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BLSHBullish
$23.69$3.6B
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  4. Financial Ratios

Bullish (BLSH) Financial Ratios

Latest Ratios: P/E Ratio -4.0x · EV/EBITDA 69.5x · ROE -26.8%. (2020–2025 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

BLSH Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Market Cap$3.6B$4.8B—————
Enterprise Value$4.1B$5.3B—————
P/E Ratio →-3.95——————
P/S Ratio0.010.02—————
P/B Ratio0.921.47—————
P/FCF———————
P/OCF———————

P/E links to full P/E history page with 30-year chart

BLSH EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
EV / Revenue—0.02—————
EV / EBITDA69.4890.62—————
EV / EBIT80.72——————
EV / FCF———————

BLSH Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Gross Margin0.0%0.0%0.0%-0.0%-0.0%-79.0%—
Operating Margin0.0%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%—

Return on Capital

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 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%
ROIC1.1%1.1%1.1%0.7%0.4%-19.8%—
ROCE1.5%1.5%1.4%0.6%0.3%-20.7%-2.4%

BLSH Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Debt / Equity0.180.180.230.340.010.000.25
Debt / EBITDA10.2210.2213.4228.170.73——
Net Debt / Equity—0.150.210.26-0.73-0.200.19
Net Debt / EBITDA8.448.4412.6420.95-71.07——
Debt / FCF————-7.07——
Interest Coverage-14.02-14.023.19437.30-33.59-10.05—

BLSH Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Current Ratio29.2829.2834.2445.202.2343.1710.38
Quick Ratio27.6927.6927.5011.041.147.7310.38
Cash Ratio3.923.922.949.740.937.168.51
Asset Turnover—61.9282.1264.5621.400.18—
Inventory Turnover1187.791187.79436.0890.3843.960.39—
Days Sales Outstanding—0.670.260.080.440.00—

BLSH Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Dividend Yield———————
Payout Ratio———41.2%———

Total Shareholder Return Metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Earnings Yield———————
FCF Yield———————
Buyback Yield0.0%0.0%—————
Total Shareholder Yield0.0%0.0%—————
Shares Outstanding—$128M$146M$146M$146M$146M$161M

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetAdequate
Cash FlowBurning
Top Statement Risk

Liquidity Provision Volatility

Valuation Disconnected From Operational Reality

As reported in financial statements, Bullish trades at a P/S multiple of 0.01, which, while appearing inexpensive, reflects the market's skepticism regarding the quality of gross-reported revenue and the company's inability to convert high-volume trading activity into sustainable, bottom-line profitability for shareholders.

The negative TTM P/E of -3.89 underscores the lack of earnings support for the current valuation, suggesting that investors are struggling to assign a premium to the firm's infrastructure-heavy model. The forward P/E of 38.01 implies an expectation of significant future margin expansion that remains unproven given the current negative net margin trajectory.

Margin Compression Hinders Scalability

According to recent quarterly data, Bullish's gross margin has frequently hovered near 0.0%, a figure that highlights the structural burden of maintaining proprietary liquidity pools and suggests that the firm's earning power is severely constrained by the high costs inherent in its automated market-making model.

The persistent negative net margin of -0.31% indicates that the company has yet to achieve the necessary scale to cover its substantial global operating expenses. Investors should monitor whether the integration of CoinDesk's data business can eventually provide the high-margin revenue stream required to offset the volatility of exchange-based transactional income.

Capital Efficiency Remains Highly Erratic

Based on the provided financial figures, Bullish's ROIC has fluctuated significantly, reaching a low of -1.3% in 2026Q1, which suggests that the company is currently failing to generate adequate returns on its invested capital compared to the more stable performance of traditional financial infrastructure peers.

The volatility in ROE and ROIC appears driven by the company's reliance on digital asset holdings for liquidity provision, which creates non-operating swings in capital returns. This inconsistency warrants further investigation into whether management can optimize its capital allocation to prioritize higher-yielding data and index services over capital-intensive exchange operations.

Asset Turnover Masks Operational Fragility

As indicated by the reported asset turnover ratio of 14.23 in 2026Q1, Bullish maintains high velocity in its asset base, yet this efficiency is largely a function of the massive notional value of assets traded rather than a reflection of superior operational productivity or working capital management.

The lack of meaningful DPO or CCC data suggests that the company's working capital cycle is dominated by the immediate settlement requirements of its exchange platform. This high turnover is a double-edged sword, as it necessitates constant, high-volume activity to maintain the liquidity pools required for institutional-grade execution.

Misapplied Metrics Obscure Business Value

The most commonly misapplied metric for Bullish is the Price-to-Sales (P/S) ratio, which, based on reported figures, fails to account for the fact that the company's gross revenue is heavily inflated by principal trading volumes rather than representing true, high-margin commission or subscription-based income.

Analysts should instead focus on 'Net Revenue' or 'Gross Profit' to evaluate the company's actual take rate and competitive positioning. Relying on headline P/S ratios risks misinterpreting the firm's valuation, as it treats a low-margin, high-volume exchange as if it were a traditional, high-margin software-as-a-service provider.

Download Financial Ratios Data

Includes 30+ ratios · 6 years · Updated daily

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BLSH — Frequently Asked Questions

Quick answers to the most common questions about buying BLSH stock.

What is Bullish's P/E ratio?

Bullish's current P/E ratio is -4.0x. This places it at the 50th percentile of its historical range.

What is Bullish's EV/EBITDA?

Bullish's current EV/EBITDA is 69.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 90.6x.

What is Bullish's ROE?

Bullish's return on equity (ROE) is -26.8%. The historical average is -12.9%.

Is BLSH stock overvalued?

Based on historical data, Bullish is trading at a P/E of -4.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.

What are Bullish's profit margins?

Bullish has 0.0% gross margin and 0.0% operating margin.

How much debt does Bullish have?

Bullish's Debt/EBITDA ratio is 10.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.