TIGR

MKT CAP:$1B

UP Fintech Holding Ltd. Sponsored ADR Class A

Market Cap

$1B

Financial Services·Financial - Capital Markets·🇨🇳 China·NASDAQ

Financials·Financial·🇨🇳·NASDAQ

Stock Price

$7.01-$3.43 (-32.89%)

Apr 22, 2026

Company Details

UP Fintech Holding Limited provides online brokerage services focusing on Chinese investors. The company has developed a brokerage platform, which allows investor to trade stocks, options, warrants, and other financial instruments that can ...

CEO

Tianhua Wu

IPO Date

Mar 20, 2019

Website

www.itigerup.com

Key Metrics TTM

Revenue

$613M

+93.6% YoY

Net Income

$171M

EPS (Diluted)

$0.93

Free Cash Flow

$0

Revenue / Share

$3.26

Gross Margin

76.6%

Operating Margin

46.0%

Net Margin

27.9%

FCF Margin

0.0%

P/S

2.0x

P/E

7.3x

Earnings Reports

FY 2025

Dec 30, 2025

$614M+56.7%EPS $0.92

Q4 2025

Mar 19, 2026

$176MEPS $0.24

Q3 2025

Dec 4, 2025

$175M+73.3%EPS $0.29

Q2 2025

Aug 27, 2025

$139MEPS $0.22

Q1 2025

Mar 31, 2025

$123M+55.3%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$81M	$57M	$35M
Q2 21	$60M	$33M	-$2M
Q3 21	$61M	$30M	$6M
Q4 21	$62M	$27M	-$3M
Q1 22	$53M	$21M	-$2M
Q2 22	$53M	$24M	$2M
Q3 22	$55M	$28M	$8M
Q4 22	$64M	$35M	$13M
Q1 23	$66M	$39M	$20M
Q3 23	$70M	$42M	$21M
Q1 24	$79M	$75M	$28M
Q3 24	$101M	$69M	$42M
Q1 25	$123M	$83M	$56M
Q2 25	$139M	$97M	$68M
Q3 25	$175M	$123M	$86M
Q4 25	$176M	$165M	$73M

Valuation

Quarter	P/S	P/E
Q1 21	10.3x	57.2x
Q2 21	17.9x	316.8x
Q3 21	7.0x	60.8x
Q4 21	2.8x	49.9x
Q1 22	3.7x	—
Q2 22	3.3x	90.0x
Q3 22	2.2x	—
Q4 22	2.6x	—
Q1 23	2.1x	44.1x
Q3 23	3.1x	30.7x
Q1 24	2.1x	17.1x
Q3 24	2.7x	16.4x
Q1 25	3.7x	18.7x
Q2 25	3.5x	15.2x
Q3 25	3.6x	13.4x
Q4 25	2.6x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$0	$0
Q4 20	$15M	$15M
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	$535.3B	$534.3B
Q1 22	$0	$0
Q2 22	$4M	$4M
Q3 22	$5M	$5M
Q4 22	$15M	$15M
Q1 23	$5M	$5M
Q3 23	$4M	$4M
Q1 24	$0	$0
Q3 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 20	$0
Q4 20	$420.8K
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$978M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$420.8K
Q1 23	$0
Q3 23	$0
Q1 24	$0
Q3 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+255.5%	+131.1%
Q2 21	+100.1%	+150.2%
Q3 21	+59.6%	+95.7%
Q4 21	+31.7%	+78.9%
Q1 22	-35.2%	+17.6%
Q2 22	-11.2%	-17.1%
Q3 22	-8.8%	-13.1%
Q4 22	+2.7%	-21.5%
Q1 23	+26.0%	-16.4%
Q3 23	+31.2%	-5.9%
Q1 24	+42.5%	+7.4%
Q3 24	+58.3%	+16.5%
Q1 25	+84.9%	+46.1%
Q2 25	+97.8%	+45.5%
Q3 25	+121.9%	+76.1%
Q4 25	+74.5%	+74.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$1M	3.9%
Q4 20	$6M	12.8%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$13M	21.5%
Q1 22	$0	0.0%
Q2 22	$4M	8.1%
Q3 22	$0	0.0%
Q4 22	$14M	22.3%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$8M	$13M
Q2 21	$10M	$24M
Q3 21	$10M	$11M
Q4 21	$16M	$12M
Q1 22	$11M	$10M
Q2 22	$12M	$8M
Q3 22	$10M	$7M
Q4 22	$13M	$7M
Q1 23	$11M	$5M
Q3 23	$13M	$5M
Q1 24	$14M	$4M
Q3 24	$17M	$8M
Q1 25	$15M	$11M
Q2 25	$17M	$10M
Q3 25	$22M	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$350M	$9M	$358M
Q2 22	$328M	$10M	$337M
Q3 22	$257M	$38M	$295M
Q4 22	$278M	$163M	$441M
Q1 23	$228M	$282M	$510M
Q2 23	$324M	$354M	$678M
Q3 23	$270M	$422M	$692M
Q4 23	$323M	$429M	$752M
Q1 24	$359M	$263M	$622M
Q2 24	$393M	$177M	$569M
Q3 24	$430M	$97M	$527M
Q4 24	$394M	$77M	$470M
Q1 25	$404M	$179M	$582M
Q2 25	$512M	$293M	$805M
Q3 25	$579M	$108M	$687M
Q4 25	$4.2B	$88M	$4.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	147M	+2.0%	+3.1%
Q2 21	144M	-2.0%	+1.1%
Q3 21	161M	+11.9%	+12.1%
Q4 21	151M	-6.4%	+4.6%
Q1 22	152M	+0.5%	+3.1%
Q2 22	153M	+0.6%	+5.9%
Q3 22	162M	+5.7%	+0.1%
Q4 22	155M	-3.9%	+2.8%
Q1 23	160M	+3.2%	+5.5%
Q3 23	163M	+1.4%	+6.3%
Q1 24	163M	+0.5%	+1.1%
Q3 24	164M	+0.6%	+5.9%
Q1 25	169M	+2.7%	+5.4%
Q2 25	185M	+9.8%	+14.0%
Q3 25	188M	+1.4%	+15.0%
Q4 25	188M	-0.0%	+14.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$103.5K	785
Q2 21	$76.7K	785
Q3 21	$77.4K	785
Q4 21	$54.8K	1K
Q1 22	$46.4K	1K
Q2 22	$47.2K	1K
Q3 22	$48.9K	1K
Q4 22	$61.4K	1K
Q1 23	$63.8K	1K
Q3 23	$67.4K	1K
Q1 24	$71.2K	1K
Q3 24	$91.1K	1K
Q1 25	$102.8K	1K
Q2 25	$116.3K	1K
Q3 25	$146.8K	1K
Q4 25	$147.8K	1K

Revenue / Employee