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
Overview
TIGR
UP Fintech (Tiger Brokers)
Financial ServicesOnline BrokerageChina ADRHigh Growth
$5.17+3.2%
Market Cap
$900M
SEC 20-F / company IR
P/E (TTM)
12.0×
via financials
Rev Growth YoY
45.8%
+45.8%SEC filing
Gross Margin
87.6%
SEC filing
FCF Yield
5.5%
calculated
Upside to FV
+57.8%
vs fair value
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
Data as of 2026-06-01
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 20-F / company IR
Enterprise Value
$360M
calculated
Revenue (TTM)
$390M
SEC filing
P/E (TTM)
12.0×
via financials
Forward P/E
9.0×
consensus
P/S (TTM)
2.3×
via financials
P/B
1.4×
via financials
EV/EBITDA
7.0×
calculated
PEG
0.3×
calculated
Revenue Growth
45.8%
SEC filing
Gross Margin
87.6%
SEC filing
Operating Margin
28.0%
SEC filing
Net Margin
20.0%
SEC filing
Free Cash Flow
$50M
SEC filing
FCF Yield
5.5%
calculated
Debt / Equity
0.1×
SEC filing
Current Ratio
1.6×
SEC filing
Short Interest
6.0%
exchange
Institutional Own.
40.0%
13F
Insider Own.
25.0%
proxy
Shares Out.
174.0M
SEC filing
Float
130.0M
exchange
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: SEC 20-F filed 2026-04-24 ↗
Catalysts
Ongoing
Regulatoryhigh relevance
CSRC rectification period
Two-year remediation; mainland model impaired.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| 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
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| 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 |
Insider & large-holder data from SEC Form 4 · SC 13D/G filings. Institutional holdings aggregated from 13F filers.
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. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
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.
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.