Cash flow generation remains highly erratic, characterized by massive working capital swings such as the $1.1B outflow observed in 2024Q2, which complicates the assessment of sustainable free cash flow.
| Cash from Operations | 0 | 1.32B | 827.98M | -6.57M | 258.06M | 413.2M | 535.28M | 243.31M | -21.17M | -8.51M | -11.5M |
| Operating CF Margin % | - | 214.55% | 211.47% | -2.41% | 114.51% | 156.23% | 386.49% | 414.76% | -63.09% | -50.21% | -210.06% |
| Operating CF Growth % | -300% | 59.02% | 12710.08% | -102.54% | -37.55% | -22.81% | 120% | 1249.22% | -148.77% | 26.01% | - |
| Net Income | 117.65M | 171.48M | 60.73M | 32.56M | -2.26M | 14.69M | 19.18M | -5.95M | -44.29M | -7.93M | -10.81M |
| Depreciation & Amortization | 1.31M | 2.89M | 2.62M | 2.84M | 2.75M | 1.34M | 928.41K | 752.17K | 473.73K | 342.45K | 195.76K |
| Stock-Based Compensation | 4.75M | 15.61M | 9.74M | 10.15M | 14.21M | 13.37M | 6.05M | 4.06M | 34.2M | 349.7K | 222.03K |
| Deferred Taxes | 0 | -1.67M | 0 | 0 | -1.26M | -662.31K | 1.77M | -6.22M | -1.87M | -1.18M | -2.62M |
| Other Non-Cash Items | 783.12M | -5.91M | 2.83B | -363.95M | 2.48M | 421.67K | 3.31M | -1.62M | -757.78K | 902.81K | -139.83K |
| Working Capital Changes | -924.59M | 1.13B | -2.07B | 311.83M | 242.14M | 384.04M | 504.03M | 252.28M | -8.92M | -543K | 1.58M |
| Change in Receivables | -920.52M | -457.89M | -2.08B | 306.11M | 19.79M | -292.87M | -266.19M | -101.44M | -353.3K | -2.16M | -2.05M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 726.52M | 601.48M | 296.39M | -12.63M | 0 | 0 |
| Change in Payables | 0 | -10.86M | 0 | -23.85M | -32.22M | -52.87M | 168.58M | 55.08M | 5.32M | 1.25M | 0 |
| Cash from Investing | -10.23M | -5.75M | -8.66M | -7.75M | -3.61M | 10.92M | 43.56M | -22.04M | -35.12M | -3.67M | 302.25K |
| Capital Expenditures | -193K | -5.48M | -1.55M | -2.76M | -4.89M | -4.97M | -978.14K | -1.32M | -1.68M | -585.02K | -440.31K |
| CapEx % of Revenue | 0.04% | 0.89% | 0.4% | 1.01% | 2.17% | 1.88% | 0.71% | 2.25% | 5.02% | 3.45% | 8.04% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | 316.73M | 98.19M | 95.86M | 440.87M | 171.41M | 16.73M | 25.74M | 86.5M | 38.82M | 2.19M | 0 |
| Other Investing | -10.04M | -1.12M | -7.1M | -4.99M | -552.65K | 45.35K | -2.39M | 22.24M | -3.44M | -1.07M | 1.02M |
| Cash from Financing | 0 | -2.93M | 103.83M | 1.82M | 4.73M | 330.88M | -8.37M | 114.91M | 79.53M | 14.6M | 18.09M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -5.96M | 103.74M | 140.38K | 366.54K | 330.88M | -2.17M | 115.57M | 77.32M | 14.74M | 17.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -3.03M | 0 | 0 | 0 | 0 | -2.17M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 3.03M | 84.69K | 1.68M | 4.36M | -154.91M | -6.19M | 440.62K | 2.2M | -140.23K | 144.03K |
| Net Change in Cash | -2.09B | 1.33B | 918.51M | -15.97M | 254.84M | 753.29M | 570.28M | 336.22M | 23.04M | 3.31M | 6.24M |
| Free Cash Flow | 672.66M | 1.31B | 826.42M | -9.33M | 253.17M | 408.24M | 534.3M | 241.99M | -22.86M | -9.1M | -11.94M |
| FCF Margin % | 138.27% | 213.66% | 211.07% | -3.42% | 112.34% | 154.35% | 385.79% | 412.51% | -68.1% | -53.66% | -218.11% |
| FCF Growth % | 213.56% | 58.66% | 8957.72% | -103.69% | -37.98% | -23.59% | 120.79% | 1158.77% | -151.28% | 23.84% | - |
| FCF per Share | 3.63 | 7.00 | 4.89 | -0.06 | 1.65 | 2.62 | 3.71 | 1.72 | -0.17 | -0.08 | -0.11 |
| FCF Conversion (FCF/Net Income) | 5.72x | 7.68x | 13.63x | -0.20x | -118.03x | 28.13x | 33.32x | -36.92x | 0.49x | 1.13x | 1.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 26.07M | 11.29M | 13.32M | 2.13M | 5.59M | 266.27K | 762.18K | 0 | 22.43K | 0 |
Regulatory and geopolitical volatility
As reported in financial statements, TIGR exhibits significant volatility in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -31.16 in 2023Q4 to 59.82 in 2024Q2, suggesting that reported earnings are frequently decoupled from actual cash generation cycles.
The extreme variance in the conversion of net income to operating cash flow indicates that TIGR's reported profitability is highly sensitive to non-cash adjustments and timing differences. Investors should monitor whether this divergence is a structural byproduct of the brokerage business model or a sign of aggressive revenue recognition practices.
Based on TIGR's reported figures, free cash flow trajectory remains highly erratic, oscillating between a $65.6M outflow in 2023Q2 and a $672.7M inflow in 2024Q4, which highlights the difficulty in forecasting sustainable cash generation for the firm's current growth-oriented business model.
The lack of a consistent FCF trend suggests that the company's cash position is heavily influenced by episodic events rather than steady-state operational performance. This inconsistency warrants further investigation into the underlying drivers of these cash swings, particularly regarding how they relate to client deposit movements.
According to recent SEC filings, TIGR's cash flow is dominated by massive working capital fluctuations, including a $1.1B outflow in 2024Q2 followed by a $924.6M outflow in 2024Q4, which suggests that client-related cash movements significantly overshadow core operational cash flow generation.
These substantial working capital swings appear to be characteristic of a brokerage firm managing large volumes of client funds, making it difficult to isolate the firm's true underlying cash-generating capability. Analysts should interpret these figures as a reflection of client activity levels rather than the firm's own operational efficiency.
As indicated by the provided data, TIGR maintains a low capital intensity, with CapEx/Revenue ratios consistently below 3% in periods where data is available, suggesting that the firm's proprietary technology stack requires relatively little ongoing physical investment to support its current scale.
The low level of capital expenditure supports the view that TIGR operates as a scalable digital platform with high operating leverage. However, the lack of consistent investment data in recent quarters may obscure potential future needs for infrastructure upgrades or regulatory-mandated technology enhancements.
Quick answers to the most common questions about buying TIGR stock.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) generated $1.32B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) generated $1.31B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) spent $5.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.