Up Fintech Holding Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating here is explicitly not about the price or the valuation — at a price-to-earnings ratio around 8.6 and a price-to-book ratio around 1.1 this stock is anything but expensive. It reflects a documented finding about the substance of the business: a state securities regulator has determined that subsidiaries of the group conducted unlicensed securities business, imposed roughly RMB 411 million of fines and disgorgement on May 22, 2026, and personally warned the chairman and chief executive — after a warning from the same authority on December 30, 2022. That is not an operating setback; it is a compliance and governance finding. It weighs heavier because 1,031 of 1,346 employees and the entire engineering core sit in exactly that jurisdiction, and because the group states in its own annual report that it has no unfettered access to the revenues of its two Chinese contractual entities. Plenty speaks against the rating, and it deserves saying: the company is profitable, growing at double-digit rates, holds $842.8 million of equity and $598.1 million of cash, carries no going-concern qualification, reported effective internal controls as of December 31, 2025, and has already booked the penalty. Where the evidence sits between two levels, the more cautious one applies — and here a legal finding is aimed at the business model itself, not at a single quarter. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
UP Fintech runs a fast-growing and profitable online broker under the Tiger Brokers brand: $612.1 million of revenue and $171.5 million of net income in 2025, $60.8 billion of client assets, and client numbers still rising out of Singapore and Hong Kong. On May 22, 2026 the Beijing Bureau of the China Securities Regulatory Commission imposed roughly RMB 411 million of fines and disgorgement on subsidiaries for unlicensed cross-border securities business in mainland China, and personally warned the chief executive. A quarterly profit turned into a $26.9 million loss. 1,031 of 1,346 employees sit in mainland China and Hong Kong, two Chinese entities are tied to the group only by contract, and through dual-class voting rights the chief executive decides with 48.58 percent of the votes. Not investment advice.
Growth
Revenue rose from $272.5 million (2023) through $391.5 million (2024) to $612.1 million (2025), up 56.3 percent in the last year alone, and another 26.3 percent to $154.9 million in the quarter ended March 31, 2026. Client assets held grew from $30.6 billion to $60.8 billion between the end of 2023 and the end of 2025.
Earnings power and balance sheet
Net income climbed from $33.0 million (2023) through $61.4 million (2024) to $171.5 million (2025). As of March 31, 2026 the books carried $598.1 million of cash and term deposits and $842.8 million of shareholders' equity; $100.0 million of convertible notes were repaid in March and April 2026.
Regulatory and legal position
On May 22, 2026 the Beijing Bureau of the CSRC imposed roughly RMB 308.1 million of fines and RMB 103.1 million of disgorgement on subsidiaries for unlicensed cross-border securities business; the chief executive was personally warned and fined RMB 1.25 million. The same authority had issued a warning on December 30, 2022.
Location and structure
1,031 of 1,346 employees were based in mainland China and Hong Kong as of December 31, 2025, while 2025 revenue was booked mostly in New Zealand ($219.6 million), Singapore ($163.3 million) and the United States ($156.9 million). Two Chinese entities are tied to the group only by contract, and per the Form 20-F for 2025 there is no unfettered access to their revenues.
Pricing pressure in the core business
The average commission rate fell from 0.0315 percent (2023) through 0.0288 percent to 0.0260 percent (2025), and the average rate on the company's own margin financing from 8.16 percent to 5.33 percent. Revenue grows on volume, not on price; in the quarter ended March 31, 2026 costs rose 32.9 percent against revenue growth of 26.3 percent.
Ownership and dilution
The founding family's Class B shares represented 3.43 percent of the capital and 43.18 percent of the votes as of March 31, 2026; including entrusted plan votes the chief executive reaches 48.58 percent. The share plan grows each year by 1.5 percent of shares outstanding under an evergreen clause; in the profitable first quarter of 2025 the diluted share count exceeded the basic count by 132.1 million shares.
Worth Noting
TIGR reached our research list through the Reddit mention list of our in-house stock scanner (as of August 24, 2026). The Piotroski F-Score stood at 8 out of 9 — a figure to read with caution at a broker passing billions of client money through its books, because balance sheet ratios behave differently there than in industry.
Easily confused: the company is UP Fintech Holding Limited, the brand is Tiger Brokers and the app is Tiger Trade. It has nothing to do with Asian rival Futu Holdings or with the investment firm Tiger Global Management.
