HOOD
Robinhood Markets
Cyclical Exchange
★ Quality 56/100Price today
$122.11
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What this business is made of
The business
Robinhood: the app that hooked a generation on investing.
Robinhood is a retail broker that monetizes via payment for order flow, interest on balances, and crypto. Today it's a financial SuperApp with $324B in customer assets, growing 70% year-over-year, adding cards, retirement, and staking.
Generational brand among millennials and Gen Z, with rock-bottom acquisition cost and an app that's still the most polished in retail. The moat is habit and UX, not structural cost — replicable in theory, hard in practice.
Revenue history
From $1.8B to $4.2B in 4 years — nearly 2.3x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $4.5B · FY2025
Of every $100 in sales, $58 goes to costs and operations; $42 is left as net profit (42% margin).
Catalysts and risks
Platform assets $324B (+70% YoY) drive interest income and net deposits.
Bitstamp acquisition and expansion into Europe open a new institutional crypto TAM.
Robinhood Gold tops 3M subscribers, recurring revenue that dilutes cyclicality.
~15% of revenue comes from crypto: a drop in volumes hits P&L directly.
P/E 34x prices in perfect execution; a normalization of retail trading compresses the multiple.
PFOF regulation is still alive in the US and could force a redesign of the core economics.
Charlie's note
“You pay a demanding multiple for a business growing 70% and capturing the habit of an entire generation, but the moat is habit and design, not structure; the patience here is about waiting for the market to doubt a growth story that's still intact.”
Analysis · May 2026
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