Detailed financial statements for Futu Holdings Limited (FUTU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Futu Holdings Limited is a global provider of digital brokerage services for securities and the distribution of wealth management products, with operations based in Hong Kong. The company's primary offerings include a full spectrum of online financial services delivered through its proprietary digital platforms, Futubull and Moomoo. These services cover brokerage for trading securities and derivatives, margin lending, and the distribution of investment funds.
Analysis Summary
Futu Holdings Limited reported revenue of 22.81B HKD in the most recent fiscal year, growing at a 5-year CAGR of 47.1%. Net income reached 11.32B HKD, with a 53.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 89.4%, operating margin 63.9%, net margin 42.9%. Free cash flow grew at 14.8% CAGR over 5 years.
At $98.45 (closing price, October 30, 2026), FUTU trades at a P/E of 9.67 and an ROE of 28.42%. Market capitalisation stands at $13.8B, placing it among large-cap names.
Balance sheet quality for FUTU: current ratio of 9.2, net cash position of 112.86B HKD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 40.73B HKD represents 360% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 87.0M HKD | 311.7M HKD | 811.3M HKD | 1.06B HKD | 3.31B HKD | 7.12B HKD | 7.61B HKD | 10.01B HKD | 13.59B HKD | 22.81B HKD |
| Cost of Revenue | 45.1M HKD | 109.1M HKD | 249.6M HKD | 281.7M HKD | 696.0M HKD | 1.21B HKD | 996.1M HKD | 1.54B HKD | 2.45B HKD | 2.94B HKD |
| Gross Profit | 41.9M HKD | 202.6M HKD | 561.7M HKD | 779.9M HKD | 2.61B HKD | 5.91B HKD | 6.62B HKD | 8.47B HKD | 11.14B HKD | 19.87B HKD |
| Research & Development | 61.6M HKD | 95.5M HKD | 151.1M HKD | 262.3M HKD | 513.3M HKD | 805.3M HKD | 1.22B HKD | 1.44B HKD | 1.49B HKD | 0 |
| Selling, General & Admin | 91.0M HKD | 98.7M HKD | 201.9M HKD | 329.6M HKD | 633.7M HKD | 1.92B HKD | 1.83B HKD | 2.02B HKD | 3.03B HKD | 0 |
| Operating Expenses | 152.6M HKD | 194.3M HKD | 353.0M HKD | 591.9M HKD | 1.15B HKD | 2.73B HKD | 3.05B HKD | 3.46B HKD | 4.52B HKD | 5.81B HKD |
| Operating Income | -110.7M HKD | 8.3M HKD | 208.8M HKD | 188.0M HKD | 1.47B HKD | 3.18B HKD | 3.57B HKD | 5.01B HKD | 6.62B HKD | 14.06B HKD |
| EBITDA | -107.1M HKD | 12.6M HKD | 217.1M HKD | 254.1M HKD | 1.55B HKD | 3.30B HKD | 3.72B HKD | 5.18B HKD | 6.80B HKD | 13.86B HKD |
| Interest Expense | 3.5M HKD | 19.9M HKD | 95.6M HKD | 89.2M HKD | 185.1M HKD | 376.9M HKD | 292.5M HKD | 0 | 0 | 0 |
| Pre-tax Income | -111.7M HKD | 3.4M HKD | 200.8M HKD | 177.9M HKD | 1.45B HKD | 3.19B HKD | 3.34B HKD | 5.03B HKD | 6.43B HKD | 13.64B HKD |