Reporting regime: as a foreign private issuer the company files annual reports on Form 20-F and furnishes interim reports on Form 6-K. There is no Form 10-K or Form 10-Q for this company — searching for one turns up nothing and can be misread as missing disclosure.
Depositary receipts: the market value of roughly $952 million refers to all 178,700,661 ADSs at the August 21, 2026 closing price. One ADS represents 15 Class A ordinary shares; multiplying the price by the 2.68 billion ordinary share count gives a figure fifteen times too large.
Analyses are evergreen: every figure carries its own as-of date. Price, valuation and short-interest data are as of August 24, 2026 and are not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TIGR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.40 $ to 11.10 $ · Last price: 4.60 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Up Fintech Holding Ltd TIGR | 0.8 | 7.6 | 1.0 | 87.2 | 34.8 | 56.7 | -54.1 |
| Morgan Stanley MS | 309.6 | 17.0 | 0.0 | 87.6 | 40.6 | 11.5 | 26.3 |
| Goldman Sachs Group Inc GS | 276.0 | 17.1 | 0.0 | 82.1 | 38.6 | -1.4 | 20.0 |
| Charles Schwab Corp SCHW | 170.1 | 20.2 | 0.0 | 97.5 | 49.4 | 6.5 | 5.8 |
| Interactive Brokers Group Inc IBKR | 151.3 | 38.5 | 3.4 | 93.0 | 76.8 | 9.8 | 39.9 |
| Robinhood Markets Inc HOOD | 108.8 | 57.8 | 50.1 | 91.9 | 38.5 | 51.6 | -2.7 |
| Nomura Holdings Inc NMR | 29.5 | 12.0 | 0.0 | 78.0 | 30.8 | 5.6 | 38.0 |
| LPL Financial Holdings Inc LPLA | 25.4 | 27.4 | 12.1 | 29.9 | 11.1 | 37.2 | -6.3 |
| Circle Internet Group, Inc. CRCL | 24.2 | – | 42.9 | 22.0 | 6.5 | 63.9 | -28.6 |
| Median of companies shown | 108.8 | 18.6 | 1.0 | 87.2 | 38.5 | 11.5 | 5.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 5 | -14 | -11 | -0.10 | -12 | 21 | 24 |
| 2017 | 17 | -9 | -8 | -0.07 | -9 | -15 | 36 |
| 2018 | 34 | -47 | -43 | -0.32 | -21 | -24 | 115 |
| 2019 | 59 | -6 | -7 | -0.05 | 243 | 212 | 809 |
| 2020 | 139 | 31 | 16 | 0.11 | 535 | 236 | 2,192 |
| 2021 | 264 | 18 | 15 | 0.09 | 413 | 447 | 3,321 |
| 2022 | 225 | 20 | -2 | -0.01 | 258 | 447 | 3,797 |
| 2023 | 273 | 80 | 33 | 0.20 | -7 | 489 | 3,746 |
| 2024 | 392 | 139 | 61 | 0.36 | 828 | 655 | 6,391 |
| 2025 | 614 | 282 | 171 | 0.92 | 1,317 | 866 | 8,227 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.02 | -75.00 | 87 | 32.40 | 3.00 | – | – |
| 2024: Q3 | 0.12 | 50.00 | 101 | 44.10 | 17.60 | 155 | 154 |
| 2024: Q4 | 0.17 | 1,800.00 | 107 | 53.40 | 26.10 | – | – |
| 2025: Q1 | 0.20 | 150.00 | 123 | 55.30 | 24.80 | 673 | 673 |
| 2025: Q2 | 0.23 | 1,050.00 | 139 | 58.70 | 29.90 | – | – |
| 2025: Q3 | 0.29 | 141.70 | 175 | 73.30 | 30.70 | – | – |
| 2025: Q4 | 0.24 | 43.50 | 176 | 64.20 | 25.80 | – | – |
| 2026: Q1 | -0.15 | -175.00 | 155 | 26.70 | -17.30 | – | – |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.56 | 0.49 – 0.61 | 696 | -44.6% | 5 |
| 12/31/2027 | 0.90 | 0.72 – 1.14 | 678 | 60.8% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
UP Fintech baut KI als kostenlose Zusatzfunktion in die eigene Broker-Plattform ein — den Anlage-Assistenten Tiger AI (seit 2023 als TigerGPT, seit 2024 als TigerAI, seit dem ersten Quartal 2026 als Mehr-Agenten-System) und das Analysewerkzeug TradingFront AI —, weist dafür aber keinen eigenen Umsatz aus und verkauft kein KI-Produkt.
