Bullish (BLSH) Balance Sheet
BLSH balance sheet, 2025
December 31, 2025 · U.S. dollars$3.96B assets = $658.2M liabilities + $3.30B equity
Both columns are drawn to the same scale: what BLSH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BLSH financial health
Descriptive bands, not a rating. Fiscal 2025.
BLSH balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.05B2020 | $3.96B2025 | −4.8%/yr | |
| Total liabilities | $1.04B2020 | $658.2M2025 | −8.7%/yr | |
| Shareholders’ equity | $4.01B2020 | $3.23B2025 | −4.3%/yr | |
| Cash & short-term investments | $239.4M2020 | $508.9M2025 | +16.3%/yr | |
| Total debt | $1.01B2020 | $581.1M2025 | −10.5%/yr | |
| Net cash (debt) | −$770.0M2020 | −$72.2M2025 | +$697.8M | |
| Working capital | $263.9M2020 | $3.67B2025 | +$3.4B | |
| Book value per share | $24.962020 | $25.272025 | +0.3%/yr | |
| Debt / equity | 0.252020 | 0.182025 | −0.07 | |
| Shares outstanding | 160.8M2020 | 127.7M2025 | −4.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLSH assets
BLSH liabilities and equity
BLSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BLSH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $508.9M | $250.4M | $367.7M | $1.38B | $1.23B | $239.4M |
| Cash & equivalents | $104.7M | $31.5M | $112.9M | $1.38B | $1.23B | $239.4M |
| Short-term investments | $404.1M | $218.8M | $254.8M | $28.9M | — | — |
| Receivables | $475.0M | $179.0M | $24.5M | $87.5M | $12,000 | $0 |
| Inventory | $206.2M | $573.9M | $1.29B | $1.66B | $6.16B | $0 |
| Other current assets | $2.61B | $1.91B | $24.3M | $248.2M | $51.8M | $52.6M |
| Total current assets | $3.80B | $2.91B | $1.71B | $3.38B | $7.44B | $292.0M |
| Property, plant & equipment (net) | $28.4M | $14.1M | $13.9M | $17.3M | $8.3M | $0 |
| Goodwill & intangible assets | $94.2M | $114.8M | $75.2M | $1.3M | $1.3M | $4.76B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $29.9M | $6.1M | $9.6M | $9.9M | $2.1M | $4,000 |
| Total assets | $3.96B | $3.05B | $1.80B | $3.41B | $7.46B | $5.05B |
| Liabilities | ||||||
| Accounts payable | — | — | $62,000 | $7.7M | $58.0M | $28.0M |
| Short-term debt | $55.8M | $29.2M | $3.8M | $1.29B | $955,000 | — |
| Deferred revenue | — | $9.5M | $4.6M | — | — | — |
| Total current liabilities | $129.9M | $85.0M | $37.7M | $1.51B | $172.4M | $28.1M |
| Long-term debt | $510.9M | $503.1M | $428.9M | $0 | $0 | $0 |
| Lease obligations | $19.9M | $15.0M | $11.5M | $14.1M | $6.5M | — |
| Other long-term liabilities | $17.4M | $58.6M | $55.6M | $11.1M | $1.17B | $1.01B |
| Total liabilities | $658.2M | $646.8M | $522.2M | $1.52B | $1.34B | $1.04B |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $301,000 | $3.82B | $3.79B | $3.79B | $3.79B | $3.79B |
| Retained earnings (deficit) | −$2.66B | −$2.31B | −$2.67B | −$2.21B | $2.03B | −$19.8M |
| Accumulated other comprehensive income | $774.2M | $858.8M | $142.7M | $62.6M | $44.8M | — |
| Minority interest | $82.1M | $11.0M | $848,000 | $0 | — | — |
| Total shareholders' equity | $3.23B | $2.39B | $1.28B | $1.88B | $6.11B | $4.01B |
