A Business at a Glance
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Item 1. Identity of Directors, Senior Management and Advisers Not applicable. Item 2. Offer Statistics and Expected Timetable Not applicable. Item 3. Key Information A. Reserved B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors An investment in the ADSs or ordinary shares involves significant risks. Below please find a summary of the principal risks we face, organized under relevant headings. All the operational risks associated with being based in and having operations in Mainland China also apply to operations in Hong Kong.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 775M | 775M | 504M | 512M | 503M | 257M |
| Net Income | 698M | 698M | 547M | 374M | 361M | 171M |
| EPS | $7.36 | $7.36 | $5.77 | $3.83 | $3.50 | $1.92 |
| Free Cash Flow | 4.0B | 4.0B | -819M | 432M | 764M | 2.6B |
| ROIC | 34.3% | 36.8% | 25.8% | 20.6% | 20.6% | 20.6% |
| Gross Margin | 184.4% | 184.4% | 214.8% | 165.1% | 151.0% | 131.4% |
| Debt/Equity | 0.00 | 4.67 | 2.95 | 3.53 | 3.84 | 7.59 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 849M | 849M | 640M | 456M | 458M | 211M |
| Operating Margin | 109.5% | 109.5% | 126.9% | 89.1% | 91.0% | 82.2% |
| ROE | 19.4% | 20.7% | 17.4% | 14.0% | 13.4% | 16.0% |
| Shares Outstanding | 95M | 95M | 95M | 97M | 103M | 89M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 52M | 65M | 257M | 503M | 512M | 504M | 775M | 775M |
| Gross Margin | 137.7% | 152.5% | 131.4% | 151.0% | 165.1% | 214.8% | 184.4% | 184.4% |
| R&D | 19M | 33M | 66M | 104M | 156M | 184M | 191M | 191M |
| SG&A | 13M | 21M | 32M | 68M | 119M | 168M | 208M | 208M |
| EBIT | -1.0M | -1.2M | 211M | 458M | 456M | 640M | 849M | 849M |
| Op. Margin | -2.0% | -1.9% | 82.2% | 91.0% | 89.1% | 126.9% | 109.5% | 109.5% |
| Net Income | 4.7M | 18M | 171M | 361M | 374M | 547M | 698M | 698M |
| Net Margin | 9.1% | 28.0% | 66.6% | 71.8% | 73.0% | 108.5% | 90.0% | 90.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | -0.0% | 5.6% | 20.6% | 20.6% | 20.6% | 25.8% | 36.8% | 34.3% |
| ROE | N/A | 5.6% | 16.0% | 13.4% | 14.0% | 17.4% | 20.7% | 19.4% |
| ROA | 0.2% | 0.7% | 1.9% | 2.8% | 3.1% | 4.4% | 4.3% | 3.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | 570M | 251M | 2.6B | 773M | 444M | -809M | 4.0B | 4.0B |
| Free Cash Flow | 568M | 236M | 2.6B | 764M | 432M | -819M | 4.0B | 4.0B |
| Owner Earnings | 568M | 247M | 2.6B | 756M | 411M | -854M | 3.9B | 3.9B |
| CapEx | 2.4M | 15M | 5.8M | 9.1M | 12M | 9.9M | 21M | 21M |
| Maint. CapEx | 1.1M | 2.1M | 3.5M | 4.7M | 7.0M | 7.8M | 9.0M | 9.0M |
| Growth CapEx | 1.3M | 13M | 2.2M | 4.4M | 4.6M | 2.2M | 13M | 13M |
| D&A | 1.1M | 2.1M | 3.5M | 4.7M | 7.0M | 7.8M | 9.0M | 9.0M |
| CapEx/OCF | N/A | 6.0% | 0.2% | 1.2% | 2.6% | N/A | 0.5% | 0.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 152M | 402M | 112M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 3.7% | 7.3% | 2.2% | N/A | 0.0% |
| Stock-Based Comp | 1.3M | 2.0M | 4.2M | 13M | 26M | 37M | 43M | 43M |
| Debt Repayment | 771M | 877M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.5B |
| Cash & Equiv. | 28M | 46M | 133M | 586M | 642M | 631M | 1.5B | 1.5B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -99.62 | 7.40 | 7.59 | 3.84 | 3.53 | 2.95 | 4.67 | 0.00 |
| Interest Coverage | -0.1 | -0.1 | 8.8 | 9.5 | 12.2 | 5.5 | 4.1 | 4.1 |
| Equity | -19M | 325M | 1.1B | 2.7B | 2.7B | 3.1B | 3.6B | 3.6B |
| Total Assets | 2.0B | 2.7B | 9.2B | 13.1B | 12.1B | 12.4B | 20.3B | 20.3B |
