1. Financial Health Check
- Revenue: $390.23M
- Net Income: -22693648
- Net Margin: -5.82%
- Revenue Growth (3yr CAGR): N/A (Need historical data)
- ROE (Return on Equity): N/A (Missing Equity)
- ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]
- Debt/Equity: N/A (Missing Liabilities)
- Free Cash Flow Yield: [Free Cash Flow Yield]
- Free Cash Flow Trend: [Free Cash Flow Trend]
2. Financial Trends
3. Historical Data
| Year | Revenue | Net Income | Gross Profit | Op. Cash Flow |
|---|---|---|---|---|
| 2024 | 390.23M | -22.69M | 310.92M | 185.22M |
| 2023 | 389.60M | 6.07M | 323.18M | 470.60M |
| 2022 | 388.33M | 50.08M | 328.57M | -31.21M |
| 2021 | 0.00 | -33831.00 | 0.00 | - |
4. Competitive Advantage (Moat)
- Type of Moat: Switching Costs & Product Differentiation
- Strength: Narrow
- Description: Webull is trying to establish switching costs through a comprehensive platform offering diverse products (equities, bonds, crypto, sports prediction markets) and AI-powered decision-making tools (Vega). Differentiated offerings like direct deposit enablement and corporate bonds also set them apart.
5. Management Quality
- CEO: Anthony Michael Denier
- Capital Allocation: Reinvestment in product diversification (crypto, prediction markets, Vega), geographic expansion (EU, South Korea), strategic partnerships (Kalshi, Merits), and innovation in AI-powered tools. No specific mention of buybacks or dividends.
- Tone: Optimistic
- Key Quotes:
- "Webull Corporation Class A Ordinary Shares is exceptionally well positioned to continue to capitalize on the global consumer shift towards mobile-first trading."
- "This was a record quarter for Webull Corporation Class A Ordinary Shares on many metrics...marking an exciting new chapter for our platform..."
6. Growth Prospects
- Total Addressable Market (TAM): [Size and Growth Rate]
- Market Share: [Current share and potential to gain]
- New Products/Services: [Pipeline]
7. Scuttlebutt & Soft Data
- Customer Reviews: [Trends in customer satisfaction]
- Employee Feedback: [Glassdoor ratings, turnover]
- Channel Checks: [Insights from suppliers or distributors]
8. Valuation
- P/E Ratio: [Current vs. Historical vs. Peers]
- EV/EBITDA: [Current vs. Historical vs. Peers]
- DCF Fair Value: [Estimate]
9. Risks
- [Risk 1: Market Volatility: While Webull believes it is well-positioned for volatile markets, long-term volatility is not ideal for the business.]
- [Risk 2: Regulatory: obtaining and maintaining licenses in various jurisdictions, particularly for crypto offerings.]
- [Risk 3: Competition: Intensifying competition in the brokerage and crypto space, requiring continuous innovation and competitive pricing.] ```
10. Checklist
- Do I understand the business model?
- Is the balance sheet healthy?
- Is management aligned with shareholders?
- Is the valuation reasonable?
- Is there a clear catalyst?