Bullish (BLSH) vs Cellebrite DI Ltd. (CLBT)

Bullish and Cellebrite DI Ltd. are both Software Infrastructure companies. Bullish is the larger, with a market value of $3.5B against $3.1B — 1.1× the size. Bullish has negative trailing earnings, so its P/E is not meaningful; Cellebrite DI Ltd. trades at 51.0×. Cellebrite DI Ltd. grew revenue faster over the last twelve months: 17.8% against −26.5%. Cellebrite DI Ltd. has the higher net margin (11.4% vs −0.72%) and the higher return on invested capital (36.5% vs −56.9%). Across the 17 metrics below, Cellebrite DI Ltd. leads on 11 and Bullish on 6.

Valuation

Metric BLSH CLBT Software Infrastructure median
P/E n/m 51.04 26.15
P/S 0.02 5.90 2.87
P/B 1.41 5.64 2.94
Price to free cash flow 29.76 n/m 17.26
EV/EBITDA n/m 33.91 15.00
EV/Sales 0.01 5.04 2.95
Earnings yield (40.40%) 1.96% 0.00%
Free cash flow yield 3.36% (0.66%) 0.39%

Profitability

Metric BLSH CLBT Software Infrastructure median
Gross margin 0.16% 82.96% 59.21%
Operating margin (0.78%) 10.86% 0.00%
Net margin (0.72%) 11.43% 0.00%
Free cash flow margin 0.06% (3.90%) 0.00%
Return on equity (55.08%) 12.42% 0.00%
Return on assets (43.56%) 6.60% 0.00%
Return on invested capital (56.90%) 36.53% 0.00%

Growth

Metric BLSH CLBT Software Infrastructure median
Revenue growth (TTM) (26.47%) 17.76% 13.57%
EPS growth (last fiscal year) (991.95%) 122.96% 20.22%
Revenue growth, 5-year CAGR — 19.53% 16.02%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH CLBT Software Infrastructure median
Debt to equity 0.20 0.00 0.02
Current ratio 23.52 1.62 1.54
Net debt to EBITDA 1.40 (5.75) 0.05

Dividend

Metric BLSH CLBT Software Infrastructure median
Dividend yield — — 1.09%
Payout ratio — — 0.30

Size

Metric BLSH CLBT Software Infrastructure median
Market cap 3.45b 3.08b 655.75m

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