| Key figures | ||||||
| Total debt | $581.1M | $543.1M | $440.4M | $1.30B | $1.17B | $1.01B |
| Net cash (debt) | −$72.2M | −$292.7M | −$72.7M | $86.5M | $62.0M | −$770.0M |
| Working capital | $3.67B | $2.83B | $1.67B | $1.87B | $7.27B | $263.9M |
| Tangible book value | $3.13B | $2.27B | $1.21B | $1.88B | $6.11B | −$745.5M |
| Book value per share | $25.27 | $16.35 | $8.77 | $12.88 | $41.80 | $24.96 |
| Shares outstanding | 127.7M | 146.2M | 146.2M | 146.2M | 146.2M | 160.8M |
| Current ratio | 29.28 | 34.24 | 45.20 | 2.23 | 43.17 | 10.38 |
| Quick ratio | 7.57 | 5.05 | 10.39 | 0.97 | 7.16 | 8.51 |
| Debt / equity | 0.18 | 0.23 | 0.34 | 0.69 | 0.19 | 0.25 |
| Equity / assets | 81.6% | 78.4% | 71.0% | 55.3% | 82.0% | 79.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Dec '21 | Sep '21 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $330.0M | $359.7M | $1.53B | $445.2M | $564.0M | $420.7M | $250.4M | $1.23B | $1.23B |
| Cash & equivalents | $103.7M | $93.1M | $87.9M | $69.3M | $35.6M | $28.3M | $31.5M | $1.23B | $1.23B |
| Short-term investments | $226.2M | $266.6M | $1.44B | $375.8M | $528.5M | $392.4M | $218.8M | — | — |
| Receivables | $315.5M | $429.9M | $475.0M | $461.8M | $322.0M | $275.1M | $179.0M | $0 | $0 |
| Inventory | $139.1M | $142.7M | $206.2M | $254.2M | $231.9M | $192.6M | $573.9M | $6.16B | $6.16B |
| Other current assets | $2.16B | $2.25B | $1.59B | $3.33B | $1.99B | $1.64B | $1.91B | $51.8M | $51.8M |
| Total current assets | $2.94B | $3.18B | $3.80B | $4.49B | $3.10B | $2.53B | $2.91B | $7.44B | $7.44B |
| Property, plant & equipment (net) | $27.5M | $26.5M | $28.4M | $12.2M | $14.9M | $15.5M | $14.1M | $8.3M | $8.3M |
| Goodwill & intangible assets | $92.6M | $93.2M | $94.2M | $94.7M | $95.7M | $115.2M | $114.8M | $1.3M | $1.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $34.7M | $26.5M | $29.9M | $27.1M | $25.1M | $6.6M | $6.1M | $2.1M | $2.1M |
| Total assets | $3.10B | $3.32B | $3.96B | $4.62B | $3.24B | $2.66B | $3.05B | $7.46B | $7.46B |
| Liabilities | |||||||||
| Accounts payable | — | — | — | — | — | — | — | $58.0M | $58.0M |
| Short-term debt | $6.5M | $6.5M | $55.8M | $53.0M | $78.0M | $109.8M | $29.2M | $955,000 | $955,000 |
| Deferred revenue | $12.3M | $11.8M | $10.6M | $8.0M | $5.9M | $10.1M | $9.5M | — | — |
| Total current liabilities | $125.1M | $120.3M | $129.9M | $115.8M | $126.2M | $158.2M | $85.0M | $172.4M | $172.4M |
| Long-term debt | $498.6M | $487.7M | $510.9M | $521.9M | $503.0M | $483.2M | $503.1M | $0 | $0 |
| Lease obligations | $19.5M | $19.0M | $19.9M | $10.3M | $15.6M | $16.4M | $15.0M | — | — |
| Other long-term liabilities | $13.1M | $12.8M | $17.4M | $7.7M | $59.0M | $59.7M | $58.6M | $1.17B | $1.17B |
| Total liabilities | $636.7M | $620.8M | $658.2M | $645.3M | $688.2M | $701.1M | $646.8M | $1.34B | $1.34B |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $303,000 | $302,000 | $301,000 | $301,000 | $226,000 | $3.82B | $3.82B | $3.79B | $3.79B |
