(BLSH) Bullish - Overview
Sector: Technology | Industry: Software - Infrastructure | Exchange: NYSE (USA) | Market Cap: 5.294m USD | Total Return: -60.4% in 12m
Avg Turnover: 52.2M
Qual. Beats: 0
Rev. Trend: 85.3%
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Bullish (NYSE: BLSH) is a global digital asset platform providing market infrastructure and information services. The company operates the Bullish Exchange, which utilizes a hybrid model combining a central limit order book with automated market making (AMM) to facilitate liquidity in spot and derivatives markets. This integration aims to bridge the gap between traditional exchange architecture and decentralized finance (DeFi) mechanisms.
The company expanded its ecosystem through the acquisition of CoinDesk, integrating proprietary benchmarks via CoinDesk Indices and market analytics through CoinDesk Data. In the digital asset sector, vertically integrated firms often seek to capture value across both transaction execution and the distribution of institutional-grade market data. You may find further insights into this business model by reviewing the data on ValueRay.
Founded in 2020 and headquartered in the Cayman Islands, Bullish targets institutional and professional traders. Its revenue model is driven by transaction fees from its exchange operations alongside licensing and subscription fees for its media and index products.
- Digital asset trading volume fluctuations directly impact exchange fee revenue growth
- Institutional adoption of proprietary indices drives recurring licensing and data fees
- Global regulatory shifts influence platform compliance costs and market access expansion
- Bitcoin and Ethereum price volatility dictates automated market making liquidity profitability
- Advertising and sponsorship demand for CoinDesk media affects non-trading revenue streams
| Net Income: -1.00b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 3.21 > 1.0 |
| NWC/Revenue: 1.41% < 20% (prev 0.95%; Δ 0.46% < -1%) |
| CFO/TA 0.03 > 3% & CFO 109.4m > Net Income -1.00b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 26.42 > 1.5 & < 3 |
| Outstanding Shares: last quarter (151.1m) vs 12m ago 3.39% < -2% |
| Gross Margin: 0.02% > 18% (prev -0.01%; Δ 0.03% > 0.5%) |
| Asset Turnover: 7.23k% > 50% (prev 9.39k%; Δ -2.15k% > 0%) |
| Interest Coverage Ratio: -8.06 > 6 (EBIT TTM -453.3m / Interest Expense TTM 56.2m) |
| A: 0.92 (Total Current Assets 3.18b - Total Current Liabilities 120.3m) / Total Assets 3.32b |
| B: -0.86 (Retained Earnings -2.86b / Total Assets 3.32b) |
| C: -0.15 (EBIT TTM -453.3m / Avg Total Assets 2.99b) |
| D: 4.27 (Book Value of Equity 2.65b / Total Liabilities 620.8m) |
| Altman-Z'' = 6.69 = AAA |
| DSRI: 1.80 (Receivables 429.9m/275.1m, Revenue 217b/250b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.79 (AQ_t 0.04 / AQ_t-1 0.05) |
| SGI: 0.87 (Revenue 217b / 250b) |
| TATA: -0.33 (NI -1.00b - CFO 109.4m) / TA 3.32b) |
| Beneish M = -2.62 (Cap -4..+1) = A |
As of June 07, 2026, the stock is trading at USD 26.96 with a total of 2,843,003 shares traded.
Over the past week, the price has changed by -22.77%,
over one month by -40.54%,
over three months by -23.02% and
over the past year by -60.35%.
Bullish has no consensus analysts rating.
P/E Forward = 53.7634
P/S = 19.7607
P/B = 1.9983
Revenue TTM = 217b USD
EBIT TTM = -453.3m USD
EBITDA TTM = -446.1m USD
Long Term Debt = 487.7m USD (from longTermDebt, last quarter)
Short Term Debt = 6.55m USD (from shortTermDebt, last quarter)
Debt = 526.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 19.0m
Net Debt = 166.4m USD (calculated: Debt 526.1m - CCE 359.7m)
Enterprise Value = 5.46b USD (5.29b + Debt 526.1m - CCE 359.7m)
Interest Coverage Ratio = -8.06 (Ebit TTM -453.3m / Interest Expense TTM 56.2m)
EV/FCF = 55.24x (Enterprise Value 5.46b / FCF TTM 98.8m)
FCF Yield = 1.81% (FCF TTM 98.8m / Enterprise Value 5.46b)
FCF Margin = 0.05% (FCF TTM 98.8m / Revenue TTM 217b)
Net Margin = -0.46% (Net Income TTM -1.00b / Revenue TTM 217b)
Gross Margin = 0.02% ((Revenue TTM 217b - Cost of Revenue TTM 216b) / Revenue TTM)
Gross Margin QoQ = 0.03% (prev -0.13%)
Tobins Q-Ratio = 1.64 (Enterprise Value 5.46b / Total Assets 3.32b)
Interest Expense / Debt = 10.69% (Interest Expense 56.2m / Debt 526.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -358.1m (EBIT -453.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 26.42 (Total Current Assets 3.18b / Total Current Liabilities 120.3m)
Debt / Equity = 0.20 (Debt 526.1m / totalStockholderEquity, last quarter 2.65b)
Debt / EBITDA = -0.37 (negative EBITDA) (Net Debt 166.4m / EBITDA -446.1m)
Debt / FCF = 1.68 (Net Debt 166.4m / FCF TTM 98.8m)
Total Stockholder Equity = 3.08b (last 4 quarters mean from totalStockholderEquity)
RoA = -33.47% (Net Income -1.00b / Total Assets 3.32b)
RoE = -32.51% (Net Income TTM -1.00b / Total Stockholder Equity 3.08b)
RoCE = -12.69% (EBIT -453.3m / Capital Employed (Equity 3.08b + L.T.Debt 487.7m))
RoIC = -12.56% (negative operating profit) (NOPAT -358.1m / Invested Capital 2.85b)
WACC = 16.67% (E(5.29b)/V(5.82b) * Re(17.49%) + D(526.1m)/V(5.82b) * Rd(10.69%) * (1-Tc(0.21)))
Discount Rate = 17.49% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 32.73 | Cagr: 1.68%
[DCF] Terminal Value 51.85% ; FCFF base≈98.8m ; Y1≈99.3m ; Y5≈105.1m
[DCF] Fair Price = 3.38 (EV 678.3m - Net Debt 166.4m = Equity 511.9m / Shares 151.6m; r=16.67% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.01 | # QB: 0
Revenue Correlation: 85.35 | Revenue CAGR: 45.00% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.12 | Chg30d=-22.13% | Revisions=-20% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.91 | Chg30d=+8.38% | Revisions=+20% | Analysts=2
EPS current Year (2026-12-31): EPS=0.65 | Chg30d=-13.86% | Revisions=-25% | GrowthEPS=+112.5% | GrowthRev=+30.5%
EPS next Year (2027-12-31): EPS=2.53 | Chg30d=+8.12% | Revisions=+20% | GrowthEPS=+351.7% | GrowthRev=+11.5%
[Analyst] Revisions Ratio: -25%