Futu Holdings Limited Financials
Futu Holdings Limited (FUTU) reported $2.9B in revenue for fiscal year 2025, up 67.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Short-term balance-sheet flows drive much of the cash story, while rapid scale is widening margins faster than costs.
Operating cash flow moved from-$811M to$5.24B across the period shown even though net income stayed positive, showing cash conversion is balance-sheet-driven rather than a simple read-through from profit. With current liabilities at$24.1B and capex only$7M in the latest year, free cash flow is being influenced more by funding-flow mechanics than by reinvestment needs, which helps explain why cash can look more volatile than profit.
In the latest year, operating margin reached
The balance sheet carries heavy short-term obligations: current liabilities were
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Futu Holdings Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Futu Holdings Limited, and counted as zero in the overall score.
Not available for Futu Holdings Limited, and counted as zero in the overall score.
Futu Holdings Limited passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Futu Holdings Limited generates $3.60 in operating cash flow ($5.2B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Futu Holdings Limited generated $2.9B in revenue in fiscal year 2025. This represents an increase of 67.8% from the prior year.
Futu Holdings Limited's EBITDA was $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 111.1% from the prior year.
Futu Holdings Limited reported $1.5B in net income in fiscal year 2025. This represents an increase of 107.9% from the prior year.
Futu Holdings Limited earned $1.29 per diluted share (EPS) in fiscal year 2025. This represents an increase of 104.8% from the prior year.
Cash & Balance Sheet
Futu Holdings Limited generated $5.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.9% from the prior year.
Futu Holdings Limited held $1.3B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Futu Holdings Limited's gross margin was 87.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.1 percentage points from the prior year.
Futu Holdings Limited's operating margin was 61.6% in fiscal year 2025, reflecting core business profitability. This is up 12.9 percentage points from the prior year.
Futu Holdings Limited's net profit margin was 49.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.6 percentage points from the prior year.
Futu Holdings Limited's ROE was 28.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.9 percentage points from the prior year.
Capital Allocation
Futu Holdings Limited invested $245.2M in research and development in fiscal year 2025. This represents an increase of 27.5% from the prior year.
Futu Holdings Limited invested $7.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.4% from the prior year.
Not reported for fiscal year 2025.
FUTU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.9B+67.8% | $1.7B+36.5% | $1.3B+31.3% | $976.0M+7.0% | $912.3M+113.6% | $427.0M+213.3% | $136.3M |
| Cost of Revenue | $378.0M+20.1% | $314.8M+60.1% | $196.7M+54.0% | $127.7M-17.4% | $154.6M+72.3% | $89.8M+148.2% | $36.2M |
| Gross Profit | $2.6B+78.2% | $1.4B+32.3% | $1.1B+27.9% | $848.3M+12.0% | $757.6M+124.6% | $337.3M+236.9% | $100.1M |
| R&D Expenses | $245.2M+27.5% | $192.3M+4.2% | $184.5M+17.8% | $156.6M+51.7% | $103.3M+56.0% | $66.2M+96.6% | $33.7M |
| SG&A Expenses | $248.6M+19.2% | $208.6M+24.0% | $168.2M+40.9% | $119.4M+76.0% | $67.8M+111.7% | $32.0M+51.4% | $21.2M |
| Operating Income | $1.8B+112.2% | $852.5M+33.0% | $641.1M | N/A | N/A | N/A | N/A |
| Income Tax | $303.2M+135.9% | $128.5M+34.1% | $95.8M+80.6% | $53.1M+10.3% | $48.1M+198.8% | $16.1M+920.6% | $1.6M |
| Net Income | $1.5B+107.9% | $700.7M+27.8% | $548.1M+46.1% | $375.2M+4.1% | $360.3M+110.8% | $171.0M+703.9% | $21.3M |
| EPS (Diluted) | $1.29+104.8% | $0.63+28.6% | $0.49+48.5% | $0.33+10.0% | $0.30+87.5% | $0.16+700.0% | $0.02 |
Not reported in any period shown, so not listed: Interest Expense.
