The company maintains a $2.6 billion asset base, but equity quality remains structurally impaired by a persistent $2.2 billion accumulated deficit.
| Total Current Assets | 2.49B | 3.46B | 1.93B | 1.18B | 1.03B |
| Cash & Short-Term Investments | 604.14M | 2.19B | 378.98M | 417.87M | 436.71M |
| Cash Only | 476.68M | 2.19B | 270.73M | 372.34M | 436.22M |
| Short-Term Investments | 127.46M | 172.31M | 108.25M | 45.53M | 485.89K |
| Accounts Receivable | 613.92M | 1.29B | 592.67M | 101.44M | 59.55M |
| Days Sales Outstanding | 413.96 | 827.68 | 554.35 | 95.03 | 55.97 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 1.27B | -23.05M | 952M | 627.19M | 502.41M |
| Total Non-Current Assets | 133.49M | 418.82M | 136.91M | 77.47M | 66.12M |
| Property, Plant & Equipment | 97.09M | 100.25M | 99.92M | 46.21M | 44.43M |
| Fixed Asset Turnover | 4.61x | 5.70x | 3.91x | 8.43x | 8.74x |
| Goodwill | 5.2M | 0 | 5.2M | 5.2M | 0 |
| Intangible Assets | 20.48M | 85.7M | 19.42M | 21.4M | 18.04M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1M | 223.52M | 0 | 19.3K | 90 |
| Total Assets | 2.62B | 3.88B | 2.07B | 1.26B | 1.09B |
| Asset Turnover | 0.21x | 0.15x | 0.19x | 0.31x | 0.36x |
| Asset Growth % | 226.03% | 87.6% | 64.16% | 15.43% | - |
| Total Current Liabilities | 1.76B | 3.61M | 1.45B | 680.51M | 563.11M |
| Accounts Payable | 1.69B | 2.69B | 1.39B | 640.17M | 82.86M |
| Days Payables Outstanding | 5.05K | 7.62K | 6.39K | 3.52K | 506.03 |
| Short-Term Debt | 3.38M | 0 | 4.97M | 3.47M | 5.24M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 264.34K |
| Other Current Liabilities | -3.38M | -2.73B | 28.02M | 19M | 444.78M |
| Current Ratio | 1.42x | 958.70x | 1.34x | 1.74x | 1.82x |
| Quick Ratio | 1.42x | 958.70x | 1.34x | 1.74x | 1.82x |
| Cash Conversion Cycle | -4.63K | - | - | - | - |
| Total Non-Current Liabilities | 115.3M | 2.86B | 15.73M | 15.37M | 15.08M |
| Long-Term Debt | 100M | 65M | 0 | 0 | 0 |
| Capital Lease Obligations | 40.97M | 8.91M | 10.44M | 9.59M | 9.63M |
| Deferred Tax Liabilities | 22.19M | 13.37M | 5.29M | 5.77M | 5.45M |
| Other Non-Current Liabilities | 0 | 2.77B | 0 | 0 | 0 |
| Total Liabilities | 1.87B | 2.86B | 1.46B | 695.88M | 578.18M |
| Total Debt | 112.99M | 77.52M | 15.41M | 13.07M | 17.38M |
| Net Debt | -363.69M | -2.11B | -255.32M | -359.27M | -418.84M |
| Debt / Equity | 0.15x | 0.08x | 0.03x | 0.02x | 0.03x |
| Debt / EBITDA | 4.49x | 1.26x | - | 0.47x | 0.24x |
| Net Debt / EBITDA | -14.45x | -34.24x | - | -12.99x | -5.81x |
| Interest Coverage | - | 9.28x | -97.15x | - | - |
| Total Equity | 752.56M | 1.02B | 606.77M | 564.26M | 513.5M |
| Equity Growth % | 319.3% | 67.52% | 7.54% | 9.88% | - |
| Book Value per Share | 1.74 | 2.56 | 1.32 | 1.23 | 1.12 |
| Total Shareholders' Equity | 751.56M | 1.02B | 605.5M | 563.6M | 513.5M |
| Common Stock | 4.84K | 5.24M | 13.93K | 13.71K | 4.04K |
| Retained Earnings | -2.23B | -2.18B | -2.24B | -1.76B | -1.44B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.23M | 1.52M | -15.2M | -6.86M | -8.52M |
| Minority Interest | 999.74K | 187.23K | 1.27M | 660.22K | 0 |
Regulatory capital and liquidity
According to recent quarterly filings, Webull's total assets surged to $2.6 billion by 2025Q2, yet this growth trajectory appears disconnected from equity stability, as the company continues to report a persistent and significant accumulated deficit of $2.2 billion in retained earnings over the last several quarters.
The rapid expansion of the balance sheet suggests an aggressive scaling strategy, likely driven by the need to support increased clearinghouse deposits and regulatory capital requirements. However, the lack of improvement in retained earnings indicates that this growth is not yet translating into self-sustaining capital accumulation, leaving the firm reliant on external financing or capital injections.
Based on the reported figures for 2025Q2, Webull maintains a current ratio of 1.42, which, while appearing adequate, must be interpreted alongside the company's $476.7 million cash position and the inherent volatility of its clearing-related liabilities that fluctuate significantly with retail trading activity.
While the current ratio suggests a reasonable buffer against short-term obligations, the absolute cash level relative to the $1.9 billion in total liabilities warrants caution. Investors should monitor whether this liquidity is truly unencumbered or if a substantial portion is restricted for regulatory compliance, which would limit the firm's operational flexibility during market stress.
As reported in financial statements, Webull's equity base of $751.6 million as of 2025Q2 remains structurally challenged by a massive $2.2 billion accumulated deficit, which suggests that the company's book value is heavily dependent on historical capital raises rather than organic earnings retention.
The persistent negative retained earnings highlight a fundamental disconnect between the company's rapid revenue growth and its ability to generate bottom-line profitability. This reliance on external equity to offset operational losses may lead to future dilution risks if the company cannot pivot toward a more sustainable earnings profile.
Based on an analysis of the balance sheet, the $2.6 billion in total assets likely masks significant regulatory capital requirements, as the firm's clearinghouse obligations and margin lending activities necessitate high levels of liquidity that are not available for general corporate purposes or strategic investment.
The headline asset figure may provide a misleading sense of financial strength, as a large portion of these assets is likely tied up in restricted deposits or collateral. Analysts should be wary of assuming that the reported cash balance represents true discretionary capital, as regulatory mandates could force the company to maintain these levels regardless of operational needs.
Quick answers to the most common questions about buying BULL stock.
As of 2025, Webull Corporation Class A Ordinary Shares (BULL) had total assets of $3.88B including $3.46B in current assets.
Webull Corporation Class A Ordinary Shares (BULL) carries total debt of $77.5M, offset by $2.19B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Webull Corporation Class A Ordinary Shares (BULL) has total shareholders' equity (book value) of $1.02B ($2.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Webull Corporation Class A Ordinary Shares (BULL) reported a current ratio of 958.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.