6 years of historical data (2020–2025) · Technology · Software - Infrastructure
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Bullish currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $4.8B | — | — | — | — | — |
| Enterprise Value | $5.2B | $5.3B | — | — | — | — | — |
| P/E Ratio → | -5.24 | — | — | — | — | — | — |
| P/S Ratio | 0.02 | 0.02 | — | — | — | — | — |
| P/B Ratio | 1.22 | 1.47 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.02 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Bullish earns an operating margin of -0.0%. A negative ROE of -26.8% indicates the company is currently destroying shareholder equity.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 0.0% | 0.0% | 0.0% | -0.0% | -0.0% | -79.0% | — |
| Operating Margin | -0.0% | -0.0% | 0.0% | 0.0% | 0.0% | -96.5% | — |
| Net Profit Margin | -0.3% | -0.3% | 0.0% | 1.1% | -5.8% | -106.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -26.8% | -26.8% | 4.3% | 82.1% | -106.2% | -27.7% | -3.0% |
| ROA | -21.8% | -21.8% | 3.2% | 49.9% | -78.2% | -22.4% | -2.4% |
| ROIC | -2.3% | -2.3% | 1.1% | 0.7% | 0.4% | -19.8% | — |
| ROCE | -3.1% | -3.1% | 1.4% | 0.6% | 0.3% | -20.7% | -2.4% |
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $497M ($601M total debt minus $105M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.23 | 0.34 | 0.01 | 0.00 | 0.25 |
| Debt / EBITDA | — | — | 13.42 | 28.17 | 0.73 | — | — |
| Net Debt / Equity | — | 0.15 | 0.21 | 0.26 | -0.73 | -0.20 | 0.19 |
| Net Debt / EBITDA | — | — | 12.64 | 20.95 | -71.07 | — | — |
| Debt / FCF | — | — | — | — | -7.07 | — | — |
| Interest Coverage | -1.98 | -1.98 | 0.83 | 3.42 | 0.13 | -10.06 | — |
Short-term solvency ratios and asset-utilisation metrics
Bullish's current ratio of 29.28x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 27.69x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 45.20x to 29.28x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 29.28 | 29.28 | 34.24 | 45.20 | 2.23 | 43.17 | 10.38 |
| Quick Ratio | 27.69 | 27.69 | 27.50 | 11.04 | 1.14 | 7.73 | 10.38 |
| Cash Ratio | 3.92 | 3.92 | 2.94 | 9.74 | 0.93 | 7.16 | 8.51 |
| Asset Turnover | — | 61.88 | 82.12 | 64.56 | 21.40 | 0.18 | — |
| Inventory Turnover | 1187.00 | 1187.00 | 436.08 | 90.38 | 43.96 | 0.39 | — |
| Days Sales Outstanding | — | 0.67 | 0.26 | 0.08 | 0.44 | 0.00 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Bullish does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | 41.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $128M | $146M | $146M | $146M | $146M | $161M |
Compare BLSH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| BLSHYou | $5B | -5.2 | — | — | 0.0% | -0.0% | -26.8% | -2.3% | — |
| XYZ | $38B | 30.3 | 22.9 | 15.8 | 42.8% | 7.1% | 6.0% | 6.4% | 4.3 |
| CPAY | $23B | 23.3 | 13.7 | 12.9 | 78.1% | 45.0% | 31.2% | 14.7% | 3.7 |
| AFRM | $15B | 313.2 | 158.0 | 25.4 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
| TOST | $14B | 48.8 | 34.9 | 23.5 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
| KSPI | $13B | 6.5 | 5.0 | 13.8 | 62.3% | 50.4% | 77.7% | 113.5% | 0.2 |
| WEX | $5B | 19.9 | 8.9 | 15.3 | 60.5% | 26.1% | 18.7% | 10.2% | 4.4 |
| KLAR | $5B | 2023.9 | 39.2 | 9.4 | 77.7% | -4.5% | 0.1% | -218.7% | 11.6 |
| STNE | $4B | -17.3 | — | — | 27.9% | -30.9% | -13.1% | -7.2% | — |
| ACIW | $4B | 18.4 | 11.1 | 13.2 | 49.0% | 18.7% | 15.4% | 11.4% | 2.0 |
| RELY | $3B | 53.9 | 30.7 | 11.8 | — | 4.7% | 8.9% | 14.0% | 1.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 6 years · Updated daily
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Start ComparisonBullish's current P/E ratio is -5.2x. This places it at the 50th percentile of its historical range.
Bullish's return on equity (ROE) is -26.8%. The historical average is -12.9%.
Based on historical data, Bullish is trading at a P/E of -5.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bullish has 0.0% gross margin and -0.0% operating margin.