Detailed financial statements for UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR): 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.
UP Fintech Holding Limited functions as a leading online brokerage firm, primarily catering to investors within the Chinese market. The company furnishes a sophisticated proprietary trading platform, readily accessible via its dedicated mobile application and web-based portal. This platform empowers clients to engage in transactions involving a diverse range of financial instruments, including equities, options, warrants, and other investment products.
Analysis Summary
UP Fintech Holding Ltd. Sponsored ADR Class A reported revenue of $613.7M in the most recent fiscal year, growing at a 5-year CAGR of 34.7%. Net income reached $171.4M, with a 60.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 88.0%, operating margin 44.0%, net margin 16.2%. Free cash flow grew at 19.7% CAGR over 5 years.
At $4.07 (closing price, October 29, 2026), TIGR trades at a P/E of 6.46 and an ROE of 13.05%. Market capitalisation stands at $732M.
Balance sheet quality for TIGR: current ratio of 68.8, net cash position of $4.11B. 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 $1.31B represents 765% 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 | $5.5M | $16.9M | $33.6M | $58.7M | $138.5M | $264.5M | $225.4M | $272.5M | $391.5M | $613.7M |
| Cost of Revenue | $8.4M | $12.0M | $55.9M | $38.3M | $56.6M | $136.7M | $117.4M | $109.8M | $137.0M | $41.6M |
| Gross Profit | -$3.0M | $5.0M | -$22.4M | $20.4M | $81.9M | $127.8M | $108.0M | $162.7M | $254.5M | $572.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $9.8M | $12.8M | $21.9M | $22.9M | $46.0M | $110.2M | $78.6M | $73.5M | $106.7M | 0 |
| Operating Expenses | $10.6M | $14.0M | $24.5M | $26.4M | $50.7M | $110.2M | $87.6M | $82.9M | $115.3M | $289.6M |
| Operating Income | -$13.5M | -$9.0M | -$46.9M | -$6.1M | $31.1M | $17.7M | $20.4M | $79.8M | $139.3M | $282.5M |
| EBITDA | -$13.3M | -$8.8M | -$45.7M | -$4.5M | $33.1M | $19.0M | $23.4M | $95.8M | $145.2M | $284.4M |
| Interest Expense | 0 | 0 | 0 | $4.1M | $10.1M | $18.4M | $18.7M | $47.0M | $60.8M | $73.5M |
| Pre-tax Income | -$13.4M | -$9.1M | -$46.2M | -$9.3M | $22.0M | $19.1M | $2.0M | $46.0M | $81.8M | $208.0M |
| Income Tax | -$2.6M | -$1.2M | -$1.9M | -$3.4M | $2.9M | $4.4M | $4.3M | $13.0M | $20.4M | $36.1M |
| Net Income | -$10.8M | -$7.5M | -$43.2M | -$6.6M | $16.1M | $14.7M | -$2.2M | $32.6M | $60.7M | $171.4M |
| EPS | $-0.10 | $-0.07 | $-0.32 | $-0.04 | $0.11 | $0.10 | $-0.01 | $0.21 | $0.38 | $0.97 |
| EPS (Diluted) | $-0.10 | $-0.07 | $-0.32 | $-0.04 | $0.11 | $0.09 | $-0.01 | $0.21 | $0.36 | $0.92 |
| Shares Outstanding (Diluted) | 107.7 M | 107.7 M | 133.0 M | 141.0 M | 144.1 M | 155.7 M | 153.0 M | 161.8 M | 168.9 M | 187.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $175.2M | $176.3M | $155.3M | $182.6M |
| Gross Profit | $123.5M | $165.3M | $147.6M | $170.2M |
| Operating Income | $85.7M | $73.0M | $65.9M | $78.5M |
