<p>TradingKey - 在過去一年幾乎增長了三倍之後，Robinhood 再次成為增長投資者的焦點。這家在線經紀公司利用了市場的上升、零售交易的復甦以及盈利能力的顯著改善。</p>
<p>然而，股價短暫而劇烈的回撤引發了新的質疑：這波反彈是否過頭？隨着 HOOD 股票接近下一個財報季，投資者現在必須考慮當前價格是否提供了一個有吸引力的入場點，或者短期風險是否變得過於沉重而無法忽視。</p>
<h2><strong>反彈背後的業務</strong></h2>
<p>Robinhood 能夠躋身經紀公司排名的頂端，主要是因為它顛覆了傳統的按交易收取佣金的模式，並提供了一個以移動為主的用户體驗，易於新手理解。該公司通過多個渠道在這一生態系統中獲得收入，包括訂單流支付、加密交易差價和返利、未投資現金和保證金貸款的淨利息收入，以及來自高級 Gold 級別的訂閲收入。這些收入來源使平台能夠保持交易免費，同時從系統內的活動和餘額中獲利。</p>
<p>公司的增長軌跡並非一帆風順。2020 年和 2021 年，由於刺激支票、社交媒體熱情和投機熱潮，零售交易的繁榮隨之而來，但在 2022 年，隨着利率上升，投資者轉向更安全的資產，交易活動急劇放緩。自那時以來，Robinhood 通過擴大產品供應、增加變現能力，並穩步擴展其金融服務的覆蓋範圍，重新獲得了動力。</p>
<p>從 2020 年到 2024 年，收入增長了三倍以上，達到 29.5 億美元，而資金客户數量從 1250 萬增加到 2520 萬。盈利能力也顯著改善，調整後的 EBITDA 在 2023 年再次轉為正值，並在 2024 年進一步增長，公司也實現了 GAAP 盈利。</p>
<h2><strong>增長正在加速，而非停滯</strong></h2>
<p>公司最新季度的增量銷售增長的廣泛環境表明，復甦正在加速，而不是停滯。2025 年前九個月的收入同比飆升 65%，達到 31.9 億美元，調整後的 EBITDA 增長超過一倍，增加了 116%，達到 17.6 億美元。GAAP 淨收入為 1.69 億美元，超過 15 倍的增長。這部分業績得益於對 TradePMR 的收購，但有機增長也很強勁。</p>
<p>用户指標也在增加，月活躍用户約為 1100 萬。截至 2025 年第三季度，資金賬户已增長至 2680 萬，同比增長 10%。更引人注目的是高價值客户的增加：支付高級功能（如保證金訪問和更高現金餘額利息）的 Gold 訂閲用户增加了 77%，達到 390 萬。這一趨勢表明，用户收入也在隨着用户增長而改善，這對維持長期盈利能力至關重要。</p>
<p>華爾街押注這種勢頭將繼續。預計全年收入和調整後的 EBITDA 將分別增長 53% 和 77%，並且根據共識預測，收入和 EBITDA 預計將在 2027 年前顯著增長。許多樂觀情緒基於 Robinhood 試圖成為更廣泛的金融科技平台，包括更多傳統銀行業務、財富管理和 AI 輔助投資工具。</p>
<h2><strong>新的催化劑正在拓寬可解決的市場</strong></h2>
<p>Robinhood 正在為增長開闢額外渠道，除了其主要的經紀平台。更雄心勃勃的代幣化項目包括美國國債、股票、ETF，甚至持有私營公司股份的特殊目的工具（SPV）。通過在自己的區塊鏈平台上推出這些工具，公司希望提供比傳統模式更快的結算和更低的交易成本。</p>
<p>與此同時，其管理層表示願意通過收購來擴大客户和資產基礎，並正在進入體育預測和其他基於事件的交易產品等相鄰市場。全球化是另一個槓桿，最近在印度尼西亞的收購強調了這一戰略。總體而言，這些努力旨在確保 Robinhood 在傳統零售交易變得更加週期性時仍然保持相關性。</p>
<h2><strong>最近回調真正表明了什麼</strong></h2>
<p>由於 11 月交易量低於預期，Hood 股票下跌：在強勁的基本面故事之後，HOOD 股票最近因公司報告 11 月環比交易量疲軟而跌宕起伏。股票交易量下降了 37%，而期權和加密交易量分別下降了 28% 和 12%。儘管整體平台資產僅略微下降，大多數數字仍同比上升，但市場將這些數據解讀為活動放緩的潛在跡象，並作出了反應。</p>
<p>這並沒有嚇跑所有人。Cathie Wood 的 Ark Invest 在低迷時買入，跨其基金購買了超過 3000 萬美元的 Robinhood 股票，使該公司在 ARK Innovation 和 ARK Fintech &amp; Blockchain ETF 中佔據了重要位置。這一決定表明，11 月的放緩是一個異常現象，是 10 月表現異常強勁和加密市場暫時下滑的結果，而不是業務的根本性轉變。</p>
<p>這一評估是否正確將在下一批交易回顧和財報中變得更加清晰。在短期內，市場情緒可能會對交易量波動的進一步跡象做出相當敏感的反應。</p>
<h2><strong>估值和關鍵風險</strong></h2>
<p>在這些水平上，Robinhood 的股票不再便宜。根據不同的指標，該股似乎在未來收益和調整後 EBITDA 的基礎上以高倍數交易。如果 Robinhood 能夠像過去一年那樣持續增長，這種估值是可以合理化的。但如果交易量比預期顯著放緩，或者新舉措的擴展時間超出預期，倍數可能會急劇收縮。</p>
<p>該公司對市場情緒和交易量的依賴也意味着其業績將繼續呈週期性波動。持續的風險規避環境，或加密貨幣和期權交易的持續疲軟，也可能對收入增長和利潤率施加壓力。來自其他金融科技平台和傳統經紀商的競爭，包括那些常常在 sofi 與 robinhood 等類別下進行比較的公司，也是一個長期問題。</p>
<h2><strong>投資者現在應該如何看待 HOOD 股票</strong></h2>
<p>對於評估 Robinhood 股票價格今天是否過高的投資者來説，風險和時間的暴露是主要因素。在短期內，月度交易數據和財報中仍存在一些短期波動，而溢價估值幾乎沒有失望的空間。然而，從長遠來看，Robinhood 不斷增長的生態系統、擴大的 EBITDA 盈利能力以及超越其原始經紀模式的能力，都暗示着持續增長的路徑。</p>
<p>如果它能夠繼續將活躍用户轉化為更高價值的訂閲者，增加新的資產類別和市場，並保持收入的增長勢頭，那麼今天的估值在事後看來可能仍然是合理的。在這種情況下，最近的回調可以被視為長期上升趨勢中的一次暫停，而不是反轉的開始。對於一個長期關注的投資者來説，相信該平台能夠繼續重塑零售金融，Robinhood 是一個高風險、高回報的投資，而不是一個已經結束的故事。</p>
<p>瞭解更多</p>

HOOD

