Futu Holdings Ltd (FUTU) stock analysis

FUTUNasdaqSecurity Brokers, Dealers & Flotation CompaniesFiscal year ends December 31

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 15, 2026Score 16/30

$98.00+2.52 (+2.64%)

Close on Nov 11, 2026Market cap $13.74BP/E 9.6Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Solid16 of 30 checks passed

Futu passes 16 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 5/6
Past performance: 6/6
Financial health: 5/6
Dividend: 0/6

What stands out

Return on equity over 15%
Return on equity was 33.3% over the last twelve months and averaged 21.2% over five years.
Return on capital over 10%
Return on invested capital was 63.4%, above the 10% that usually covers the cost of capital.
No debt
Futu has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 53.6% a year on average over the last five fiscal years.

What to watch

No dividend
Futu has not paid a dividend in the last twelve months.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth5/6

Revenue growing 10%+ a year
Revenue grew 44.2% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 58.1% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 108% over the last twelve months, against a 5-year average of 53.6% a year.
Growing faster than the industry
Revenue grew 68.1% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 16.2%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 87.1% over the last twelve months, against 82.0% a year earlier.

Past performance6/6

Return on equity over 15%
Return on equity was 33.3% over the last twelve months and averaged 21.2% over five years.
Return on capital over 10%
Return on invested capital was 63.4%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Futu's return on equity of 33.3% is above the Security Brokers, Dealers, and Flotation median of 17.9%.
Earnings grew over 5 years
Net income grew 53.6% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 49.6% over the last twelve months, against a 5-year average of 42.1%.
Net margin above the industry
Futu's net margin of 49.6% is above the Security Brokers, Dealers, and Flotation median of 14.4%.

Financial health5/6

No debt
Futu has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 1.19 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.

Dividend0/6

No dividend
Futu has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Futu. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $124.21M
Value traded per 1% price move: $55.24M

Downside

High risk

Typical loss in a bad month: 36.4%
Volatility (annualized): 60%
Sharpe ratio, 1 year: -0.87
Beta to the S&P 500 (5Y): 1.37

Typical bad-month loss, week by week

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
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
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

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%