Tiger Brokers (TIGR) valuation at a glance
Tiger Brokers (TIGR) trades below the fair value estimate shown here. At $5.17 versus a $8.16 estimate, that is a 58% upside.
- Price
- $5.17
- Fair value estimate
- $8.16
- Upside
- +58%
- Forward P/E
- 9.0×
- Market cap
- $900M
- P/S (TTM)
- 2.3×
CompaniesTIGR
TIGR
UP Fintech (Tiger Brokers)
Financial ServicesOnline BrokerageChina ADRHigh Growth
Overview
$5.17+3.2%
Market Cap
$900M
SEC filings
P/E (TTM)
12.0×
SEC filings
Rev Growth YoY
45.8%
+45.8%SEC filings
Gross Margin
87.6%
SEC filings
FCF Yield
5.5%
Calculated from SEC filings
Upside to FV
+57.8%
internal
Conviction
3/587.6% gross margin and 45.8% revenue growth at a single-digit multiple, but a CSRC crackdown puts the mainland model on a two-year clock.
Research Depth
ScreeningDeep ResearchFull Model
Updated 24d ago
Quality Snowflake
Overall 80/100
Value5/5
Future3/3
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
UP Fintech runs a fast-growing online brokerage with 87.6% gross margins, 45.8% revenue growth and an F-score of 9, the fundamentals of a compounder at a value multiple. The overhang is existential and regulatory: a coordinated CSRC crackdown on cross-border brokers (May 2026) effectively imposes a two-year rectification on the mainland China business. The valuation is cheap, but the regulatory risk is the dominant variable.
Bull Case
Margins87.6% gross margin; 45.8% revenue growth, 66.4% earnings growth.
QualityF-score 9, Altman-Z 20, net cash ~539% of a stressed earnings base.
ValuationSingle-digit forward multiple for a high-growth platform.
Bear Case
RegulatoryCSRC + 7 agencies launched a crackdown (May 22, 2026); RMB 308.1M penalty + RMB 103.1M confiscated; two-year rectification.
ExistentialCrackdown effectively kills the mainland China business model; class action filed.
Key Metrics
Market Cap
$900M
SEC filings
Enterprise Value
$360M
Calculated from SEC filings
Revenue (TTM)
$390M
SEC filings
P/E (TTM)
12.0×
SEC filings
Forward P/E
9.0×
internal
P/S (TTM)
2.3×
SEC filings
P/B
1.4×
SEC filings
EV/EBITDA
7.0×
Calculated from SEC filings
PEG
0.3×
Calculated from SEC filings
Revenue Growth
45.8%
SEC filings
Gross Margin
87.6%
SEC filings
Operating Margin
28.0%
SEC filings
Net Margin
20.0%
SEC filings
Free Cash Flow
$50M
SEC filings
FCF Yield
5.5%
Calculated from SEC filings
Debt / Equity
0.1×
SEC filings
Current Ratio
1.6×
SEC filings
Short Interest
6.0%
SEC filings
Institutional Own.
40.0%
SEC filings
Insider Own.
25.0%
SEC filings
Shares Out.
174.0M
SEC filings
Float
130.0M
SEC filings
Valuation
Price vs Fair Value
Bear$4.16
Base$8.16
Bull$14.50
Now $5.17
Bear Case
$4.16
Analyst low 12-month target (10 analysts)
Base Case
$8.16
Analyst mean 12-month target (10 analysts)
Bull Case
$14.50
Analyst high 12-month target (10 analysts)
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | – | 35.1× | 262.5× |
| FY23 | – | 38.1× | 100.0× |
| FY24 | 280.9× | 43.6× | 111.4× |
| FY25 | 149.8× | 41.8× | 85.8× |
| TTM · | 7.8× | 1.5× | – |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| TIGR | $845M | 7.6× | 1.5× | – | +27.0% | 88.0% | 20.0% |
| FUTU | $14.04B | 10.8× | 0.6× | – | +29.0% | 94.0% | 45.0% |
| HOOD | $88.36B | 47.6× | 19.2× | – | +15.0% | 92.0% | 41.0% |
| IBKR | $157.34B | 39.8× | 24.4× | – | +17.0% | 93.0% | 16.0% |
| SCHW | $158.17B | 18.1× | 6.4× | – | +16.0% | 97.0% | 38.0% |
| MKTX | $4.30B | 14.3× | 4.9× | 9.4× | +12.0% | 62.0% | 36.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 225.4 | 272.5 | 391.5 | 612.1 |
| Cost of Revenue | 117.4 | 109.8 | 137.0 | 187.7 |
| Gross Profit | 108.0 | 162.7 | 254.5 | 424.4 |
| Operating Income | 20.4 | 79.8 | 139.3 | 281.7 |
| EBITDA | 29.7 | 102.3 | 151.1 | 291.3 |
| Net Income | (2.2) | 32.6 | 60.7 | 170.9 |
| Diluted EPS | -0.01 | 0.21 | 0.36 | 0.93 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 277.7 | 322.6 | 393.6 | 791.0 |
| Total Assets | 3,797 | 3,746 | 6,391 | 8,227 |
| Total Debt | 168.2 | 165.8 | 169.6 | 173.2 |
| Total Liabilities | 3,350 | 3,251 | 5,729 | 7,356 |
| Shareholders' Equity | 447.1 | 489.0 | 655.2 | 865.5 |
| Shares Out. (M) | 2,319 | 2,351 | 2,640 | 2,678 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 258.1 | (6.6) | 828.0 | 1,317 |
| Capital Expenditure | (4.9) | (2.8) | (1.6) | (5.5) |
| Free Cash Flow | 253.2 | (9.3) | 826.4 | 1,311 |
| Investing Cash Flow | (3.6) | (7.8) | (8.7) | (5.7) |
| Financing Cash Flow | 4.7 | 1.8 | 103.8 | (2.9) |
Figures normalized from UP Fintech Holding Limited's SEC 20-F filed 2026-04-24. USD millions; EPS and share count per their units. Annual periods. Source: 20-F filed 2026-04-24 ↗
Catalysts
Mid-late Nov 2026
Earnings
Q3 2026 results
Estimated from the 2025 cadence; first quarter to show a full period of the onshore new-position suspension. Source: internal research file
Ongoing
