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Bullish (BLSH)

NYSE: BLSH · USD

$28.8

-0.15 (-0.5%)· Recorded snapshot

Market cap	4.4B
Revenue (ttm)	300.7M
Net income (ttm)	-1.4B
EPS (ttm)	-$9.41
Shares out	151.6M
P/E (forward)	52.7x
Volume	623,745

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 300.7M
Net income (ttm): -1.4B
EPS (ttm): -$9.41
P/E (forward): 52.7x
Market cap: 4.4B

Metric	Value
Amount currency	USD
CIK code	0001872195
Company name	Bullish
Country	Cayman Islands
Country code	US
CUSIP number	G16910120
Earnings date	2026-11-18
Earnings time	bmo
Employees	394
Employees change	-20
Employees growth	-4.83%
Enterprise value	$4.6B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2020
Industry	Software - Infrastructure
IPO date	2025-08-13
Is primary listing	Yes
Is SPAC	No
ISIN number	KYG169101204
Last 10-K release date	2026-03-10
Last earnings date	2026-08-13
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$4.4B
Market cap category	Mid-Cap
Next earnings date	2026-11-18
Options	Yes
Price	$28.79
Price currency	USD
Sector	Technology
SIC code	6199
Stock price date	2026-10-28
Symbol	BLSH
Website	https://www.bullish.com

Metric

Value

Amount currency

USD

CIK code

0001872195

Company name

Bullish

Country

Cayman Islands

Country code

CUSIP number

G16910120

Earnings date

2026-11-18

Earnings time

bmo

Employees

394

Employees change

-20

Employees growth

-4.83%

Enterprise value

$4.6B

Exchange

NYSE

Financial currency

USD

Financial report date

2026-06-30

First seen

2026-05-09

Fiscal year end

December

Founded

2020

Industry

Software - Infrastructure

IPO date

2025-08-13

Is primary listing

Yes

Is SPAC

ISIN number

KYG169101204

Last 10-K release date

2026-03-10

Last earnings date

2026-08-13

Last refreshed

2026-10-28

Last stock split type

Never

Market cap

$4.4B

Market cap category

Mid-Cap

Next earnings date

2026-11-18

Options

Yes

Price

$28.79

Price currency

USD

Sector

Technology

SIC code

6199

Stock price date

2026-10-28

Symbol

BLSH

Website

https://www.bullish.com

Metric	Value
Adjusted P/E ratio	55.55x
Earnings yield	-32.67%
EV/FCF	39.95x
EV/Sales	14.92x
FCF / EV yield	2.5%
FCF yield	2.62%
Forward EV/Sales	12.02x
Forward P/E	52.66x
Forward P/S	11.47x
Industry forward P/E	29.37x
Industry P/E	39.02x
P/(FCF - SBC) ratio	45.62x
P/(OCF - SBC) ratio	40.94x
P/B ratio	1.82x
P/FCF ratio	38.13x
P/OCF ratio	34.8x
P/S ratio	14.24x
PEG ratio	0.47x
Price / tangible book value	1.84x
Sector forward P/E	18.86x
Sector P/E	32.77x

Metric

Value

Adjusted P/E ratio

55.55x

Earnings yield

-32.67%

EV/FCF

39.95x

EV/Sales

14.92x

FCF / EV yield

2.5%

FCF yield

2.62%

Forward EV/Sales

12.02x

Forward P/E

52.66x

Forward P/S

11.47x

Industry forward P/E

29.37x

Industry P/E

39.02x

P/(FCF - SBC) ratio

45.62x

P/(OCF - SBC) ratio

40.94x

P/B ratio

1.82x

P/FCF ratio

38.13x

P/OCF ratio

34.8x

P/S ratio

14.24x

PEG ratio

0.47x

Price / tangible book value

1.84x

Sector forward P/E

18.86x

Sector P/E

32.77x

Metric	Value
EBIT margin	-264.83%
EBITDA margin	-264.21%
FCF margin	37.34%
Gross margin	100%
Operating margin	-264.83%
Pretax margin	-475.96%
Profit per employee	$-3.5M
Revenue per employee	$763,251
ROA	-15.71%
ROA (5Y)	-5.46%
ROCE	-26.8%
ROE	-57.07%
ROE (5Y)	-15%
ROIC	-28.79%
ROIC (5Y)	-10.24%
SBC / revenue	6.13%
Tax / revenue	-0.46%

Metric

Value

EBIT margin

-264.83%

EBITDA margin

-264.21%

FCF margin

37.34%

Gross margin

100%

Operating margin

-264.83%

Pretax margin

-475.96%

Profit per employee

$-3.5M

Revenue per employee

$763,251

ROA

-15.71%

ROA (5Y)

-5.46%

ROCE

-26.8%

ROE

-57.07%

ROE (5Y)

-15%

ROIC

-28.79%

ROIC (5Y)

-10.24%

SBC / revenue

6.13%

Tax / revenue

-0.46%

Metric	Value
EPS growth years	0
FCF growth	167.98%
FCF growth (Q)	-4.13%
FCF growth (QoQ)	-82.05%
Gross profit growth	80.5%
Gross profit growth (Q)	68.84%
Net income growth years	0
OCF growth	190.67%
OCF growth (Q)	-0.7%
OCF growth (QoQ)	-81.43%
Revenue growth	80.5%
Revenue growth (Q)	68.84%
Revenue growth (QoQ)	3.86%
Revenue growth years	0

Metric

Value

EPS growth years

FCF growth

167.98%

FCF growth (Q)

-4.13%

FCF growth (QoQ)

-82.05%

Gross profit growth

80.5%

Gross profit growth (Q)

68.84%

Net income growth years

OCF growth

190.67%

OCF growth (Q)

-0.7%

OCF growth (QoQ)

-81.43%

Revenue growth

80.5%

Revenue growth (Q)

68.84%

Revenue growth (QoQ)

3.86%

Revenue growth years

Metric	Value
Capital expenditures	$-10.7M
Depreciation and amortization	$1.8M
EBIT	$-796.4M
EBITDA	$-794.5M
EPS	$-9.41
FCF per share	$0.74
Financing cash flow	$-36.1M
Free cash flow	$112.3M
Free cash flow minus SBC	$93.8M
Gross profit	$300.7M
Income taxes	$-1.4M
Investing cash flow	$15.9M
Net borrowing	$-51.1M
Net cash flow	$104.4M
Net income	$-1.4B
Operating cash flow minus SBC	$104.6M
Operating income	$-796.4M
Revenue	$300.7M
Stock-based compensation	$18.4M

Metric

Value

Capital expenditures

$-10.7M

Depreciation and amortization

$1.8M

EBIT

$-796.4M

EBITDA

$-794.5M

EPS

$-9.41

FCF per share

$0.74

Financing cash flow

$-36.1M

Free cash flow

$112.3M

Free cash flow minus SBC

$93.8M

Gross profit

$300.7M

Income taxes

$-1.4M

Investing cash flow

$15.9M

Net borrowing

$-51.1M

Net cash flow

$104.4M

Net income

$-1.4B

Operating cash flow minus SBC

$104.6M

Operating income

$-796.4M

Revenue

$300.7M

Stock-based compensation

$18.4M

Metric	Value
Altman Z-Score	4.96
Book value per share	$15.92
Debt / equity	0.21
Debt / FCF	4.61
Goodwill	$62.6M
Interest coverage	-13.88
Long-term assets	$154.9M
Long-term liabilities	$511.6M
Net cash (debt)	$-205.3M
Net cash / market cap	-4.8%
Net debt / equity	0.08
Net debt / FCF	1.83
Piotroski F-Score	3
Property, plant and equipment	$27.5M
Shareholders' equity	$2.5B
Tangible book value	$2.3B
Tangible book value per share	$15.31
Total assets	$3.1B
Total cash	$312.9M
Total debt	$518.2M
Total liabilities	$636.7M

Metric

Value

Altman Z-Score

4.96

Book value per share

$15.92

Debt / equity

0.21

Debt / FCF

4.61

Goodwill

$62.6M

Interest coverage

-13.88

Long-term assets

$154.9M

Long-term liabilities

$511.6M

Net cash (debt)

$-205.3M

Net cash / market cap

-4.8%

Net debt / equity

0.08

Net debt / FCF

1.83

Piotroski F-Score

Property, plant and equipment

$27.5M

Shareholders' equity

$2.5B

Tangible book value

$2.3B

Tangible book value per share

$15.31

Total assets

$3.1B

Total cash

$312.9M

Total debt

$518.2M

Total liabilities

$636.7M

Metric	Value
Asset turnover	0.09
Current assets	$2.9B
Current liabilities	$125.1M
Current ratio	23.52
Net working capital	$2.5B
Quick ratio	2.87
Working capital	$2.8B
Working capital turnover	0.1

Metric

Value

Asset turnover

0.09

Current assets

$2.9B

Current liabilities

$125.1M

Current ratio

23.52

Net working capital

$2.5B

Quick ratio

2.87

Working capital

$2.8B

Working capital turnover

0.1

Metric	Value
Buyback yield / dilution	-29.91%
Dividend yield	0%
Shareholder yield	-29.91%

