Bullish (BLSH) Key Metrics
BLSH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.47B
- Enterprise value
- $5.34B
- P/E (TTM)
- —
- Forward P/E
- 58.8
- PEG ratio
- —
- Price / sales
- 14.9
- Price / book
- 2.5
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- —
BLSH key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBLSH returns How much profit the business earns on the capital it uses.
BLSH per-share figures Results divided by the shares outstanding at year-end.
BLSH financial health Debt, liquidity and how easily interest is covered.
BLSH efficiency & capital use Working capital cycle and where the cash goes.
BLSH valuation history
BLSH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BLSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BLSH cash returned to shareholders
BLSH price vs earnings per share
BLSH key metrics
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Valuation | ||||||
| Market capitalization | $4.84B | — | — | — | — | — |
| Enterprise value | $4.91B | — | — | — | — | — |
| Price / sales | 0.0 | — | — | — | — | — |
| Price / book | 1.5 | — | — | — | — | — |
| Price / operating cash flow | 168.9 | — | — | — | — | — |
| EV / sales | 0.0 | — | — | — | — | — |
| Earnings yield | −15.8% | — | — | — | — | — |
| Free cash flow yield | −0.5% | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | — | — | — | — | — |
| Share price at fiscal year-end | $37.87 | — | — | — | — | — |
| Per share | ||||||
| Revenue per share | $1,917.98 | $1,711.98 | $796.99 | $498.66 | $9.04 | $0.00 |
| Earnings per share | −$5.99 | $0.54 | $8.89 | −$29.04 | −$9.59 | −$0.74 |
| Operating cash flow per share | $0.22 | −$0.21 | −$0.87 | $1.33 | −$0.83 | −$0.00 |
| Free cash flow per share | −$0.18 | −$0.23 | −$0.87 | $1.32 | −$3.11 | −$0.00 |
| Cash per share | $3.98 | $1.71 | $2.52 | $9.46 | $8.45 | $1.49 |
| Book value per share | $25.27 | $16.35 | $8.77 | $12.88 | $41.80 | $24.96 |
| Tangible book value per share | $24.54 | $15.56 | $8.25 | $12.87 | $41.79 | −$4.64 |
| Dividends per share | $0.00 | $0.00 | $3.66 | $0.00 | $2.54 | — |
| Capex per share | $0.41 | $0.03 | $0.01 | $0.01 | $2.29 | $0.00 |
| Debt per share | $4.55 | $3.71 | $3.01 | $8.87 | $8.02 | $6.28 |
| Shares outstanding | 127.7M | 146.2M | 146.2M | 146.2M | 146.2M | 160.8M |
| Change in shares outstanding | −12.6% | 0.0% | 0.0% | 0.0% | −9.1% | — |
| Returns & profitability | ||||||
| Return on equity (ROE) | −27.2% | 4.3% | 82.1% | −106.2% | −27.7% | −3.0% |
| Return on invested capital (ROIC) | 1.3% | 1.5% | 0.6% | 0.3% | −18.6% | −2.0% |
| Return on assets (ROA) | −21.8% | 3.2% | 49.9% | −78.2% | −22.4% | −2.4% |
| Return on tangible assets | −19.8% | 2.7% | 75.1% | −124.7% | −18.8% | −40.8% |
| Free cash flow margin | −0.0% | −0.0% | −0.1% | 0.3% | −34.4% | — |
| Income quality (OCF / net income) | — | −0.38 | −0.10 | — | — | — |
| Financial health | ||||||
| Total debt | $581.1M | $543.1M | $440.4M | $1.30B | $1.17B | $1.01B |
| Cash & short-term investments | $508.9M | $250.4M | $367.7M | $1.38B | $1.23B | $239.4M |
| Net debt | $72.2M | $292.7M | $72.7M | −$86.5M | −$62.0M | $770.0M |
| Debt / equity | 0.18 | 0.23 | 0.34 | 0.69 | 0.19 | 0.25 |
| Debt / assets | 0.15 | 0.18 | 0.24 | 0.38 | 0.16 | 0.20 |
| Net debt / EBITDA | — | 2.22 | 0.06 | — | — | — |
| Current ratio | 29.28 | 34.24 | 45.20 | 2.23 | 43.17 | 10.38 |