| Retained earnings (deficit) | −$3.12B | −$2.86B | −$2.67B | −$2.29B | −$2.38B | −$2.60B | −$2.31B | $2.03B | $2.03B |
| Accumulated other comprehensive income | $414.1M | $390.2M | $774.2M | $1.10B | $1.07B | $720.3M | $858.8M | $44.8M | $44.8M |
| Minority interest | $45.0M | $53.9M | $82.1M | $61.0M | $13.1M | — | — | — | — |
| Total shareholders' equity | $2.42B | $2.65B | $3.22B | $3.92B | $2.54B | $1.96B | $2.39B | $6.11B | $6.11B |
| Key figures | |||||||||
| Total debt | $518.2M | $507.1M | $581.1M | $582.6M | $592.1M | $604.9M | $543.1M | $1.17B | $1.17B |
| Net cash (debt) | −$188.2M | −$147.4M | $948.9M | −$137.4M | −$28.0M | −$184.2M | −$292.7M | $62.0M | $62.0M |
| Working capital | $2.82B | $3.06B | $3.67B | $4.37B | $2.98B | $2.37B | $2.83B | $7.27B | $7.27B |
| Tangible book value | $2.32B | $2.56B | $3.12B | $3.82B | $2.44B | $1.84B | $2.27B | $6.11B | $6.11B |
| Book value per share | $15.95 | $17.53 | $21.31 | $29.44 | $17.36 | $13.40 | $16.35 | — | — |
| Shares outstanding | 151.4M | 151.1M | 150.9M | 133.1M | 146.2M | 146.2M | 146.2M | — | — |
| Current ratio | 23.52 | 26.42 | 29.28 | 38.78 | 24.59 | 15.98 | 34.24 | 43.17 | 43.17 |
| Quick ratio | 5.16 | 6.56 | 15.43 | 7.83 | 7.02 | 4.40 | 5.05 | 7.16 | 7.16 |
| Debt / equity | 0.21 | 0.19 | 0.18 | 0.15 | 0.23 | 0.31 | 0.23 | 0.19 | 0.19 |
| Equity / assets | 78.0% | 79.7% | 81.3% | 84.7% | 78.4% | 73.5% | 78.4% | 82.0% | 82.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
BLSH financial position
At the end of fiscal 2025 (December 31, 2025), Bullish had total assets of $4.0 billion (up 29.8% from a year earlier), total liabilities of $658.2 million and shareholders' equity of $3.2 billion. It held $508.9 million in cash and short-term investments against $581.1 million of debt, net debt of $72.2 million. Its current ratio was 29.28. In the latest quarter (ended June 30, 2026) total assets were $3.1 billion and equity $2.4 billion.
Related: BLSH income statement, BLSH cash flow statement, BLSH key metrics. See the BLSH stock overview for the latest quote and news.
BLSH balance sheet FAQ
What are Bullish's total assets?
Bullish reported total assets of $4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.0 billion a year earlier.
How much debt does Bullish have?
Bullish had $581.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.18.
How much cash does Bullish have?
Bullish held $508.9 million in cash and short-term investments at the end of fiscal 2025; with $581.1 million of debt that is net debt of $72.2 million.
What is Bullish's book value?
Bullish's shareholders' equity (book value) was $3.2 billion at the end of fiscal 2025, or $25.27 per share.
What is Bullish's current ratio?
Bullish had current assets of $3.8 billion and current liabilities of $129.9 million, a current ratio of 29.28 (it can cover its short-term obligations).
How much goodwill does Bullish have?
Bullish carried $94.2 million of goodwill and intangible assets, 2.4% of total assets, at the end of fiscal 2025.