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.
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Bullish (BLSH) Altman Z-score
Bullish's Altman Z-score for fiscal 2025 is 65.89, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 65.89 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.93 | — | 1.11 | |
| Retained earnings / total assets | (0.67) | — | −0.94 | |
| EBIT / total assets | (0.18) | — | −0.60 | |
| Market value of equity / total liabilities | 7.35 | — | 4.41 | |
| Sales / total assets | 61.92 | — | 61.92 | |
| Altman Z-score | Safe zone | 65.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BLSH Bullish | 65.9× |
| DLO DLocal Limited compare | 4.6× |
| RELY Remitly Global, Inc. compare | 4.5× |
| ACIW ACI Worldwide, Inc. compare | 3.8× |
| VRNS Varonis Systems, Inc. compare | 1.7× |
| BOX Box, Inc. compare | 1.4× |
| TENB Tenable Holdings, Inc. compare | 1.0× |
| BB BlackBerry Limited compare | 0.8× |
| CORZ Core Scientific, Inc. compare | −1.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets