# Bullish (BLSH) fundamentals

Data as of 2026-11-04. NYSE, United States. Sector: Financial Services / Consumer Lending. Price $22.96, market value $3.5 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Bullish reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 0.0×**. Each dollar of revenue is priced at 0.0×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.4×**. The shares trade at 1.4× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 3.2%** (5-yr avg 0.4%). Free cash flow equals 3.2% of the market value, above its five-year average of 0.4%, so the shares are cheaper on cash than they have usually been.

## Profitability
- **Gross margin: 0.0%**. Bullish keeps 0.0% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 0.0%**. 0.0% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: -0.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -23.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 1.4%**. Return on all capital, debt included, is 1.4%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -34.9%**. Each dollar of assets produces -34.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -2.2%**. Revenue fell 2.2% over the last year.
- **EPS growth (1 yr): -980.9%**. Earnings per share fell 980.9%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 2/9**. 2 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: $88 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Bullish does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (11 analysts). 11 analysts cover Bullish; the consensus is buy, with an average price target of $40.82 (+78% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -54.3%** (YTD -39.4%, 3-mo -3.5%). The shares are down 54.3% over twelve months including dividends.
- **From 52-week high: -53.1%** (11.7% above the low). Trading 53% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 30**. An RSI of 30 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 3.02** (volatility 76%). Beta of 3.02 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BLSH · Page: https://foliofundamentals.com/stocks/blsh

Not investment advice.