BULLISH Financials
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 balance-sheet-funded model where cash generation and accounting earnings are moving in opposite directions.
In FY2025, operating cash flow turned positive at$28.6M while net income fell deeply negative to-$785.5M ; compared with FY2024, cash improved as reported earnings deteriorated. With only$14.4M of long-term debt against$3.3B of equity, that mismatch matters more for book value than for lender dependence.
The balance sheet looks highly liquid: current assets of
FY2025 free cash flow stayed positive at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of BULLISH's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BULLISH carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 29.28, BULLISH holds $29.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
BULLISH's ROE of -23.8% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 3.3% the prior year.
BULLISH passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, BULLISH generates $-0.04 in operating cash flow ($28.6M OCF vs -$785.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
BULLISH reported -$785.5M in net income in fiscal year 2025. This represents a decrease of 1087.2% from the prior year.
Cash & Balance Sheet
BULLISH generated $18.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 161.6% from the prior year.
BULLISH held $87.9M in cash against $14.4M in long-term debt as of fiscal year 2025.
BULLISH had 151M shares outstanding in fiscal year 2025.
Margins & Returns
BULLISH's ROE was -23.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.1 percentage points from the prior year.
Capital Allocation
BULLISH invested $9.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2439.9% from the prior year.
BLSH Income Statement
| Metric | Q4'25 | Q4'24 |
|---|---|---|
| Revenue | N/A | N/A |
| Cost of Revenue | N/A | N/A |
| Gross Profit | N/A | N/A |
| R&D Expenses | N/A | N/A |
| SG&A Expenses | N/A | N/A |
| Operating Income | N/A | N/A |
| Interest Expense | N/A | N/A |
| Income Tax | N/A | N/A |
| Net Income | N/A | N/A |
| EPS (Diluted) | N/A | N/A |
BLSH Balance Sheet
| Metric | Q4'25 | Q4'24 |
|---|---|---|
| Total Assets | $4.0B+29.8% | $3.0B |
| Current Assets | $3.8B+30.6% | $2.9B |
| Cash & Equivalents | $87.9M+178.7% | $31.5M |
| Inventory | N/A | N/A |
| Accounts Receivable | N/A | N/A |
| Goodwill | $63.1M+2.6% | $61.5M |
| Total Liabilities | $658.2M+1.8% | $646.8M |
| Current Liabilities | $129.9M+52.7% | $85.0M |
| 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 |
BLSH Cash Flow Statement
| Metric | Q4'25 | Q4'24 |
|---|---|---|
| Operating Cash Flow | N/A | N/A |
| Capital Expenditures | N/A | N/A |
| Free Cash Flow | N/A | N/A |
| Investing Cash Flow | N/A | N/A |
| Financing Cash Flow | N/A | N/A |
| Dividends Paid | N/A | N/A |
| Share Buybacks | N/A | N/A |
BLSH Financial Ratios
| Metric | Q4'25 | Q4'24 |
|---|---|---|
| Gross Margin | N/A | N/A |
| Operating Margin | N/A | N/A |
| Net Margin | N/A | N/A |
| Return on Equity | N/A | N/A |
| Return on Assets | N/A | N/A |
| Current Ratio | 29.28-5.0 | 34.24 |
| Debt-to-Equity | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A |
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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 Piotroski F-Score?
BULLISH (BLSH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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) has an earnings quality ratio of -0.04x, considered mixed quality. 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.
How financially healthy is BULLISH?
BULLISH (BLSH) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.