Robinhood Markets, Inc. (HOOD)
NEUTRAL基本面
64
价格
$110.96
市值
$93.16B
第一部分 · 这家公司值多少
概览
Robinhood is a commission-free brokerage app that lets people trade stocks, options and cryptocurrencies from their phone. It grew by removing the trading fees that traditional brokers used to charge, and now earns money in ways that are less visible to the user, mainly by routing customer orders to market makers and by lending out customers' idle cash and margin balances.
盈利方式
Transaction-based revenue comes from payment for order flow — market makers pay Robinhood for the right to execute customer trades — so it scales with how much customers trade rather than with a per-trade fee charged to them. Net interest revenue comes from lending customer cash, securities and margin balances, which rises with interest rates and with how much customers keep on deposit. A third, smaller stream comes from the Robinhood Gold subscription and other product fees.
分部营收
Interest earned on customer cash, securities lending and margin loans. Now Robinhood's largest single revenue source, and sensitive to interest rate levels.
Payment for order flow earned on options trades — historically Robinhood's single largest transaction revenue source.
Payment for order flow on crypto trades. The most volatile revenue line, moving with crypto prices and trading enthusiasm.
The Robinhood Gold subscription, other transaction-based fees, and miscellaneous product revenue.
Payment for order flow on stock trades — a smaller share than options or crypto despite equities being the most common trade type.
护城河
转换成本 · 狭窄Once a customer's portfolio, tax records and linked bank account sit on Robinhood, moving them to another broker is enough hassle that many do not bother, and Gold-tier customers who use its debit card and cash management are further tied in. But the underlying trading products are nearly identical across brokers, and price-sensitive or professional traders switch fairly easily.
需求驱动因素
周期性Trading activity, and therefore transaction revenue, rises with market enthusiasm and volatility and falls when markets are quiet or falling and retail investors pull back. Net interest revenue depends on interest rate levels set by central banks, a separate cycle Robinhood does not control. Together this makes revenue considerably less predictable than a typical financial services business.
主要风险
- Dependence on trading volume and volatility — Transaction-based revenue depends on customers trading actively, particularly in options and crypto, and falls sharply when markets are calm or retail interest fades.
- Interest rate sensitivity — Net interest revenue, now the largest single line, moves directly with the interest rates central banks set. A sustained rate-cutting cycle would remove a major source of revenue.
- Regulatory scrutiny of payment for order flow — Payment for order flow, which underpins most of Robinhood's transaction revenue, has repeatedly drawn regulatory attention over whether it gives customers the best possible trade execution; a ban or restriction would remove the company's main revenue mechanism.
- Concentrated, cost-sensitive customer base — Robinhood's user base skews toward younger, more price-sensitive retail traders who are quicker to reduce activity or move balances elsewhere when conditions turn against them.
看多理由
Buyers argue that Robinhood has successfully broadened beyond commission-free stock trading into options, crypto, retirement accounts and banking-like products, that Robinhood Gold subscribers are stickier and more valuable customers, and that net interest revenue provides a steadier base even when trading activity cools.
看空理由
Sellers fear that revenue remains built on trading enthusiasm and interest rates rather than on a durable recurring base, that a payment-for-order-flow ban or restriction would remove the core revenue mechanism overnight, and that Robinhood's younger, more speculative customer base pulls back faster than average when markets turn.
Written by the editors, published on 2026年8月18日
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资产负债表与流动性
营收
$4.93B
最近12个月（截至2026/6/30）
净利润
$2.07B
最近12个月（截至2026/6/30）
自由现金流
-
股东权益合计
$9.15B
负债合计
$28.99B
流动比率
1.22
利息覆盖率
-
债务/EBITDA
-
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
$109.80
当前价格
$110.96
安全边际
-1.1%
公允价值区间
$93.25 - $126.35
估算方法
估值指标
市盈率（P/E）
45.85
ROE
20.6%
市净率（P/B）
-
P/FCF
-
毛利率
-
ROIC
-
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-
WACC
17.4%
ROIC − WACC
-
基本面分析标准
通过（11）
- EPS shows upward trend
- Price CAGR 43.52%
- Debt/Equity ratio
- Current Ratio
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 22.7%
- Revenue Growth 5Y 36.1%
- Analyst Consensus 82% Buy
- PEG Ratio 0.22
- Share Dilution 1.6%
未通过（5）
- DCF valuation (Unknown)
- Earnings Surprise avg 2.3%
- Earnings Quality (OCF/NI) 0.12
- Net Margin Trend 42.0% vs 50.1%
- Piotroski F-Score 3/9
不可用（11）
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
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. Vladimir Tenev | Co-Founder, President, CEO & Chairman of the Board | 38 |
| Mr. Baiju Prafulkumar Bhatt | Co-Founder & Director | 40 |
| Mr. Daniel M. Gallagher Jr., J.D. | Chief Legal, Compliance & Corporate Affairs Officer | 52 |
| Mr. Jason Warnick CPA | Advisor | 52 |
| Mr. Steven M. Quirk | Chief Brokerage Officer | 60 |
| Mr. Shiv Kumar Verma | Chief Financial Officer | 40 |
| Ms. Stephanie Jannie Guild C.F.A. | Chief Investment Officer | - |
| Ms. Dara Ann Bazzano | Chief Accounting Officer & Principal Accounting Officer | 56 |
| Mr. Chris Koegel | Vice President of Corporate Finance & Investor Relations | - |
| Ms. Nora Chan | Senior Director of Communications | - |
审计风险
3
董事会风险
10
薪酬风险
9
股东权利风险
10
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 HOOD, sourced from Markets Gazette.