Metric

Value

Buyback yield / dilution

-29.91%

Dividend yield

Shareholder yield

-29.91%

Metric	Value
150-day SMA	$31.82
1D price change	-0.52%
1M price change	-24.43%
1M total return	-24.43%
1W price change	-1.08%
1W total return	-1.08%
1Y price change	-49.56%
1Y return CAGR	-49.59%
1Y total return	-49.56%
20-day SMA	$30.80
200-day SMA	$32.47
3M price change	24.56%
3M total return	24.56%
50-day SMA	$33.16
50-day SMA vs 200-day SMA	50over200
52-week high	$56.65
52-week high date	2025-10-28
52-week low	$20.55
52-week low date	2026-07-31
6M price change	-27.01%
6M total return	-27.01%
All-time high	$118.00
All-time high date	2025-08-13
All-time low	$20.55
All-time low date	2026-07-31
Average true range (ATR)	$2.04
Average volume	1M
Beta (1Y)	1.64
Beta (2Y)	1.79
Change from 52-week high	-49.18%
Change from 52-week low	40.1%
Change from all-time high	-75.93%
Change from all-time low	38.2%
Change from open	-1.07%
Day's gap	0.55%
Dollar volume	$18M
High price	$29.10
Low price	$27.85
Monthly RSI	28.64
Open price	$29.10
Position in 52-week range	75.2%
Premarket change	1.59%
Premarket close	$28.94
Premarket price	$29.40
Premarket volume	3.2K
Previous close	$28.94
Price vs 150-day SMA	-10.75%
Price vs 20-day SMA	-7.79%
Price vs 200-day SMA	-12.53%
Price vs 50-day SMA	-14.35%
Relative volume	0.61
Return from IPO open	-68.63%
Return from IPO price	-23.7%
RSI	40.64
Sharpe ratio	-0.61
Sortino ratio	-0.81
Volume	623.7K
Weekly RSI	43.02
YTD price change	-25.01%
YTD total return	-25.01%

Metric

Value

150-day SMA

$31.82

1D price change

-0.52%

1M price change

-24.43%

1M total return

-24.43%

1W price change

-1.08%

1W total return

-1.08%

1Y price change

-49.56%

1Y return CAGR

-49.59%

1Y total return

-49.56%

20-day SMA

$30.80

200-day SMA

$32.47

3M price change

24.56%

3M total return

24.56%

50-day SMA

$33.16

50-day SMA vs 200-day SMA

50over200

52-week high

$56.65

52-week high date

2025-10-28

52-week low

$20.55

52-week low date

2026-07-31

6M price change

-27.01%

6M total return

-27.01%

All-time high

$118.00

All-time high date

2025-08-13

All-time low

$20.55

All-time low date

2026-07-31

Average true range (ATR)

$2.04

Average volume

Beta (1Y)

1.64

Beta (2Y)

1.79

Change from 52-week high

-49.18%

Change from 52-week low

40.1%

Change from all-time high

-75.93%

Change from all-time low

38.2%

Change from open

-1.07%

Day's gap

0.55%

Dollar volume

$18M

High price

$29.10

Low price

$27.85

Monthly RSI

28.64

Open price

$29.10

Position in 52-week range

75.2%

Premarket change

1.59%

Premarket close

$28.94

Premarket price

$29.40

Premarket volume

3.2K

Previous close

$28.94

Price vs 150-day SMA

-10.75%

Price vs 20-day SMA

-7.79%

Price vs 200-day SMA

-12.53%

Price vs 50-day SMA

-14.35%

Relative volume

0.61

Return from IPO open

-68.63%

Return from IPO price

-23.7%

RSI

40.64

Sharpe ratio

-0.61

Sortino ratio

-0.81

Volume

623.7K

Weekly RSI

43.02

YTD price change

-25.01%

YTD total return

-25.01%

Metric	Value
Float	38.7M
Float percentage	25.51%
Shares change (QoQ)	0.36%
Shares change (YoY)	29.91%
Shares held by insiders	63.93%
Shares held by institutions	27.39%
Shares outstanding	151.6M
Short % of float	20.65%
Short % of shares	5.27%
Short ratio	5.5 days

Metric

Value

Float

38.7M

Float percentage

25.51%

Shares change (QoQ)

0.36%

Shares change (YoY)

29.91%

Shares held by insiders

63.93%

Shares held by institutions

27.39%

Shares outstanding

151.6M

Short % of float

20.65%

Short % of shares

5.27%

Short ratio

5.5 days

Bullish (BLSH)

Price

Financial snapshot

Fair-value bridge

Latest news · BLSH

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All BLSH indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on BLSH

Frequently asked questions