| Income Tax | -13.3M HKD | 11.5M HKD | 62.3M HKD | 12.3M HKD | 124.8M HKD | 375.1M HKD | 414.0M HKD | 748.5M HKD | 998.3M HKD | 2.36B HKD |
| Net Income | -98.5M HKD | -8.1M HKD | 138.5M HKD | 165.7M HKD | 1.33B HKD | 2.81B HKD | 2.93B HKD | 4.28B HKD | 5.44B HKD | 11.32B HKD |
| EPS | -1.04 HKD | -0.41 HKD | 0.72 HKD | 1.36 HKD | 10.24 HKD | 18.72 HKD | 20.56 HKD | 31.04 HKD | 39.44 HKD | 81.28 HKD |
| EPS (Diluted) | -1.04 HKD | -0.41 HKD | 0.56 HKD | 1.28 HKD | 10.08 HKD | 18.40 HKD | 20.32 HKD | 30.56 HKD | 38.88 HKD | 80.08 HKD |
| Shares Outstanding (Diluted) | 111.2 M | 111.2 M | 63.9 M | 114.7 M | 131.3 M | 152.5 M | 143.9 M | 140.0 M | 140.1 M | 141.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 6.40B HKD | 6.44B HKD | 5.86B HKD | 7.21B HKD |
| Gross Profit | 5.61B HKD | 5.71B HKD | 5.11B HKD | 6.73B HKD |
| Operating Income | 3.90B HKD | 4.15B HKD | 3.53B HKD | 4.98B HKD |
| EBITDA | 3.90B HKD | 4.03B HKD | 3.53B HKD | 4.86B HKD |
| Net Income | 3.23B HKD | 3.39B HKD | 850.5M HKD | 3.65B HKD |
| EPS | 23.20 HKD | 24.32 HKD | 6.08 HKD | 26.24 HKD |
| EPS (Diluted) | 22.80 HKD | 24.00 HKD | 6.00 HKD | 26.24 HKD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 179.0M HKD | 375.3M HKD | 215.6M HKD | 362.6M HKD | 1.03B HKD | 4.56B HKD | 5.03B HKD | 4.94B HKD | 11.69B HKD | 123.86B HKD |
| Short-term Investments | 2.2M HKD | 0 | 59.3M HKD | 93.8M HKD | 300.0M HKD | 1.28B HKD | 712.9M HKD | 3.25B HKD | 2.73B HKD | 6.69B HKD |
| Receivables | 940.3M HKD | 3.26B HKD | 3.86B HKD | 5.98B HKD | 26.90B HKD | 40.04B HKD | 36.51B HKD | 42.68B HKD | 72.60B HKD | 27.67B HKD |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 4.48B HKD | 10.82B HKD | 16.00B HKD | 21.05B HKD | 70.84B HKD | 45.93B HKD | 42.35B HKD | 95.43B HKD | 155.89B HKD | 158.22B HKD |
| Property, Plant & Equipment | 8.2M HKD | 13.4M HKD | 22.9M HKD | 279.2M HKD | 317.2M HKD | 419.6M HKD | 342.7M HKD | 349.1M HKD | 440.8M HKD | 569.9M HKD |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.5M HKD | 1.3M HKD | 1.4M HKD | 7.7M HKD | 10.2M HKD | 17.2M HKD | 54.4M HKD | 72.1M HKD | 85.6M HKD | 0 |
| Total Assets | 4.52B HKD | 10.92B HKD | 16.06B HKD | 21.40B HKD | 71.34B HKD | 101.54B HKD | 94.50B HKD | 97.14B HKD | 158.76B HKD | 228.42B HKD |
| Accounts Payable | 4.15B HKD | 8.36B HKD | 13.23B HKD | 16.95B HKD | 51.05B HKD | 67.19B HKD | 69.18B HKD | 64.65B HKD | 117.17B HKD | 0 |
| Short-term Debt | 161.2M HKD | 1.54B HKD | 1.18B HKD | 1.47B HKD | 10.94B HKD | 15.29B HKD | 2.48B HKD | 5.65B HKD | 8.28B HKD | 17.28B HKD |
| Total Current Liabilities | 4.35B HKD | 9.97B HKD | 14.56B HKD | 18.66B HKD | 62.86B HKD | 83.31B HKD | 72.77B HKD | 72.43B HKD | 130.61B HKD | 17.28B HKD |
| Long-term Debt | 32.0M HKD | 400.0M HKD | 400.0M HKD | 1.6M HKD | 5.45B HKD | 6.36B HKD | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.71B HKD | 11.16B HKD | 14.96B HKD | 18.85B HKD | 63.03B HKD | 80.55B HKD | 73.64B HKD | 72.56B HKD | 130.75B HKD | 188.10B HKD |
| Retained Earnings | -187.3M HKD | -230.9M HKD | -148.9M HKD | 16.7M HKD | 1.34B HKD | 4.15B HKD | 7.08B HKD | 11.36B HKD | 14.65B HKD | 25.99B HKD |
| Total Equity | 139.0M HKD | -232.9M HKD | 1.10B HKD | 2.55B HKD | 8.31B HKD | 20.99B HKD | 20.86B HKD | 24.57B HKD | 28.01B HKD | 40.00B HKD |
| Total Debt | 193.2M HKD | 1.94B HKD | 1.58B HKD | 1.64B HKD | 16.61B HKD | 21.91B HKD | 2.69B HKD | 5.89B HKD | 8.55B HKD | 17.68B HKD |
| Net Debt | 12.0M HKD | 1.57B HKD | 1.30B HKD | 1.19B HKD | 15.28B HKD | 16.08B HKD | -3.05B HKD | -2.30B HKD | -5.87B HKD | -112.86B HKD |
| Working Capital | 128.8M HKD | 847.2M HKD | 1.44B HKD | 2.39B HKD | 7.98B HKD | -37.37B HKD | -30.42B HKD | 23.00B HKD | 25.27B HKD | 140.93B HKD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 10.72B HKD | 123.86B HKD | 16.49B HKD | 18.49B HKD |
| Total Assets | 243.38B HKD | 228.42B HKD | 246.32B HKD | 292.64B HKD |
| Total Liabilities | 206.58B HKD | 188.10B HKD | 204.83B HKD | 253.43B HKD |
| Total Equity | 36.45B HKD | 40.00B HKD | 41.19B HKD | 38.88B HKD |
| Total Debt | 13.63B HKD | 17.68B HKD | 22.51B HKD | 28.32B HKD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -98.5M HKD | -8.1M HKD | 138.5M HKD | 165.7M HKD | 1.33B HKD | 2.81B HKD | 2.93B HKD | 4.28B HKD | 5.43B HKD | 11.30B HKD |
| Depreciation & Amortization | 3.6M HKD | 4.3M HKD | 8.3M HKD | 66.1M HKD | 79.8M HKD | 120.1M HKD | 149.6M HKD | 171.2M HKD | 175.5M HKD | 223.0M HKD |
| Stock-based Compensation | 9.2M HKD | 9.8M HKD | 10.4M HKD | 16.0M HKD | 32.6M HKD | 98.9M HKD | 204.5M HKD | 290.8M HKD | 334.9M HKD | 343.0M HKD |
| Change in Working Capital | 1.48B HKD | 1.87B HKD | 4.30B HKD | 1.72B HKD | 19.01B HKD | 3.14B HKD | 27.0M HKD | -10.90B HKD | 24.76B HKD | 29.23B HKD |
| Operating Cash Flow | 1.40B HKD | 1.86B HKD | 4.47B HKD | 1.97B HKD | 20.46B HKD | 6.01B HKD | 3.47B HKD | -6.34B HKD | 31.00B HKD | 40.79B HKD |
| Capital Expenditure | -4.0M HKD | -7.4M HKD | -18.8M HKD | -118.3M HKD | -44.6M HKD | -70.5M HKD | -90.5M HKD | -77.8M HKD | -167.5M HKD | -54.7M HKD |
| Acquisitions | 4,995 HKD | 20,030 HKD | 0 | -6.7M HKD | 0 | -300.0M HKD | -109.5M HKD | -17.5M HKD | -1.7M HKD | 476.7M HKD |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -1.18B HKD | -3.15B HKD | -874.7M HKD | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.15B HKD |
