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) Piotroski F-score
Bullish's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (21.84%) | 3.24% | Fail | 0 |
| Positive operating cash flow | 28.63m | (29.98m) | Pass | 1 |
| Rising return on assets | (21.84%) | 3.24% | Fail | 0 |
| Cash flow above net income | 793.31m | (108.51m) | Pass | 1 |
| Falling long-term leverage | 0.15 | 0.21 | Pass | 1 |
| Rising current ratio | 29.28 | 34.24 | Fail | 0 |
| No new shares issued | 127,723,000 | 112,664,000 | Fail | 0 |
| Rising gross margin | 0.10% | 0.06% | Pass | 1 |
| Rising asset turnover | 69.95 | 103.16 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RELY Remitly Global, Inc. compare | 7 |
| ACIW ACI Worldwide, Inc. compare | 7 |
| BB BlackBerry Limited compare | 6 |
| TENB Tenable Holdings, Inc. compare | 6 |
| DLO DLocal Limited compare | 6 |
| BOX Box, Inc. compare | 6 |
| CORZ Core Scientific, Inc. compare | 4 |
| VRNS Varonis Systems, Inc. compare | 4 |
| BLSH Bullish | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover