BUL/M44 (BUL/M44)

Bulgarian Stock Exchange: BUL/M44 · EUR

€6.80

+0.00 (0.0%)· Recorded snapshot

Market cap	2.5B
Revenue (ttm)	703.9M
Net income (ttm)	-3B
EPS (ttm)	-€8.35
P/E (forward)	4.1x
Volume	350

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 703.9M
Net income (ttm): -3B
EPS (ttm): -€8.35
P/E (forward): 4.1x
Market cap: 2.5B

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-29 19:55 UTC

Forward P/E4.1

P25 n/aP50 n/aP75 n/a

Trailing P/En/a

P25 n/aP50 n/aP75 n/a

ROE-105.6

P25 n/aP50 n/aP75 n/a

ROIC-62.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All BUL/M44 indicators

Market & fundamental data

Available fields

156

Groups with data

Currency

USD

Showing 156 of 156 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	EUR
Country	United States
Country code	BG
Earnings date	2026-11-06
Employees	266
Employees change	114
Employees growth	75%
Enterprise value	EUR 4.5B
Exchange	Bulgarian Stock Exchange
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-10-20
Fiscal year end	December
Founded	2010
Industry	Capital Markets
Is primary listing	No
ISIN number	US5657881067
Last refreshed	2026-10-29
Market cap	EUR 2.5B
Next earnings date	2026-11-06
Price	EUR 6.80
Price currency	EUR
Sector	Financials
SIC code	7370
Stock price date	2026-10-19
Symbol	bul/M44
Website	https://www.mara.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Earnings yield	-122.66%
EV/Sales	6.2x
FCF / EV yield	-25.28%
FCF yield	-44.36%
Forward P/E	4.15x
P/B ratio	1.65x
P/S ratio	3.62x
Price / tangible book value	1.9x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBITDA margin	-233.61%
Gross margin	40.12%
Operating margin	-315.76%
Pretax margin	-452.17%
Profit per employee	EUR -11.4M
Revenue per employee	EUR 2.6M
ROA	-26.3%
ROA (5Y)	-2.66%
ROCE	-67.59%
ROE	-105.57%
ROE (5Y)	-25.1%
ROIC	-62.8%
ROIC (5Y)	-5.32%
SBC / revenue	18.12%
Tax / revenue	-21.89%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth years	0
Gross profit growth	-14.26%
Gross profit growth (Q)	-55.39%
Gross profit growth 3Y	97.49%
Gross profit growth 5Y	63.42%
Net income growth years	0
Revenue growth	0.73%
Revenue growth (Q)	-26.67%
Revenue growth (QoQ)	0.15%
Revenue growth 10Y	32.04%
Revenue growth 3Y	66.58%
Revenue growth 5Y	80.52%
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	EUR -346.6M
Depreciation and amortization	EUR 591.5M
EBIT	EUR -2.2B
EBITDA	EUR -1.6B
EPS	EUR -8.35
Financing cash flow	EUR 68.6M
Free cash flow	EUR -1.1B
Free cash flow minus SBC	EUR -1.3B
Gross profit	EUR 282.4M
Income taxes	EUR -154.1M
Investing cash flow	EUR 991.4M
Net borrowing	EUR -104.9M
Net cash flow	EUR 272.9M
Net income	EUR -3B
Operating cash flow minus SBC	EUR -911M
Operating income	EUR -2.2B
Revenue	EUR 703.9M
Stock-based compensation	EUR 127.5M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	-1.64
Book value per share	EUR 3.81
Debt / equity	1.4
Goodwill	EUR 80.3M
Interest coverage	-59.63
Long-term assets	EUR 3.3B
Long-term liabilities	EUR 1.7B
Net cash (debt)	EUR -1.8B
Net cash / market cap	-70.26%
Net debt / equity	1.16
Piotroski F-Score	3
Property, plant and equipment	EUR 1.1B
Shareholders' equity	EUR 1.5B
Tangible book value	EUR 1.3B
Tangible book value per share	EUR 3.51
Total assets	EUR 3.8B
Total cash	EUR 368.7M
Total debt	EUR 2.2B
Total liabilities	EUR 2.3B

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.13
Current assets	EUR 472M
Current liabilities	EUR 529.9M
Current ratio	0.89
Net working capital	EUR 2.6M
Quick ratio	0.76
Working capital	EUR -56.6M
Working capital turnover	-5.23

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	5.03%
Shareholder yield	5.03%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
1D price change	0%
1Y price change	-59.43%
1Y return CAGR	-59.46%
1Y total return	-59.43%
20-day SMA	EUR 16.26
3M price change	-37.22%
3M total return	-37.22%
52-week high	EUR 15.76
52-week high date	2025-10-30
52-week low	EUR 6.32
52-week low date	2026-02-06
6M price change	-12.06%
6M total return	-12.06%
All-time high	EUR 37.90
All-time high date	2021-12-09
All-time low	EUR 6.32
All-time low date	2026-02-06
Average true range (ATR)	EUR 1.89
Average volume	240.5
Change from 52-week high	-56.82%
Change from 52-week low	7.59%
Change from all-time high	-82.05%
Change from all-time low	7.59%
Change from open	-0.86%
Dollar volume	EUR 2,381
High price	EUR 6.86
Low price	EUR 6.80
Monthly RSI	0
Open price	EUR 6.86
Position in 52-week range	0%
Previous close	EUR 0.00
Price vs 20-day SMA	-58.14%
Relative volume	1.46
RSI	23.45
Sharpe ratio	-4.71
Sortino ratio	-5.4
Volume	350
Weekly RSI	0
YTD price change	-33.92%
YTD total return	-33.92%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	378.5M
Shares change (QoQ)	0.37%
Shares change (YoY)	-5.03%
Shares held by insiders	1.98%
Shares held by institutions	72.31%
Short ratio	2.6 days

Deeper analysis on BUL/M44

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

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Risks

Kill scenarios, soft-pass flags, and downside catalysts.

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Earnings

Next earnings setup and beat / inline / miss thresholds.

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Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

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Financials

Revenue, margins, cash flow, and balance-sheet context.

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Peers

Relative valuation and profitability against the cohort.

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Moat

Economic-profit evidence and competitive advantage risk.

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Industry cycle

Sector phase, capital cycle, and secular tailwinds.

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Frequently asked questions

About this BUL/M44 report

Is a complete BUL/M44 research report available?

No complete published report is available for bul/M44 (BUL/M44) on this page. Market-directory data, when present, is not a substitute for a validated stock analysis.

BUL/M44 (BUL/M44)

Price

Financial snapshot

Fair-value bridge

Latest news · BUL/M44

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All BUL/M44 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 BUL/M44

Frequently asked questions