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Bullish (BLSH) 10-Year Financial Performance & Capital Metrics

BLSH • • Industrial / General
TechnologyInfrastructure SoftwareDigital Asset & Blockchain InfrastructureDigital Asset Exchanges
AboutBullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.Show more
  • Revenue $250.26B +114.8%
  • EBITDA $40M +158.9%
  • Net Income $79M -94.0%
  • EPS (Diluted) 0.54 -93.9%
  • Gross Margin 0% +111.3%
  • EBITDA Margin 0.02% +20.9%
  • Operating Margin 0.01% +45.5%
  • Net Margin 0.03% -97.2%
  • ROE 4.26% -94.8%
  • ROIC 1.06% +46.8%
  • Debt/Equity 0.23 -34.1%
  • Interest Coverage 0.83 -75.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Efficient asset utilization: 82.1x turnover

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y474.25%
TTM-

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-

EPS CAGR

10Y-
5Y-
3Y-
TTM-

ROCE

10Y Avg-3.82%
5Y Avg-3.82%
3Y Avg0.75%
Latest1.35%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BLSHBullish5.68B37.7069.81114.8%0.03%4.26%0.23
BKKTBakkt Holdings, Inc.494.72M19.39-2.43347.39%-1.07%-31.98%0.37

Profit & Loss

Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.32B72.9B116.51B250.26B
Revenue Growth %-54.16%0.6%1.15%
Cost of Goods Sold+2.37B72.9B116.53B250.26B
COGS % of Revenue1.79%1%1%1%
Gross Profit+-1.04B-6.55M-21.67M5.28M
Gross Margin %-0.79%-0%-0%0%
Gross Profit Growth %-0.99%-2.31%1.24%
Operating Expenses+232.19M-22.22M-31.88M-26.64M
OpEx % of Revenue0.18%-0%-0%-0%
Selling, General & Admin99.68M53.67M15.31M24.79M
SG&A % of Revenue0.08%0%0%0%
Research & Development0000
R&D % of Revenue----
Other Operating Expenses132.52M-75.9M-47.2M-51.44M
Operating Income+-1.28B15.67M10.21M31.92M
Operating Margin %-0.97%0%0%0%
Operating Income Growth %-1.01%-0.35%2.13%
EBITDA+-1.28B19.27M15.63M40.47M
EBITDA Margin %-0.96%0%0%0%
EBITDA Growth %-1.02%-0.19%1.59%
D&A (Non-Cash Add-back)471K3.6M5.42M8.55M
EBIT-1.27B-4.12B1.3B123.1M
Net Interest Income+-125.32M-122.73M-2.98M-38.53M
Interest Income1.51M000
Interest Expense126.83M122.73M2.98M38.53M
Other Income/Expense-125.32M-4.26B1.29B52.65M
Pretax Income+-1.4B-4.24B1.3B84.57M
Pretax Margin %-1.06%-0.06%0.01%0%
Income Tax+263K1.2M1.46M5M
Effective Tax Rate %1%1%1%0.93%
Net Income+-1.4B-4.25B1.3B78.53M
Net Margin %-1.06%-0.06%0.01%0%
Net Income Growth %--2.03%1.31%-0.94%
Net Income (Continuing)-1.4B-4.25B1.3B79.56M
Discontinued Operations0000
Minority Interest00848K10.98M
EPS (Diluted)+-9.59-29.048.890.54
EPS Growth %--2.03%1.31%-0.94%
EPS (Basic)-9.59-29.048.890.54
Diluted Shares Outstanding146.18M146.18M146.18M146.18M
Basic Shares Outstanding146.18M146.18M146.18M146.18M
Dividend Payout Ratio--0.41%-

