UP Fintech Holding Limited TIGR

FinancialsInvestment Banking & Investment ServicesSingapore

Last close 3.91 USD on Nov 2, 2026, −59.1% year to date

Quant rating

Quant rating B Rank 66 of 304 in Financials

Growth A 12 of 304
Valuation B 59 of 304
Quality A 10 of 304
Revisions B 108 of 304
Momentum D 276 of 304

Wall Street consensus Buy (1.90)Average target 7.79 USD +99.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 703M
Enterprise value: 91M
52-week range: 3.77 – 11.35
3-year range: 3.14 – 12.99
Dividend yield: –
Beta (5 years): 0.64
Shares outstanding: 2,698M
Next earnings: Dec 2, 2026

About the company

UP Fintech Holding Ltd is mainly engaged in the operation of an integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world. The Company offers comprehensive brokerage services through its integrated single-account structure, which empowers users in trade execution, margin financing and securities lending across different global markets. The Company also provides value-added services, such as investor education, community engagement and IR/PR platform, all within a few taps or clicks through application (APP) on smartphone, tablet and personal computer (PC) terminals. The Company also offers ESOP management services to soon-to-be listed and listed companies. The Company primarily operates its business in the New Zealand, Singapore and the United States.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	612	392	273	225	264	–
Revenue growth	56.3%	43.7%	20.9%	−14.8%	91.0%	34.6%
EPS (basic, normalized)	1.01	0.42	0.27	−0.01	0.09	–
EPS growth	138.4%	57.0%	–	–	–	–
Gross margin	84.7%	80.7%	79.4%	84.8%	81.3%	82.2%
Net margin	27.9%	15.5%	11.9%	−1.0%	5.6%	12.0%
ROE	24.5%	12.3%	9.1%	2.8%	4.3%	10.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	670
Current ratio	1.10x
Long-term debt (mil)	53.1
Net debt (mil)	−612
Total equity (mil)	887
Net debt / equity	−0.69x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	612	+56.3%	0.1x	0.32	−90.7%	12.1x	1.01	+138.4%	3.9x
2026	633	+3.5%	0.1x	5.45	+1,582.9%	0.7x	0.56	−45.0%	7.0x
2027	621	−2.0%	0.1x	6.33	+16.0%	0.6x	0.85	+53.1%	4.6x
2028	639	+2.9%	0.1x	7.16	+13.2%	0.5x	0.85	−0.5%	4.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	633	0.0%	+7.4%	+0.1%	0.56	0.0%	+6.0%	−43.1%
2027	621	0.0%	+5.9%	−7.4%	0.85	0.0%	+2.2%	−21.4%
2028	639	0.0%	+3.9%	−11.6%	0.85	0.0%	−3.3%	−32.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	78.9	87.4	101	124	123	139	175	176	155	182
Sales mean (mil)	–	–	98.0	97.0	–	–	128	154	152	159
Surprise	–	–	+3.1%	+27.9%	–	–	+36.7%	+13.9%	+1.8%	+14.4%
EPS reported	0.09	0.03	0.12	0.17	–	–	0.31	0.26	−0.13	0.23
EPS mean	–	–	0.13	0.11	–	–	0.26	0.24	0.23	0.26
Surprise	–	–	−4.6%	+56.4%	–	–	+18.1%	+7.8%	−158.3%	−11.5%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TIGR UP Fintech Holding Limited	703M	−2.70x	27.9%	0.79x	7.0x	4.6x	0.4x	0.4x
0388 Hong Kong Exchanges and Clearing Limited	60.3B	−14.15x	61.5%	7.79x	23.8x	23.5x	5.9x	5.8x
6030 CITIC Securities Company Limited	56.0B	–	27.7%	0.83x	6.9x	6.5x	–	–
300059 East Money Information Co Ltd	44.5B	−7.78x	75.2%	2.89x	19.7x	18.1x	10.5x	9.7x
601211 Guotai Haitong Securities Co Ltd	40.5B	–	36.6%	0.77x	8.8x	8.6x	–	–
IBKR Interactive Brokers Group Inc	127.5B	9.69x	9.4%	5.46x	27.7x	22.5x	29.4x	24.1x
Mean		−3.74x	39.7%	3.09x	15.7x	14.0x	11.6x	10.0x
Median		−5.24x	32.3%	1.86x	14.3x	13.4x	8.2x	7.7x

