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微牛（BULL）与Freedom Holding Corp.（FRHC）财务数据对比。点击上方公司名可切换其他公司
Freedom Holding Corp.的季度营收约是微牛的4.8倍（$628.6M vs $131.5M）。Freedom Holding Corp.净利率更高（12.1% vs -21.5%，领先33.6%）。微牛同比增速更快（46.3% vs -4.1%）。Freedom Holding Corp.自由现金流更多（$651.7M vs $271.7M）
微牛（Webull）是总部位于美国佛罗里达州圣彼得堡的金融服务控股企业，核心运营与品牌同名的电子交易平台，面向用户提供便捷的线上证券等金融产品交易服务，是海外知名的互联网券商服务提供商。
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
BULL vs FRHC — 直观对比
营收规模更大
FRHC
是对方的4.8倍
$131.5M
营收增速更快
BULL
高出50.3%
-4.1%
净利率更高
FRHC
高出33.6%
-21.5%
自由现金流更多
FRHC
多$380.1M
$271.7M
损益表 — Q2 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $131.5M | $628.6M |
| 净利润 | $-28.3M | $76.2M |
| 毛利率 | — | 96.0% |
| 营业利润率 | -16.3% | 14.9% |
| 净利率 | -21.5% | 12.1% |
| 营收同比 | 46.3% | -4.1% |
| 净利润同比 | -144.3% | -2.6% |
| 每股收益（稀释后） | — | $1.25 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BULLFRHC
| Q4 25 | — | $628.6M | ||
| Q3 25 | — | $526.1M | ||
| Q2 25 | $131.5M | $533.4M | ||
| Q1 25 | — | $363.7M | ||
| Q4 24 | — | $655.2M | ||
| Q3 24 | — | $580.9M | ||
| Q2 24 | $89.9M | $450.7M | ||
| Q1 24 | — | $464.7M |
净利润BULLFRHC
| Q4 25 | — | $76.2M | ||
| Q3 25 | — | $38.7M | ||
| Q2 25 | $-28.3M | $30.4M | ||
| Q1 25 | — | $-142.7M | ||
| Q4 24 | — | $78.3M | ||
| Q3 24 | — | $114.7M | ||
| Q2 24 | $-11.6M | $34.4M | ||
| Q1 24 | — | $95.2M |
毛利率BULLFRHC
| Q4 25 | — | 96.0% | ||
| Q3 25 | — | 97.1% | ||
| Q2 25 | — | 97.4% | ||
| Q1 25 | — | 96.6% | ||
| Q4 24 | — | 98.6% | ||
| Q3 24 | — | 99.1% | ||
| Q2 24 | — | 99.0% | ||
| Q1 24 | — | — |
营业利润率BULLFRHC
| Q4 25 | — | 14.9% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | -16.3% | 7.6% | ||
| Q1 25 | — | -42.7% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | -11.4% | 9.2% | ||
| Q1 24 | — | 22.5% |
净利率BULLFRHC
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | -21.5% | 5.7% | ||
| Q1 25 | — | -39.2% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | — | 19.7% | ||
| Q2 24 | -12.9% | 7.6% | ||
| Q1 24 | — | 20.5% |
每股收益（稀释后）BULLFRHC
| Q4 25 | — | $1.25 | ||
| Q3 25 | — | $0.63 | ||
| Q2 25 | — | $0.50 | ||
| Q1 25 | — | $-2.35 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $1.89 | ||
| Q2 24 | — | $0.57 | ||
| Q1 24 | — | $1.60 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $476.7M | $869.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $751.6M | $1.4B |
| 总资产 | $2.6B | $12.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BULLFRHC
| Q4 25 | — | $869.2M | ||
| Q3 25 | — | $636.0M | ||
| Q2 25 | $476.7M | $567.9M | ||
| Q1 25 | — | $837.3M | ||
| Q4 24 | — | $577.9M | ||
| Q3 24 | — | $569.2M | ||
| Q2 24 | — | $718.7M | ||
| Q1 24 | — | $545.1M |
股东权益BULLFRHC
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $751.6M | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $-2.9B | $1.1B | ||
| Q1 24 | — | $1.2B |
总资产BULLFRHC
| Q4 25 | — | $12.4B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | $2.6B | $9.7B | ||
| Q1 25 | — | $9.9B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | — | $8.8B | ||
| Q2 24 | — | $8.5B | ||
| Q1 24 | — | $8.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $272.1M | $717.8M |
| 自由现金流经营现金流 - 资本支出 | $271.7M | $651.7M |
| 自由现金流率自由现金流/营收 | 206.6% | 103.7% |
| 资本支出强度资本支出/营收 | 0.3% | 10.5% |
| 现金转化率经营现金流/净利润 | — | 9.42× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BULLFRHC
| Q4 25 | — | $717.8M | ||
| Q3 25 | — | $535.3M | ||
| Q2 25 | $272.1M | $480.8M | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $-72.8M | ||
| Q3 24 | — | $-438.0M | ||
| Q2 24 | — | $854.1M | ||
| Q1 24 | — | $309.0M |
自由现金流BULLFRHC
| Q4 25 | — | $651.7M | ||
| Q3 25 | — | $456.4M | ||
| Q2 25 | $271.7M | $450.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-92.7M | ||
| Q3 24 | — | $-447.5M | ||
| Q2 24 | — | $829.9M | ||
| Q1 24 | — | — |
自由现金流率BULLFRHC
| Q4 25 | — | 103.7% | ||
| Q3 25 | — | 86.7% | ||
| Q2 25 | 206.6% | 84.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -14.1% | ||
| Q3 24 | — | -77.0% | ||
| Q2 24 | — | 184.1% | ||
| Q1 24 | — | — |
资本支出强度BULLFRHC
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 15.0% | ||
| Q2 25 | 0.3% | 5.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | — | — |
现金转化率BULLFRHC
| Q4 25 | — | 9.42× | ||
| Q3 25 | — | 13.82× | ||
| Q2 25 | — | 15.82× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.93× | ||
| Q3 24 | — | -3.82× | ||
| Q2 24 | — | 24.83× | ||
| Q1 24 | — | 3.24× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