View the full file — quotes, sources, reviewed filings
„We launched TigerGPT in 2023 and updated it to TigerAI in 2024. TigerAI is an AI investment assistant aimed at providing intelligent decision-making support for investors developed by Tiger Brokers’ R&D team and based on leading AI models"
Wir haben TigerGPT im Jahr 2023 eingeführt und 2024 zu TigerAI weiterentwickelt. TigerAI ist ein KI-Anlageassistent, der Anlegern intelligente Entscheidungsunterstützung bieten soll; entwickelt wurde er vom Forschungs- und Entwicklungsteam von Tiger Brokers auf Basis führender KI-Modelle.
20-F · 2026-04-24 · View SEC filing
„In 2025, TigerAI has seen a rapid increase in usage, with user numbers growing nearly fivefold year over year, and the number of conversations increasing tenfold."
Im Jahr 2025 ist die Nutzung von TigerAI stark gestiegen: Die Nutzerzahl wuchs gegenüber dem Vorjahr um fast das Fünffache, die Zahl der Dialoge verzehnfachte sich.
20-F · 2026-04-24 · View SEC filing
„This quarter, we upgraded Tiger AI to a Multi-Agent structure, splitting functions like search, analysis, forecasting and risk control into standalone agents for more accurate outputs."
In diesem Quartal haben wir Tiger AI auf eine Mehr-Agenten-Struktur umgestellt und Funktionen wie Suche, Analyse, Prognose und Risikokontrolle in eigenständige Agenten aufgeteilt, um genauere Ergebnisse zu erhalten.
6-K · 2026-06-02 · View SEC filing
Filings Reviewed: 20-F 2026-04-24 · 6-K 2026-05-22 · 6-K 2026-06-02 · SCHEDULE 13G/A 2026-06-16 · 144 2026-06-25 · 4 2026-06-29
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 39.6%
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 7.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 270.4%
- Gross margin at 40% or higher and without meaningful erosion 93.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 4,107 m net cash
- Operating cash flow covers the profits of the last three years 1,873 m
- Return on capital at 15% or higher, or up versus two years ago 3.5%
- Insiders hold at least 10% or are net buyers 18.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 68.9%
- Exp. sales growth 3Y > 5% 5.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -0.9%
- Net debt < 4x EBIT -14.5x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 43.3%
- Return on equity > 15% 19.9%
- ROCE > 15% 3.5%
- Expected return > 10% 159.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Die UP Fintech Holding Limited bietet Online-Brokerage-Dienstleistungen mit Schwerpunkt auf chinesischen Anlegern in Neuseeland, den Kaimaninseln, Singapur, den Vereinigten Staaten und international an. Das Unternehmen hat die Brokerage-Plattform Tiger Trade entwickelt, die es Anlegern ermöglicht, Aktien, Optionen, Optionsscheine und andere Finanzinstrumente zu handeln, auf die über die App und die Website zugegriffen werden kann. Es bietet zudem Mehrwertdienste an, darunter Anlegerbildung, Community-Engagement und IR/PR-Plattformdienste. Darüber hinaus bietet das Unternehmen Handelsausführung, Margin-Finanzierung und Wertpapierleihe an; Asset- und Vermögensverwaltung; ESOP-Verwaltung; Fondslizenzanträge, Produktdesign, Vermögensverwahrung, Transaktionsausführung und Kapitalallokation; Fondsstrukturierung und -verwaltung; sowie IPO-Underwriting-Dienstleistungen. Ferner bietet das Unternehmen Marktinformationen und simulierte Handelsdienstleistungen sowie den Handel mit Terminkontrakten an. Die UP Fintech Holding Limited wurde 2014 gegründet und hat ihren Hauptsitz in Singapur.
- Employees
- 1,346
- Headquarters
- Singapore, Singapore
- Address
- 1 Raffles Place, 048616 Singapore, Singapore
- Phone
- 400 603 7555
- Website
- itigerup.com
- IPO Date
- 10/16/1987
- ISIN
- US91531W1062
Management
| Name | Title | Birth Year |
|---|---|---|
| Tianhua Wu | Chairman & CEO | 1985 |
| Qing Fei Zeng | CFO & Director | 1980 |
| Aron Lee | Head of IR | – |
| Kenny Zhao | Financial Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.