Webull Corp
BULL, BULLW · Security Brokers, Dealers & Flotation Companies · EDGAR filings ↗
Reference price $6.22 — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
C56Newly public retail brokerage that is profitable but with thin, below-median returns and falling earnings.
Strengths
- Positive free cash flow (77.8th pct) and growing funded accounts/customer assets
- Adequate liquidity (current ratio 1.33) and large cash balance
Risks
- Weak returns (ROE 2.4%, 26th pct; ROA 0.64%, 34th) and net income growth -209% (8th pct)
- Heavy reliance on PFOF, a single clearing partner and trading-volume sensitivity
- Limited operating history, controlled company, crypto/regulatory exposure
Notable findings
- Customer concentration~68% of revenue from one customer/distributor — Our customers are primarily millennials and Gen Zs, and 68% report having prior investing experience before opening an account with us as of December 31, 2025
- Strong balance sheetStrong balance sheet — $653M cash & investments
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$466,830, last 6mo) Form 4 ↗
Key metrics
Return on equity
2.4%
Return on assets
0.6%
Current ratio
1.3×
Free cash flow
$562M
Tangible book value
$931M
Cash & investments
$653M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Bishop Walter A. | Option exercise | 12K | — |
| 2026-05-26 | Denier Anthony Michael | Sell | 75K | $6.22 |
| 2026-04-10 | HOULIHAN WILLIAM A | Option exercise | 12K | — |
| 2026-04-10 | HOULIHAN WILLIAM A | Grant | 4.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-09 | 2025-12-31 | 0001213900-26-041653 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001213900-25-035656 ↗ |