ignores the structural advantage provided by the NiuNiu community and the potential for higher-margin wealth management services.
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Quick answers to the most common questions about buying FUTU stock.
Futu Holdings Limited's current P/E ratio is 9.3x. The historical average is 3.3x. This places it at the 100th percentile of its historical range.
Futu Holdings Limited's current EV/EBITDA is -0.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.8x.
Futu Holdings Limited's return on equity (ROE) is 33.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.4%.
Based on historical data, Futu Holdings Limited is trading at a P/E of 9.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Futu Holdings Limited's current dividend yield is 2.04% with a payout ratio of 19.0%.
Futu Holdings Limited has 87.1% gross margin and 61.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Futu Holdings Limited's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.