BLSHNYSEFinance ServicesFiscal year ends December 31
Bullish
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 10, 2026
$27.42−2.07 (-7.02%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2023 to 2025
Gross margin
0.0%
Net margin
-0.3%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.2% | – | – | – | |
| Gross profit | -18.9% | – | – | – |
Returns and balance sheet
3 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2023 | FY2023 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | – | 29.28 | |
| Debt to equity | – | – | 0.03 | |
| Capex to revenue | 0.0% | 0.0% | 0.0% | |
| Diluted shares | 122M | 122M | 128M |
Cash use needs five years of cash flow figures
Bullish does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-0.3%
×Asset turnover69.91×
×Equity multiplier1.25×
=Return on equity, FY2025-27.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -0.3% | 69.91× | 1.25× | -27.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$764.68M
- Cash generatingOperating cash flow above zero$28.63M
- Return on assets improvedROA up on the prior year– → -25.1%
- Earnings backed by cashOperating cash flow above net income$28.63M vs -$764.68M
- Less leverageLong-term debt to assets fell0.8% → 1.3%
- Better liquidityCurrent ratio rose34.24 → 29.28
- No dilutionShare count did not rise115M → 128M
- Gross margin improvedGross margin up on the prior year0.04% → 0.03%
- More efficientAsset turnover rose– → 80.33