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Held by 317 of 6,047 reporting institutions (94th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 5% of free cash flow, leaving room to grow it and fund buybacks. Last year: $276.4M dividends + $0 buybacks = $276.4M returned on $5.23B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 28%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.94B 100.0% | $13.59B 100.0% | $10.01B 100.0% | $7.61B 100.0% | $7.12B 100.0% | $3.31B 100.0% | $1.06B 100.0% |
| Cost of Revenue | $378.0M 12.9% | $2.45B 18.0% | $1.54B 15.3% | $996.1M 13.1% | $1.21B 17.0% | $696.0M 21.0% | $281.7M 26.5% |
| Gross Profit | $2.56B 87.1% | $11.14B 82.0% | $8.47B 84.7% | $6.62B 86.9% | $5.91B 83.0% | $2.61B 79.0% | $779.9M 73.5% |
| Research & Development | $245.2M 8.4% | $1.49B 11.0% | $1.44B 14.4% | $1.22B 16.1% | $805.3M 11.3% | $513.3M 15.5% | $262.3M 24.7% |
| Selling, General & Admin | $248.6M 8.5% | $1.62B 11.9% | $1.31B 13.1% | $931.1M 12.2% | $529.0M 7.4% | $248.4M 7.5% | $164.8M 15.5% |
| Total Operating Expenses | $748.3M 25.5% | $4.52B 33.3% | $3.46B 34.6% | $3.05B 40.0% | $2.73B 38.3% | $1.15B 34.6% | $591.9M 55.8% |
| Operating Income | $1.81B 61.6% | $6.62B 48.7% | $5.01B 50.0% | $3.57B 46.9% | $3.18B 44.7% | $1.45B 43.8% | $178.5M 16.8% |
| Interest Expense | — | — | $910.8M 9.1% | $292.5M 3.8% | $376.9M 5.3% | $185.1M 5.6% | $89.2M 8.4% |
| Other Income (Expense), net | -$47.2M -1.6% | -$86.4M -0.6% | $33.4M 0.3% | -$210.3M -2.8% | $2.5M 0.0% | -$17.2M -0.5% | -$9.5M -0.9% |
| Pretax Income | $1.76B 60.0% | $6.54B 48.1% | $5.04B 50.4% | $3.36B 44.1% | $3.19B 44.8% | $1.45B 43.8% | $178.5M 16.8% |
| Income Tax Expense | $303.2M 10.3% | $998.3M 7.3% | $748.5M 7.5% | $414.0M 5.4% | $375.1M 5.3% | $124.8M 3.8% | $12.3M 1.2% |
| Net Income | $1.46B 49.6% | $5.44B 40.1% | $4.28B 42.8% | $2.93B 38.4% | $2.81B 39.5% | $1.33B 40.0% | $165.7M 15.6% |
| Per Share | |||||||
| EPS (Basic) | $10.17 | $4.93 | $3.88 | $2.57 | $2.34 | $1.28 | $0.17 |
| EPS (Diluted) | $10.03 | $4.86 | $3.82 | $2.54 | $2.30 | $1.26 | $0.16 |
| Weighted Avg Shares (Basic) | 1.11B | 1.10B | 1.10B | 1.14B | 1.20B | 1.04B | 832.8M |
| Weighted Avg Shares (Diluted) | 1.13B | 1.12B | 1.12B | 1.15B | 1.22B | 1.05B | 917.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-16
Where each multiple sits in its own 7-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 28% against ROIC 28% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 33.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 26.5 | 21.0 | 17.0 | 13.1 | 15.3 | 18.0 | 12.9 |
| Gross Profit | 73.5 | 79.0 | 83.0 | 86.9 | 84.7 | 82.0 | 87.1 |
| R&D | 24.7 | 15.5 | 11.3 | 16.1 | 14.4 | 11.0 | 8.4 |
| SG&A | 15.5 | 7.5 | 7.4 | 12.2 | 13.1 | 11.9 | 8.5 |
| Operating Income | 16.8 | 43.8 | 44.7 | 46.9 | 50.0 | 48.7 | 61.6 |
| Income Tax | 1.2 | 3.8 | 5.3 | 5.4 | 7.5 | 7.3 | 10.3 |
| Net Income | 15.6 | 40.0 | 39.5 | 38.4 | 42.8 | 40.1 | 49.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FUTU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $105.48 today, the market must believe free cash flow compounds -19.9%/yr for a decade (off $4.60B on the 3-yr avg basis).