Regulatoryhigh relevance
CSRC rectification period
Two-year remediation; mainland model impaired.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Onshore new-position suspension since 2026-06-12 | Regulatory | High | High | Mainland clients cannot open new positions during the rectification; Q2 still grew 31% on offshore volume, so the revenue effect is not yet visible in a full quarter. |
| US securities-claim solicitations | Litigation | Medium | High | Plaintiff-firm investigations announced in September layer a US disclosure-based claim on top of the Chinese penalties; expense and duration unquantified until a filed 6-K addresses it. |
| CSRC cross-border broker crackdown | Regulatory | Critical | High | Two-year rectification effectively kills the mainland business; RMB 411M total penalties; class action filed. |
| China ADR structure | Regulatory | High | Medium | HFCAA tail risk; no HK escape listing. |
Technical Snapshot
52-Week Range
$4.00$5.17$13.55
RSI (14)
49
neutral
50-Day MA
$5.40
-4.3%below
200-Day MA
$6.10
-15.2%below
Avg Vol (30d)
8M
-5%vs average
Support Levels
$5.00$4.36
Resistance Levels
$5.80$6.50
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holders
| Institution | Shares | % Held | Chg QoQ | Reported |
|---|---|---|---|---|
| Avenir Tech Ltd | 10.3M | 6.01% | flat | 2026-03-31 |
| Sparta 24 Ltd. | 5.8M | 3.38% | +9.1% | 2026-03-31 |
| Capital International Investors | 5.3M | 3.07% | +5.4% | 2026-03-31 |
| Arrowstreet Capital, Limited Partnership | 4.0M | 2.33% | -16.9% | 2026-03-31 |
| Jupiter Asset Management Limited | 3.5M | 2.06% | -16% | 2026-03-31 |
| Blackrock Inc. | 2.9M | 1.68% | +18% | 2026-03-31 |
| Susquehanna International Group, LLP | 2.8M | 1.60% | -21.8% | 2026-03-31 |
Insider Activity
Insiders own ~24.6%; institutions ~32.1%. Short interest ~7.1% (yfinance-validated).
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Liu Jian | Director | Grant | 400K | $0.00 | 2026-03-19 |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| TIGR | $845M | 7.6× | 1.5× | – | +27.0% | 88.0% | 20.0% |
| FUTU | $14.04B | 10.8× | 0.6× | – | +29.0% | 94.0% | 45.0% |
| HOOD | $88.36B | 47.6× | 19.2× | – | +15.0% | 92.0% | 41.0% |
| IBKR | $157.34B | 39.8× | 24.4× | – | +17.0% | 93.0% | 16.0% |
| SCHW | $158.17B | 18.1× | 6.4× | – | +16.0% | 97.0% | 38.0% |
| MKTX | $4.30B | 14.3× | 4.9× | 9.4× | +12.0% | 62.0% | 36.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 6-K
Q2 2026: record revenue up 31% while net income slipped
The Q2 2026 results (6-K filed 2026-08-26) report total revenues of $182.3M, up 31.4% year over year and 17.7% quarter over quarter, and total net revenues of $160.7M, up 32.4%. Net income attributable to ordinary shareholders was $39.4M against $41.4M a year earlier, and diluted net income per ADS was $0.21 against $0.23, with the prior-year comparison flattered by a reversal of credit losses. Commissions rose 20.9% to $78.3M on higher trading volume. Source: https://www.sec.gov/Archives/edgar/data/1756699/000119312526365784/tigr-ex99_1.htm (fetched 2026-09-17)
2026-09-17Research
Week to 2026-09-16: down 6.8% as US plaintiff firms circle the regulator penalties
From about 2026-09-09 US plaintiff firms including Rosen announced investigations of securities claims tied to the roughly RMB 411M (about $59.7M) of Chinese regulator penalties, and the suspension of new onshore positions in effect since 2026-06-12 remains. No SEC filing has been made since 2026-09-10 and no dated catalyst falls inside 45 days; the Q3 results are expected in mid to late November on the prior cadence. Sources: internal research file internal research file
2026-06-01Internal
Regulatory overhang dominates
High-quality fundamentals (87.6% gross margin, F-score 9) offset by an existential CSRC crackdown imposing a two-year rectification on the mainland business. Risk explicitly flagged; valuation alone does not de-risk the name.
Sources
Tiger Brokers valuation questions
Is Tiger Brokers (TIGR) stock undervalued?
Against the fair value estimate shown on this page, Tiger Brokers trades below: $5.17 today versus a $8.16 estimate, about +58%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Tiger Brokers's fair value?
The fair value estimate shown for TIGR is $8.16. Its valuation scenarios span bear $4.16, base $8.16, bull $14.50. See the Valuation section for the basis of each.
What is Tiger Brokers's forward P/E ratio?
Tiger Brokers (TIGR) trades at a forward P/E of 9.0×, and 2.3× trailing sales.
What is Tiger Brokers's market cap?
Tiger Brokers (TIGR) has a market capitalization (its market value, often searched as "net worth") of $900M, and an enterprise value of $360M.
What is the bull and bear case for TIGR?
Valuation scenarios: bull $14.50, base $8.16, bear $4.16. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.