Bullish (BLSH) Financial Ratios
6 years of historical data (2020–2025) · Technology · Software - Infrastructure
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
1.59
+9% vs avg
5yr avg: 1.47
30Y Low1.5·High1.5
ROE
↑
-26.8%
↑-80% vs avg
5yr avg: -14.9%
30Y Low-106%·High82%
Debt/EBITDA
↑
N/A
—
5yr avg: 14.11
30Y Low0.7·High28.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BLSH Valuation Multiples
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 | $6.2B | $4.8B | — | — | — | — | — |
| Enterprise Value | $6.7B | $5.3B | — | — | — | — | — |
| P/E Ratio → | -6.87 | — | — | — | — | — | — |
| P/S Ratio | 0.03 | 0.02 | — | — | — | — | — |
| P/B Ratio | 1.59 | 1.47 | — | — | — | — | — |
| 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.02 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
BLSH Profitability
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.
Margins
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% | — |
Return on Capital
| 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% |
BLSH Leverage & Debt
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 | — |
BLSH Liquidity & Efficiency
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 | — |
BLSH Shareholder Yields
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.
Dividends
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% | — | — | — |
Total Shareholder Return Metrics
| 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 |
Peer Comparison
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 | $6B | -6.9 | — | — | 0.0% | -0.0% | -26.8% | -2.3% | — |
 COIN | $51B | 43.4 | 29.3 | 21.0 | 74.6% | 20.0% | 10.1% | 5.7% | 4.8 |
 HOOD | $69B | 37.2 | 36.6 | 42.3 | 83.3% | 46.8% | 22.0% | 7.9% | 7.1 |
 MARA | $5B | -3.4 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $9B | -12.4 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 FUTU | $52B | 29.2 | 58.9 | 13.1 | 82.0% | 48.7% | 20.7% | 14.8% | 1.3 |
 IBKR | $37B | 37.7 | 3.6 | 2.4 | 89.8% | 86.0% | 5.3% | 24.7% | 0.0 |
 LPRO | $192M | -45.4 | 12.2 | — | 75.5% | 6.4% | -5.5% | 2.3% | 10.5 |
 SOFI | $20B | 41.0 | 22.8 | — | 75.1% | 11.0% | 5.7% | 3.6% | 2.4 |
 MSTR | $60B | -11.8 | — | — | 68.7% | -1140.8% | -11.6% | -9.9% | — |
 CME | $104B | 25.7 | 23.0 | 24.8 | 86.1% | 64.9% | 14.6% | 10.2% | 0.8 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 6 years · Updated daily
See BLSH's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs BLSH Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare BLSH vs COIN
Side-by-side business, growth, and profitability comparison vs Coinbase Global, Inc..
Start ComparisonBLSH — 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 -6.9x. This places it at the 50th percentile of its historical range.
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 -6.9x. 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.