| Total Liabilities | 1.9B | 2.4B | 8.1B | 10.4B | 9.4B | 9.3B | 16.8B | 16.8B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -19M | 2.1M | 173M | 534M | 904M | 1.5B | 1.9B | 1.9B |
| Working Capital | N/A | N/A | 1.0B | 2.6B | 2.5B | 2.9B | 3.2B | 3.2B |
| Current Assets | N/A | N/A | 9.1B | 13.0B | 11.9B | 12.2B | 20.0B | 20.0B |
| Current Liabilities | 19M | 29M | 8.1B | 10.3B | 9.4B | 9.3B | 16.7B | 16.7B |
| Per Share Data | ||||||||
| EPS | 0.11 | 0.24 | 1.92 | 3.50 | 3.83 | 5.77 | 7.36 | 7.36 |
| Owner EPS | 12.72 | 3.27 | 29.55 | 7.31 | 4.21 | -9.01 | 41.38 | 41.38 |
| Book Value | -0.43 | 4.30 | 12.03 | 26.11 | 27.32 | 33.09 | 37.89 | 37.89 |
| Cash Flow/Share | 12.77 | 3.32 | 29.63 | 7.48 | 4.55 | -8.54 | 41.93 | 7.46 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 44.6M | 75.7M | 89.0M | 103.4M | 97.5M | 94.8M | 94.8M | 94.8M |
| Valuation | ||||||||
| P/E Ratio | N/A | 40.2 | 19.8 | 11.3 | 14.8 | 9.2 | 11.2 | 22.0 |
| P/FCF | N/A | 3.1 | 1.3 | 5.4 | 12.8 | N/A | 2.0 | 3.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16.3 |
| Price/Book | N/A | 2.3 | 3.2 | 1.5 | 2.1 | 1.6 | 2.2 | 4.3 |
| Price/Sales | N/A | 13.6 | 8.0 | 21.8 | 7.9 | 9.3 | 8.3 | 19.8 |
| FCF Yield | N/A | 32.2% | 77.8% | 18.7% | 7.8% | -16.3% | 50.3% | 25.8% |
| Market Cap | N/A | 734M | 3.4B | 4.1B | 5.5B | 5.0B | 7.8B | 15.3B |
| Avg. Price | N/A | 11.70 | 23.06 | 106.08 | 41.54 | 49.20 | 67.70 | 161.84 |
| Year-End Price | N/A | 9.70 | 38.01 | 39.62 | 56.80 | 52.92 | 82.83 | 161.84 |
Futu Holdings Ltd passes 6 of 9 quality checks, suggesting mixed fundamentals.
Futu Holdings Ltd trades at 22.0x trailing earnings, compared to its 15-year median P/E of 13.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 3.9x vs a median of 3.1x. The company's 5-year average ROIC is 24.9% with a gross margin of 169.3%. At current prices, the estimated annualized return to fair value is +12.9%.
Futu Holdings Ltd (FUTU) has a current P/E ratio of 22.0, compared to its historical median P/E of 13.1. The stock is currently considered Fair based on its historical valuation range.
Futu Holdings Ltd (FUTU) has a 5-year average return on invested capital (ROIC) of 24.9%. This indicates strong capital allocation and a potential competitive advantage.
Futu Holdings Ltd (FUTU) has a market capitalization of $15.3B. It is classified as a large-cap stock.
Futu Holdings Ltd (FUTU) does not currently pay a regular dividend.
Based on historical P/E analysis, Futu Holdings Ltd (FUTU) appears fair. The current P/E of 22.0 is 68% above its historical median of 13.1. The estimated fair value CAGR (P/E method) is 62.3%.
Futu Holdings Ltd (FUTU) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
Futu Holdings Ltd (FUTU) reported annual revenue of $775 million in its most recent fiscal year, based on SEC EDGAR filings.
Futu Holdings Ltd (FUTU) has a net profit margin of 90.0%. This is a strong margin indicating high profitability.
Futu Holdings Ltd (FUTU) generated $4.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Futu Holdings Ltd (FUTU) has a debt-to-equity ratio of 4.67. This indicates higher leverage, which may increase financial risk.
Futu Holdings Ltd (FUTU) reported earnings per share (EPS) of $7.36 in its most recent fiscal year.
Futu Holdings Ltd (FUTU) has a return on equity (ROE) of 20.7%. This indicates the company generates strong returns for shareholders.
Futu Holdings Ltd (FUTU) has a 5-year average gross margin of 169.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Futu Holdings Ltd (FUTU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Futu Holdings Ltd (FUTU) has a book value per share of $37.89, based on its most recent annual SEC filing.