Bullish (BLSH) vs Remitly Global, Inc. (RELY)

Bullish and Remitly Global, Inc. are both Software Infrastructure companies. Bullish and Remitly Global, Inc. are of similar size ($5.2B and $4.8B). Bullish has negative trailing earnings, so its P/E is not meaningful; Remitly Global, Inc. trades at 16.7×. Remitly Global, Inc. grew revenue faster over the last twelve months: 23.8% against −26.5%. Remitly Global, Inc. has the higher net margin (16.9% vs −0.72%) and the higher return on invested capital (23.6% vs −56.9%). Across the 18 metrics below, Remitly Global, Inc. leads on 14 and Bullish on 4.

Valuation

Metric BLSH RELY Software Infrastructure median
P/E n/m 16.66 28.38
P/S 0.02 2.81 2.98
P/B 1.82 4.52 2.93
Price to free cash flow 38.46 13.58 16.28
EV/EBITDA n/m 21.18 13.92
EV/Sales 0.02 2.53 2.90
Earnings yield (31.26%) 6.00% 0.14%
Free cash flow yield 2.60% 7.36% 1.24%

Profitability

Metric BLSH RELY Software Infrastructure median
Gross margin 0.16% 61.46% 61.00%
Operating margin (0.78%) 9.45% 0.00%
Net margin (0.72%) 16.85% 0.00%
Free cash flow margin 0.06% 20.73% 1.67%
Return on equity (55.08%) 32.25% 0.60%
Return on assets (43.56%) 22.32% 0.00%
Return on invested capital (56.90%) 23.57% 0.00%

Growth

Metric BLSH RELY Software Infrastructure median
Revenue growth (TTM) (26.47%) 23.79% 13.41%
EPS growth (last fiscal year) (991.95%) 263.16% 27.10%
Revenue growth, 5-year CAGR — 44.79% 15.57%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH RELY Software Infrastructure median
Debt to equity 0.20 0.00 0.05
Current ratio 23.52 3.18 1.55
Net debt to EBITDA 1.40 (3.10) 0.08

Dividend

Metric BLSH RELY Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric BLSH RELY Software Infrastructure median
Market cap 4.79b 5.22b 752.37m

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