Latest Ratios: P/E Ratio -4.0x · EV/EBITDA 69.5x · ROE -26.8%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $4.8B | — | — | — | — | — |
| Enterprise Value | $4.1B | $5.3B | — | — | — | — | — |
| P/E Ratio → | -3.95 | — | — | — | — | — | — |
| P/S Ratio | 0.01 | 0.02 | — | — | — | — | — |
| P/B Ratio | 0.92 | 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 | 69.48 | 90.62 | — | — | — | — | — |
| EV / EBIT | 80.72 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 1.1% | 1.1% | 1.1% | 0.7% | 0.4% | -19.8% | — |
| ROCE | 1.5% | 1.5% | 1.4% | 0.6% | 0.3% | -20.7% | -2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 10.22 | 10.22 | 13.42 | 28.17 | 0.73 | — | — |
| Net Debt / Equity | — | 0.15 | 0.21 | 0.26 | -0.73 | -0.20 | 0.19 |
| Net Debt / EBITDA | 8.44 | 8.44 | 12.64 | 20.95 | -71.07 | — | — |
| Debt / FCF | — | — | — | — | -7.07 | — | — |
| Interest Coverage | -14.02 | -14.02 | 3.19 | 437.30 | -33.59 | -10.05 | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 61.92 | 82.12 | 64.56 | 21.40 | 0.18 | — |
| Inventory Turnover | 1187.79 | 1187.79 | 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
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 |
Liquidity Provision Volatility
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.
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.
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.
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.
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.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying BLSH stock.
Bullish's current P/E ratio is -4.0x. This places it at the 50th percentile of its historical range.
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.
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 -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.
Bullish has 0.0% gross margin and 0.0% operating margin.
Bullish's Debt/EBITDA ratio is 10.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.