Webull Corporation Incentive Warrant

BULLZ

BULLZWebull Corporation Incentive Warrant US flag

NASDAQ Global Select

1.87

USD

+1.05

- -

260.39MMarket Cap

Profitability (USD)

Profitability Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -
Return on Assets (%)	- -	0.52	-1.36	0.83
Return on Capital (%)	- -	-0.4	- -	-4.91
Return on Invested Capital (%)	- -	0.83	- -	-5.57
Gross Margin (%)	84.61	82.95	79.68	77.45
EBITDA Margin (%)	18.02	6.61	-2.78	10.8
Operating Margin (%)	17.65	5.9	-3.68	10.24
Incremental Operating Margin (%)	- -	-3,589.61	- -	40.29
Pretax Margin (%)	16.91	5.18	-3.09	7.92
Profit Margin (%)	12.9	1.56	-5.82	4.34
Net Income to Common Margin (%)	12.9	1.56	-5.82	4.34
Effective Tax Rate (%)	49.04	79.99	- -	46.09
Dvd Payout Ratio (%)	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -

Credit (USD)

Credit Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	12	13	15	78
ST Debt	3	3	5	4
LT Debt	10	10	10	74
Total Debt/EBITDA	0.17	0.51	-1.42	1.26
Net Debt/EBITDA	-6.23	-14.46	24.96	-9.54
Total Debt/EBIT	0.18	0.57	-1.07	1.33
Net Debt/EBIT	-6.36	-16.2	18.86	-10.06
EBITDA to Interest Expense	- -	- -	-88.35	11.29
EBITDA-CapEx/Interest Expense	- -	- -	-107.99	10.4
EBIT to Interest Expense	- -	- -	-116.9	10.71
Interest Expense	- -	- -	- -	5
Common Equity/Total Assets	-313.19	-324.5	-247.41	26.19
Long-Term Debt/Equity (%)	1.87	1.7	1.72	7.27
Long-Term Debt/Capital (%)	-0.67	-0.55	-0.47	6.76
Long-Term Debt/Total Assets (%)	0.88	0.76	0.5	1.9
Total Debt/Equity (%)	-0.84	-0.74	-0.68	7.63
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt/Total Assets (%)	1.11	1.04	0.74	2
Net Debt to Equity	30.03	21.13	12.01	-57.87
Net Debt/Capital (%)	23.24	17.55	10.78	-133.43
EBITDA	70	26	-11	62
EBITDA-CapEx	38	21	-13	57
Operating Income (Loss)	69	23	-14	58

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.78	0.61	0.26	0.3
Current Ratio	1.82	1.74	1.34	1.33
Quick Ratio	0.88	0.76	0.66	0.76
CFO/Avg Current Liab	- -	0.76	0.17	0.27
Common Equity/Total Assets	-313.19	-324.5	-247.41	26.19
Long-Term Debt/Equity (%)	1.87	1.7	1.72	7.27
Long-Term Debt/Capital (%)	-0.67	-0.55	-0.47	6.76
Long-Term Debt/Total Assets (%)	0.88	0.76	0.5	1.9
Total Debt/Equity (%)	-0.84	-0.74	-0.68	7.63
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt/Total Assets (%)	1.11	1.04	0.74	2
CFO/Total Liabilities	-1.23	15.57	4.28	19.77
CFO/CapEx	-0.99	103.57	76.78	115.9
Altman's Z-Score	-0.79	-1.13	-1.08	-0.11

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	22.4	2.44	1.12
Days Sales Outstanding	- -	16.29	149.87	325.76
Inventory Turnover	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -
Accounts Payable Turnover	- -	0.18	0.08	0.06
Accounts Payable Turnover Days	- -	1,986.66	4,667.88	5,776.48
Cash Conversion Cycle	- -	-1,970.37	-4,518.02	-5,450.71
Inventory to Cash Days	- -	16.29	149.87	325.76
Inventories	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	979
- Cash & Cash Equivalents	436	372	271	653
+ Preferred Equity and Hybrid Capital	1,966	2,326	2,862	- -
+ Minority/Non Controlling Interest	- -	1	1	- -
+ Total Debt	12	13	15	78
Enterprise Value	1,542	1,922	2,499	231
Total Capital	-1,441	-1,749	-2,240	1,094
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt / EV	0.01	0.01	0.01	0.34
EV/Sales	3.97	4.93	6.41	0.4
EV/EBITDA	22.03	74.63	- -	3.75
EV/EBIT	22.49	83.65	- -	3.95
EV/Cash Flow to Firm	- -	4.08	13.48	0.41
EV/Free Cash Flow to Firm	4,565.3	4.05	13.3	0.4
Diluted Market Cap	- -	- -	- -	- -
Diluted Enterprise Value	1,542	1,968	2,608	-575
EV per Share	3.36	4.18	5.44	0.44
TTM Sales	388	390	390	571
TTM EBITDA	70	26	-11	62
TTM Operating Income	69	23	-14	58
TTM Cash Flow to Firm	-31	471	185	569
TTM Free Cash Flow to Firm	- -	475	188	574

