ValueScreener

ValueScreener company report

Bullish (BLSH)

NYSE / Technology / Software - Infrastructure

Share price

31.87 USD Market dataClose of Oct 15, 2026

Market capitalisation

4.83B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 10, 2026
Ratios computed
Oct 15, 2026
Filed years
3, FY2023 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-22.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

1.50x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

0.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2020 Net income: -119.0M USDFY2021 Revenue: 1.32B USDFY2021 Net income: -1.40B USDFY2022 Revenue: 72.90B USDFY2022 Net income: -4.25B USDFY2023 Revenue: 116.49B USDFY2023 Net income: 1.30B USDFY2024 Revenue: 250.20B USDFY2024 Net income: 78.5M USDFY2025 Revenue: 244.81B USDFY2025 Net income: -764.7M USD
Revenue Net income6 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on invested capital was -22.6% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Software - Infrastructure industry (39 companies), -22.6% sits at the 18th percentile; the middle half of that group runs from 0.2% to 12.6%.

Is it safe

Debt to equity was 0.04 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Software - Infrastructure industry (58 companies), 0.04 sits at the 14th percentile; the middle half of that group runs from 0.17 to 1.26.

Year by year against peers
Whether Bullish's return on equity stayed above the median of the Software - Infrastructure industry, year by year. (FY2024 to FY2025, 2 fiscal years of Bullish with a comparable figure)
The direction
Which way Bullish's return on equity has moved, and how steadily. (FY2020 to FY2025, 5 filed years of Bullish)
What could explain it
What in Bullish's filed statements could explain the movements. (4 readings drawn from the statement lines Bullish filed)
What to check next
What to check next on Bullish, and where in its filings. (3 questions for Bullish)
In one paragraph
One paragraph on Bullish's returns, cash, balance sheet and price. (7 of sixteen figures read for Bullish)

These are BLSH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research BLSHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 10, 2026, accession 0001437749-26-007417.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Bullish: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-22.6% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Return on equity-23.8% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Return on assets-19.3% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Gross margin0.0% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Net margin-0.3% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
BLSH -0.3%
KVYO -2.6%RELY 4.2%VRNS -20.7%AVPT 8.3%BB 9.7%
-20.7%9.7%
Net margin: BLSH against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Bullish: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.04 ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Current ratio29.28 ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Quick ratio29.28 ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Net debt32.0M ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Total assets 3.96BTotal liabilities 658.2MShareholders' equity 3.22BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Bullish owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 10, 2026, 0001437749-26-007417).

Bullish: balance sheet position
Total assets3.96B FiledFY2025 20-F, filed Mar 10, 2026
Total liabilities658.2M FiledFY2025 20-F, filed Mar 10, 2026
Shareholders' equity3.22B FiledFY2025 20-F, filed Mar 10, 2026
Cash87.9M FiledFY2025 20-F, filed Mar 10, 2026
Total debt119.9M FiledFY2025 20-F, filed Mar 10, 2026
Net debt32.0M
Current ratio29.28
Debt to equity0.04
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Bullish: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.50x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Price to sales0.02x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417

We publish no fair value or price target of our own. Value BLSH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Bullish today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Bullish: valuation
Share price31.87 USD
Market capitalisation4.83B USD
Enterprise value to EBITDAn/a
Graham numbern/m
Diluted earnings per share, FY2022n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Bullish

  1. Klaviyo, Inc. (KVYO)Market cap 5.41B USD
  2. Remitly Global, Inc. (RELY)Market cap 5.22B USD
  3. Varonis Systems, Inc. (VRNS)Market cap 5.44B USD
  4. AvePoint, Inc. (AVPT)Market cap 3.15B USD
  5. BlackBerry Limited (BB)Market cap 5.11B USD

Same industry (Software - Infrastructure) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Bullish: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield0.4% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Free cash flow18.7M USD ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Free cash flow margin0.0% ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Dividend yield0.0% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
FY2020 Free cash flow: -150.0K USDFY2020 Net income: -119.0M USDFY2021 Free cash flow: -455.3M USDFY2021 Net income: -1.40B USDFY2022 Free cash flow: 193.6M USDFY2022 Net income: -4.25B USDFY2023 Free cash flow: -127.6M USDFY2023 Net income: 1.30B USDFY2024 Free cash flow: -30.4M USDFY2024 Net income: 78.5M USDFY2025 Free cash flow: 18.7M USDFY2025 Net income: -764.7M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Bullish: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.50xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
0.4%FY2025Oct 15, 2026
-22.6%FY2025Mar 10, 2026
0.0%FY2025Oct 15, 2026
0.04FY2025Mar 10, 2026
29.28FY2025Mar 10, 2026
0.02xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
0.02FY2025Mar 10, 2026
2/9FY2025Mar 10, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

6 fiscal years, FY2020 to FY2025. 3 read from the annual reports Bullish filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Bullish: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025244.81B-734.0M-764.7Mn/a18.7Mn/a-23.8%20-F, Mar 10, 20260001437749-26-007417
FY2024250.20B123.1M78.5Mn/a-30.4Mn/a3.3%20-F, Mar 10, 20260001437749-26-007417
FY2023116.49B1.30B1.30Bn/a-127.6Mn/an/a20-F, Mar 10, 20260001437749-26-007417
FY202272.90B15.7M-4.25B-29.04193.6M0.0%-225.5%Market data, supplied Oct 15, 2026accession n/a
FY20211.32B-1.28B-1.40B-9.59-455.3M-96.5%-22.9%Market data, supplied Oct 15, 2026accession n/a
FY2020n/a-119.0M-119.0M-0.74-150.0Kn/a-3.0%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2021 to FY2025: 268.9%
  • Earnings: Earnings was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2020 and 2022, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Bullish: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score0.02 ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Piotroski F-score2/9 ComputedFY2025 20-F, filed Mar 10, 2026, 0001437749-26-007417
Named tests met0 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 20 not met, 10 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Defensive investor (Benjamin Graham); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(18)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 18 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 10 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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