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. In the quarter to June 2026, revenue fell 44.3%, EPS fell 287.4%, free cash flow grew 2.25% and total debt fell 13.5%, each against the same quarter a year earlier.

29.49 2.38 −7.47%
Market cap
$4.8B
P/E
0.0×
Fwd P/E
−26.8×
Dividend yield
—
F-score
4/9
Altman Z
65.89
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total sells 16.35
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 2 — — — 2 —
Insider Ownership 74.67%

Capital & Financial Ratios $m

Market Cap 4,790.00
Revenue 190,571.22
Net Income (1,429.95)
Free Cash Flow 116.31
Net Debt (836.73)
Current Ratio 23.52 (at or above 1.5: strong)
Debt/Equity 0.20 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (26.80) (negative: loss-making)
P/S ratio 0.02
P/B ratio 1.82
Past 5Y EPS Growth —
This Y EPS Growth 51.19% (at or above 15%: strong)
Next Y EPS Growth 91.85% (at or above 15%: strong)
Next Y revenue growth (99.85%) (below 0%: weak)
Next 5Y EPS Growth 61.13% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 383 273 1,567 1,335
Receivables — — — —
Inventory 1,289 574 206 139
Other 16 1,899 1,585 1,198
1,706 2,912 3,804 2,942
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — 25 50 0
Other 0 6 20 57
38 85 130 125

Compound Annual Growth %

10y 5y 3y
Sales — — —
Cash Flow — — —
Earnings — — —
Book Value — — —

Revenue $m

Mar Jun Sep Dec Year
’26 51,870 32,650 — — —
’25 80,256 58,663 41,650 64,401 244,970
’24 80,414 49,604 54,204 66,041 250,263
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 91 17 — — —
’25 (4) 17 (47) 62 29
’24 (72) 13 (10) 39 (30)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 94 17 — — —
’25 (15) 17 (49) 54 7
’24 (73) 4 (10) 34 (46)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (3.85) (1.78) — — —
’25 (3.08) 0.93 0.10 (3.73) (6.15)
’24 0.91 (1.03) (0.60) 1.41 0.69
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — — — — — 34.25

Analyst estimates 2026–2028

Powerpack
High — — — — — — — — — 118.00
People
People Employees — — — — — — — — 388 414
Revenue/emp, $m — — — — — — — 0.00 645.01 591.72
Income, $m
Income, $m Revenue — — — — — — — 116,508 250,263 244,970
Gross margin, % — — — — — — — 0.08 0.06 0.10
EBT — — — — — — — 1,301 85 (786)
EBT margin, % — — — — — — — 1.12 0.03 (0.32)
Net income — — — — — — — 1,300 80 (785)
Depreciation — — — — — — — 5 9 7
Per share, $
Per share, $ Revenue — — — — — — — 1,035.62 2,221.32 1,917.98
Earnings — — — — — — — 11.56 0.71 (6.15)
Cash flow — — — — — — — (1.13) (0.27) 0.22
Capex — — — — — — — (0.01) (0.14) (0.17)
Free cash flow — — — — — — — (1.13) (0.40) 0.06
Book value — — — — — — — 11.40 21.31 25.82
Shares, m — — — — — — — 113 113 128
Valuation, ×
Valuation, × P/E — — — — — — — 0.00 0.00 0.00
P/S — — — — — — — 0.03 0.03 0.02
P/B — — — — — — — 3.02 3.02 1.47
EV/Sales — — — — — — — 0.03 0.03 0.02
EV/FCF — — — — — — — 300.24 300.24 536.39
Cash, $m
Cash, $m Operating cash flow — — — — — — — (127) (30) 29
Capex — — — — — — — (1) (16) (21)
Free cash flow — — — — — — — (128) (46) 7
Balance, $m
Balance, $m Working capital — — — — — — — 1,668 2,827 3,674
Total debt — — — — — — — 429 528 561
Net debt — — — — — — — 46 255 (1,006)
Shareholders’ equity — — — — — — — 1,282 2,401 3,298
Returns, %
Returns, % ROA — — — — — — — 0.00 3.24 (21.84)
ROIC — — — — — — — 61.36 4.20 (19.73)
ROE — — — — — — — 0.00 4.26 (26.84)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
VRNS Varonis Systems, Inc. $5.4B — (loss-making) — (loss-making) +18.31% (above 0%: growing) n/m +15.62% (above 0%: growing) 75.27% (22.57%) Compare
BOX Box, Inc. $5.4B 54.9× 64.3× +9.23% (above 0%: growing) +66.67% (above 0%: growing) +65.84% (above 0%: growing) 79.08% 10.16% Compare
ACIW ACI Worldwide, Inc. $5.3B 24.0× 17.0× +7.27% (above 0%: growing) +158.33% (above 0%: growing) +35.07% (above 0%: growing) 42.18% 10.37% Compare
RELY Remitly Global, Inc. $5.2B 16.7× 28.8× +20.23% (above 0%: growing) +3,166.67% (above 0%: growing) +197.33% (above 0%: growing) 62.07% 13.47% Compare
BB BlackBerry Limited $5.1B 59.9× 67.1× +26.00% (above 0%: growing) +200.00% (above 0%: growing) +1,470.59% (above 0%: growing) 77.83% 20.58% Compare
BLSH Bullish $4.8B — (loss-making) — (loss-making) −44.34% (below 0%: shrinking) n/m +2.25% (above 0%: growing) 0.25% (0.87%)
CORZ Core Scientific, Inc. $4.6B — (loss-making) — (loss-making) +108.83% (above 0%: growing) n/m −852.12% (below 0%: shrinking) 42.66% (47.79%) Compare
TENB Tenable Holdings, Inc. $4.3B 701× 245× +8.58% (above 0%: growing) n/m +4.67% (above 0%: growing) 77.53% 4.61% Compare
DLO DLocal Limited $4.3B 21.0× 14.1× +55.84% (above 0%: growing) +26.67% (above 0%: growing) +12.57% (above 0%: growing) 31.81% 16.05% Compare
Median of peers $5.2B 39.5× 46.6× +19.27% +158.33% +25.35% 68.67% 10.26%

All 173 Software Infrastructure stocks →

Bullish (BLSH) key facts

  • Concern: Bullish’s revenue for fiscal 2025 (year ended December 2025) was $245.0 billion, down 2.11% from fiscal 2024.
  • Bullish (BLSH) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, BLSH traded at $29.49, a market capitalization of $4.8 billion.
  • Return on equity was −26.8% and debt-to-equity 0.20.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 65.89 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Bullish (BLSH) Latest News

stockrow.com/BLSH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com