On the basis ($4.56B) the requirement is -19.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -19.9% is more conservative than its 6-yr track record.
Default is 11.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt -$1.34B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 127.2% · volatility σ 507% · implied rate exceeded in 2/5 yrs
Central path = implied -19.9%/yr growth; shaded band = ±1σ (507%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BLK | $175.7B | 32.1× | — | 7.3× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,215 |
| SCHW | $159.0B | 19.8× | — | 6.7× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,237 |
| HOOD | $88.9B | 48.2× | 38.8× | 19.9× | 51.6% | — | 42.1% | 20.6% | 20.6% | -1.9× | 1,363 |
| RJF | $30.2B | 15.2× | — | 1.9× | 6.6% | — | 13.4% | 17.1% | 16.2% | — | 872 |
| NMR | $27.0B | 102.7× | — | 1.6× | 15.2% | — | 2.1% | 1.4% | 0.2% | — | 294 |
| FUTU | $14.8B | — | 7.4× | 5.0× | 67.8% | 87.1% | 49.6% | 28.3% | 28.3% | -0.7× | 317 |
| SEIC | $12.5B | 18.5× | — | 5.5× | 8.1% | 35.2% | 31.1% | 29.2% | 29.2% | — | 553 |
| FRHC | $11.6B | 72.3× | — | 5.3× | 9.3% | 96.4% | 7.0% | 10.3% | 10.3% | — | 146 |
| JEF | $10.3B | 15.8× | — | 0.9× | 2.9% | 98.2% | 6.3% | 6.4% | 2.4% | — | 568 |
| SF | $10.2B | 11.5× | — | 1.6× | 6.7% | — | 10.8% | 11.4% | 10.4% | — | 566 |
| MKTX | $5.8B | 24.8× | — | 6.8× | 3.6% | — | 29.1% | 21.5% | 18.1% | — | 386 |
| VIRT | $5.0B | 11.1× | — | 1.4× | 26.2% | — | 12.9% | 29.6% | 12.9% | — | 457 |
| PIPR | $4.6B | 4.1× | — | 2.4× | 24.3% | — | 14.8% | 20.5% | 20.3% | — | 6 |
| WT | $3.2B | 28.5× | — | 6.6× | 15.4% | — | 22.1% | 26.4% | 26.4% | — | 302 |
| MIAX | $3.1B | — | 21.8× | 2.3× | 19.6% | 31.6% | -5.1% | -7.9% | -7.9% | -3.5× | 204 |
| OPY | $1.1B | 7.7× | — | 0.7× | 14.4% | — | 9.1% | 15.1% | 15.1% | — | 118 |
Peers = companies sharing FUTU's sector (Security Brokers, Dealers & Flotation Companies) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 59.41pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.2% | 11.2% (today's — no rate published for this year) | -4.1pts |
| FY2020 | 16.8% | 11.2% (today's — no rate published for this year) | 5.6pts |
| FY2021 | 15.9% | 12.7% | 3.3pts |
| FY2022 | 18.6% | 14.9% | 3.7pts |
| FY2023 | 21.0% | 22.4% | -1.3pts |
| FY2024 | 33.0% | 11.2% (today's — no rate published for this year) | 21.8pts |
| FY2025 | 38.8% | 11.2% (today's — no rate published for this year) | 27.5pts |
| Now | 28.3% | 11.2% | 17.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2019 | 73.5% | 17.7% | 15.6% |
| FY2020 | 79.0% | 44.3% | 40.0% |
| FY2021 | 83.0% | 44.7% | 39.5% |
| FY2022 | 86.9% | 46.9% | 38.4% |
| FY2023 | 84.7% | 50.0% | 42.8% |
| FY2024 | 82.0% | 48.7% | 40.1% |
| FY2025 | 87.1% | 61.6% | 49.6% |
Return on equity (28%) and return on invested capital (28%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$110M of goodwill — 5% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 4 of the last 5 years.
Free cash flow of $5.23B exceeds revenue of $2.94B, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.
Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.
Missing from our data, so excluded from this answer: free cash flow attributable to the company.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $105.48, free cash flow must compound -19.76%/yr for 10 years. It has done 67.42%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 1007.8% | −19.8% |
| FY2021 | −71.1% | −19.8% |
| FY2022 | −43.1% | −19.8% |
| FY2023 | −289.3% | −19.8% |
| FY2025 | 31.9% | −19.8% |
The implied rate has been matched or beaten in 2 of the last 5 years.