Необязательная аналитика продукта
С вашего разрешения мы используем ограниченную аналитику с защитой конфиденциальности, чтобы понять, какие исследовательские сценарии работают. Мы не используем рекламные трекеры или запись сеансов. Этот выбор можно изменить в настройках. Прочитайте Политику конфиденциальности.
Bull: Robinhood successfully diversifies away from transaction-based revenues.
The biggest risk is that the bear-case drivers materialize: growth slows, margins compress, or competitive pressure reduces the fair-value range.
Robinhood has matured from a disruptive trading app into a profitable financial platform. However, the massive swing to $1.88B in net income is driven by cyclical operating leverage, higher interest rates, and returning crypto volumes.
Robinhood has matured from a disruptive trading app into a profitable financial platform. However, the massive swing to $1.88B in net income is driven by cyclical operating leverage, higher interest rates, and returning crypto volumes.
User experience and UI design
Brand recognition among retail investors
High interest rates drive net interest income, while strong markets encourage retail trading and crypto speculation.
Sell due to extreme valuation disconnect and cyclical peak earnings.
Robinhood Markets, Inc. operates financial services platform in the United States. The company's platform allows users to invest in stocks, exchange-traded funds (ETFs), and American depository receipts. It offers fractional trading, recurring investments, access to investing on margin, fully-paid securities lending, cash sweep, instant withdrawals, retirement program, around-the-clock trading, joint investing accounts, event contracts, future contract services, and short selling. The company also provides various learning and education solutions comprise Snacks, an accessible digest of business news stories for a new generation of investors; Learn, which is an online collection of guides, feature tutorials, and financial dictionary; Newsfeeds that offer access to free, premium news from sites from various sites, such as Barron's, Reuters, and Dow Jones. In addition, the company offers In-App Education, a resource that covers investing fundamentals, including why people invest, a stock market overview, and tips on how to define investing goals, as well as allows customers to understand the basics of investing before their first trade; and Crypto Learn and Earn, an educational module available to various crypto customers through Robinhood Learn to teach customers the basics related to cryptocurrency. Further, it provides Robinhood credit cards, cash card and spending accounts, and wallets. Robinhood Markets, Inc. was incorporated in 2013 and is headquartered in Menlo Park, California.
A return to zero interest rate policy combined with a prolonged bear market would severely impact both net interest income and transaction revenues, the core pillars of Robinhood's current profitability.
The Federal Reserve cuts rates aggressively to zero, obliterating net interest revenues. Regulatory action bans Payment for Order Flow (PFOF) or severely restricts crypto trading. Retail engagement wanes during a prolonged bear market.
The Federal Reserve cuts rates aggressively to zero, obliterating net interest revenues on sweep cash.
Regulatory action bans Payment for Order Flow (PFOF) or severely restricts crypto trading models.
Пять событий, которые ослабят наш инвестиционный тезис.
A drop in operating margin reflects the negative impact of interest rate reductions on sweep cash yields, exposing fixed technology and overhead costs while demonstrating that high platform profitability was merely cyclical rather than structural.
Текущее значение:46.8% for the period ended 2025-12-31
Предупреждение, еслиFalls below 40.0% across two consecutive fiscal quarters
User experience and UI design
Brand recognition among retail investors
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Apply a terminal P/E to the dated forward path, then discount that future share value back to the analysis date.
Unavailable
The highlighted base cell is anchored to composite fair-value midpoint ($26.74). It is the reference value for this grid, not a separate standalone fair-value claim.
FCF cliff sensitivity is not model-supported in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.
Robinhood successfully diversifies away from transaction-based revenues. Gold subscriptions, credit card uptake, and retirement account growth create a sticky, recurring revenue base. Crypto adoption enters a multi-year supercycle, driving massive free cash flow.
Rates normalize downward, bringing operating margins from peak 46.8% to a sustainable 40%. The company maintains steady growth in Gold and retirement accounts, transitioning into a mature financial platform while facing normalized trading volumes.
If NII drops due to rate cuts, monitor Gold subscriptions and credit card adoption for offsets. If retail trading falls, track net asset inflows.
If NII drops due to rate cuts, monitor Gold subscriptions and credit card adoption for offsets. If retail trading falls, track net asset inflows.
If NII drops due to rate cuts, monitor Gold subscriptions and credit card adoption for offsets. If retail trading falls, track net asset inflows.
If NII drops due to rate cuts, monitor Gold subscriptions and credit card adoption for offsets. If retail trading falls, track net asset inflows.
Warning level: Falls below 40.0% across two consecutive fiscal quarters. A drop in operating margin reflects the negative impact of interest rate reductions on sweep cash yields, exposing fixed technology and overhead costs while demonstrating that high platform profitability was merely cyclical rather than structural.
Warning level: Decelerates below 10.0% over two consecutive fiscal quarters. Slowing top-line expansion indicates plateauing user acquisition and subscription adoption, preventing high-margin non-trading services from offsetting potential declines in interest income and trading activity.
Warning level: Declines below 5.0% over any trailing twelve-month period. Diminishing returns on capital demonstrate that retail engagement and asset balances are faltering, reducing the platform's capital efficiency and eroding the justification for a premium growth valuation multiple.
Warning level: Falls below 75.0% across two consecutive fiscal quarters. Severe contractions in transaction activity and crypto order flow increase unit execution and infrastructure expenses relative to revenues, eroding the company's gross profitability and diminishing operating leverage.
