Webull (BULL)
The desk's stance
On our research list, not on the slate.
What the company does
Zero-commission options and stocks app — the closest clone of the Robinhood playbook, chasing the same first-account customer.
In short: Zero-commission retail trading app. Category: Digital Retail Brokerage Platform. Sector: Technology, Software - Application.
G-Street Value and Score
G-Street Value: $10.35, computed Oct 18, 2026 (confidence: medium).
How we got there: 50% analyst leg $10.35 (street consensus, after 8% optimism discount) + 50% GainStreet factor value $12.56 (40.53× fwd EPS anchored to software multiples) — capped at the analyst leg; factors never out-bull the street. 3 analyst targets have no linked source and are shown but not counted; this value will not open a position until they are sourced.
G-Street Score: 65 out of 100 (Medium).
- Top-line growth & guidance: 22 of 32
- Margin power: 15 of 15
- Revenue visibility & quality: 6 of 11
- Profitability & balance sheet: 14 of 24
- Capital allocation & governance: 1 of 6
- Valuation, sentiment & momentum: 7 of 12
Our current thesis
Updated Oct 17, 2026
The thesis
- Q2 revenue accelerated 24% sequentially to $198.8M, outpacing retail trading peers like IBKR.
- Balance sheet holds $1.85B net cash, representing over 56% of total market capitalization.
- Pattern Day Trader deregulation and retail options market share gains drive operational leverage.
Risks
- Congressional scrutiny regarding Chinese operational ties presents severe regulatory and account attrition risks.
- Net margin of 6.3% sharply lags established broker peers like SCHW and IBKR.
- Historical earnings show erratic execution with multiple quarterly misses preceding Q2 2026.
What we're watching
- Third-quarter 2026 earnings release scheduled for November 12, 2026.
- Congressional committee inquiries and potential regulatory actions regarding PRC data security.
- Price stabilization near $6.00 versus the 52-week low support at $4.50.
Latest
BULL trades near $6.07 after sharp recent declines triggered by a House Select Committee report probing its PRC engineering and infrastructure ties. Operationally, Q2 2026 revenue surged 51.9% YoY to $198.8M with a 218% EPS beat driven by market volatility and options deregulation. Downside remains substantially buffered by $1.85B in net cash, which represents over 56% of BULL's $3.28B market cap.
Key numbers
As of Oct 16, 2026: market cap $3.3B · revenue growth +51.9% year over year · gross margin 77.2% · net margin 6.3% · forward P/E 19.6 · next earnings Nov 12, 2026.
On the Gainz Lab maps
Who it does business with
- Robinhood competes with Webull — Zero-commission options. Webull runs the closest copy of the Robinhood playbook — same free options trades, same first-account customer.