Multiples (USD)

Valuation Multiples API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -
EV/EBIT	22.49	83.65	- -	3.95
Enterprise Value	1,542	1,922	2,499	231
Low Price	- -	- -	- -	0.42
EV/Sales	3.97	4.93	6.41	0.4
EV/EBITDA	22.03	74.63	- -	3.75
Price/Earnings	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	0.96
Price/Book Value Average	- -	- -	- -	1.23
Price/Book Value High	- -	- -	- -	3.86
Price/Book Value Low	- -	- -	- -	0.22
Price/Tangible Book Value	- -	- -	- -	1.05
Price/Tangible Book Value Average	- -	- -	- -	1.34
Price/Tangible Book Value High	- -	- -	- -	4.22
Price/Tangible Book Value Low	- -	- -	- -	0.24
Price/Sales	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -
EV/Sales Average	3.97	5.05	6.68	1.18
EV/Sales High	3.97	5.05	6.68	5.87
EV/Sales Low	3.97	5.05	6.68	- -
EV/EBITDA Average	22.04	76.39	-240.41	10.93
EV/EBITDA High	22.04	76.39	-240.41	54.32
EV/EBITDA Low	22.04	76.39	-240.41	-5.72
EV/EBIT Average	22.5	85.63	-181.68	11.53
EV/EBIT High	22.5	85.63	-181.68	57.3
EV/EBIT Low	22.5	85.63	-181.68	-6.04
Last Price	- -	- -	- -	1.87
High Price	- -	- -	- -	7.5
Enterprise Value Average	1,542	1,968	2,608	674
Enterprise Value High	1,542	1,968	2,608	3,350
Enterprise Value Low	1,542	1,968	2,608	-353

Profitability (USD)

Profitability Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -
Return on Assets (%)	- -	0.52	-1.36	0.83
Return on Capital (%)	- -	-0.4	- -	-4.91
Return on Invested Capital (%)	- -	0.83	- -	-5.57
Gross Margin (%)	84.61	82.95	79.68	77.45
EBITDA Margin (%)	18.02	6.61	-2.78	10.8
Operating Margin (%)	17.65	5.9	-3.68	10.24
Incremental Operating Margin (%)	- -	-3,589.61	- -	40.29
Pretax Margin (%)	16.91	5.18	-3.09	7.92
Profit Margin (%)	12.9	1.56	-5.82	4.34
Net Income to Common Margin (%)	12.9	1.56	-5.82	4.34
Effective Tax Rate (%)	49.04	79.99	- -	46.09
Dvd Payout Ratio (%)	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -

Credit (USD)

Credit Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	12	13	15	78
ST Debt	3	3	5	4
LT Debt	10	10	10	74
Total Debt/EBITDA	0.17	0.51	-1.42	1.26
Net Debt/EBITDA	-6.23	-14.46	24.96	-9.54
Total Debt/EBIT	0.18	0.57	-1.07	1.33
Net Debt/EBIT	-6.36	-16.2	18.86	-10.06
EBITDA to Interest Expense	- -	- -	-88.35	11.29
EBITDA-CapEx/Interest Expense	- -	- -	-107.99	10.4
EBIT to Interest Expense	- -	- -	-116.9	10.71
Interest Expense	- -	- -	- -	5
Common Equity/Total Assets	-313.19	-324.5	-247.41	26.19
Long-Term Debt/Equity (%)	1.87	1.7	1.72	7.27
Long-Term Debt/Capital (%)	-0.67	-0.55	-0.47	6.76
Long-Term Debt/Total Assets (%)	0.88	0.76	0.5	1.9
Total Debt/Equity (%)	-0.84	-0.74	-0.68	7.63
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt/Total Assets (%)	1.11	1.04	0.74	2
Net Debt to Equity	30.03	21.13	12.01	-57.87
Net Debt/Capital (%)	23.24	17.55	10.78	-133.43
EBITDA	70	26	-11	62
EBITDA-CapEx	38	21	-13	57
Operating Income (Loss)	69	23	-14	58

