BULL vs IBKR: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
IBKR is the larger of the two ($149.25B market cap): the incumbent the market prices for continued execution (27.57x forward earnings, beta 1.33). BULL is the smaller challenger ($3.75B), cheaper on forward earnings (23.15x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
BULL vs IBKR: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | BULL | IBKR | What it tells you |
|---|---|---|---|
| Market cap | $3.75B | $149.25B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 23.15 | 27.57 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 0.55 | 1.33 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 20% of range | 75% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.68 | 6.68 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: BULL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how BULL and IBKR affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BULL and IBKR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BULL and IBKR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Webull Corporation (BULL) do?
Webull Corporation operates Webull, a mobile-first digital investment platform that lets retail investors trade stocks, ETFs, options, futures, fractional shares, and in some markets digital assets, with round-the-clock access to global markets. It serves more than 26 million registered users across roughly 14 markets in North America, Asia Pacific, Europe, and Latin America through a network of licensed brokerage entities. Its business earns money in two main ways: trading-related revenue, which in the United States leans heavily on payment for order flow (options are the larger share of those rebates), and interest-related income from margin loans, stock lending, and interest on client cash balances. In its first full year as a public company it reported record revenue of about $571 million (up 46%) and record net deposits of $8.6 billion (up 91%).
What does Interactive Brokers Group (IBKR) do?
Interactive Brokers Group operates one of the largest electronic brokerage platforms in the world, offering trading in stocks, options, futures, currencies, bonds, funds, and prediction markets across more than 170 markets from a single unified account. Its edge is automation and cost: the firm runs on lean technology, passes through low commissions and margin rates, and serves a global mix of active individual traders, hedge funds, proprietary trading groups, financial advisors, and introducing brokers. Revenue comes mainly from two engines, transaction commissions and net interest income earned on customer cash balances and margin loans.
BULL vs IBKR: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- BULL drivers: User and asset growth; Two revenue engines: trading and interest.
- IBKR drivers: Account and client-asset growth; Net interest income on customer balances.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. For IBKR, the biggest swing factor is interest rates, since a large share of profit is net interest income that would compress if rates fall.
BULL or IBKR: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BULL if you believe its drivers more; IBKR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BULL and IBKR guides.
BULL vs IBKR: the full fundamentals
BULL. Figures are approximate and tied to the asOf date; verify live numbers before acting. Because Webull is not consistently profitable on a GAAP basis, a traditional P/E ratio is not meaningful, so the market values it on revenue growth, users, and assets rather than earnings. The gap between a slightly positive adjusted EPS and a GAAP loss is worth understanding, since it reflects non-cash and SPAC-related charges as well as the underlying run rate.
IBKR. As of July 2026, IBKR trades at roughly 40 times trailing earnings, a premium to its own history after the stock roughly doubled over the prior year. Growth has been strong, with record quarterly revenue and pre-tax margins above 70 percent, but the elevated multiple leaves less room for error if rates fall or trading volumes slow.
Headline figures (approximate, July 2026): BULL shows revenue (q1 2026 quarterly) ~$159.9 million, up 36% year over year, revenue (recent full year) ~$571 million, up 46%, registered users ~26 million+ across ~14 markets, customer assets ~$24 billion, up ~90% year over year; IBKR shows revenue (ttm net revenues) ~$6.5B, q1 2026 net revenues ~$1.67B, net interest income (q1 2026) ~$904M, commissions (q1 2026) ~$613M.
The bottom line: BULL vs IBKR
BULL and IBKR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BULL and IBKR exposure against your real portfolio. It is not an investment adviser.
Wondering how BULL or IBKR fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Webull Corporation with AI
Connect the broker you already use and ask Walnut's AI how BULL fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between BULL and IBKR?
+
Webull Corporation operates Webull, a mobile-first digital investment platform that lets retail investors trade stocks, ETFs, options, futures, fractional shares, and in some markets digital assets, with round-the-clock access to global markets. Interactive Brokers Group operates one of the largest electronic brokerage platforms in the world, offering trading in stocks, options, futures, currencies, bonds, funds, and prediction markets across more than 170 markets from a single unified account. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BULL or IBKR the better stock?
+
Neither is universally better. IBKR is the larger incumbent; BULL is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, BULL or IBKR?
+
On forward P/E (as of August 2026), BULL trades at 23.15x and IBKR at 27.57x, so BULL is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both BULL and IBKR?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of BULL vs IBKR?
+
BULL: Webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. A large portion of its US revenue comes from payment for order flow, a practice that regulators have periodically scrutinized and could restrict, which would pressure a core income line. Its ties to China have drawn a US congressional committee letter over PRC links and data privacy, an unresolved political and regulatory overhang. The stock is a recent SPAC listing and has been highly volatile, and the company still reports GAAP losses. Competition from far larger and better-capitalized brokers, plus other low-cost trading apps, can raise customer-acquisition costs and compress margins. IBKR: The biggest swing factor is interest rates, since a large share of profit is net interest income that would compress if rates fall. Commission revenue depends on trading volumes, which can drop sharply in calm or fearful markets. The company carries counterparty and margin risk if clients or clearing houses fail to meet obligations, and it operates under many regulators across dozens of countries, so rule changes or enforcement actions are an ongoing exposure. The unusual ownership structure, where public shareholders hold a minority interest in the operating partnership, and a premium valuation after a large price run mean the stock can be volatile if growth or margins disappoint.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BULL or IBKR; figures are approximate and dated (as of August 2026). Verify current data before investing.