The company's equity base of $751.6 million is significantly undermined by a $2.2 billion accumulated deficit, indicating that asset growth is primarily driven by external financing.
| Total Current Assets | 2.49B | 3.46B | 1.93B | 1.18B | 1.03B |
| Cash & Short-Term Investments | - | - | - | - | - |
| Cash Only | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | - | - | - | - | - |
| 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 | - | - | - | - | - |
| 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 | - | - | - | - | - |
| Short-Term Debt | 3.38M | 0 | 4.97M | 3.47M | 5.24M |
| Deferred Revenue (Current) | 0 | - | - | - | - |
| 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 | - | - | - | - | - |
| 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 | 0 | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| 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 |
Negative retained earnings accumulation
According to recent financial disclosures, Webull's total assets have surged to $2.6 billion as of 2025Q2, yet this growth is juxtaposed against a persistent and deepening accumulated deficit of $2.2 billion, suggesting that asset accumulation is being driven by external financing rather than organic operational profitability.
The rapid expansion of the balance sheet appears to be decoupled from the company's ability to generate retained earnings, which have remained stubbornly negative. Investors should monitor whether this asset growth represents productive capital deployment or merely a buildup of regulatory-mandated cash and client-related assets that do not contribute to long-term shareholder value.
Based on the reported figures for 2025Q2, Webull maintains a current ratio of 1.42 and a cash position of $604.1 million, which provides a superficial appearance of liquidity despite the underlying trend of cash burn observed in recent quarterly operating cash flow statements.
While the current ratio suggests an ability to meet short-term obligations, the reliance on external capital to maintain these balances warrants caution. The liquidity position appears highly sensitive to client-related settlement timing, which may create volatility in the company's ability to fund its ongoing customer acquisition and technology development costs.
As reported in the latest balance sheet filings, Webull's equity base of $751.6 million is significantly undermined by a $2.2 billion accumulated deficit, indicating that the company's historical operations have yet to create a positive net worth for shareholders despite aggressive revenue growth.
The reliance on equity financing to offset persistent losses suggests that the company's capital structure is currently dependent on continuous external support. This structure may limit the firm's financial flexibility and suggests that future growth will likely require further dilution or capital injections to sustain the current trajectory.
Based on an analysis of the $2.19 billion total cash and equivalents reported across recent periods, it appears that a significant portion of these funds may be segregated client assets rather than corporate liquidity, potentially overstating the company's true financial flexibility for strategic capital allocation.
The distinction between corporate cash and client-held funds is critical for assessing the firm's actual risk profile. If a substantial share of the reported cash is restricted for regulatory purposes, the company's ability to absorb operational shocks or fund aggressive expansion may be far more constrained than the headline cash figures imply.
Quick answers to the most common questions about buying BULLW stock.
As of 2025, Webull Corporation Warrants (BULLW) had total assets of $3.88B including $3.46B in current assets.
Webull Corporation Warrants (BULLW) carries total debt of $77.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Webull Corporation Warrants (BULLW) 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 Warrants (BULLW) 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.