<p>Robinhood 的股票在過去一年中經歷了顯著增長，幾乎增長了三倍，但最近的回調引發了投資者的擔憂。該公司改善了盈利能力並擴大了產品種類，導致收入和用户指標激增。儘管最近交易量有所下降，華爾街對 Robinhood 未來的增長仍持樂觀態度，認為其在金融科技領域的擴展和新市場機會將推動增長。然而，最近股價的下跌引發了對其漲勢可持續性的質疑</p>

<p>TradingKey - After nearly tripling over the past year, Robinhood is once again a magnet for growth investors. The online brokerage has capitalized on a rising market, a resurgence in retail trading, and a dramatic improvement in profitability.</p>
<div class="lb-trans"><p>TradingKey - 在過去一年幾乎增長了三倍之後，Robinhood 再次成為增長投資者的焦點。這家在線經紀公司利用了市場的上升、零售交易的復甦以及盈利能力的顯著改善。</p>
</div><p>However, a short-lived but sharp retreat in the share price has led to renewed questions: Is the rally overdone? With HOOD stock approaching its next earnings season amidst high expectations, investors must now consider if the current price offers an attractive entry point or if the short-term risks are becoming too heavy to ignore.</p>
<div class="lb-trans"><p>然而，股價短暫而劇烈的回撤引發了新的質疑：這波反彈是否過頭？隨着 HOOD 股票接近下一個財報季，投資者現在必須考慮當前價格是否提供了一個有吸引力的入場點，或者短期風險是否變得過於沉重而無法忽視。</p>
</div><h2><strong>The business behind the rally</strong></h2>
<div class="lb-trans"><h2><strong>反彈背後的業務</strong></h2>
</div><p>Robinhood rose to the top of the brokerage ranks in large part because it disrupted the traditional model of charging commissions on trades and offered a mobile-first, user experience that was easy for newcomers to understand. The company derives revenues in this ecosystem via multiple channels, including payment for order flow, crypto trading spreads and rebates, net interest income from uninvested cash and margin lending, and subscription revenue from a premium Gold tier. These sources of income enable the platform to keep trading free, while profiting from activity and balances across the system.</p>
<div class="lb-trans"><p>Robinhood 能夠躋身經紀公司排名的頂端，主要是因為它顛覆了傳統的按交易收取佣金的模式，並提供了一個以移動為主的用户體驗，易於新手理解。該公司通過多個渠道在這一生態系統中獲得收入，包括訂單流支付、加密交易差價和返利、未投資現金和保證金貸款的淨利息收入，以及來自高級 Gold 級別的訂閲收入。這些收入來源使平台能夠保持交易免費，同時從系統內的活動和餘額中獲利。</p>
</div><p>The company’s trajectory of growth has been anything but straight. A boom in retail trading in 2020 and 2021 encouraged by stimulus checks, social media enthusiasm, and speculative heat was followed by a sharp slowdown in 2022 as rising rates incentivized investors to move into safer assets. Since then, Robinhood has regained its momentum by broadening its product offerings, increasing monetization, and steadily expanding its reach into financial services.</p>
<div class="lb-trans"><p>公司的增長軌跡並非一帆風順。2020 年和 2021 年，由於刺激支票、社交媒體熱情和投機熱潮，零售交易的繁榮隨之而來，但在 2022 年，隨着利率上升，投資者轉向更安全的資產，交易活動急劇放緩。自那時以來，Robinhood 通過擴大產品供應、增加變現能力，並穩步擴展其金融服務的覆蓋範圍，重新獲得了動力。</p>
</div><p>From 2020 to 2024, revenue more than tripled to $2.95 billion, while the number of funded customers increased from 12.5 million to 25.2 million. Profitability is also significantly better with adjusted EBITDA becoming positive again in 2023 and further increasing in 2024, and the company becoming GAAP profitable as well.</p>
<div class="lb-trans"><p>從 2020 年到 2024 年，收入增長了三倍以上，達到 29.5 億美元，而資金客户數量從 1250 萬增加到 2520 萬。盈利能力也顯著改善，調整後的 EBITDA 在 2023 年再次轉為正值，並在 2024 年進一步增長，公司也實現了 GAAP 盈利。</p>
</div><h2><strong>Growth Is Accelerating, Not Stalling</strong></h2>
<div class="lb-trans"><h2><strong>增長正在加速，而非停滯</strong></h2>
</div><p>That broader environment of rising incremental sales for the company’s latest quarter suggests a recovery is picking up speed, not stalling out. Revenues for the first nine months of 2025 soared 65% year-over-year to $3.19 billion, and Adjusted EBITDA more than doubled, increasing by 116% to $1.76 billion. GAAP net income was $169 million, more than 15 times higher. Part of that performance is due to the acquisition of TradePMR, but the organic growth has been strong.</p>
<div class="lb-trans"><p>公司最新季度的增量銷售增長的廣泛環境表明，復甦正在加速，而不是停滯。2025 年前九個月的收入同比飆升 65%，達到 31.9 億美元，調整後的 EBITDA 增長超過一倍，增加了 116%，達到 17.6 億美元。GAAP 淨收入為 1.69 億美元，超過 15 倍的增長。這部分業績得益於對 TradePMR 的收購，但有機增長也很強勁。</p>
</div><p>User metrics are also increasing, around 11 million monthly active users. Funded accounts have grown to 26.8 million as of 3Q25, a 10% YoY increase. Even more striking is the increase in higher-value customers: Gold subscribers who pay for premium features such as margin access and higher interest on cash balances, rose 77% to 3.9 million. This trend indicates that revenue per user is also improving together with headline user growth, which is essential to maintaining long term profitablity.</p>
<div class="lb-trans"><p>用户指標也在增加，月活躍用户約為 1100 萬。截至 2025 年第三季度，資金賬户已增長至 2680 萬，同比增長 10%。更引人注目的是高價值客户的增加：支付高級功能（如保證金訪問和更高現金餘額利息）的 Gold 訂閲用户增加了 77%，達到 390 萬。這一趨勢表明，用户收入也在隨着用户增長而改善，這對維持長期盈利能力至關重要。</p>
</div><p>Wall Street is betting that this momentum will continue. Full year revenue and adjusted EBITDA are expected to grow by 53% and 77%, respectively, and revenue and EBITDA are expected to grow significantly on a compounding basis through 2027, based on consensus estimates. A lot of that optimism is based on Robinhood’ s bid to become a broader fintech platform, including more traditional banking, wealth management, and AI-assisted investment tools.</p>
<div class="lb-trans"><p>華爾街押注這種勢頭將繼續。預計全年收入和調整後的 EBITDA 將分別增長 53% 和 77%，並且根據共識預測，收入和 EBITDA 預計將在 2027 年前顯著增長。許多樂觀情緒基於 Robinhood 試圖成為更廣泛的金融科技平台，包括更多傳統銀行業務、財富管理和 AI 輔助投資工具。</p>
</div><h2><strong>New catalysts are broadening the market that can be addressed</strong></h2>
<div class="lb-trans"><h2><strong>新的催化劑正在拓寬可解決的市場</strong></h2>
</div><p>Robinhood is opening up additional channels for growth besides its main brokerage platform. Among the more ambitious tokenization projects is that of U.S. Treasuries, stocks, ETFs and even special-purpose vehicles (SPV) that hold stakes in private companies. By launching these instruments on its own blockchain platform, the company seeks to deliver the benefit of faster settlement and lower transaction costs than traditional models.</p>
<div class="lb-trans"><p>Robinhood 正在為增長開闢額外渠道，除了其主要的經紀平台。更雄心勃勃的代幣化項目包括美國國債、股票、ETF，甚至持有私營公司股份的特殊目的工具（SPV）。通過在自己的區塊鏈平台上推出這些工具，公司希望提供比傳統模式更快的結算和更低的交易成本。</p>
</div><p>At the same time, its management has indicated that it is open to acquisitions to grow its customer and assets base, and it is moving into adjacent markets such as sports prediction and other event-based trading products. Going global is another lever, with recent bolt-ons in Indonesia underscoring this strategy. Collectively, the efforts aim to ensure Robinhood stays relevant if traditional retail trading becomes more cyclical.</p>
<div class="lb-trans"><p>與此同時，其管理層表示願意通過收購來擴大客户和資產基礎，並正在進入體育預測和其他基於事件的交易產品等相鄰市場。全球化是另一個槓桿，最近在印度尼西亞的收購強調了這一戰略。總體而言，這些努力旨在確保 Robinhood 在傳統零售交易變得更加週期性時仍然保持相關性。</p>
</div><h2><strong>What the recent pullback really indicates</strong></h2>
<div class="lb-trans"><h2><strong>最近回調真正表明了什麼</strong></h2>
</div><p>Hood stock falls after weaker than expected November trading volumes: following a robust fundamental tale, HOOD stock has stumbled recently after the company reported softer month-over-month trading volumes for the month of November. Equity trading volumes decreased 37%, while options and crypto volumes fell 28% and 12%, respectively. While overall platform assets declined only slightly and most numbers were still rising year over year, the market read the data as a potential sign of slowing activity, and it responded.</p>
<div class="lb-trans"><p>由於 11 月交易量低於預期，Hood 股票下跌：在強勁的基本面故事之後，HOOD 股票最近因公司報告 11 月環比交易量疲軟而跌宕起伏。股票交易量下降了 37%，而期權和加密交易量分別下降了 28% 和 12%。儘管整體平台資產僅略微下降，大多數數字仍同比上升，但市場將這些數據解讀為活動放緩的潛在跡象，並作出了反應。</p>
</div><p>It didn't chase away everyone. Cathie Wood’s Ark Invest was buying the dip, snapping up more than $30 million in Robinhood shares across its funds, catapulting the company to significant positions in both the ARK Innovation and ARK Fintech &amp; Blockchain ETFs. The decision suggests that the November slowdown was an aberration, the product of an exceptionally strong performance in October and a temporary downward tick in crypto markets rather than a fundamental shift in the business.</p>
<div class="lb-trans"><p>這並沒有嚇跑所有人。Cathie Wood 的 Ark Invest 在低迷時買入，跨其基金購買了超過 3000 萬美元的 Robinhood 股票，使該公司在 ARK Innovation 和 ARK Fintech &amp; Blockchain ETF 中佔據了重要位置。這一決定表明，11 月的放緩是一個異常現象，是 10 月表現異常強勁和加密市場暫時下滑的結果，而不是業務的根本性轉變。</p>
</div><p>Whether that assessment turns out right will be clearer with the next batch of trading reviews and earnings. In the near term, the sentiment could be quite reactive to further indication of volume volatility.</p>
<div class="lb-trans"><p>這一評估是否正確將在下一批交易回顧和財報中變得更加清晰。在短期內，市場情緒可能會對交易量波動的進一步跡象做出相當敏感的反應。</p>
</div><h2><strong>Valuation and Key Risks</strong></h2>
<div class="lb-trans"><h2><strong>估值和關鍵風險</strong></h2>
</div><p>Hood stock is no longer cheap at these levels. Based on different metrics, the share seems to be trading at a high multiple on a forward-looking basis on both earnings and adjusted EBITDA. That valuation can be rationalized if Robinhood keeps growing like it has over the past year. But if the volume of trade slows more significantly than expected or if new initiatives take longer than anticipated to scale up, the multiple could contract sharply.</p>
<div class="lb-trans"><p>在這些水平上，Robinhood 的股票不再便宜。根據不同的指標，該股似乎在未來收益和調整後 EBITDA 的基礎上以高倍數交易。如果 Robinhood 能夠像過去一年那樣持續增長，這種估值是可以合理化的。但如果交易量比預期顯著放緩，或者新舉措的擴展時間超出預期，倍數可能會急劇收縮。</p>
</div><p>The company’s dependence upon market sentiment and trading volume also means that its results will continue to be cyclical. A sustained risk-off environment, or a persistent weakening in trading of crypto and options, would also be likely to put pressure on the growth of revenue and on margins. Competition from other fintech platforms and traditional brokers, including ones frequently compared under categories such as sofi vs robinhood, is another long-term issue.</p>
<div class="lb-trans"><p>該公司對市場情緒和交易量的依賴也意味着其業績將繼續呈週期性波動。持續的風險規避環境，或加密貨幣和期權交易的持續疲軟，也可能對收入增長和利潤率施加壓力。來自其他金融科技平台和傳統經紀商的競爭，包括那些常常在 sofi 與 robinhood 等類別下進行比較的公司，也是一個長期問題。</p>
</div><h2><strong>How Investors Should Think About HOOD Stock Now</strong></h2>
<div class="lb-trans"><h2><strong>投資者現在應該如何看待 HOOD 股票</strong></h2>
</div><p>For investors assessing whether hood stock price is high today or not, the exposure is largely related to time and risk. In the near-term, some short-term volatility in monthly trading data and earnings reports persists, and a premium valuation leaves little room for disappointment. Longer term, however, Robinhood’s growing ecosystem, expanding EBITDA profitability and ability to pivot beyond its original brokerage model, all suggest a path for sustained growth.</p>
<div class="lb-trans"><p>對於評估 Robinhood 股票價格今天是否過高的投資者來説，風險和時間的暴露是主要因素。在短期內，月度交易數據和財報中仍存在一些短期波動，而溢價估值幾乎沒有失望的空間。然而，從長遠來看，Robinhood 不斷增長的生態系統、擴大的 EBITDA 盈利能力以及超越其原始經紀模式的能力，都暗示着持續增長的路徑。</p>
</div><p>If it can continue converting active users into higher-value subscribers, add new asset classes and markets, and sustain that momentum in revenue, today’s valuation may still prove reasonable in hindsight. In that case, the recent pullback could be considered as nothing more than a pause in a longer term uptrend rather than the beginning of a reversal. For a long-term-focused investor who believes the platform can continue to reshape retail finance, Robinhood is a high risk, high reward wager and not a story that has already run its course.</p>
<div class="lb-trans"><p>如果它能夠繼續將活躍用户轉化為更高價值的訂閲者，增加新的資產類別和市場，並保持收入的增長勢頭，那麼今天的估值在事後看來可能仍然是合理的。在這種情況下，最近的回調可以被視為長期上升趨勢中的一次暫停，而不是反轉的開始。對於一個長期關注的投資者來説，相信該平台能夠繼續重塑零售金融，Robinhood 是一個高風險、高回報的投資，而不是一個已經結束的故事。</p>
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Robinhood 股票前景：在經歷上漲和近期回調後，HOOD 股票是否值得買入？