u/False_Department174

The author argues Webull's operating leverage is the most compelling part of the thesis, with revenue growing around 50% while operating profit grows materially faster, meaning incremental revenue is becoming more valuable as the platform scales. The HOOD comparison frames the opportunity, but the author would focus less on multiple parity and more on whether engagement, funded accounts and margins keep moving in the same direction. The implied catalyst is continued fundamental improvement outpacing the market narrative, with the main risk being a stall in those operating metrics.