FUTU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $29.3B+43.6% | $20.4B+64.3% | $12.4B+2.7% | $12.1B-7.0% | $13.0B+41.5% | $9.2B+234.9% | $2.7B |
| Current Assets | $28.7B+43.2% | $20.1B+64.3% | $12.2B+2.4% | $11.9B-7.6% | $12.9B | N/A | N/A |
| Cash & Equivalents | $1.3B-10.6% | $1.5B+138.0% | $632.1M-1.9% | $644.6M+10.4% | $584.0M+337.6% | $133.4M+186.7% | $46.5M |
| Total Liabilities | $24.2B+43.6% | $16.8B+81.2% | $9.3B-1.6% | $9.4B-8.6% | $10.3B+27.0% | $8.1B+235.9% | $2.4B |
| Current Liabilities | $24.1B+43.4% | $16.8B+81.3% | $9.3B-1.6% | $9.4B-8.5% | $10.3B | N/A | N/A |
| Total Equity | $5.1B+42.5% | $3.6B+14.6% | $3.1B+17.6% | $2.7B-0.6% | $2.7B+151.1% | $1.1B+227.5% | $327.2M |
| Retained Earnings | $3.3B+77.0% | $1.9B+29.7% | $1.5B+60.3% | $907.4M+70.4% | $532.4M+207.5% | $173.1M+7955.8% | $2.1M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
FUTU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.2B+31.3% | $4.0B+591.8% | -$811.4M-282.2% | $445.4M-42.2% | $770.8M-70.8% | $2.6B+943.5% | $252.8M |
| Capital Expenditures | $7.0M-67.4% | $21.6M+116.6% | $10.0M-14.2% | $11.6M+28.5% | $9.0M+56.9% | $5.8M-62.1% | $15.2M |
| Free Cash Flow | $5.2B+31.9% | $4.0B+583.2% | -$821.3M-289.3% | $433.8M-43.1% | $761.8M-71.1% | $2.6B+1007.8% | $237.6M |
| Investing Cash Flow | -$229.1M-1812.5% | $13.4M+104.3% | -$312.9M-2701.4% | $12.0M+109.7% | -$123.5M-292.3% | -$31.5M-53.3% | -$20.5M |
| Financing Cash Flow | $552.1M+5952.5% | $9.1M-96.9% | $295.5M+132.9% | -$898.5M-166.4% | $1.4B+24.8% | $1.1B+633.4% | $147.8M |
| Dividends Paid | $276.4M | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $112.0M-72.2% | $403.2M+166.8% | $151.1M | N/A | N/A |
FUTU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1%+5.1pp | 82.0%-2.6pp | 84.7%-2.3pp | 86.9%+3.9pp | 83.0%+4.1pp | 79.0%+5.5pp | 73.5% |
| Operating Margin | 61.6%+12.9pp | 48.7%-1.3pp | 50.0% | N/A | N/A | N/A | N/A |
| Net Margin | 49.6%+9.6pp | 40.1%-2.7pp | 42.8%+4.3pp | 38.4%-1.1pp | 39.5%-0.5pp | 40.0%+24.4pp | 15.6% |
| Return on Equity | 28.3%+8.9pp | 19.4%+2.0pp | 17.4%+3.4pp | 14.0%+0.6pp | 13.4%-2.6pp | 16.0%+9.5pp | 6.5% |
| Return on Assets | 5.0%+1.5pp | 3.4%-1.0pp | 4.4%+1.3pp | 3.1%+0.3pp | 2.8%+0.9pp | 1.9%+1.1pp | 0.8% |
| Current Ratio | 1.190.0x | 1.19-0.1x | 1.32+0.1x | 1.270.0x | 1.25 | N/A | N/A |
| Debt-to-Equity | 4.700.0x | 4.67+1.7x | 2.95-0.6x | 3.53-0.3x | 3.84-3.7x | 7.59+0.2x | 7.40 |
| FCF Margin | 178.3% | 226.8% | -64.1%-108.6pp | 44.5%-39.0pp | 83.5% | 616.5% | 174.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Futu Holdings Limited Ranks
Frequently Asked Questions
What is Futu Holdings Limited's annual revenue?
Futu Holdings Limited (FUTU) reported $2.9B in total revenue for fiscal year 2025. This represents a 67.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Futu Holdings Limited's revenue growing?
Futu Holdings Limited (FUTU) revenue grew by 67.8% year-over-year, from $1.7B to $2.9B in fiscal year 2025.
Is Futu Holdings Limited profitable?
Yes, Futu Holdings Limited (FUTU) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 49.6%.
What is Futu Holdings Limited's EBITDA?
Futu Holdings Limited (FUTU) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Futu Holdings Limited's gross margin?
Futu Holdings Limited (FUTU) had a gross margin of 87.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Futu Holdings Limited's operating margin?
Futu Holdings Limited (FUTU) had an operating margin of 61.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Futu Holdings Limited's net profit margin?
Futu Holdings Limited (FUTU) had a net profit margin of 49.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Futu Holdings Limited's return on equity (ROE)?
Futu Holdings Limited (FUTU) has a return on equity of 28.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Futu Holdings Limited's free cash flow?
Futu Holdings Limited (FUTU) generated $5.2B in free cash flow during fiscal year 2025. This represents a 31.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Futu Holdings Limited's operating cash flow?
Futu Holdings Limited (FUTU) generated $5.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Futu Holdings Limited's total assets?
Futu Holdings Limited (FUTU) had $29.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Futu Holdings Limited's capital expenditures?
Futu Holdings Limited (FUTU) invested $7.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Futu Holdings Limited spend on research and development?
Futu Holdings Limited (FUTU) invested $245.2M in research and development during fiscal year 2025.
What is Futu Holdings Limited's current ratio?
Futu Holdings Limited (FUTU) had a current ratio of 1.19 as of fiscal year 2025, which is considered adequate.
What is Futu Holdings Limited's debt-to-equity ratio?
Futu Holdings Limited (FUTU) had a debt-to-equity ratio of 4.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Futu Holdings Limited's return on assets (ROA)?
Futu Holdings Limited (FUTU) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Futu Holdings Limited's Piotroski F-Score?
Futu Holdings Limited (FUTU) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Futu Holdings Limited's earnings high quality?
Futu Holdings Limited (FUTU) has an earnings quality ratio of 3.60x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Futu Holdings Limited?
Futu Holdings Limited (FUTU) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.