Technical analysis

1M−6.0%
3M−20.2%
1Y−63.7%
3Y−14.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, UP Fintech Holding Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	612	392	273	225	264	138
Cost of revenue	93.9	75.5	56.0	34.3	49.5	22.7
Gross profit	518	316	216	191	215	116
Selling, general & administrative expenses	307	235	181	187	196	93.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	2.9	2.6	2.8	2.7	1.3	0.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	208	78.5	32.8	1.7	17.6	21.0
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.9	3.3	13.1	0.3	1.5	1.0
Net income before taxes	207	81.8	46.0	2.0	19.1	22.0
Provision for taxes	36.0	20.4	13.0	4.3	4.4	2.9
Minority interest	−0.6	−0.6	−0.4	0.1	0	−3.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	171	60.7	32.6	−2.2	14.7	16.1
Extraordinary items	–	–	–	–	–	–
Net income	171	60.7	32.6	−2.2	14.7	16.1
EBIT, normalized	208	78.5	32.8	2.4	18.2	21.0
EBITDA, normalized	211	81.1	35.7	5.1	19.5	22.0
Basic EPS, normalized	1.01	0.42	0.27	−0.01	0.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, UP Fintech Holding Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	879	470	752	441	276	98.9
Receivables	3,842	3,382	1,307	1,609	1,552	1,176
Total inventory	–	–	–	–	–	–
Prepaid expenses	29.8	11.6	14.0	10.1	11.8	9.6
Other current assets	3,402	2,465	1,617	1,678	1,432	868
Total current assets	8,152	6,328	3,690	3,739	3,271	2,152
Property, plant & equipment	17.4	15.1	14.3	20.3	11.8	8.9
Goodwill	2.5	2.5	2.5	2.5	2.5	2.4
Intangibles	8.6	11.2	11.2	10.2	8.9	8.1
Long-term investments	24.7	19.2	11.8	7.9	9.8	6.5
Note receivable	–	–	–	–	–	–
Other long-term assets	21.3	15.4	16.3	17.9	17.2	14.2
Total assets	8,227	6,391	3,746	3,797	3,321	2,192
Liabilities
Accounts payable	5,096	3,575	2,913	2,996	2,509	1,696
Payable/accrued	–	–	–	–	–	–
Accrued expenses	118	71.4	46.5	43.3	36.4	30.7
Short-term debt	111	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	1,974	1,916	126	141	174	225
Total current liabilities	7,299	5,562	3,086	3,181	2,720	1,951
Long-term debt	51.0	160	157	154	149	0
Minority interest	4.7	6.9	6.4	4.5	–	0
Other liabilities	5.9	8.0	8.2	10.8	6.0	5.3
Total liabilities	7,361	5,736	3,257	3,350	2,875	1,957
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	634	619	505	496	484	292
Retained earnings (accumulated deficit)	224	50.3	−11.1	−44.2	−42.2	−56.9
Treasury stock	−2.2	−2.2	−2.2	−2.2	−2.2	−2.2
Other equity	9.5	−11.9	−3.2	−2.2	6.7	2.9
Total equity	866	655	489	447	447	236
Total liabilities & shareholders' equity	8,227	6,391	3,746	3,797	3,321	2,192

Cash flow statement in millions of USD, fiscal years

Cash flow statement, UP Fintech Holding Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	171	61.4	33.0	−2.3	14.7	19.2
Depreciation, depletion & amortization	2.9	2.6	2.8	2.7	1.3	0.9
Deferred taxes	−1.7	0.8	3.2	−1.3	−0.7	1.8
Non-cash items	9.7	12.2	0	16.7	13.8	9.4
Changes in working capital	1,134	751	−45.7	242	384	504
Cash from operations	1,317	828	−6.6	258	413	535
Investing activities
Capital expenditures	−5.5	−1.6	−2.8	−4.9	−5.0	−1.0
Other investing cash flows	−0.3	−7.1	−5.0	1.3	15.9	44.5
Cash from investing	−5.7	−8.7	−7.8	−3.6	10.9	43.6
Financing activities
Financing cash flow items	0	0	1.7	4.4	0	−8.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2.9	104	0.1	0.4	331	0
Cash from financing	−2.9	104	1.8	4.7	331	−8.4
Foreign exchange effects	26.6	−4.6	−3.5	−4.3	−1.7	−0.2
Net change in cash	1,335	919	−16.0	255	753	570
Free cash flow	1,311	826	−9.3	253	408	534

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.