NYSE : BLSH
Bullish — Financial statements
Technology · Software - Infrastructure · Cayman Islands
Last price 23.9 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.62B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Bullish (BLSH) reported revenue of 300.72M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 71.94M | 78.30M | 96.51M | 72.94M | 92.89M | 293.00K |
| Other Revenue | 228.78M | 158.94M | 61.97M | 15.34M | 5.09M | |
| Revenue | 300.72M | 237.24M | 158.48M | 88.28M | 97.98M | 293.00K |
| Gross Profit | 300.72M | 237.24M | 158.48M | 88.28M | 97.98M | 293.00K |
| Selling, General & Admin | 201.72M | 187.01M | 156.45M | 105.94M | 131.75M | 212.35M |
| Other Operating Expenses | 871.74M | 232.50M | -189.85M | -1.32B | 4.09B | 1.06B |
| Operating Expenses | 1.10B | 420.14M | -33.40M | -1.21B | 4.22B | 1.28B |
| Operating Income | -796.39M | -182.90M | 191.88M | 1.30B | -4.12B | -1.28B |
| Interest Expense | -57.38M | -52.37M | -38.53M | -2.98M | -6.09M | -126.83M |
| Interest & Investment Income | 1.51M | |||||
| Currency Exchange Gain (Loss) | -49.00K | |||||
| Other Non Operating Income (Expenses) | 102.27M | -17.67M | -72.68M | -654.00K | -116.63M | |
| EBT Excluding Unusual Items | -751.51M | -252.94M | 80.67M | 1.30B | -4.24B | -1.40B |
| Gain (Loss) on Sale of Investments | -173.53M | -36.03M | 29.45M | 3.67M | ||
| Asset Writedown | -506.27M | -497.44M | -25.56M | |||
| Pretax Income | -1.43B | -786.41M | 84.57M | 1.30B | -4.24B | -1.40B |
| Income Tax Expense | -1.37M | -944.00K | 5.00M | 1.46M | 1.20M | 263.00K |
| Earnings From Continuing Operations | -1.43B | -785.47M | 79.56M | 1.30B | -4.25B | -1.40B |
| Minority Interest in Earnings | 49.84M | 20.79M | -1.04M | -848.00K | ||
| Net Income | -1.38B | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
| Net Income to Common | -1.38B | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
| Shares Outstanding (Basic) | 146.82M | 127.72M | 112.66M | 112.50M | 112.50M | 112.50M |
| Shares Outstanding (Diluted) | 146.82M | 127.72M | 115.40M | 122.18M | 112.50M | 112.50M |
| EPS (Basic) | -9.40 | -5.99 | 0.70 | 11.55 | -37.74 | -12.46 |
| EPS (Diluted) | -9.41 | -5.99 | 0.68 | 10.63 | -37.74 | -12.46 |
| Free Cash Flow | 112.29M | 18.70M | -30.37M | -127.63M | 193.64M | -123.03M |
| Free Cash Flow Per Share | 0.77 | 0.15 | -0.26 | -1.04 | 1.72 | -1.09 |
| Dividend Per Share | 3.30 | |||||
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | -264.83% | -77.09% | 121.08% | 1,474.18% | -4,206.98% | -435,362.12% |
| Profit Margin | -458.93% | -322.32% | 49.55% | 1,471.61% | -4,333.46% | -478,241.30% |
| Free Cash Flow Margin | 37.34% | 7.88% | -19.16% | -144.58% | 197.63% | -41,990.44% |
| EBITDA | -794.55M | -181.01M | 195.71M | 1.31B | -4.12B | -1.28B |
| EBITDA Margin | -264.21% | -76.30% | 123.49% | 1,480.33% | ||
