Determining whether Futu Holdings Limited (NASDAQ: FUTU) is overvalued depends on an investor's growth expectations for its digital brokerage and wealth management platform across international markets. While value-focused analysts often point to its rapid user expansion, strong fee-based revenues, and robust operational margins to justify its premium fintech valuation, growth-skeptic analysts highlight cross-border regulatory risks, shifting macroeconomic interest rate cycles, and regional market competition as factors that could stretch its price-to-earnings multiples.