Saturday 17 October 2026
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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%
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Target Price Range
Analyst price targets
Free accountTen 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 |
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| 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.
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% |
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.