Webull is currently worth roughly $3.2 to $3.5 billion based on its public market capitalization as of early February 2026. That figure puts the online brokerage platform at a fraction of where it briefly traded less than a year ago, when a post-IPO frenzy pushed its implied valuation to nearly $30 billion in a single trading session. Today, with shares hovering around $6 on the NASDAQ under the ticker BULL, the company sits in a peculiar position: growing revenue by double digits, turning a profit for the first time, yet trading at roughly 92 percent below its all-time high. The gap between Webull’s current stock price and its peak tells a familiar story about SPAC mergers, retail hype cycles, and the eventual reckoning with fundamentals.
But the underlying business has actually improved. Revenue climbed 55 percent year-over-year in the most recent quarter, customer assets hit an all-time high of $21.2 billion, and the company posted $21.7 million in net income after running losses the prior year. Whether the stock reflects a genuine bargain or a broken SPAC depends largely on how you weight those competing narratives. This article breaks down exactly what Webull is worth today, how it got here through its SPAC merger, what the financial performance looks like under the hood, and whether analyst price targets suggesting 165 to 180 percent upside carry any weight.
Table of Contents
- How Much Is Webull Worth on the Public Market Right Now?
- Why Webull’s Stock Collapsed After Its SPAC Debut
- Webull’s Revenue and Profitability Trajectory
- What Analysts Think Webull Is Actually Worth
- Risks and Red Flags in Webull’s Valuation
- New Product Launches and What They Signal About Growth
- Where Webull’s Valuation Could Go From Here
- Conclusion
- Frequently Asked Questions
How Much Is Webull Worth on the Public Market Right Now?
As of February 14, 2026, Webull’s market capitalization sits between $3.2 billion and $3.5 billion, with shares trading at approximately $6.03 to $6.27 on the NASDAQ. That number has been falling. The market cap declined roughly 12.5 percent over the past twelve months and about 17 percent in just the last thirty days. The 52-week range tells the real story: shares touched a low near $5.78 and a high of $79.56, which means anyone who bought at the top in April 2025 has watched their investment lose more than nine-tenths of its value. To put that $3.2 billion market cap in perspective, Webull is now valued at less than half what the SPAC merger originally implied.
When the company went public through its deal with SK Growth Opportunities, the enterprise value was pegged at $7.3 billion. The first-day closing price of $13.25 already represented a discount from that headline number, giving Webull about a $6.1 billion market cap. Compared to major competitors, the current valuation makes Webull a small player. Robinhood, its closest publicly traded peer, carries a market cap that dwarfs Webull’s by a factor of roughly fifteen. Interactive Brokers is even larger. Whether that gap is justified or overdone is the question investors are wrestling with ahead of Webull’s next earnings report on February 25, 2026.
Why Webull’s Stock Collapsed After Its SPAC Debut
The April 2025 listing was one of the more dramatic SPAC debuts in recent memory. On its second trading day, Webull shares surged as much as 500 percent, briefly touching $79.56 and giving the company an implied market cap near $30 billion. That surge was driven almost entirely by low float dynamics and retail excitement rather than any fundamental catalyst. With a limited number of shares available for public trading and heavy speculative interest, the stock behaved more like a meme trade than a proper price-discovery event. The collapse that followed was swift and, in hindsight, predictable. SPAC mergers frequently produce these kinds of distortions because the share structures involve lockup periods, warrants, and restricted floats that can exaggerate price movements in both directions. As lockups expired and more shares entered circulation, selling pressure overwhelmed the speculative demand.
By mid-2025, the stock had already lost the majority of its gains. The slide continued through the end of the year and into early 2026. However, if you only look at the stock chart, you miss something important. The business beneath the ticker did not deteriorate at the same rate as the share price. Revenue growth accelerated, losses turned to profits, and user growth continued. The stock collapse was largely a correction from an irrational peak, not a reflection of a company falling apart. That distinction matters for anyone trying to figure out what Webull is actually worth going forward.
Webull’s Revenue and Profitability Trajectory
The most encouraging development in Webull’s recent history is the swing from losses to profitability. In the third quarter of 2025, the company reported $156.9 million in revenue, a 55 percent increase compared to the same period the year before. More importantly, Webull posted net income of $21.7 million that quarter, compared to a net loss in the prior year’s period. For a fintech brokerage that went public less than six months earlier, turning profitable that quickly is noteworthy. Full-year 2024 revenue came in at $390.23 million, which suggests that if the Q3 2025 run rate held, the company could be tracking toward annual revenue somewhere in the $550 to $600 million range for 2025, though that depends heavily on market conditions and trading volumes.
Customer assets reached $21.2 billion as of Q3 2025, an all-time high and an 84 percent jump year-over-year. Funded accounts grew to 4.93 million, up 9 percent, while registered users hit 25.9 million, climbing 17 percent. Those user numbers tell a specific story. Webull is still adding accounts, but the growth rate in funded accounts, the ones that actually generate revenue, is slower than the growth in registered users. That gap suggests the platform attracts plenty of curious signups who may not convert into active, revenue-generating traders. It is a common challenge across zero-commission brokerages.
What Analysts Think Webull Is Actually Worth
Wall Street coverage on Webull is thin, which is typical for a recently public company that came through the SPAC route. As of February 2026, only two analysts cover the stock, and both rate it a buy or strong buy. The average price target sits at $16.50, which would represent roughly 165 to 180 percent upside from the current share price. A discounted cash flow analysis from alpha Spread pegs the intrinsic value at approximately $17.97 per share, suggesting the stock is undervalued by about 59 percent at current levels. Those numbers sound compelling on paper, but they come with important caveats. Two-analyst coverage is barely a consensus.
