FUTUNasdaqSecurity Brokers, Dealers & Flotation CompaniesFiscal year ends December 31
Futu Holdings Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 15, 2026
$105.50+0.02 (+0.02%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
87.1%+8.1 pts over 5 years
Operating margin
61.6%+17.8 pts over 5 years
Net margin
49.6%+9.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +68.1% | +44.2% | +47.2% | – | |
| Gross profit | +78.6% | +44.3% | +50.1% | – | |
| Operating income | +112.6% | +58.0% | +57.5% | – | |
| Net income | +108.3% | +57.0% | +53.6% | – | |
| EPS, diluted | +106.4% | +58.1% | +51.4% | – | |
| Free cash flow | +32.1% | +129.2% | +14.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 24.4% | 33.3% | |
| Return on assets | – | 2.9% | 5.9% | |
| Current ratio | – | 1.13 | 1.19 | |
| Interest coverage | – | 7.8× | – | |
| Capex to revenue | – | 1.3% | 0.2% | |
| Diluted shares | – | 1.05B | 1.13B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Futu generated 87.61B HKD from operations and spent 7.81B HKD on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
Generated
87.61B HKD
Used
7.81B HKD
Capital expenditure460.99M HKD6%Dividends2.15B HKD28%Share buybacks5.20B HKD67%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin49.6%
×Asset turnover0.12×
×Equity multiplier5.69×
=Return on equity, FY202533.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 49.6% | 0.12× | 5.69× | 33.3% |
| FY2024 | 40.1% | 0.11× | 4.87× | 20.7% |
| FY2023 | 42.8% | 0.10× | 4.22× | 18.8% |
| FY2022 | 38.4% | 0.08× | 4.68× | 14.0% |
| FY2021 | 39.5% | 0.08× | 5.90× | 19.2% |
| FY2020 | 40.0% | 0.07× | 8.54× | 24.4% |
| FY2019 | 15.6% | 0.06× | 15.62× | 13.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero11.34B HKD
- Cash generatingOperating cash flow above zero40.79B HKD
- Return on assets improvedROA up on the prior year5.6% → 7.1%
- Earnings backed by cashOperating cash flow above net income40.79B HKD vs 11.34B HKD
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.19 → 1.19
- No dilutionShare count did not rise1.12B → 1.13B
- Gross margin improvedGross margin up on the prior year82.01% → 87.12%
- More efficientAsset turnover rose0.14 → 0.14