Webull Corp (BULL) Stock Forecast & Price Target

Webull Corp demonstrated robust financial growth in the third quarter of 2025, with total revenues surging 55% year-over-year to $156.9 million, primarily fueled by a significant increase in trading activity and a rise in equity notional volume by 71% year-over-year. The company's revenue per trade improved from 6.8 cents to 7.6 cents, contributing to a 64% year-over-year increase in trading-related revenues, alongside a notable enhancement in margins, with adjusted operating and net margins reaching approximately 23% and 21%, respectively. Furthermore, customer assets surged to $21.2 billion, demonstrating strong user acquisition and retention, bolstered by the additional capital from the Webull Pay acquisition.

Webull Corp faces a negative outlook due to a stagnant user base resulting from inadequate investment in growth initiatives, which has directly impacted its overall market presence. Additionally, the company's reliance on continued strong market conditions presents a significant risk, as any decline in retail trading activity, market volatility, or falling interest rates could adversely affect revenue and earnings. Furthermore, the recent adjustment in valuation multiples from 33x to 25x 2027 Adjusted EBITDA estimates highlights the heightened concerns regarding future financial performance.