| Quick ratio | 27.69 | 27.50 | 11.04 | 1.14 | 7.46 | 10.38 |
| Interest coverage | 1.0 | 0.8 | 3.4 | 0.1 | -10.1 | — |
| Working capital | $3.67B | $2.83B | $1.67B | $1.87B | $7.27B | $263.9M |
| Invested capital | $3.30B | $2.68B | $1.35B | $1.80B | $6.05B | $4.78B |
| Tangible asset value | $3.20B | $2.29B | $1.21B | $1.88B | $6.11B | −$745.5M |
| Net current asset value | $3.15B | $2.27B | $1.18B | $1.85B | $6.10B | −$745.5M |
| Graham number | — | $14.06 | $41.87 | — | — | — |
| Graham net-net per share | $2.43 | $0.17 | $3.48 | $5.17 | $20.31 | −$4.97 |
| Capital allocation | ||||||
| Dividends paid | $0 | $0 | $534.6M | $0 | $371.2M | — |
| Dividend payout ratio | — | 0.0% | 41.2% | — | — | — |
| Dividends + buybacks / free cash flow | — | — | — | 0.0% | — | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 25.3% | — |
| Capex / operating cash flow | 180.9% | — | — | 0.7% | — | — |
| Capex / depreciation | 6.32 | 0.43 | 0.18 | 0.36 | 709.79 | 0.00 |
| Stock-based compensation / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | — |
| SG&A / revenue | 0.0% | 0.0% | 0.0% | 0.1% | 7.5% | — |
| Efficiency | ||||||
| Days sales outstanding | 0.5 | 0.1 | 0.2 | 0.2 | 0.0 | — |
| Days of inventory on hand | 0.6 | 1.4 | 4.6 | 19.6 | 950.2 | — |
| Days payables outstanding | — | — | 0.0 | 0.2 | 6.6 | — |
| Cash conversion cycle (days) | — | — | 4.8 | 19.6 | 943.6 | — |
| Receivables turnover | 749.12 | 2,459.59 | 2,080.94 | 1,666.77 | 110,130.42 | — |
| Payables turnover | — | — | 29,952.24 | 2,218.12 | 55.01 | — |
| Inventory turnover | 627.90 | 268.63 | 79.07 | 18.66 | 0.38 | — |
| Asset turnover | 69.95 | 103.16 | 44.72 | 13.42 | 0.21 | 0.00 |
| Average receivables | $327.0M | $101.8M | $56.0M | $43.7M | $12,000 | — |
| Average payables | — | — | $3.9M | $32.9M | $43.0M | $28.0M |
| Average inventory | $390.0M | $931.6M | $1.47B | $3.91B | $6.16B | — |
| Intangibles / total assets | 2.4% | 3.8% | 4.2% | 0.0% | 0.0% | 94.2% |
Computed from BLSH's annual financial statements (latest annual report filed March 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BLSH valuation and financial ratios
Bullish earned a return on equity of −27.2% and a return on invested capital of 1.3% in fiscal 2025. It ended the year with $581.1 million of debt and $508.9 million in cash and short-term investments, net debt of $72.2 million. The share count fell 20.5% from 160.8M to 127.7M over 5 years.
See the BLSH income statement, the BLSH chart for price history, or the BLSH stock overview for the latest quote and news.
BLSH key metrics FAQ
What is Bullish's return on equity?
Bullish's return on equity (ROE) was −27.2% in fiscal 2025: net income of -$764.7 million on average shareholders' equity of $2.8 billion.
What is Bullish's ROIC?
Bullish's return on invested capital was 1.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Bullish have?
Bullish had total debt of $581.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.18.
Does Bullish pay a dividend?
Bullish did not pay a dividend in fiscal 2025.
What is Bullish's free cash flow yield?
Bullish generated -$23.2 million of free cash flow in fiscal 2025, a free cash flow yield of −0.5% on its market value at year-end ($4.8 billion).
What is Bullish's current ratio?
Bullish's current ratio was 29.28 at the end of fiscal 2025: current assets were 29.28 times current liabilities.