Webull Corporation Class A Ordinary Shares (BULL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+155.3%

$13.28

vs $5.20 price

Levered DCF

$28.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.01

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	129.5×	-10.29×	-14.84×	-3,510.34×	-99,400×
P/B	3.04×	-2.37×	-2.82×	9.11×	0×
P/S	5.4×	13.69×	12.77×	12.04×	0×
EV / EBITDA	46.58×	-604.06×	201.06×	60.43×	0×
Gross margin	77.5%	79.7%	83.0%	84.6%	0.0%
Operating margin	10.2%	-3.7%	5.9%	17.7%	0.0%
Net margin	4.3%	-5.8%	1.6%	12.9%	0.0%
Current ratio	1.33×	1.34×	1.74×	1.82×	0×
Debt / equity	0.08×	-0.01×	-0.01×	0.03×	0×
Interest coverage	10.71×	-116.9×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	2.4%	1.0%	-0.3%	9.8%	0.0%
Return on invested capital	2.8%	-2.3%	0.8%	6.5%	0.0%
Return on assets	0.6%	-1.1%	0.5%	4.6%	0.0%
Free cash flow yield	18.2%	3.4%	9.4%	-1.3%	0.0%
Earnings yield	0.8%	-0.4%	0.1%	1.1%	-0.0%
Enterprise value	$2.5B	$5.1B	$4.6B	$4.3B	$0
Net debt / EBITDA	-10.69×	30.32×	-15.65×	-5.94×	0×
Cash conversion cycle (days)	-6,790	-5,852	-3,423	-450	0