Bullish (BLSH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLSH SEC filings page.
This page shows Bullish (BLSH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Bullish’s dominant mechanic is a capital-rich, lightly debt-funded balance sheet generating cash despite a large accounting loss.
The earnings-to-cash split is stark: FY2025 net loss was-$785M while operating cash flow reached$29M , suggesting reported earnings and cash economics were shaped by substantial non-cash or timing effects. That differs from FY2024, when operating cash flow was-$30M and free cash flow was-$30M , so the latest loss did not translate into equivalent cash consumption.
Assets expanded from
FY2025 free cash flow was
Financial Health Signals
We are recalculating Bullish's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Bullish passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Bullish reported a net loss of $785.5M while generating $28.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Bullish held $87.9M in cash against $14.4M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
BLSH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BLSH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F |
|---|---|---|
| Total Assets | $4.0B+29.8% | $3.0B |
| Current Assets | $3.8B+30.6% | $2.9B |
| Cash & Equivalents | $87.9M+178.7% | $31.5M |
| Goodwill | $63.1M+2.6% | $61.5M |
| Total Liabilities | $658.2M+1.8% | $646.8M |
| Current Liabilities | $129.9M+52.7% | $85.0M |
| Non-Current Liabilities | $528.3M-6.0% | $561.7M |
| Long-Term Debt | $14.4M+33.7% | $10.8M |
| Total Equity | $3.3B+37.4% | $2.4B |
| Retained Earnings | -$2.7B-15.5% | -$2.3B |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.
BLSH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
BLSH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bullish BLSH | FY2025 | N/A | -$785.5M | N/A | $5.7B | — |
| GitLab Inc. GTLB | FY2026 | $955.2M | -$58.6M | -6.1% | $7.8B | 56/100 |
| Shift4 Payments, Inc. FOUR | FY2025 | $4.2B | $147.0M | 3.5% | $3.6B | 54/100 |
| Informatica Inc. INFA | FY2024 | $1.6B | $9.9M | 0.6% | $7.6B | 48/100 |
| Dropbox, Inc. DBX | FY2025 | $2.5B | $508.4M | 20.2% | $7.7B | 50/100 |
| Klaviyo, Inc. KVYO | FY2025 | $1.2B | -$31.8M | -2.6% | $4.7B | 63/100 |
Where Bullish Ranks
Frequently Asked Questions
Is Bullish profitable?
No, Bullish (BLSH) reported a net income of -$785.5M in fiscal year 2025.
How much debt does Bullish have?
As of fiscal year 2025, Bullish (BLSH) had $87.9M in cash and equivalents against $14.4M in long-term debt.
What is Bullish's return on equity (ROE)?
Bullish (BLSH) has a return on equity of -23.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bullish's free cash flow?
Bullish (BLSH) generated $18.7M in free cash flow during fiscal year 2025. This represents a 161.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bullish's operating cash flow?
Bullish (BLSH) generated $28.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bullish's total assets?
Bullish (BLSH) had $4.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bullish's capital expenditures?
Bullish (BLSH) invested $9.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Bullish's current ratio?
Bullish (BLSH) had a current ratio of 29.28 as of fiscal year 2025, which is generally considered healthy.
What is Bullish's debt-to-equity ratio?
Bullish (BLSH) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bullish's return on assets (ROA)?
Bullish (BLSH) had a return on assets of -19.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bullish's P/E ratio?
Bullish (BLSH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $5.7B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Bullish's price-to-sales ratio?
Bullish (BLSH) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $5.7B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Bullish's Piotroski F-Score?
Bullish (BLSH) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bullish's earnings high quality?
Bullish (BLSH) reported a net loss of $785.5M while generating $28.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.