Bullish (BLSH) vs Core Scientific, Inc. (CORZ)

Bullish and Core Scientific, Inc. are both Software Infrastructure companies. Bullish and Core Scientific, Inc. are of similar size ($6.0B and $5.9B). Core Scientific, Inc. grew revenue faster over the last twelve months: 26.4% against −26.5%. Bullish has the higher net margin (−0.72% vs −487.8%) and the lower return on invested capital (−56.9% vs 0.00%). Across the 16 metrics below, Bullish leads on 8 and Core Scientific, Inc. on 8.

Valuation

Metric BLSH CORZ Software Infrastructure median
P/E n/m n/m 28.02
P/S 0.03 12.83 3.07
P/B 2.32 n/m 3.36
Price to free cash flow 49.01 n/m 17.12
EV/EBITDA n/m n/m 14.91
EV/Sales 0.03 18.20 3.03
Earnings yield (24.53%) (24.41%) 0.13%
Free cash flow yield 2.04% (21.14%) 1.15%

Profitability

Metric BLSH CORZ Software Infrastructure median
Gross margin 0.16% 28.35% 61.23%
Operating margin (0.78%) (127.45%) 0.00%
Net margin (0.72%) (487.78%) 0.00%
Free cash flow margin 0.06% (271.34%) 1.67%
Return on equity (55.08%) 123.29% 0.59%
Return on assets (43.56%) (59.37%) 0.00%
Return on invested capital (56.90%) 0.00% 0.00%

Growth

Metric BLSH CORZ Software Infrastructure median
Revenue growth (TTM) (26.47%) 26.37% 13.41%
EPS growth (last fiscal year) (991.95%) 79.95% —
Revenue growth, 5-year CAGR — 39.53% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH CORZ Software Infrastructure median
Debt to equity 0.20 (1.78) 0.06
Current ratio 23.52 0.89 1.55
Net debt to EBITDA 1.40 (4.70) 0.08

Dividend

Metric BLSH CORZ Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — — 0.00

Size

Metric BLSH CORZ Software Infrastructure median
Market cap 5.97b 5.89b 835.96m

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