Warning level: Regulatory enactment of a formal ban on payment for order flow. Prohibiting transaction routing compensation would dismantle a core revenue stream, forcing the brokerage to reintroduce trading commissions or accept structural declines in transaction profitability and account monetization.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
| Выручка | 4 473 000 000 |
|---|---|
| Себестоимость выручки | 745 000 000 |
| Валовая прибыль | 3 728 000 000 |
| Операционные расходы | 1 634 000 000 |
| Операционная прибыль | 2 094 000 000 |
| Внереализационные статьи и налоги | -211 000 000 |
| Чистая прибыль | 1 883 000 000 |
| Активы, всего | 38 137 000 000 |
|---|---|
| Денежные средства | 4 261 000 000 |
| Оборотные активы | 36 305 000 000 |
| Обязательства, всего | 28 986 000 000 |
| Краткосрочные обязательства | 28 771 000 000 |
| Акционерный капитал | 9 140 000 000 |
Финансовые данные на конкретную дату, использованные в анализе от 2026-05-20.
| Период | Выручка | EBITDA | Чистая прибыль | Операционный денежный поток | Свободный денежный поток | Capex | Амортизация | Компенсация акциями | Выкуп акций | Выплаченные дивиденды | Чистое привлечение долга | Инвестиционный денежный поток | Финансовый денежный поток | Денежные средства на начало | Денежные средства на конец | Денежные средства и инвестиции | Общий долг | Операционная маржа | ROIC | WACC | Спред ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022-12-31 | 1,4 млрд | -905 млн | -1 млрд | -852 млн | -909 млн | 57 млн | 61 млн | 654 млн | 0 | — | 0 | — | — | — | — | 6,3 млрд | 1,8 млрд | -71,1 % | — | — | — |
| 2023-12-31 | 1,9 млрд | -465 млн | -541 млн | 1,2 млрд | 1,2 млрд | 21 млн | 71 млн | 871 млн | 608 млн | — | 0 | — | — | — | — | 4,8 млрд | 3,5 млрд | -28,7 % | — | — | — |
| 2024-12-31 | 3 млрд | 1,1 млрд | 1,4 млрд | -157 млн | -207 млн | 50 млн | 77 млн | 304 млн | 257 млн | — | 131 млн | — | — | — | — | 4,3 млрд | 7,5 млрд | 35,7 % | — | — | — |
| 2025-12-31 | 4,5 млрд | 2,2 млрд | 1,9 млрд | 1,6 млрд | 1,6 млрд | 54 млн | 86 млн | 305 млн | 653 млн | — | 468 млн | — | — | — | — | 4,3 млрд | 11,6 млрд | 46,8 % | — | — | — |
HOOD trades at 27.6x forward earnings against a peer median of 14.2x; 6 peers.
Transitioning from VC-funded growth to self-sustaining profitability, currently benefiting from a favorable interest rate environment.
High interest rates drive net interest income, while strong markets encourage retail trading and crypto speculation.
Rate cuts compress net interest margins, and bear markets depress retail trading volumes and crypto interest.
Transitioning from VC-funded growth to self-sustaining profitability, currently benefiting from a favorable interest rate environment.
Avoid long positions given the significant downside risk to intrinsic value (-63.68%).
Sell existing positions due to massive premium vs intrinsic value and cyclical peak earnings.
Upside case depends on the report valuation range and named growth catalysts.
The market is pricing in perpetual margin expansion and uninterrupted crypto supercycles, ignoring the cyclicality of net interest income and retail engagement. Current 46.8% margins are peak-cycle.
HOOD is rated Sell at $75.41 versus the reconciled fair value midpoint of $27.39, implying -63.68% upside/downside.
At $75.41, the stock is measured against the final $27.39 midpoint and -63.68% upside/downside, so new capital should respect the 25% report margin-of-safety discipline.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Retail engagement wanes during a prolonged bear market, crushing transaction volumes and active accounts.
Slowing top-line expansion indicates plateauing user acquisition and subscription adoption, preventing high-margin non-trading services from offsetting potential declines in interest income and trading activity.
Текущее значение:51.6% for the period ended 2025-12-31
Предупреждение, еслиDecelerates below 10.0% over two consecutive fiscal quarters
Diminishing returns on capital demonstrate that retail engagement and asset balances are faltering, reducing the platform's capital efficiency and eroding the justification for a premium growth valuation multiple.
Текущее значение:8.0% as of the report's 2026-05-20 analysis date
Предупреждение, еслиDeclines below 5.0% over any trailing twelve-month period
Severe contractions in transaction activity and crypto order flow increase unit execution and infrastructure expenses relative to revenues, eroding the company's gross profitability and diminishing operating leverage.
Текущее значение:83.3% for the period ended 2025-12-31
Предупреждение, еслиFalls below 75.0% across two consecutive fiscal quarters
Prohibiting transaction routing compensation would dismantle a core revenue stream, forcing the brokerage to reintroduce trading commissions or accept structural declines in transaction profitability and account monetization.
Текущее значение:42.1% for the period ended 2025-12-31
Предупреждение, еслиRegulatory enactment of a formal ban on payment for order flow
This edition does not contain enough finite inputs to reproduce the lens calculation.
Use book value per share with normalized ROE, cost of equity, and terminal growth to derive a justified price-to-book value.
This edition does not contain enough finite inputs to reproduce the lens calculation.
| Маржа |
|---|
| HOOD | Robinhood Markets, Inc. | $67.9B | 27.6x | 14.7x | — | — | |
| MS | Morgan Stanley | 14.9x | 4.1x | 16.4% | 40.6% | ||
| GS | The Goldman Sachs Group Inc. | 14.2x | 4.5x | 14.5% | 38.6% | ||
| SCHW | The Charles Schwab Corporation | 12.8x | 6.4x | 19.1% | 49.4% | ||
| LPLA | LPL Financial Holdings Inc. | 10.1x | 1.3x | 20.5% | 11.1% | ||
| MKTX | MarketAxess Holdings Inc. | 15.8x | 5.8x | 11.1x | 24.3% | 43.9% |
