Bullish (BLSH) AI Stock Analysis
BLSH AI stock analysis summary
AI ResearchBullish (BLSH) operates a global digital asset platform providing exchange infrastructure and financial data services. In FY2025, the company posted revenue of $244.97B and net income of -$764.7M, while trailing twelve month revenue reached $300.7M. The stock last closed at $29.49, reflecting a 1-year return of -48.8%.
- Market cap
- $4.47B
- Revenue (TTM)
- $300.7M
- P/E
- — fwd 58.8x
- 1Y return
- -48.8% S&P 500 16.8%
- Avg. target
- $40.82 38.4% vs last close
Bull case
- Wall Street analysts have a mean price target of $40.82, representing 38.4% upside over the last close of $29.49.
- Quarterly revenue grew 68.8% year-over-year in the latest quarter ended June 30, 2026.
- The balance sheet demonstrates strong liquidity with a current ratio of 23.52 and a low debt-to-equity ratio of 0.21.
Bear case
- The stock has declined sharply over the past year, posting a 1-year return of -48.8% compared to a 16.8% gain for the S&P 500.
- Bullish trades at a forward P/E of 58.8x, well above the 18.8x median of its US-listed Technology peers.
- Trailing twelve month profitability is negative, with an operating margin of -314.3% and an EPS of -$9.28.
What Bullish does
Bullish is a global digital asset platform that provides market infrastructure and information services in the United States. Founded in 2020 and based in George Town, Cayman Islands, the company operates the Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish also offers CoinDesk Indices, providing tradable proprietary and single-asset benchmarks to traditional finance institutions; CoinDesk Data, delivering market data and analytics; and CoinDesk Insights, which provides news, analysis, conferences, and networking opportunities related to digital assets and blockchain technology.
Growth and profitability
Bullish achieved a 4-year revenue compound annual growth rate of 269.0% from FY2021 to FY2025. Annual revenue expanded from $1.32B in FY2021 to $72.90B in FY2022, $116.51B in FY2023, and $250.26B in FY2024, before revenue fell 2.1% to $244.97B in FY2025. Net income was -$1.40B in FY2021, -$4.25B in FY2022, $1.30B in FY2023, $78.5M in FY2024, and -$764.7M in FY2025. Over the trailing twelve months ended June 30, 2026, revenue was $300.7M with an operating margin of -314.3% and diluted EPS of -$9.28. In the latest quarter, quarterly revenue grew 68.8% year-over-year.
Balance sheet and cash flow
As of June 30, 2026, Bullish held $330.0M in cash and short-term investments alongside total debt of $518.2M, leaving net debt at $188.2M. Total assets stood at $3.10B against shareholders' equity of $2.42B. The company maintained a debt-to-equity ratio of 0.21 and a current ratio of 23.52. In FY2025, operating cash flow reached $28.6M, while capital expenditures of $51.8M led to free cash flow of -$23.2M.
Valuation and performance
At its last close of $29.49 on October 16, 2026, Bullish carried a market cap of $4.47B and an enterprise value of $5.34B. The stock trades at a forward P/E of 58.8x and a price-to-sales ratio of 14.9x, both above the median of its US-listed Technology peers of 18.8x and 2.8x, respectively. Over the trailing 12 months, the stock returned -48.8%, trailing the S&P 500 (SPY) return of 16.8%. The shares also trade 10.4% below their 200-day average.
What analysts expect
Wall Street coverage includes 12 analyst ratings, consisting of 5 Strong Buy and 7 Hold recommendations. The mean price target is $40.82, representing a 38.4% premium over the last close of $29.49. For the current fiscal year ending December 31, 2026, consensus estimates call for revenue of $358.1M and EPS of $0.47, representing 54.5% EPS growth. Bullish has beaten EPS estimates in 2 of the last 4 quarters, and its next earnings date is November 18, 2026.
Key risks and what to watch
- Short interest accounts for 15.9% of the float, reflecting elevated market skepticism.
- Free cash flow was negative at -$23.2M in FY2025 alongside capital expenditures of $51.8M.
- Insider ownership stands at 86.7%, which significantly concentrates voting power among company insiders.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this BLSH AI stock analysis
This page is an AI-written research summary of Bullish (BLSH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: BLSH income statement, BLSH balance sheet, BLSH key metrics, BLSH analyst forecast, BLSH chart. See the BLSH stock overview for the latest quote and news.
BLSH AI stock analysis FAQ
Does Bullish pay a dividend?
No, Bullish does not pay a dividend.
When is Bullish's next earnings report?
Bullish is scheduled to report its next earnings on November 18, 2026.
What is the consensus price target for BLSH stock?
Analysts have a mean price target of $40.82, which is 38.4% above its October 16, 2026 closing price of $29.49.
What are analysts forecasting for Bullish's full-year earnings and revenue?
For the fiscal year ending December 31, 2026, analysts estimate revenue of $358.1M and an EPS of $0.47.