Webull Corp (NASDAQ: BULL)

Sector: Technology Industry: Software - Application CIK: 0001866364
Market Cap 597.74 Mn
P/B 0.60
P/E 1.23
P/S 1.16
ROIC (Qtr) 5.38
Div Yield % 0.00
Rev 1y % (Qtr) 55.17
Total Debt (Qtr) 112.75 Mn
Debt/Equity (Qtr) 0.11

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 2.05B provide 609.88x coverage of short-term debt 3.36M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 3.40B provides 30.17x coverage of total debt 112.75M, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 3.40B provides 3.63x coverage of working capital 936.08M, indicating strong operational backing.
  • Cash reserves of 2.05B provide solid 148.96x coverage of other non-current liabilities 13.76M, indicating strong liquidity.
  • Cash reserves of 2.05B provide robust 0.87x coverage of current liabilities 2.37B, indicating strong short-term solvency.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 76.10M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Tax assets of 1.47M provide limited offset against tax liabilities of 13.76M, which is 0.11x, indicating potential future cash flow pressure from tax obligations.
  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 25.09M, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating cash flow of 0 shows concerning coverage of minority interest expenses of (866966), which is -0x, suggesting complex corporate structure risks.
  • Other non-current assets of 2.97M provide minimal coverage for long-term debt of 109.39M, which is 0.03x, indicating potential asset-liability mismatch.

Peer comparison

Companies in the Software - Application
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SAP Sap Se 288.31 Bn 34.60 6.72 10.73 Bn
2 CRM Salesforce, Inc. 248.32 Bn 34.38 6.16 11.14 Bn
3 SHOP Shopify Inc. 212.27 Bn 119.19 19.85 1.12 Bn
4 INTU Intuit Inc. 180.73 Bn 43.89 9.30 6.78 Bn
5 UBER Uber Technologies, Inc 178.38 Bn 10.72 3.60 12.19 Bn
6 NOW ServiceNow, Inc. 146.98 Bn 84.91 11.60 2.40 Bn
7 ADBE Adobe Inc. 144.48 Bn 20.77 6.23 6.64 Bn
8 ADP Automatic Data Processing Inc 108.20 Bn 26.16 5.18 9.77 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.27 2.65
EV to Cash from Ops. EV/CFO -2.09 13.37
EV to Debt EV to Debt -8.48 57.69
EV to EBIT EV/EBIT -16.61 19.12
EV to EBITDA EV/EBITDA -36.51 15.00
EV to Free Cash Flow [EV/FCF] EV/FCF -2.09 14.69
EV to Market Cap EV to Market Cap -1.60 -92.28
EV to Revenue EV/Rev -1.86 4.60
Price to Book Value [P/B] P/B 0.60 4.26
Price to Earnings [P/E] P/E 1.23 -136.90
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -3.95
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 4.25
Dividend per Basic Share Div per Share (Qtr) 0.00 0.15
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.52
Interest Coverage Interest Coverage 0.00 -52.32
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -259.78
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 73.69 9,763.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.61
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 169.20 -263.15
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 56.46
EBIT Growth (1y) % EBIT 1y % (Qtr) 226.86 -225.15
EBT Growth (1y) % EBT 1y % (Qtr) 226.86 -86.10
EPS Growth (1y) % EPS 1y % (Qtr) 148.38 123.84
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -36.82
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 37.13 95.08
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.15 0.58
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.87 3.75
Current Ratio Curr Ratio (Qtr) 1.40 8.16
Debt to Equity Ratio Debt/Equity (Qtr) 0.11 0.17
Interest Cover Ratio Interest Cover Ratio 0.00 -52.32
Times Interest Earned Times Interest Earned 0.00 -52.32
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -100.06
EBIT Margin % EBIT Margin % (Qtr) 11.21 -164.24
EBT Margin % EBT Margin % (Qtr) 11.21 -116.94
Gross Margin % Gross Margin % (Qtr) 77.40 58.20
Net Profit Margin % Net Margin % (Qtr) 94.50 -121.65