Webull shows strong growth metrics with 46% YoY revenue increase to $571M in 2025, record 98.4% retention, and $24B AUM (+90% YoY), achieving first full-year GAAP profitability. Key catalysts include the June 4 PDT rule change eliminating $25k minimums (major tailwind for core demographic), futures expansion, and $100M buyback program, but valuation at 5-6x P/S and 28x forward P/E is stretched, with Q1 2026 showing margin compression and GAAP losses despite adjusted profitability.