Webull Corporation operates as a digital investment platform. The company offers trading services, wealth management product distribution, market data and information, user community, and investor education.​

Webull Corporation Class A Ordinary Shares

Technology

The company does not pay dividends at all, or it pays them sporadically. There have only been a few years with dividend payments in the past ten years. 

The stock has been growing steadily in the past six months, adding 0% in total. The stock has outperformed its global peers from the same sector and industry (as shown above), surpassing them by 1ppts in total. This is largely true for peers from the same country and sector. With respect to the stock's valuation against its peers, its overall price performance is neutral.

The company has reported modest EBITDA margins compared to its global peers in recent years. EBITDA margin amounted to 5.8% in the last 12 months, a decline from 7.9% in FY23. 

Historically, BULL has reported weak net margins compared to its global peers. Specifically, in the last 12 months, this metric equalled 0.7%, down from 1.6% in FY23. 

Webull Corporation Class A Ordinary Shares reported a return on equity (RoE) of -0.1% in the last 12 months, up from -0.3% in FY23. 

Another important profitability metric, return on assets (RoA), amounted to 0.2% in the last 12 months, a decrease from 0.5% in FY23. 

In the last 12 months, the return on capital employed (RoCE) declined to 0.5%, below the peers. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been -0.3 in the past several years. This ratio implies a fragile shareholder value creation. 

The institutional, legal, and compliance risks associated with the company's country are minimal. In combination with stringent business standards, shareholder rights are very highly protected.

BULL has average trading liquidity. The average private investor can sell his common position in the stock immediately. Liquidity may be unstable and remains extremely favourable on the days with the lowest activity. However, please consider that under highly turbulent market conditions, the trading volume tends to decrease significantly. 

No other major risks have been identified.

The risk of default is high. Among the negative credit factors, we point to slow historical revenue growth, bleak profitability, negligible return on capital, poor working capital management, weak debt servicing capacity, and inadequate interest coverage. We note low margin volatility, solid cash flow generation, and an favourable capital structure, among the positive credit factors. 

In highly turbulent market conditions, BULL is exceptionally volatile. In other words, the stock will be among the worst-performers in times of extreme market volatility or shocking company news. Standalone, the worst-day losses (less than 1% of the time) will likely be critical. 

In normal market circumstances, BULL is exceptionally volatile. Put differently, without outstanding market volatility or shocking company news, the stock's price will change quite unpredictably. The stock's losses on its worst days (less than 1-5% of the time) will range from critical to immense. 

Based on key historical and expected multiples, the stock is overvalued relative to its peers. Specifically, the stock is overpriced on P/FCF. 

Webull Corporation Class A Ordinary Shares

$ 12.56

2

Webull Corporation Class A Ordinary Shares

$ 12.56

2

Risk factor

Profitability factor

Risk / Profitability

Risk factor

Profitability factor

$ 12.56

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