stockrowBullish
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
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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 |
|---|---|
| PAY Paymentus Holdings, Inc. compare | 7 |
| AVPT AvePoint, Inc. compare | 6 |
| TDC Teradata Corporation compare | 6 |
| WIX Wix.com Ltd. compare | 6 |
| APPN Appian Corporation compare | 6 |
| FOUR Shift4 Payments, Inc. compare | 5 |
| CLBT Cellebrite DI Ltd. compare | 5 |
| BLSH Bullish | 4 |
| TCGL TechCreate Group Ltd. compare | — |
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
More on BLSH
- 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
- The full statement