| EBITDA | $89.8M | $76.3M | $4.3M | $79.0M |
| Net Income | $53.8M | $45.5M | -$26.9M | $39.5M |
| EPS | $0.30 | $0.26 | $-0.15 | $0.22 |
| EPS (Diluted) | $0.29 | $0.24 | $-0.15 | $0.22 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.8M | $16.5M | $34.4M | $59.4M | $79.7M | $269.1M | $277.7M | $322.6M | $393.6M | $4.19B |
| Short-term Investments | 0 | 0 | $36.4M | $80.5M | $19.3M | $6.9M | $163.5M | $429.1M | $76.6M | $87.6M |
| Receivables | 0 | $7.0M | $20.8M | $309.2M | $1.18B | $1.55B | $1.61B | $1.31B | $3.38B | $3.84B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $14.8M | $28.1M | $102.9M | $769.7M | $2.15B | $3.27B | $3.74B | $3.69B | $6.33B | $8.12B |
| Property, Plant & Equipment | $576,793 | $839,261 | $1.3M | $7.2M | $8.9M | $11.8M | $20.3M | $14.3M | $26.2M | $26.0M |
| Goodwill | 0 | 0 | 0 | $2.4M | $2.4M | $2.5M | $2.5M | $2.5M | $2.5M | 0 |
| Intangible Assets | $240,688 | $242,300 | $995,646 | $8.1M | $8.1M | $8.9M | $10.2M | $11.2M | $11.2M | $2.5M |
| Total Assets | $24.4M | $36.0M | $115.2M | $809.1M | $2.19B | $3.32B | $3.80B | $3.75B | $6.39B | $8.23B |
| Accounts Payable | 0 | $1.2M | $6.6M | $513.8M | $1.70B | $2.51B | $3.14B | $3.03B | $5.49B | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.8M | $9.9M | $118.0M |
| Total Current Liabilities | $3.2M | $8.1M | $17.0M | $587.6M | $1.95B | $2.72B | $3.18B | $3.09B | $5.56B | $118.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $148.8M | $154.3M | $156.9M | $159.5M | $51.0M |
| Total Liabilities | $3.2M | $51.3M | $141.1M | $597.1M | $1.96B | $2.87B | $3.35B | $3.25B | $5.73B | $7.36B |
| Retained Earnings | -$15.7M | -$23.2M | -$66.4M | -$73.7M | -$59.6M | -$45.8M | -$50.4M | -$19.6M | $37.8M | $208.4M |
| Total Equity | $20.7M | -$14.8M | -$24.4M | $211.9M | $235.7M | $446.6M | $447.1M | $489.0M | $655.2M | $865.5M |
| Total Debt | 0 | 0 | 0 | $5.8M | $7.2M | $154.5M | $168.2M | $172.6M | $179.5M | $173.2M |
| Net Debt | -$14.8M | -$16.5M | -$70.8M | -$134.0M | -$91.7M | -$121.5M | -$272.9M | -$579.0M | -$290.7M | -$4.11B |
| Working Capital | $11.6M | $20.1M | $85.9M | $182.2M | $200.9M | $551.3M | $558.0M | $604.4M | $766.2M | $8.00B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $578.7M | $4.19B | $4.20B | $4.70B |
| Total Assets | $9.30B | $8.23B | $8.23B | $9.75B |
| Total Liabilities | $8.48B | $7.36B | $7.36B | $8.86B |
| Total Equity | $809.9M | $865.5M | $865.5M | $887.2M |
| Total Debt | $173.5M | $173.2M | $173.2M | $61.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$10.8M | -$7.9M | -$44.3M | -$5.9M | $19.2M | $14.7M | -$2.3M | $32.6M | $60.7M | $171.5M |
| Depreciation & Amortization | $195,762 | $342,450 | $473,730 | $752,167 | $928,414 | $1.3M | $2.7M | $2.8M | $2.6M | $2.9M |
| Stock-based Compensation | $222,035 | $349,700 | $34.2M | $4.1M | $6.1M | $13.4M | $14.2M | $10.1M | $9.7M | $15.6M |
| Change in Working Capital | $1.6M | -$543,000 | -$8.9M | $252.3M | $504.0M | $384.0M | $242.1M | $311.8M | -$2.07B | $1.13B |
| Operating Cash Flow | -$11.5M | -$8.5M | -$21.2M | $243.3M | $535.3M | $413.2M | $258.1M | -$6.6M | $828.0M | $1.32B |
| Capital Expenditure | -$440,305 | -$585,016 | -$1.7M | -$1.3M | -$978,142 | -$5.0M | -$4.9M | -$2.8M | -$1.6M | -$5.5M |
| Acquisitions | -$243,690 | -$90,043 | 0 | -$6.8M | 0 | $2.7M | 0 | 0 | 0 | $388,335 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$2.2M | 0 | 0 | 0 | 0 | -$3.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.9M | -$9.1M | -$22.9M | $242.0M | $534.3M | $408.2M | $253.2M | -$9.3M | $826.4M | $1.31B |
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 | $3.2M | $15.6M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +209.5% | +98.0% | +74.8% | +136.1% | +91.0% | -14.8% | +20.9% | +43.7% | +56.7% | |
| Net Income Growth (YoY) | +30.2% | -475.3% | +84.7% | +343.8% | -8.6% | -114.9% | +1,589.3% | +86.5% | +182.3% | |
| EPS Growth (YoY) | +30.2% | -359.1% | +86.8% | +360.7% | -9.2% | -114.3% | +1,568.5% | +81.0% | +155.3% | |
| Shares Change (YoY) | +0.0% | +23.5% | +6.0% | +2.2% | +8.0% | -1.7% | +5.8% | +4.4% | +10.8% | |
| FCF Growth (YoY) | +23.8% | -151.3% | +1,158.8% | +120.8% | -23.6% | -38.0% | -103.7% | +8,957.7% | +58.7% | |
| Gross Margin | -54.2% | 29.3% | -66.6% | 34.7% | 59.1% | 48.3% | 47.9% | 59.7% | 65.0% | 93.2% |
| Operating Margin | -247.2% | -53.2% | -139.7% | -10.4% | 22.5% | 6.7% | 9.1% | 29.3% | 35.6% | 46.0% |
| EBITDA Margin | -243.7% | -51.7% | -136.2% | -7.6% | 23.9% | 7.2% | 10.4% | 35.2% | 37.1% | 46.3% |
| Net Margin | -196.5% | -44.3% | -128.7% | -11.2% | 11.6% | 5.6% | -1.0% | 11.9% | 15.5% | 27.9% |
| FCF Margin | -218.1% | -53.7% | -68.1% | 412.5% | 385.8% | 154.3% | 112.3% | -3.4% | 211.1% | 213.7% |
| Effective Tax Rate | 19.2% | 13.0% | 4.1% | 36.1% | 12.9% | 22.9% | 211.1% | 28.2% | 25.0% | 17.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.11 | $-0.08 | $-0.17 | $1.72 | $3.71 | $2.62 | $1.65 | $-0.06 | $4.89 | $7.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 107.7 M | 107.7 M | 133.0 M | 141.0 M | 141.2 M | 147.0 M | 153.0 M | 157.4 M | 160.3 M | 176.8 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 | 13.05% |
| Return on Invested Capital | 2.22% |
| Return on Assets | 1.15% |
| Gross Margin | 87.98% |
| Operating Margin | 43.97% |
| Net Margin | 16.22% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 1,482.61 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.53 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -109.31 | -156.67 | -34.12 | -84.12 | 72.18 | 49.15 | -238.46 | 21.05 | 17.00 | 9.86 |
| P/B | 56.80 | -79.33 | -59.52 | 2.36 | 4.76 | 1.62 | 1.17 | 1.42 | 1.58 | 1.95 |
| P/S | 214.85 | 69.41 | 43.29 | 8.53 | 8.09 | 2.73 | 2.32 | 2.55 | 2.64 | 2.75 |
| Gross Margin | -54.2% | 29.3% | -66.6% | 34.7% | 59.1% | 48.3% | 47.9% | 59.7% | 65.0% | 93.2% |
| Operating Margin | -247.2% | -53.2% | -139.7% | -10.4% | 22.5% | 6.7% | 9.1% | 29.3% | 35.6% | 46.0% |
| Net Margin | -196.5% | -44.3% | -128.7% | -11.2% | 11.6% | 5.6% | -1.0% | 11.9% | 15.5% | 27.9% |
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