Forensic Analysis · General / Diversified · as of Jun 27, 2026
Webull Corp (BULL)
A forensic read on Webull Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
0.2
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-1.1%
ROE
$3.6B
Market cap
Webull Corp earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 0.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6%Return on invested capital.Return on invested capital is 6% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+65.1%/yrShare-count dilution.Diluted share count changed +195% over the last 3 years to FY2025 (+65.1%/yr). The count is GROWING — existing holders are being diluted. That's ~65.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~195%.
Key fundamentals
Net Margin4.3%
Free Cash Flow$561.5M
Latest Revenue$571.0M
Return on Equity2.4%
Revenue Growth YoY+46.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Webull Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BULL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown