stockrow
Friday 6 November 2026
Export BLSH’s income statement to Excel — free account
Bullish
BLSH Technology Software Infrastructure
Bullish’s revenue for fiscal 2025 (year ended December 2025) was $245.0 billion, down 2.11% from fiscal 2024.
- Revenue
- −44.3%
- EPS
- −287.4%
- Free cash flow
- +2.25%
- Total debt
- −13.5%
Quarter to June 2026, against a year earlier
20.78
2.35
−10.16%
Follow BLSH
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 116,508 | 250,263 | 244,970 | 190,571 | +45.0% | 357 | 408 | 509 | (87.2%) | |
| Gross margin, % | — | — | — | — | — | — | — | 0.08 | 0.06 | 0.10 | 0.16 | 0.0 pt | ||||||
| EBT | — | — | — | — | — | — | — | 1,301 | 85 | (786) | (1,431) | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 1.12 | 0.03 | (0.32) | (0.75) | (1.4) pt | ||||||
| Net income | — | — | — | — | — | — | — | 1,300 | 80 | (785) | (1,430) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 1,035.62 | 2,221.32 | 1,917.98 | 1,256.37 | +36.1% | |||||
| Earnings | — | — | — | — | — | — | — | 11.56 | 0.71 | (6.15) | (9.22) | n/m | ||||||
| Cash flow | — | — | — | — | — | — | — | (1.13) | (0.27) | 0.22 | 0.81 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | (0.01) | (0.14) | (0.17) | (0.04) | +350.3% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (1.13) | (0.40) | 0.06 | 0.77 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 11.40 | 21.31 | 25.82 | 16.22 | +50.5% | ||||||
| Shares, m | — | — | — | — | — | — | — | 113 | 113 | 128 | 141 | +6.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.03 | 0.03 | 0.02 | 0.02 | 0.0 | ||||||
| P/B | — | — | — | — | — | — | — | 3.02 | 3.02 | 1.47 | 1.28 | 2.5 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.03 | 0.03 | 0.02 | 0.01 | 0.0 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 300.24 | 300.24 | 536.39 | 19.91 | 379.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (127) | (30) | 29 | 123 | n/m | |||||
| Capex | — | — | — | — | — | — | — | (1) | (16) | (21) | (7) | +379.7% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (128) | (46) | 7 | 116 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 1,668 | 2,827 | 3,674 | 2,817 | +48.4% | |||||
| Net debt | — | — | — | — | — | — | — | 46 | 255 | (1,006) | (837) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 1,282 | 2,401 | 3,298 | 2,460 | +60.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 3.24 | (21.84) | (43.56) | (21.8) pt | |||||
| ROIC | — | — | — | — | — | — | — | 61.36 | 4.20 | (19.73) | (56.90) | (81.1) pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 4.26 | (26.84) | (55.08) | (26.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 388 | 414 | — | +6.7% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 645.01 | 591.72 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Bullish vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| APPN Appian Corporation | $3.9B | — (loss-making) | 1,228× | +25.47% (above 0%: growing) | +54.55% (above 0%: growing) | −210.79% (below 0%: shrinking) | 0.00% | 9.08% | Compare |
| PAY Paymentus Holdings, Inc. | $3.7B | 44.7× | 45.6× | +19.77% (above 0%: growing) | +55.71% (above 0%: growing) | +32.10% (above 0%: growing) | 25.21% | 9.01% | Compare |
| AVPT AvePoint, Inc. | $3.5B | 45.6× | 57.7× | +19.48% (above 0%: growing) | +50.00% (above 0%: growing) | −13.62% (below 0%: shrinking) | 72.20% | 8.73% | Compare |
| FOUR Shift4 Payments, Inc. | $3.4B | 67.6× | 28.3× | +34.06% (above 0%: growing) | −77.14% (below 0%: shrinking) | −109.09% (below 0%: shrinking) | 34.44% | 7.34% | Compare |
| WIX Wix.com Ltd. | $3.2B | — (loss-making) | — (loss-making) | +14.93% (above 0%: growing) | n/m | −64.35% (below 0%: shrinking) | 65.77% | (10.44%) | Compare |
| BLSH Bullish | $3.1B | — (loss-making) | — (loss-making) | −44.34% (below 0%: shrinking) | n/m | +2.25% (above 0%: growing) | 0.25% | (0.87%) | |
| CLBT Cellebrite DI Ltd. | $3.1B | 51.3× | 48.2× | +15.77% (above 0%: growing) | −62.50% (below 0%: shrinking) | −79.43% (below 0%: shrinking) | 80.78% | 5.30% | Compare |
| TCGL TechCreate Group Ltd. | $3.1B | — | — | — | — | — | — | — | Compare |
| TDC Teradata Corporation | $3.0B | 6.7× | 7.7× | +0.49% (above 0%: growing) | +444.44% (above 0%: growing) | +169.23% (above 0%: growing) | 59.27% | 11.71% | Compare |
| Median of peers | $3.3B | 45.6× | 46.9× | +19.48% | +52.28% | −64.35% | 59.27% | 8.73% |
Bullish (BLSH) Latest News
20 Oct
22 Sep
17 Aug
13 Aug
29 Jun
BLSH metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share