| D&A For EBITDA | 1.85M | 1.89M | 3.83M | 5.42M | 3.60M | 196.00K |
| EBIT | -796.39M | -182.90M | 191.88M | 1.30B | -4.12B | -1.28B |
| EBIT Margin | -264.83% | -77.09% | 121.08% | 1,474.18% | ||
| Effective Tax Rate | 5.92% | 0.11% | ||||
| Advertising Expenses | 4.82M | 3.33M | 1.73M | 9.00M | 6.67M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 86.61M | 87.89M | 31.54M | 112.90M | 1.38B | 1.23B |
| Trading Asset Securities | 404.14M | 86.17M | 1.10M | |||
| Cash & Short-Term Investments | 312.85M | 492.04M | 117.71M | 114.00M | 1.38B | 1.23B |
| Accounts Receivable | 22.66M | 24.73M | 9.48M | 2.65M | ||
| Other Receivables | 23.76M | 3.82M | 3.11M | 4.17M | 3.87M | 12.00K |
| Receivables | 46.42M | 28.56M | 12.59M | 6.82M | 87.46M | 12.00K |
| Inventory | 139.13M | 206.18M | 573.88M | 1.66B | 6.16B | |
| Prepaid Expenses | 14.10M | 18.94M | 8.62M | 9.48M | 6.74M | 5.54M |
| Restricted Cash | 69.83M | 36.88M | 22.27M | 14.86M | 13.49M | 12.68M |
| Other Current Assets | 2.36B | 3.02B | 2.18B | 1.56B | 227.99M | 33.56M |
| Total Current Assets | 2.94B | 3.80B | 2.91B | 1.71B | 3.38B | 7.44B |
| Property, Plant & Equipment | 27.54M | 28.37M | 14.12M | 13.86M | 17.32M | 8.27M |
| Goodwill | 62.65M | 63.06M | 61.48M | 40.23M | ||
| Other Intangible Assets | 29.98M | 31.10M | 33.30M | 34.94M | 1.34M | 1.34M |
| Long-Term Accounts Receivable | 302.00K | 739.00K | 824.00K | |||
| Long-Term Deferred Tax Assets | 2.82M | 2.87M | 2.09M | 3.70M | 5.18M | 1.82M |
| Other Long-Term Assets | 24.98M | 26.30M | 23.23M | 5.92M | 4.72M | 267.00K |
| Total Assets | 3.10B | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B |
| Accounts Payable | 7.72M | 58.01M | ||||
| Accrued Expenses | 40.60M | 39.70M | 32.99M | 20.63M | ||
| Short-Term Debt | 11.00K | 49.98M | 25.00M | |||
| Current Portion of Long-Term Debt | 66.00K | 334.00K | 1.28B | |||
| Current Portion of Leases | 6.45M | 5.52M | 4.25M | 3.82M | 3.22M | 955.00K |
| Current Income Taxes Payable | 1.25M | 274.00K | 2.04M | |||
| Current Unearned Revenue | 12.35M | 10.56M | 9.50M | 4.57M | ||
| Other Current Liabilities | 65.59M | 23.82M | 13.31M | 7.47M | 217.99M | 111.41M |
| Total Current Liabilities | 125.05M | 129.91M | 85.05M | 37.74M | 1.51B | 172.42M |
| Long-Term Debt | 498.57M | 510.87M | 550.94M | 476.79M | 1.17B | |
| Long-Term Leases | 13.06M | 14.38M | 10.76M | 7.67M | 10.91M | 5.54M |
| Long-Term Deferred Tax Liabilities | 1.00K | 18.00K | 6.00K | 25.00K | 42.00K | 14.00K |
| Other Long-Term Liabilities | 3.00M | 145.00K | ||||
| Total Liabilities | 636.68M | 658.17M | 646.75M | 522.23M | 1.52B | 1.34B |
| Common Stock | 303.00K | 5.11B | 3.82B | 3.79B | 3.79B | 3.79B |
| Retained Earnings | -3.12B | -2.67B | -2.31B | -2.67B | -2.21B | 2.03B |
| Comprehensive Income & Other | 414.11M | 774.22M | 858.80M | 142.74M | 62.58M | 44.80M |
| Total Common Equity | 2.42B | 3.22B | 2.37B | 1.26B | 1.64B | 5.87B |