| Free Cash Flow | 1.39B HKD | 1.85B HKD | 4.45B HKD | 1.85B HKD | 20.41B HKD | 5.94B HKD | 3.38B HKD | -6.42B HKD | 30.83B HKD | 40.73B HKD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 95.3M HKD | 86.3M HKD | 88.5M HKD | 83.3M HKD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +258.2% | +160.3% | +30.8% | +211.9% | +114.9% | +7.0% | +31.4% | +35.8% | +67.8% | |
| Net Income Growth (YoY) | +91.8% | +1,809.6% | +19.6% | +700.1% | +112.0% | +4.2% | +46.3% | +27.1% | +107.9% | |
| EPS Growth (YoY) | +60.6% | +275.6% | +88.9% | +652.9% | +82.8% | +9.8% | +51.0% | +27.1% | +106.1% | |
| Shares Change (YoY) | +0.0% | -42.5% | +79.4% | +14.4% | +16.1% | -5.6% | -2.7% | +0.1% | +0.9% | |
| FCF Growth (YoY) | +32.6% | +140.9% | -58.4% | +1,002.7% | -70.9% | -43.0% | -289.6% | +580.6% | +32.1% | |
| Gross Margin | 48.2% | 65.0% | 69.2% | 73.5% | 79.0% | 83.0% | 86.9% | 84.7% | 82.0% | 87.1% |
| Operating Margin | -127.2% | 2.7% | 25.7% | 17.7% | 44.3% | 44.7% | 46.9% | 50.0% | 48.7% | 61.6% |
| EBITDA Margin | -123.1% | 4.0% | 26.8% | 23.9% | 46.7% | 46.4% | 48.8% | 51.7% | 50.0% | 60.8% |
| Net Margin | -113.2% | -2.6% | 17.1% | 15.6% | 40.0% | 39.5% | 38.4% | 42.8% | 40.1% | 49.6% |
| FCF Margin | 1,601.6% | 592.9% | 548.6% | 174.4% | 616.5% | 83.5% | 44.4% | -64.1% | 226.8% | 178.6% |
| Effective Tax Rate | 11.9% | 339.8% | 31.0% | 6.9% | 8.6% | 11.8% | 12.4% | 14.9% | 15.5% | 17.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 12.53 HKD | 16.62 HKD | 69.62 HKD | 16.13 HKD | 155.50 HKD | 38.97 HKD | 23.52 HKD | -45.84 HKD | 220.11 HKD | 288.16 HKD |
| Dividends Per Share | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 0.00 HKD | 15.22 HKD |
| Shares Outstanding (Basic) | 97.7 M | 97.7 M | 63.9 M | 111.8 M | 129.6 M | 150.1 M | 142.4 M | 140.0 M | 140.0 M | 139.3 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 28.42% |
| Return on Invested Capital | 4.59% |
| Return on Assets | 3.80% |
| Gross Margin | 89.40% |
| Operating Margin | 63.94% |
| Net Margin | 42.92% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 5.34 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.77 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -114.21 | -292.77 | 166.61 | 59.10 | 34.64 | 18.03 | 15.44 | 13.74 | 15.75 | 15.72 |
| P/B | 83.52 | -50.21 | 6.97 | 3.53 | 5.53 | 2.41 | 2.17 | 2.43 | 3.11 | 4.45 |
| P/S | 133.38 | 37.52 | 9.45 | 8.47 | 13.89 | 7.12 | 5.94 | 5.96 | 6.40 | 7.81 |
| Gross Margin | 48.2% | 65.0% | 69.2% | 73.5% | 79.0% | 83.0% | 86.9% | 84.7% | 82.0% | 87.1% |
| Operating Margin | -127.2% | 2.7% | 25.7% | 17.7% | 44.3% | 44.7% | 46.9% | 50.0% | 48.7% | 61.6% |
| Net Margin | -113.2% | -2.6% | 17.1% | 15.6% | 40.0% | 39.5% | 38.4% | 42.8% | 40.1% | 49.6% |
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Explore sector: Financial Services · Financial - Capital Markets
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