Last 6 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|
| P/E Ratio → | -5.24 | — | 122.33 | — | — | — | — |
| — | — | — | — | — | — | — | |
| P/S Ratio | 0.02 | 0.02 | 0.05 | — | — | — | — |
| — | — | — | — | — | — | — | |
| P/B Ratio | 1.22 | 1.73 | 2.13 | — | — | — | — |
| — | — | — | — | — | — | — | |
| P/FCF | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | 106.08 | — | — | — | — |
| — | — | — | — | — | — | — | |
| EV / EBIT | — | — | 69.53 | — | — | — | — |
| — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Bullish's operating margin was -0.0% in Q4 2025, down 0.1 pp QoQ and down 0.1 pp YoY. Gross margin expanded 119.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 0.0% | 0.0% | 0.2% | 0.1% | 0.0% | -0.2% | 0.0% |
| — | +119.4% | +10313.3% | — | — | — | — | |
| Operating Margin | -0.0% | -0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% |
| — | -188.5% | +243.7% | — | — | — | — | |
| Net Margin | -0.3% | -0.8% | 0.0% | 0.2% | -0.4% | 0.2% | 0.1% |
| — | -457.2% | -65.7% | — | — | — | — |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|
| ROE | -26.8% | -15.0% | 0.6% | 4.8% | -15.8% | 8.5% | 8.1% |
| — | -276.2% | -93.0% | — | — | — | — | |
| ROA | -21.8% | -12.7% | 0.5% | 3.6% | -12.0% | 5.2% | — |
| — | -347.3% | — | — | — | — | — | |
| ROIC | -2.3% | -0.4% | 0.4% | -0.3% | 0.1% | 1.0% | 0.6% |
| — | -143.6% | -39.9% | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 14.5% YoY to 29.28x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.15 | 0.23 | 0.31 | 0.23 | — |
| — | -19.4% | — | — | — | — | — | |
| Debt / EBITDA | — | — | 27.53 | — | 112.57 | 17.58 | — |
| — | — | — | — | — | — | — | |
| Current Ratio | 29.28 | 29.28 | 38.78 | 24.59 | 15.98 | 34.24 | — |
| — | -14.5% | — | — | — | — | — | |
| Quick Ratio | 27.69 | 27.69 | 36.58 | 22.75 | 14.76 | 27.50 | — |
| — | +0.7% | — | — | — | — | — | |
| Interest Coverage | -1.98 | -1.66 | 1.39 | -0.96 | 0.32 | 2.70 | 1.22 |
| — | — | — | — | — | — | — |
Includes 30+ ratios · 6 years · Updated daily
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Start ComparisonBullish's current P/E is -5.2x. The average P/E over the last 1 quarters is 122.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Bullish's current operating margin is -0.0%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Bullish's business trajectory between earnings reports.