Balance Sheet

Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+7.44B3.38B1.71B2.91B
Cash & Short-Term Investments1.23B1.41B367.67M250.36M
Cash Only1.23B1.38B112.9M31.54M
Short-Term Investments028.89M254.77M218.82M
Accounts Receivable12K87.46M24.52M178.98M
Days Sales Outstanding00.440.080.26
Inventory6.11B1.66B1.29B573.88M
Days Inventory Outstanding943.098.34.040.84
Other Current Assets92.42M212.59M14.86M1.9B
Total Non-Current Assets+11.69M28.55M98.65M135.03M
Property, Plant & Equipment8.27M17.32M13.86M14.12M
Fixed Asset Turnover159.88x4208.49x8407.24x17726.54x
Goodwill0040.23M61.48M
Intangible Assets1.34M1.34M34.94M53.34M
Long-Term Investments0000
Other Non-Current Assets267K4.72M5.92M4.01M
Total Assets+7.46B3.41B1.8B3.05B
Asset Turnover0.18x21.40x64.56x82.12x
Asset Growth %--0.54%-0.47%0.69%
Total Current Liabilities+172.42M1.51B37.74M85.05M
Accounts Payable33.58M66.08M62K0
Days Payables Outstanding5.180.330-
Short-Term Debt00025M
Deferred Revenue (Current)001000K1000K
Other Current Liabilities46.16M1.42B15.82M22.45M
Current Ratio43.17x2.23x45.20x34.24x
Quick Ratio7.73x1.14x11.04x27.50x
Cash Conversion Cycle937.918.414.12-
Total Non-Current Liabilities+1.17B11.09M484.49M561.7M
Long-Term Debt00428.91M503.06M
Capital Lease Obligations5.54M10.91M7.67M10.76M
Deferred Tax Liabilities14K42K25K6K
Other Non-Current Liabilities1.17B145K47.88M47.88M
Total Liabilities1.34B1.52B522.23M646.75M
Total Debt+6.5M14.13M440.4M543.07M
Net Debt-1.23B-1.37B327.5M511.52M
Debt / Equity0.00x0.01x0.34x0.23x
Debt / EBITDA-0.73x28.17x13.42x
Net Debt / EBITDA--71.07x20.95x12.64x
Interest Coverage-10.06x0.13x3.42x0.83x
Total Equity+6.11B1.88B1.28B2.4B
Equity Growth %--0.69%-0.32%0.87%
Book Value per Share41.8012.888.7716.42
Total Shareholders' Equity6.11B1.88B1.28B2.39B
Common Stock3.79B3.79B3.79B3.82B
Retained Earnings2.03B-2.21B-2.67B-2.31B
Treasury Stock0000
Accumulated OCI00142.74M858.8M
Minority Interest00848K10.98M

Cash Flow

Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-120.95M194.93M-126.67M-29.98M
Operating CF Margin %-0.09%0%-0%-0%
Operating CF Growth %-2.61%-1.65%0.76%
Net Income-1.4B-4.25B1.3B79.56M
Depreciation & Amortization471K3.6M5.42M8.55M
Stock-Based Compensation44.8M17.79M6.17M22.59M
Deferred Taxes0000
Other Non-Cash Items1.17B4.17B-1.35B-153.76M
Working Capital Changes65.89M252.43M-87.02M13.08M
Change in Receivables0-83.59M65.9M-28.53M
Change in Inventory-23.71M326.8M139.19M-49.34M
Change in Payables33.58M-3K00
Cash from Investing+1.5B-1.29M3.92M-45.08M
Capital Expenditures-2.09M-1.29M-966K-391K
CapEx % of Revenue0%0%0%0%
Acquisitions----
Investments----
Other Investing1.51B032K-15.23M
Cash from Financing+-340.36M-7.73M-1.21B-980K
Debt Issued (Net)----
Equity Issued (Net)----
Dividends Paid-371.25M0-534.64M0
Share Repurchases----
Other Financing-285K-5.43M-2.98M-21.1M
Net Change in Cash----
Free Cash Flow+-455.26M193.64M-127.63M-33.69M
FCF Margin %-0.34%0%-0%-0%
FCF Growth %-1.43%-1.66%0.74%
FCF per Share-3.111.32-0.87-0.23
FCF Conversion (FCF/Net Income)0.09x-0.05x-0.10x-0.38x
Interest Paid0000
Taxes Paid0000

Key Ratios

Metric2021202220232024
Return on Equity (ROE)-22.93%-106.23%82.09%4.26%
Return on Invested Capital (ROIC)-19.59%0.44%0.72%1.06%
Gross Margin-78.96%-0.01%-0.02%0%
Net Margin-106.03%-5.82%1.12%0.03%
Debt / Equity0.00x0.01x0.34x0.23x
Interest Coverage-10.06x0.13x3.42x0.83x
FCF Conversion0.09x-0.05x-0.10x-0.38x
Revenue Growth-5415.83%59.83%114.8%

Frequently Asked Questions

Valuation & Price

Bullish (BLSH) has a price-to-earnings (P/E) ratio of 69.8x. This suggests investors expect higher future growth.

Growth & Financials

Bullish (BLSH) reported $250.26B in revenue for fiscal year 2024. This represents a 18837% increase from $1.32B in 2021.

Bullish (BLSH) grew revenue by 114.8% over the past year. This is strong growth.

Yes, Bullish (BLSH) is profitable, generating $78.5M in net income for fiscal year 2024 (0.0% net margin).

Dividend & Returns

Bullish (BLSH) has a return on equity (ROE) of 4.3%. This is below average, suggesting room for improvement.

Bullish (BLSH) had negative free cash flow of $33.7M in fiscal year 2024, likely due to heavy capital investments.

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