Bullish (BLSH)

Bullish Statistics

Total Valuation

Bullish has a market cap or net worth of $7.35 billion. The enterprise value is $7.53 billion.

Market Cap	7.35B
Enterprise Value	7.53B

Important Dates

The next estimated earnings date is Wednesday, December 17, 2025, after market close.

Earnings Date	Dec 17, 2025
Ex-Dividend Date	n/a

Share Statistics

Bullish has 146.18 million shares outstanding. The number of shares has increased by 0.46% in one year.

Current Share Class	146.18M
Shares Outstanding	146.18M
Shares Change (YoY)	+0.46%
Shares Change (QoQ)	+2.42%
Owned by Insiders (%)	61.92%
Owned by Institutions (%)	8.22%
Float	38.31M

Valuation Ratios

PE Ratio	n/a
Forward PE	76.57
PS Ratio	34.09
Forward PS	22.48
PB Ratio	2.26
P/TBV Ratio	3.03
P/FCF Ratio	175.35
P/OCF Ratio	173.61
PEG Ratio	0.48

Enterprise Valuation

EV / Earnings	n/a
EV / Sales	45.19
EV / EBITDA	n/a
EV / EBIT	n/a
EV / FCF	179.69

Financial Position

The company has a current ratio of 24.59, with a Debt / Equity ratio of 0.25.

Current Ratio	24.59
Quick Ratio	3.72
Debt / Equity	0.25
Debt / EBITDA	n/a
Debt / FCF	15.27
Interest Coverage	-1.96

Financial Efficiency

Return on Equity (ROE)	n/a
Return on Assets (ROA)	n/a
Return on Invested Capital (ROIC)	n/a
Return on Capital Employed (ROCE)	-2.77%
Revenue Per Employee	$416,520
Profits Per Employee	-$365,453
Employee Count	400
Asset Turnover	n/a
Inventory Turnover	n/a

Taxes

In the past 12 months, Bullish has paid $5.18 million in taxes.

Income Tax	5.18M
Effective Tax Rate	n/a

Stock Price Statistics

Beta (5Y)	n/a
52-Week Price Change	n/a
50-Day Moving Average	59.03
200-Day Moving Average	n/a
Relative Strength Index (RSI)	36.34
Average Volume (20 Days)	2,591,053

Short Selling Information

Short Interest	n/a
Short Previous Month	n/a
Short % of Shares Out	n/a
Short % of Float	n/a
Short Ratio (days to cover)	n/a

Income Statement

In the last 12 months, Bullish had revenue of $166.61 million and -$146.18 million in losses. Loss per share was -$1.30.

Revenue	166.61M
Gross Profit	166.61M
Operating Income	-86.28M
Pretax Income	-143.98M
Net Income	-146.18M
EBITDA	-82.50M
EBIT	-86.28M
Loss Per Share	-$1.30

Balance Sheet

The company has $458.03 million in cash and $639.94 million in debt, giving a net cash position of -$181.91 million or -$1.24 per share.

Cash & Cash Equivalents	458.03M
Total Debt	639.94M
Net Cash	-181.91M
Net Cash Per Share	-$1.24
Equity (Book Value)	2.55B
Book Value Per Share	22.26
Working Capital	2.98B

Cash Flow

In the last 12 months, operating cash flow was $42.32 million and capital expenditures -$420,000, giving a free cash flow of $41.90 million.

Operating Cash Flow	42.32M
Capital Expenditures	-420,000
Free Cash Flow	41.90M
FCF Per Share	$0.29

Margins

Gross margin is 100.00%, with operating and profit margins of -51.78% and -87.74%.

Gross Margin	100.00%
Operating Margin	-51.78%
Pretax Margin	-86.42%
Profit Margin	-87.74%
EBITDA Margin	-49.52%
EBIT Margin	-51.78%
FCF Margin	25.15%

Dividends & Yields

Bullish does not appear to pay any dividends at this time.

Dividend Per Share	n/a
Dividend Yield	n/a
Dividend Growth (YoY)	n/a
Years of Dividend Growth	n/a
Payout Ratio	n/a
Buyback Yield	-0.46%
Shareholder Yield	-0.46%
Earnings Yield	-1.99%
FCF Yield	0.57%

Analyst Forecast

The average price target for Bullish is $56.90, which is 13.21% higher than the current price. The consensus rating is "Buy".

Price Target	$56.90
Price Target Difference	13.21%
Analyst Consensus	Buy
Analyst Count	11
Revenue Growth Forecast (5Y)	31.53%
EPS Growth Forecast (5Y)	15.34%

Fair Value

There are several formulas that can be used to estimate the intrinsic value of a stock.

Lynch Fair Value	n/a
Lynch Upside	n/a
Graham Number	n/a
Graham Upside	n/a

Stock Splits

This stock does not have any record of stock splits.

Last Split Date	n/a
Split Type	n/a
Split Ratio	n/a

Scores

Bullish has an Altman Z-Score of 0.04 and a Piotroski F-Score of 3. A Z-score under 3 suggests an increased risk of bankruptcy.

Altman Z-Score	0.04
Piotroski F-Score	3