UP Fintech Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data UP Fintech Holding Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16.9	33.6	58.7	138	264	225	273	392	612
Research and development	6.06	11.3	18	22.5	47.8	60.1	63.5	80.1	100
Selling and marketing	6.29	10.5	7.1	15.9	59.3	33.1	20.9	28.5	49.5
General and administrative	3.58	7.83	9.26	13.7	22.7	18.3	21.8	39.3	36.2
Interest expense			4.1	10.1	18.4	18.7	47	60.8	73.4
Other non-operating income	-0.1	0.73	0.87	1	-2.72	0.3	13.1	3.3	-0.94
Pre-tax income	-9.11	-46.2	-9.31	22	19.1	2.03	46	81.8	207
Income tax	-1.18	-1.87	-3.36	2.85	4.36	4.29	13	20.4	36
Net income to minority interests	-0.42	-1.09		0		-0.13	-0.1	-0	0.05
Net income	-7.51	-43.2	-6.59	16.1	14.7	-2.19	32.6	60.7	171
EPS, basic	-0.03	-0.13	0.00	0.01	0.01	0.00	0.01	0.03	0.06
EPS, diluted	-0.03	-0.13	0.00	0.01	0.01	0.00	0.01	0.02	0.06
Shares, basic (weighted)	317	362	1,251	1,513	1,575	2,295	2,325	2,405	2,652
Shares, diluted (weighted)	317	362	1,251	1,544	1,668	2,295	2,427	2,534	2,808

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.1	34.4	59.4	79.7	269	278	323	394	791
Receivables		0.35	106	372
Other current assets		0.19	0.41	0.32	1.24	0.97	2.94	1.15	3.75
Total current assets		103	770	2,152	3,271	3,739	3,690	6,328	8,152
Property, plant and equipment		1.33	1.46	1.63	5.14	6.31	5.19	4.18	5.76
Lease right-of-use assets			5.73	7.28	6.61	14	9.07	10.9	11.7
Goodwill			2.42	2.42	2.49	2.49	2.49	2.49	2.49
Intangible assets					0.08	0.06	0.05	0.03	0.02
Long-term investments		2.39	6.02	6.48	9.78	7.93	7.59	7.66	9.81
Other non-current assets		1.26	3.05	4.3	4.97	4.77	5.28	6.83	10.9
Total assets		115	809	2,192	3,321	3,797	3,746	6,391	8,227
Accrued liabilities		6.16	9.44	12.1	14.8	15.8	19	26.2	44.2
Deferred revenue		6.56	512	1,696
Total current liabilities		17	588	1,951	2,720	3,181	3,086	5,562	7,299
Lease liabilities			3.44	3.69	3.09	8.39	4.78	5.9	4.2
Total liabilities		17	594	1,957	2,875	3,346	3,251	5,729	7,356
Paid-in capital		42.5	286	292	484	496	505	619	634
Retained earnings		-66.4	-73.7	-59.6	-45.8	-50.4	-19.6	37.8	208
Treasury stock				-2.17	-2.2	-2.17	-2.17	-2.17	-2.17
Other comprehensive income		-0.54	-0.87	2.93	6.67	-2.23	-3.23	-11.9	9.45
Shareholders' equity		-24.4	212	236	447	447	489	655	866
Minority interests		-1.47				-0.14	-0.26	-0.29	-0.28
Total equity	-15.3	-25.9	212	236	447	447	489	655	865
Total liabilities and equity		115	809	2,192	3,321	3,797	3,746	6,391	8,227

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.93	-44.3	-5.95	19.2	14.7	-2.26	33	61.4	171
Depreciation and amortization	0.34	0.47	0.75	0.93	1.34	2.75	2.84	2.62	2.89
Stock-based compensation	0.35	34.2	4.06	6.05	13.4	14.2	10.1	9.74	15.6
Deferred income tax	-1.18	-1.87	-6.22	1.77	-0.66	-1.26	3.21	0.83	-1.67
Change in receivables		-0.35	-101	-266
Cash from operations	-8.51	-21.2	243	535	413	258	-6.57	828	1,317
Capital expenditures	-0.59	-1.68	-1.32	-0.98	-4.97	-4.89	-2.76	-1.55	-5.48
Acquisitions			-6.01		2.58
Cash from investing	-3.67	-35.1	-22	43.6	10.9	-3.61	-7.75	-8.66	-5.75
Debt repaid			-1.1
Share buybacks				-2.17
Cash from financing	14.6	79.5	115	-8.37	331	4.73	1.82	104	-2.93
Exchange rate effect	0.9	-0.19	0.05	-0.19	-1.72	-4.34	-3.48	-4.64	26.6
Net change in cash	2.42	23.2	336	570	755	259	-12.5	923	1,308
Free cash flow	-9.1	-22.9	242	534	408	253	-9.33	826	1,311
Income taxes paid	0.02		0.76	0.27	5.59	2.13	13.3	11.3	26.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	33.9%	Pre-tax income / revenue.
Net margin	27.9%	Net income / revenue.
FCF margin	214.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	215.1%	Cash from operations / revenue.
Effective tax rate	17.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
R&D / revenue	16.3%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	56.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	39.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	34.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	181.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	60.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	158.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	34.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	59.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	72.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	58.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	73.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	19.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	32.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	28.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	29.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	30.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	89.4%	Total liabilities / total assets.
Working capital	$852.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$863.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	123x	Revenue / average property, plant and equipment.
FCF conversion	767.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.06	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.22	Revenue / diluted weighted shares.
FCF per share	$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.47	Cash from operations / diluted weighted shares.
Book value per share	$0.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.31	Tangible book value / shares outstanding.
Cash per share	$0.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$829.2M	Share price x shares outstanding.
Enterprise value	$38.2M	Market cap + total debt - cash - short-term investments.
P/E	4.85x	Market cap / net income. Only when net income is positive.
P/S	1.35x	Market cap / revenue.
P/B	0.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.96x	Market cap / tangible book value, when positive.
P/FCF	0.63x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.63x	Market cap / cash from operations, when positive.
EV/Sales	0.06x	Enterprise value / revenue.
EV/FCF	0.03x	Enterprise value / free cash flow, when both are positive.
FCF yield	158.1%	Free cash flow / market cap.
Earnings yield	20.6%	Net income / market cap (the inverse of P/E).

What was UP Fintech Holding Ltd's revenue in fiscal 2025?

UP Fintech Holding Ltd reported revenue of $612.1M for fiscal 2025, 56.3% higher than the year before.

Was UP Fintech Holding Ltd profitable in fiscal 2025?

Yes. Net income was $170.9M, a net margin of 27.9%.

How much free cash flow did UP Fintech Holding Ltd generate in fiscal 2025?

Cash from operations of $1.32B minus capital expenditures of $5.5M left free cash flow of $1.31B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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