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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%
Market cap
$3.1B
P/E
0.0×
Fwd P/E
−5.6×
Dividend yield
—
F-score
4/9
Altman Z
65.89
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Bullish (BLSH) Beneish M-score

Alert me on Beneish M-score

Bullish's Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.

Beneish M-score, annual

No history to chart for BLSH yet.

Annual newest first

Period Beneish M-score Change (points)

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index — — n/a —
Gross margin index 0.65 — 0.35
Asset quality index 0.79 — 0.32
Sales growth index 0.98 — 0.87
Depreciation index 1.89 — 0.22
SG&A index 1.22 — −0.21
Total accruals to total assets (0.21) — −0.96
Leverage index 0.84 — −0.27
Beneish M-score n/a — days’ sales in receivables index cannot be worked out —

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
WIX Wix.com Ltd. compare −3.2×
PAY Paymentus Holdings, Inc. compare −3.2×
TDC Teradata Corporation compare −2.8×
APPN Appian Corporation compare −2.7×
AVPT AvePoint, Inc. compare −2.4×
CLBT Cellebrite DI Ltd. compare −2.1×
FOUR Shift4 Payments, Inc. compare −1.9×
TCGL TechCreate Group Ltd. compare 4.6×
BLSH Bullish —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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