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Bullish (BLSH) stock: price, quality, comparison

Price, quality, revenue and earnings and the peer comparison for Bullish, from audited financials.

Price: $21.31. Our models give no reliable value for this company right now, so we show no fair value.
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Technology US · ISIN KYG169101204

B Bullish logo Thin data Oct 29, 2026

Bullish

BLSH · US
Low debt
Expensive Growth (revenue 3y +49.8 %/yr in USD)
Insiders sold $13.4M (6M)
Quality 28/100
Loss-making · -0.3% net margin (FY2025)
Negative free cash flow
Trails peers (2/8)
Narrow moat 0/100
Thin data
No fair value
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Company profile

Bullish, a global digital asset platform that provides market infrastructure and information services in United States.

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The company operates 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.

It also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets to leading traditional finance institutions, including exchanges and asset managers; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights offers news, analysis, information, conferences and networking opportunities related to digital assets, blockchain technology and the broader financial technology industry.

Bullish was founded in 2020 and is based in George Town, Cayman Islands.

Quality Score breakdown

Overall quality 28/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 23
How much profit the company makes from its sales and capital
Quality Growth 21
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 52
Debt, balance sheet and risk of trouble
Investment 59
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 14
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 36
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors sold shares worth $13.4M and none bought.

  • SaleAndrew BlissDirector2× since Sep 21, 2026: 245,229 shares, avg. $40.47$9.9MSep 24, 202610b5-1 plan
  • SaleThomas W FarleyChief Executive Officer, Director3× since Apr 10, 2026: 160,247 shares, avg. $40.12$6.4MMay 11, 2026

Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+49.8%
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 345 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Profitability
Return on assets −19.3% · Bottom 25%
Net margin (12 months) −0.3% · Below median
Growth and dividend
Revenue growth (quarter YoY) 68.8% · Top 25%
Balance sheet
Debt / equity 0.16× · Above median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 1.09× · Cheapest 25%
P/S (12 months) 11.66× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 25
FUTURE (revenue growth)100 · sector 60
PAST (return on equity)0 · sector 23
HEALTH (low debt)92 · sector 98
DIVIDEND (yield)0 · sector 31

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Fortinet, Inc FTNT $118.84 $134.76 +13% vs BLSH
Microsoft Corporation MSFT $530.61 $583.67 +10% vs BLSH
Oracle Corporation ORCL $116.10 $111.97 −4% vs BLSH
NetApp, Inc NTAP $169.19 $156.80 −7% vs BLSH
Block, Inc XYZ $85.48 $76.43 −11% vs BLSH
Synopsys, Inc SNPS $450.46 $288.23 −36% vs BLSH
Zscaler, Inc ZS $197.66 $101.45 −49% vs BLSH
Palantir Technologies Inc PLTR $160.38 $42.20 −74% vs BLSH
CrowdStrike Holdings CRWD $216.90 $37.97 −82% vs BLSH
Palo Alto Networks, Inc PANW $313.84 $39.54 −87% vs BLSH

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Frequently asked questions

What is the quality score of BLSH?
Bullish has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
How solid is the balance sheet of Bullish (BLSH)?
Balance-sheet figures for Bullish (as of Oct 29, 2026): return on equity −57.1%, debt of 0.16 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
Which stocks are comparable to Bullish?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
What is the share price of Bullish (BLSH)?
The closing price on Nov 6, 2026 was $21.31. We carry closing prices from our data provider, not a live tick.

Key figures of Bullish

How large is the market capitalisation of Bullish (BLSH)?
The market capitalisation of Bullish is $3.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bullish (BLSH)?
The price-to-sales ratio of Bullish is 11.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bullish (BLSH)?
Earnings per share at Bullish are $−9.70. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bullish (BLSH)?
The net margin of Bullish is −0.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bullish (BLSH)?
The return on equity (ROE) of Bullish is −57.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bullish (BLSH)?
On an EBIT basis the return on assets of Bullish is −2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bullish (BLSH)?
The operating margin of Bullish is −314% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bullish (BLSH)?
Revenue at Bullish is growing +68.8% versus a year earlier (3y avg +49.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Bullish (BLSH) generate?
The free cash flow of Bullish is −$23.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Bullish (BLSH) carry?
The net debt of Bullish is $497M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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