FUTU

Futu is a fast-scaling online brokerage that just posted a blockbuster year. FY2025 revenue grew 74.6% to $1.36B while net income more than doubled (up 107.9%) to $1.46B and diluted EPS rose 104.8% to $1.29. The growth trajectory is steep and accelerating — net income has climbed from $360M in FY2021 to $1.46B in FY2025 — driven by client and asset growth in a strong trading environment. Operating cash flow of $5.24B (up 31.3%) and a 28.3% return on equity underscore a genuinely profitable, capital-light platform that even paid a $276M dividend.

Note that the unusual derived ratios (gross margin 188%, net margin 107%) reflect brokerage accounting, where net interest and investment income sit alongside fee revenue rather than indicating impossible profitability; the cleaner read is the rapid growth in absolute net income and the 28.3% ROE. The balance sheet carries $24.2B of liabilities against $5.14B of equity (4.70x), but the bulk is customer-related current liabilities typical of a broker (current liabilities $24.1B vs current assets $28.7B), so the leverage is largely client float rather than corporate debt.