With such a small sample, a single optimistic or pessimistic voice can skew the average dramatically. By comparison, robinhood is covered by more than two dozen analysts, giving its price targets far more statistical weight. Webull’s thin coverage means the price target should be treated as directional rather than definitive. The bull case essentially boils down to this: if Webull can sustain 40 to 50 percent revenue growth while keeping margins stable or improving, the stock at $6 looks cheap relative to its fundamentals. The bear case points to the massive overhang of post-SPAC selling pressure, limited analyst interest, and the risk that a market downturn could slam trading volumes and revenue simultaneously. Both sides have legitimate points, which is exactly why the stock trades where it does.
Risks and Red Flags in Webull’s Valuation
The single biggest concern around Webull’s valuation is the SPAC hangover effect. Companies that go public through SPACs have a well-documented history of underperforming in the years following their mergers. The mechanics are partly to blame: warrant dilution, sponsor shares, and earn-out provisions create complex capital structures that can suppress stock prices even when the business is performing well. Webull is not immune to these dynamics. There is also the question of where Webull sits competitively. The zero-commission brokerage space has become crowded.
Robinhood remains the dominant player among retail traders, while established names like Charles Schwab and Fidelity offer commission-free trading alongside much deeper product suites including banking, wealth management, and retirement services. Webull’s differentiation has historically been its charting tools and appeal to more technically oriented retail traders, but that niche alone may not be enough to justify a significantly higher valuation. Regulatory risk is another factor worth watching. Webull’s founder, Wang Anquan, previously worked at Alibaba and Xiaomi, and the company has operations that span multiple countries. In an environment where scrutiny of Chinese-connected technology and financial platforms remains elevated, any regulatory friction could weigh on sentiment regardless of the underlying business performance. Investors should price in this uncertainty rather than ignore it.
New Product Launches and What They Signal About Growth
Webull has been pushing into adjacent markets to diversify its revenue streams. In January 2026, the company partnered with Kalshi to launch prediction markets on its platform, allowing users to trade on the outcomes of real-world events. This move positions Webull at the intersection of traditional brokerage services and the emerging event-contract market, which has gained regulatory legitimacy following key CFTC approvals.
More recently, on February 11, 2026, Webull launched a consolidated overnight trading market data feed that combines information from Blue Ocean and Bruce Markets. This is a practical play for the growing segment of retail traders who want to monitor or execute trades outside of regular market hours. These product expansions suggest that management is focused on increasing engagement and revenue per user rather than simply chasing account growth, which could improve unit economics over time if the features gain traction.
Where Webull’s Valuation Could Go From Here
The next major catalyst for Webull’s valuation is the earnings report scheduled for February 25, 2026. If the company can show continued revenue growth in the 40 to 55 percent range and sustain profitability through Q4 2025, the current $3.2 to $3.5 billion market cap starts to look harder to justify on a pure fundamentals basis, trading at roughly six to seven times annualized revenue for a profitable, fast-growing fintech.
The longer-term trajectory depends on whether Webull can expand beyond its core active-trader base and whether the broader market appetite for SPAC-originated companies improves. History shows that some SPAC stocks do eventually recover and trade on fundamentals once the initial post-merger volatility fades, but many others never reclaim their early prices. Webull has the revenue growth and profitability profile to be in the former camp, but execution matters more than optimism, and the company still needs to prove it can grow funded accounts at a pace that matches its ambitions.
Conclusion
Webull is worth approximately $3.2 to $3.5 billion as a public company today, with shares trading around $6 on the NASDAQ. That valuation represents a steep decline from both its $7.3 billion SPAC merger price tag and the speculative frenzy that briefly valued the company at $30 billion. Beneath the volatile stock chart, though, the business shows genuine momentum: 55 percent revenue growth, a swing to profitability, record customer assets, and a growing user base approaching 26 million registered accounts.
For anyone tracking Webull’s worth going forward, the key metrics to watch are funded account growth, revenue per user trends, and whether the company’s push into prediction markets and overnight trading translates into durable revenue diversification. The analyst consensus suggests significant upside from current prices, but with only two analysts covering the stock, those targets carry limited conviction. The February 25 earnings report will be the next real test of whether the market is undervaluing a legitimate fintech growth story or correctly pricing in the risks that come with a post-SPAC brokerage in a fiercely competitive industry.
Frequently Asked Questions
What is Webull’s stock ticker?
Webull trades on the NASDAQ under the ticker symbol BULL. The company went public in April 2025 through a SPAC merger with SK Growth Opportunities.
Who founded Webull?
Webull was founded in 2016 by Wang Anquan, who previously worked as a manager at both Alibaba and Xiaomi. He continues to serve as the company’s Global CEO.
Why did Webull’s stock drop so much after going public?
Webull’s stock surged as much as 500 percent on its second trading day due to a low-float, speculative trading frenzy. The subsequent decline of roughly 92 percent from that $79.56 peak was a correction from an unsustainable price, compounded by SPAC-related selling pressure as lockup periods expired and more shares entered circulation.
Is Webull profitable?
Yes, as of Q3 2025. The company reported net income of $21.7 million on revenue of $156.9 million that quarter, marking a turnaround from net losses in the prior year period.
How many users does Webull have?
As of Q3 2025, Webull had 25.9 million registered users and 4.93 million funded accounts. Registered users grew 17 percent year-over-year, while funded accounts grew 9 percent.
When is Webull’s next earnings report?
Webull’s next earnings report is scheduled for February 25, 2026, which will cover Q4 2025 and likely include full-year 2025 results.