Futu Holdings Ltd
FUTU · Security Brokers, Dealers & Flotation Companies · EDGAR filings ↗
Grade
A86Dominant multi-market online brokerage compounding revenue and earnings at extreme rates with top-decile margins and returns.
Strengths
- Top-of-sector everything: revenue +68% and operating/EBITDA margin all 100th pct; net income +108% (96th pct)
- High returns (ROE 28.3%, 88th pct), 87% gross margin, and a sizable capital/cash base across 9 regulated markets
Risks
- China/CSRC regulatory overhang (cross-border rectification, Futubull app removed) and PRC enforcement risk
- Stock-pledged loan collateral highly concentrated — a single borrower is ~96% of that balance
- Brokerage revenues are market-sensitive and could normalize from elevated 2025 activity
Notable findings
- Strong balance sheetStrong balance sheet — $2.3B cash & investments
Key metrics
Gross margin
87.1%
Operating margin
61.6%
Net margin
49.6%
Return on equity
28.3%
Return on assets
5.0%
Revenue growth (QoQ)
67.7%
Net-income growth
107.8%
Current ratio
1.2×
EBITDA
$1.8B
Tangible book value
$5.1B
Cash & investments
$2.3B
Stock comp / revenue
1.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | XU LI | Grant | 40K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-15 | 2025-12-31 | 0001104659-26-043451 ↗ |
| 20-F | 2025-04-14 | 2024-12-31 | 0001410578-25-000706 ↗ |
| 20-F | 2024-04-24 | 2023-12-31 | 0001104659-24-051213 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0001104659-23-048600 ↗ |
| 20-F | 2022-03-18 | 2021-12-31 | 0001104659-22-035332 ↗ |
| 20-F | 2021-03-26 | 2020-12-31 | 0001104659-21-041771 ↗ |
| 20-F | 2020-04-27 | 2019-12-31 | 0001104659-20-051297 ↗ |