Webull Corporation
BULL Technology Software Application
Webull Corporation’s revenue for fiscal 2025 (year ended December 2025) was $571.0 million, up 46.3% from fiscal 2024. In the quarter to June 2026, revenue grew 51.2%, EPS grew 104.2%, free cash flow fell 454,633.3% and total debt fell 32.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Webull Corporation (BULL) Beneish M-score
Webull Corporation's Beneish M-score for fiscal 2025 is −2.24; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.24 | (5.29) |
| FY2024 | 3.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.54 | — | 1.42 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.83 | — | 0.33 | |
| Sales growth index | 1.46 | — | 1.31 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 0.80 | — | −0.14 | |
| Total accruals to total assets | (0.14) | — | −0.65 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.24 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| INTA Intapp, Inc. compare | −3.7× |
| NATL NCR Atleos Corporation compare | −2.7× |
| BRZE Braze, Inc. compare | −2.6× |
| SPSC SPS Commerce, Inc. compare | −2.5× |
| AGYS Agilysys, Inc. compare | −2.5× |
| LIF Life360, Inc. compare | −2.4× |
| FRSH Freshworks Inc. compare | −2.3× |
| PTRN Pattern Group Inc. compare | −2.3× |
| BULL Webull Corporation | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI