Futu Holdings Limited (FUTU)
POSITIVE基本面
90
价格
$126.34
市值
$16.24B
第一部分 · 这家公司值多少
概览
Futu Holdings runs an online brokerage and wealth-management platform, best known under its Futubull and moomoo apps, that lets retail investors in Hong Kong, mainland China (through offshore accounts), Singapore, the U.S. and other markets trade stocks, options and other securities. It also distributes mutual funds, runs a virtual bank in Hong Kong, and layers social features — news feeds, forums, community discussion — around the trading app itself.
盈利方式
Futu earns money three ways: commissions and handling fees charged on each trade, interest income earned on client cash balances and margin loans, and other income from fund distribution, currency exchange and IPO subscription services. Because roughly half of revenue comes from interest, results are sensitive to prevailing interest rates as well as to how much clients trade — a slow market or falling rates can compress revenue even if the client base keeps growing.
分部营收
Commissions and handling fees earned each time a client buys or sells stocks, options, futures or other securities through the platform.
Interest earned on clients' idle cash balances and on margin loans extended to clients who borrow to trade — Futu's biggest single revenue line.
Fees from distributing mutual funds and wealth-management products, currency exchange, IPO subscription services and Hong Kong virtual banking.
护城河
转换成本 · 狭窄Client assets, trading history and the social features built into the app create some inertia that discourages switching brokers. But the moat stays narrow: rivals such as Tiger Brokers and Interactive Brokers offer similarly low commissions, and for many users opening an account elsewhere takes little more than a few minutes.
需求驱动因素
周期性Trading volumes follow the mood of Asian and global equity markets, rising in rallies and falling in quiet stretches, while interest income follows central bank rates. The two revenue sources can move in the same direction at once, amplifying both good years and difficult ones.
主要风险
- Chinese regulatory scrutiny of cross-border business — The China Securities Regulatory Commission has opened inquiries into how Futu offers securities services to mainland Chinese investors, and Chinese authorities have broad power to restrict or shut down that part of the business at any time.
- US listing and auditor access risk — If U.S. regulators lose the ability to inspect the auditors of Chinese companies for two consecutive years, Futu's American depositary shares could be barred from trading on a U.S. exchange.
- Structure built on contracts, not direct ownership — Futu's operations in mainland China rely on contractual arrangements rather than owning the local entities outright, an arrangement Chinese law could restrict and that offers less legal protection than direct ownership.
- Revenue tied to trading activity and interest rates — Brokerage commissions rise and fall with how actively clients trade, and interest income depends on prevailing rates; a quiet market combined with falling rates would hit both revenue lines at once.
看多理由
Buyers argue that Futu's low-cost, app-based platform keeps winning market share from traditional brokers across Hong Kong and Asia, that expansion into Singapore, the U.S. and other markets diversifies it away from China, and that growing client assets support both commission and interest income over time.
看空理由
Sellers worry that Chinese regulators could restrict or shut down Futu's cross-border services to mainland investors at any time, that a prolonged U.S.-China audit dispute could force a delisting, and that revenue built on trading volumes and interest rates is inherently harder to predict than subscription-style income.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$24.01B
最近12个月（截至2026/3/31）
净利润
$10.04B
最近12个月（截至2026/3/31）
自由现金流
$40.73B
股东权益合计
$40.00B
负债合计
$188.12B
流动比率
1.19
利息覆盖率
-
债务/EBITDA
1.98
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$1450.93
当前价格
$126.34
安全边际
+91.3%
公允价值区间
$943.11 - $1958.76
估算方法
估值指标
市盈率（P/E）
1.42
ROE
28.3%
市净率（P/B）
3.25
P/FCF
3.19
毛利率
87.1%
ROIC
27.3%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
27.3%
WACC
3.0%
ROIC − WACC
+24.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（21）
- EPS shows upward trend
- EPS CAGR 58.17%
- Price CAGR 42.58%
- ROIC 27.3%
- Gross Margin 87.1%
- P/FCF 3.19
- Operating Margin 61.6%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 26.6%
- Revenue Growth 5Y 47.2%
- Analyst Consensus 89% Buy
- PEG Ratio 0.26
- Earnings Quality (OCF/NI) 3.60
- Share Dilution 1.0%
- Net Margin Trend 49.6% vs 40.1%
- Piotroski F-Score 8/9
未通过（3）
- P/B Ratio 3.25
- Debt/Equity ratio
- Earnings Surprise avg -3.2%
不可用（4）
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
股份数量稳定
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Hua Li | Founder, Chairman & CEO | 48 |
| Mr. Yu Chen | Chief Financial Officer | 49 |
| Mr. Alan Cui | Manager of Investor Relations | - |
| Mr. Li Xu | Senior Vice President | 42 |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for FUTU, sourced from Markets Gazette.