- 4d agoPOSITIVERobinhood +11% col rally BTC che spinge le crypto: HOOD manterrà i guadagni?
Robinhood's stock surged 11% on Friday, propelled by a significant rally in Bitcoin, which neared $77,000. This surge in digital assets, driven by macroeconomic and policy factors, has boosted companies with crypto exposure. Robinhood's platform, which facilitates trading of cryptocurrencies alongside traditional assets, directly benefits from this increased activity. Other crypto-linked stocks like Coinbase and Circle Internet Group also saw substantial gains, indicating a broad positive sentiment across the crypto-related equities sector. Investors are watching to see if Robinhood can sustain these gains as Bitcoin's price action continues to be a key driver.
- 27d agoPOSITIVERobinhood CFO details surging prediction market business as firm posts record revenue in Q2
Robinhood Markets Inc. reported record revenue in Q2 2026, surpassing analyst expectations. While the company experienced a significant decline in cryptocurrency revenue, its prediction market business saw a substantial surge, compensating for the crypto downturn. This diversification and growth in new business segments indicate strong operational performance and strategic adaptability. Investors will likely view this as a positive sign of the company's ability to innovate and capture new market opportunities beyond its traditional trading platforms, potentially leading to increased valuation.
- 27d agoNEUTRALRobinhood posts record quarter, but crypto revenue slides 38%
Robinhood Markets Inc. reported a record quarter, driven by expansion in its digital asset business through initiatives like Robinhood Chain, tokenized stocks, and decentralized lending. However, this growth was tempered by a significant 38% decline in cryptocurrency transaction revenue. Despite the crypto revenue drop, the company's overall performance indicates a strategic pivot towards broader digital finance solutions, potentially offsetting volatility in specific revenue streams. Investors will monitor the success of these new ventures against the backdrop of ongoing crypto market fluctuations.
- 7/25/2026NEUTRALRobinhood in talks with Crypto.com over prediction markets: WSJ
Robinhood Markets Inc. is reportedly in discussions with Crypto.com regarding potential expansion into prediction markets, according to The Wall Street Journal. This development comes as prediction market operators in the U.S. navigate ongoing legal challenges from both state and federal regulators. While the specifics of any potential deal remain undisclosed, the move could signify Robinhood's interest in diversifying its offerings into a new, albeit legally complex, financial product space. Investors will be watching for further clarity on the regulatory landscape and the strategic implications of such an expansion.
- 7/24/2026NEUTRALRobinhood CEO X Hack Shows Why Crypto Scams Still Target Trusted Names
The recent hacking of Robinhood CEO Vlad Tenev's X account highlights a persistent vulnerability in the cryptocurrency ecosystem: the targeting of trusted entities and individuals to perpetrate scams. While Robinhood itself was not directly compromised, the incident underscores how bad actors leverage the credibility of well-known platforms and figures to lure unsuspecting investors into fraudulent schemes. This event serves as a stark reminder for investors to exercise extreme caution, verify all communications, and be wary of unsolicited investment opportunities, particularly within the volatile crypto space, regardless of the perceived legitimacy of the source.
- 7/23/2026NEGATIVERobinhood CEO’s X account hacked in apparent memecoin scam
Robinhood CEO Vlad Tenev's X (formerly Twitter) account was compromised in a sophisticated social engineering attack, used to promote a fraudulent "VLAD" memecoin. The hacker posted a malicious token contract address, aiming to defraud users. This incident raises significant concerns about the platform's security and the potential for reputational damage. Investors will be watching for Robinhood's response and any impact on user trust and regulatory scrutiny.
- 7/20/2026POSITIVEBernstein raises Robinhood price target, cites tokenization and prediction markets
Bernstein has increased its price target for Robinhood Markets Inc., highlighting the potential of its blockchain strategy. The brokerage's initiatives, including tokenized equities and the development of its Arbitrum-based Robinhood Chain, are seen as key drivers that could decrease the company's dependence on traditional cryptocurrency trading. Analysts believe these advancements position Robinhood for future growth and could unlock new revenue streams, making the stock more attractive to investors.
- 7/13/2026POSITIVERobinhood’s Chainlink CCIP Integration Raises The Stakes For Tokenized Equity Infrastructure
Robinhood has integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) into its Layer-2 network, a move that significantly enhances its infrastructure for tokenized assets. This integration introduces a robust cross-chain capability, bolstering Robinhood's strategy for tokenized equity. The adoption of CCIP by a major financial platform like Robinhood signals growing institutional confidence in blockchain interoperability solutions for traditional finance, potentially accelerating the development and adoption of tokenized securities and related infrastructure.
via Markets Gazette