**Webull** Key Metrics (End of 2025 / Q1 2026)(May 22 Close)
• Current Price: $6.18, Market Cap: \~$3.29 billion, Shares Outstanding: \~531.8–532 million
• Registered Users: 27.6 million (+15% YoY), Funded Accounts: 5.1 million (+8% YoY)
• Customer AUM: $24 billion (+90% YoY), Retention: Record 98.4% quarterly
• Revenue (2025 Full Year): $571 million (+46% YoY from \~$390M in 2024)
• Q4 2025 Revenue: $165.2 million (+50% YoY)
• Q1 2026 Revenue: $159.9 million (+36% YoY)
• Adjusted Operating Profit (2025): $110.3 million (19.3% margin)
• Q1 2026 Adj Operating Profit: $14.8 million, 9.3% margin; 6th consecutive positive quarter
• Adjusted Net Income (2025): $84.2 million
• Q1 2026 Adjusted Net Income: \~$9.2 million
• Reported GAAP (2025): +$24.8 million (first full-year profitability)
• Q1 2026 GAAP: Net loss of $21.7 million (higher share-based comp, marketing, investments)
• Gross Margin: Strong (\~77–79%)
• Price/Sales: \~5–6x trailing revenue, Forward P/E: \~28x, BVPS: \~$1.55
• Analyst Targets: Generally $11–$18 range
**Institutional & Insider Ownership**
**• Institutions:** Significant ownership (\~36–92% range across reports; hundreds of filers). Recent 13F filings show active buying by several funds.
**• Insiders:** Meaningful ownership. Limited recent buying/selling data; no major purchases highlighted in the last few months, but alignment remains via equity stakes.
**Trends:** Revenue and AUM growth remained robust in Q1 2026 with record trading volumes and net deposits. Moderate funded account growth and is expected to accelerate with catalysts below. Heavy focus on marketing, international expansion, AI, crypto, futures, and premium features. Continued reliance on PFOF and trading volumes.
**• PDT Rule Change** (June 4, 2026): No $25k minimum or 3-trade limit. This is a major tailwind for small-account traders, Webull’s core demographic. Expected to drive higher engagement, funded account conversions, trading volumes, and ARPU (average revenue per user. Could meaningfully accelerate growth in H2 2026.
**• Futures Trading:** Already live since 2024, supporting index, micro, energy, metals, and crypto futures with low margins. Complements options/crypto for traders and enhances monetization.
**• Share Buyback:** $100 million Discretionary and opportunistic program authorized in April 2026 (12-month window). Signals confidence and provides potential EPS support and valuation floor (\~2.9–3.1% of shares at current prices if fully executed).
**Direct Comparison: Webull vs. Robinhood**
Robinhood (HOOD) Snapshot (Mature Benchmark)
• 2025 Revenue: \~$4.47 billion (+52% YoY), AUM: \~$307–$324 billion
• Funded Customers: \~27.0–27.4 million, Gold Subs (Q1 2026): 4.3 million (+36% YoY)
• Margins: Very high gross (94–95%); net/operating often 30–50%+ at scale
• Q1 2026 Revenue: \~$1.07 billion (+15% YoY)
Historical Revenue shows hyper-growth in 2020–2021, a 2022 dip, then 30–50%+ growth.
• Scale Gap: HOOD remains \~8x larger in revenue, \~5x in funded accounts, and 10–12x+ in AUM. Webull’s metrics align more with Robinhood’s earlier phases.
• Growth: Webull has stronger percentage AUM/revenue growth but lower absolutes, Investing aggressively while layering catalysts (PDT removal, futures) that HOOD added in its maturity.
• Margins: Improving but variable (9.3% adjusted op. in Q1 2026) due to growth spend, similar to Robinhood’s investment-heavy periods before scale leverage.
**Webull most closely mirrors Robinhood around late 2019 to early/mid-2020 in its growth.**
**Webull’s current mirroring**: Closest to **2019-early 2020 HOOD**—established with a growing but smaller base, strong product-market fit for active traders, and positioned for potential acceleration if catalysts hit (e.g., higher trading volumes from PDT changes, sustained bull market, crypto/options momentum, or broader adoption).
• **Funded Accounts**: Webull has \~5.1 million (Q1 2026). Robinhood hit \~5.1 million by end of 2019 and 12.5 million by end of 2020 (explosive 143% jump that year amid retail trading surge)
• **Registered Users**: Webull \~27.6 million. Robinhood was scaling rapidly in this phase but had lower totals pre-2020 boom.
• **Customer AUC/AUM**: Webull \~$24 billion (up \~90% YoY). Robinhood had a \~$10-20B range entering 2020, surging higher in 2020-2021 with market hype.
• **Revenue Scale**: Webull’s run rate is in the mid-hundreds of millions annually (Q1 2026 \~$160M, strong double-digit % growth). HOOD’s 2019 revenue was \~$278M, exploding to \~$959M in 2020.
Webull is in a **pre-hypergrowth phase** with solid, accelerating momentum (users, asset growth, revenue up 30-46%+ recently), improving profitability, international expansion, and product depth. It’s past the very early startup stage (HOOD 2015-2018) but not yet at the explosive retail boom scale Robinhood saw in 2020-2021.
**Robinhood’s Timeline Context**
• **2015-2018**: Early traction, building to a few million users. Viral growth via waitlists/referrals.
• **2019 (\~5M funded)**: Maturing, commission-free push gaining attention, steady scaling.
• **2020**: Pandemic + zero-commission + meme/retail boom catalyst → massive acceleration (users, volumes, revenue nearly tripled).
• **2021**: Peak hype, IPO, 22M+ funded accounts, but also volatility and regulatory scrutiny.
**To reach a HOOD-like \~$66 billion market cap, BULL would need \~$120–$130 per share at current shares, not including the share buyback.**
TLDR: go back and read it you bum it took me awhile to compile this.