| Minority Interest | 45.00M | 82.14M | 10.98M | 848.00K | ||
| Shareholders' Equity | 2.46B | 3.30B | 2.40B | 1.28B | 1.88B | 6.11B |
| Total Liabilities & Equity | 3.10B | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B |
| Total Debt | 518.15M | 581.09M | 590.94M | 488.28M | 1.30B | 1.17B |
| Net Cash (Debt) | -205.30M | -89.05M | -473.23M | -374.28M | 86.49M | 61.95M |
| Net Cash Per Share | -1.40 | -0.70 | -4.10 | -3.06 | 0.77 | 0.55 |
| Filing Date Shares Outstanding | 151.68M | 150.30M | 113.21M | 112.50M | 112.50M | 112.50M |
| Total Common Shares Outstanding | 151.68M | 150.83M | 113.21M | 112.50M | 112.50M | 112.50M |
| Working Capital | 2.82B | 3.67B | 2.83B | 1.67B | 1.87B | 7.27B |
| Book Value Per Share | 15.92 | 21.32 | 20.94 | 11.23 | 14.55 | 52.13 |
| Tangible Book Value | 2.32B | 3.12B | 2.28B | 1.19B | 1.64B | 5.86B |
| Tangible Book Value Per Share | 15.31 | 20.70 | 20.11 | 10.56 | 14.54 | 52.12 |
| Buildings | 3.80M | |||||
| Machinery | 9.27M | 5.11M | 4.73M | 3.96M | 1.38M | |
| Construction In Progress | 1.87M | |||||
| Leasehold Improvements | 1.78M | 1.72M | 1.71M | 1.34M | 693.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.38B | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
| Depreciation & Amortization | 7.03M | 7.07M | 8.55M | 5.42M | 3.60M | 471.00K |
| Loss (Gain) From Sale of Assets | -415.00K | -415.00K | 37.00K | 12.00K | ||
| Asset Writedown & Restructuring Costs | 591.00K | 956.00K | ||||
| Stock-Based Compensation | 18.45M | 16.20M | 22.59M | 6.17M | 17.79M | 44.80M |
| Other Operating Activities | 1.35B | 724.70M | -153.68M | -1.35B | 4.17B | 1.17B |
| Change in Accounts Payable | 26.28M | 63.55M | ||||
| Change in Other Net Operating Assets | 102.77M | 46.53M | 11.49M | -88.48M | 255.75M | 4.16M |
| Operating Cash Flow | 123.02M | 28.63M | -29.98M | -126.67M | 194.93M | -120.95M |
| Capital Expenditures | -10.73M | -9.93M | -391.00K | -966.00K | -1.29M | -2.09M |
| Sale of Property, Plant & Equipment | 29.00K | 32.00K | ||||
| Cash Acquisitions | -4.62M | 1.29M | ||||
| Sale (Purchase) of Intangibles | -250.00K | -250.00K | -12.00M | 1.50B | ||
| Investment in Securities | 22.58M | 23.59M | -24.83M | 3.57M | ||
| Other Investing Activities | 4.24M | -11.31M | -3.23M | 1.51M | ||
| Investing Cash Flow | 15.87M | 2.10M | -45.08M | 3.92M | -1.29M | 1.50B |
| Short-Term Debt Issued | 225.00M | |||||
| Long-Term Debt Issued | 174.30M | 25.00M | 43.00M | |||
| Total Debt Issued | 174.30M | 25.00M | 43.00M | 225.00M | ||
| Short-Term Debt Repaid | -225.00M | |||||
| Long-Term Debt Repaid | -150.37M | -4.88M | -3.46M | -2.30M | -200.00K | |
| Lease Payments | -1.06M | -1.06M | -4.88M | -3.46M | -2.30M | -200.00K |
| Total Debt Repaid | -51.06M | -150.37M | -4.88M | -3.46M | -227.30M | -200.00K |
| Net Debt Issued (Repaid) | -51.06M | 23.93M | 20.12M | 39.54M | -2.30M | -200.00K |