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.78	0.61	0.26	0.3
Current Ratio	1.82	1.74	1.34	1.33
Quick Ratio	0.88	0.76	0.66	0.76
CFO/Avg Current Liab	- -	0.76	0.17	0.27
Common Equity/Total Assets	-313.19	-324.5	-247.41	26.19
Long-Term Debt/Equity (%)	1.87	1.7	1.72	7.27
Long-Term Debt/Capital (%)	-0.67	-0.55	-0.47	6.76
Long-Term Debt/Total Assets (%)	0.88	0.76	0.5	1.9
Total Debt/Equity (%)	-0.84	-0.74	-0.68	7.63
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt/Total Assets (%)	1.11	1.04	0.74	2
CFO/Total Liabilities	-1.23	15.57	4.28	19.77
CFO/CapEx	-0.99	103.57	76.78	115.9
Altman's Z-Score	-0.79	-1.13	-1.08	-0.11

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	22.4	2.44	1.12
Days Sales Outstanding	- -	16.29	149.87	325.76
Inventory Turnover	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -
Accounts Payable Turnover	- -	0.18	0.08	0.06
Accounts Payable Turnover Days	- -	1,986.66	4,667.88	5,776.48
Cash Conversion Cycle	- -	-1,970.37	-4,518.02	-5,450.71
Inventory to Cash Days	- -	16.29	149.87	325.76
Inventories	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	979
- Cash & Cash Equivalents	436	372	271	653
+ Preferred Equity and Hybrid Capital	1,966	2,326	2,862	- -
+ Minority/Non Controlling Interest	- -	1	1	- -
+ Total Debt	12	13	15	78
Enterprise Value	1,542	1,922	2,499	231
Total Capital	-1,441	-1,749	-2,240	1,094
Total Debt/Capital (%)	-0.84	-0.75	-0.69	7.09
Total Debt / EV	0.01	0.01	0.01	0.34
EV/Sales	3.97	4.93	6.41	0.4
EV/EBITDA	22.03	74.63	- -	3.75
EV/EBIT	22.49	83.65	- -	3.95
EV/Cash Flow to Firm	- -	4.08	13.48	0.41
EV/Free Cash Flow to Firm	4,565.3	4.05	13.3	0.4
Diluted Market Cap	- -	- -	- -	- -
Diluted Enterprise Value	1,542	1,968	2,608	-575
EV per Share	3.36	4.18	5.44	0.44
TTM Sales	388	390	390	571
TTM EBITDA	70	26	-11	62
TTM Operating Income	69	23	-14	58
TTM Cash Flow to Firm	-31	471	185	569
TTM Free Cash Flow to Firm	- -	475	188	574

Multiples (USD)

Valuation Multiples API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -
EV/EBIT	22.49	83.65	- -	3.95
Enterprise Value	1,542	1,922	2,499	231
Low Price	- -	- -	- -	0.42
EV/Sales	3.97	4.93	6.41	0.4
EV/EBITDA	22.03	74.63	- -	3.75
Price/Earnings	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	0.96
Price/Book Value Average	- -	- -	- -	1.23
Price/Book Value High	- -	- -	- -	3.86
Price/Book Value Low	- -	- -	- -	0.22
Price/Tangible Book Value	- -	- -	- -	1.05
Price/Tangible Book Value Average	- -	- -	- -	1.34
Price/Tangible Book Value High	- -	- -	- -	4.22
Price/Tangible Book Value Low	- -	- -	- -	0.24
Price/Sales	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -
EV/Sales Average	3.97	5.05	6.68	1.18
EV/Sales High	3.97	5.05	6.68	5.87
EV/Sales Low	3.97	5.05	6.68	- -
EV/EBITDA Average	22.04	76.39	-240.41	10.93
EV/EBITDA High	22.04	76.39	-240.41	54.32
EV/EBITDA Low	22.04	76.39	-240.41	-5.72
EV/EBIT Average	22.5	85.63	-181.68	11.53
EV/EBIT High	22.5	85.63	-181.68	57.3
EV/EBIT Low	22.5	85.63	-181.68	-6.04
Last Price	- -	- -	- -	1.87
High Price	- -	- -	- -	7.5
Enterprise Value Average	1,542	1,968	2,608	674
Enterprise Value High	1,542	1,968	2,608	3,350
Enterprise Value Low	1,542	1,968	2,608	-353

Shares Outstanding	459	459	459	523
Diluted Weighted Avg Shares	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -
Cash & Equivalents per Share	0.95	0.91	0.83	1.58
Book Value per Share	-7.44	-8.9	-11.14	1.94
Tangible Book Value per Share	-7.48	-8.96	-11.2	1.78

Webull Corporation Incentive Warrant

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)