- 5/27/2026POSITIVEChina's Hefty Fines Remove Key Overhang For Futu And UP Fintech
China's regulatory bodies have concluded their investigations into online brokerages Futu Holdings and UP Fintech, imposing fines that are considered manageable and removing a significant overhang for investors. The fines, though substantial, are seen as a resolution to past compliance issues, allowing the companies to move forward with greater regulatory clarity. This development is expected to alleviate investor concerns regarding potential future penalties or operational disruptions, potentially boosting confidence and share prices for both firms as they can now focus on growth and strategic initiatives without the looming threat of further regulatory action.
- 5/26/2026NEGATIVEHedge Funds Backing Futu, Up Fintech Hit by China Crackdown
Shares of Futu Holdings Ltd. and Up Fintech Holding Ltd. experienced a sharp decline following China's intensified crackdown on cross-border trading activities. This regulatory action directly targets the business models of these popular online brokerages, which facilitate international investment for Chinese clients. The significant drop in stock prices poses substantial risks to hedge funds and other investors who have backed these firms, potentially leading to considerable losses and a reassessment of exposure to Chinese fintech stocks.
- 5/26/2026NEGATIVEMoomoo Parent Futu Crashes 28% After China Proposes $271 Million Penalty Over Alleged Unlicensed Operations
Futu Holdings, the parent company of the Moomoo trading platform, experienced a dramatic 28% stock price collapse on the Nasdaq. This sharp decline follows reports that Chinese regulators are proposing a substantial $271 million penalty against the company. The proposed fine is reportedly due to allegations of operating unlicensed trading activities within China. Investors are reacting negatively to the significant financial penalty and the regulatory scrutiny, which could impact Futu's future operations and profitability in the crucial Chinese market.
- 5/22/2026NEGATIVEFutu, Up Fintech Options Surged Before Crackdown Sparked Slump
Futu Holdings Ltd. and Up Fintech Holding Ltd. experienced a surge in US-listed options trading activity immediately preceding a significant announcement from China's regulator. The announcement detailed plans for penalties against both companies, which subsequently triggered a record slump in their share prices. This event highlights the heightened regulatory risk associated with Chinese fintech firms operating in the US market, potentially impacting investor sentiment and future growth prospects for the sector.
- 3/12/2026NEUTRALFutu (FUTU) Q4 2025 Earnings Call Transcript
Futu Holdings Limited has announced its Q4 2025 Earnings Call Transcript. While the transcript itself does not contain new financial data or forward-looking statements, it provides an opportunity for investors to gain deeper insights into the company's performance, strategic initiatives, and management's perspective on market conditions. Investors are advised to review the transcript for detailed discussions on operational highlights, financial results, and future outlook, which may influence investment decisions.
- 3/10/2026POSITIVETaikang Bets on Fintech FUTU With New $30 Million Position
Taikang Asset Management has disclosed a new significant investment in Futu Holdings, acquiring a substantial $30 million stake in the digital brokerage and wealth management firm. Futu Holdings operates globally through its popular Futubull and Moomoo platforms, catering to a wide range of investors seeking digital financial services. This strategic backing from a major asset manager like Taikang signals strong confidence in Futu's business model and future growth prospects within the rapidly evolving fintech landscape. Investors may view this as a positive endorsement, potentially driving increased interest and demand for FUTU shares.
- 2/26/2026POSITIVETencent-Backed Broker Aims to Expand in Japan’s Options Market
Moomoo Securities Japan Co., a digital brokerage backed by Tencent, is set to significantly expand its operations in Japan's single-stock options market. This strategic move aims to leverage the increasing demand from Japanese retail investors for equity options. The expansion signals a robust growth trajectory for Moomoo, indicating its intent to capture a larger share of a burgeoning market. For investors in Futu Holdings Ltd. (FUTU), Moomoo's parent company, this development suggests potential for increased revenue and market penetration, reinforcing the company's position in the competitive financial services sector.
- 2/26/2026POSITIVEOnline Broker Moomoo Aims to Grow in Japan’s Options Market
Moomoo Securities Japan Co., the Japanese subsidiary of digital brokerage Moomoo (part of Futu Holdings Limited), has unveiled ambitious plans to expand its offerings in the single-stock options market for Japanese equities. This strategic move aims to capitalize on the burgeoning demand from retail investors across the country. The expansion into the options segment, a more sophisticated financial product, suggests a maturation of the Japanese market and Moomoo's intent to position itself as a key player in a growing sector. For investors, this news indicates a potential increase in revenue and market share for Futu Holdings, strengthening its competitive position in Asia and signaling an aggressive growth strategy in key markets.
via Markets Gazette