| Issuance of Common Stock | 63.07M | 59.19M | ||||
| Preferred Dividends Paid | -534.64M | -120.62M | ||||
| Common Dividends Paid | -371.25M | |||||
| Dividends Paid | -534.64M | -491.87M | ||||
| Other Financing Activities | -48.06M | -40.73M | -21.10M | -2.98M | -5.43M | -285.00K |
| Financing Cash Flow | -36.05M | 42.40M | -980.00K | -1.21B | -7.73M | -340.36M |
| Foreign Exchange Rate Adjustments | 1.56M | 1.59M | 300.00K | |||
| Net Cash Flow | 104.40M | 74.72M | -75.74M | -1.34B | 185.91M | 1.04B |
| Free Cash Flow | 112.29M | 18.70M | -30.37M | -127.63M | 193.64M | -123.03M |
| Free Cash Flow Margin | 37.34% | 7.88% | -19.16% | -144.58% | 197.63% | -41,990.44% |
| Free Cash Flow Per Share | 0.77 | 0.15 | -0.26 | -1.04 | 1.72 | -1.09 |
| Levered Free Cash Flow | -408.92M | -633.05M | -1.07B | 1.03B | 1.71B | -5.34B |
| Unlevered Free Cash Flow | -373.05M | -600.32M | -1.04B | 1.03B | 1.71B | -5.26B |
| Free Cash Flow After Leases | 111.23M | 17.64M | -35.25M | -131.09M | 191.34M | -123.23M |
| Cash Interest Paid | 48.06M | 40.73M | 21.10M | 2.98M | 5.43M | |
| Change in Working Capital | 128.73M | 45.77M | 13.08M | -87.02M | 252.43M | 65.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.62B | 5.71B | ||||
| Enterprise Value | 3.83B | 5.90B | ||||
| Last Close Price | 23.90 | 37.87 | ||||
| Forward PE | 43.92 | 55.89 | ||||
| PS Ratio | 12.05 | 24.05 | ||||
| PB Ratio | 1.50 | 1.73 | ||||
| P/TBV Ratio | 1.56 | 1.83 | ||||
| P/FCF Ratio | 32.28 | 305.14 | ||||
| P/OCF Ratio | 29.46 | 199.30 | ||||
| PEG Ratio | 0.39 | 0.33 | ||||
| EV/Sales Ratio | 12.74 | 24.89 | ||||
| EV/FCF Ratio | 34.11 | 315.75 | ||||
| Debt / Equity Ratio | 0.21 | 0.18 | 0.25 | 0.38 | 0.69 | 0.19 |
| Debt / EBITDA Ratio | 2.95 | 0.37 | ||||
| Debt / FCF Ratio | 4.62 | 31.07 | 6.70 | |||
| Net Debt / Equity Ratio | 0.08 | 0.03 | 0.20 | 0.29 | -0.05 | -0.01 |
| Net Debt / EBITDA Ratio | -0.26 | -0.49 | 2.42 | 0.29 | 0.02 | 0.05 |
| Net Debt / FCF Ratio | 1.83 | 4.76 | -15.58 | -2.93 | -0.45 | 0.50 |
| Asset Turnover | 0.10 | 0.07 | 0.07 | 0.03 | 0.02 | 0.00 |
| Quick Ratio | 2.87 | 4.01 | 1.53 | 3.20 | 0.92 | 7.16 |
| Current Ratio | 23.52 | 29.28 | 34.24 | 45.20 | 2.23 | 43.17 |
| Return on Equity (ROE) | -57.07% | -27.57% | 4.32% | 82.15% | -106.23% | -27.68% |
| Return on Assets (ROA) | -15.71% | -3.26% | 4.94% | 31.22% | -47.44% | -12.75% |
| Return on Invested Capital (ROIC) | -28.79% | -5.84% | 7.97% | 75.30% | -105.08% | -23.55% |
| Return on Capital Employed (ROCE) | -26.80% | -4.80% | 6.50% | 73.70% | -217.60% | -17.50% |
| Earnings Yield | -39.35% | -13.40% | ||||
| FCF Yield | 3.10% | 0.33% | ||||
| Payout Ratio | 41.15% | |||||
| Buyback Yield / Dilution | -29.91% | -10.68% | 5.55% | -8.61% | 0.00% | -6,898.48% |
| Total Shareholder Return | -29.91% | -10.68% | 5.55% | -8.61% | -6,898.48% |