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Bullish (BLSH) financial health, profit and balance sheet · Scorvest

BLSH · NYSE · United States · Finance Services

Bullish

George Town · Fiscal year ends in December · Figures in USD

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In shortBullish is loss-making.

Financial health

Mixed

Built from five areas over the last five annual reports. Tap an area to see the figures behind it. Bank or insurer: tests that do not apply to them are left out.

How is this score calculated? →

Profitability10

Operating marginShare of each sale left after running the business, before interest and tax.	–	n/a
Net marginShare of each sale left as profit after every cost, interest and tax.	-0.3%	19/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	-27.3%	0/100

Weight in the score: 25%

Balance sheet100
Equity / assets 81.3% 100/100
Weight in the score: 25%

Equity / assets	81.3%	100/100

Cash generation–

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	0.0%	n/a
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	–	n/a
Years with positive free cash flow (last 5)	1 of 3	n/a

Weight in the score: 20%

Stability28
Profitable years (last 5) 2 of 3 67/100
Years of revenue decline (last 5) 1 of 2 17/100
Revenue growth volatility 82.7% 0/100
Operating margin volatility – n/a
Weight in the score: 20%
Growth–
Revenue growth, 3-year average – n/a
EPS growth, 3-year average – n/a
Weight in the score: 10%

Profitable years (last 5)	2 of 3	67/100
Years of revenue decline (last 5)	1 of 2	17/100
Revenue growth volatility	82.7%	0/100
Operating margin volatility	–	n/a

Revenue growth, 3-year average	–	n/a
EPS growth, 3-year average	–	n/a

Fiscal year 2025 · change vs prior year

Revenue: $244.8B; ▼ 2.2%
Net income: −$764.7M; ▼ 1,073.8%
Total assets: $4.0B; ▲ 29.8%
Operating margin: –; –
Cash & investments: $87.9M; –
Total debt: $100.0M; ▲ 99.9%
Diluted EPS: −$5.99; ▼ 980.9%
Return on equity: −27.3%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

Revenue and net income

RevenueNet income

Margins

OperatingNet

Statements

The last 3 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY23	FY24	FY25
Revenue	116,492	250,201	244,811
Cost of revenue	116,419	250,105	244,733
Gross profit	73	97	78
Interest expense	3	39	52
Pre-tax income	1,301	85	(786)
Income tax	1.5	5	(0.9)
Net income	1,299	79	(765)
Diluted EPS	$10.63	$0.68	−$5.99
Diluted shares (millions)	122	115	128

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Risk checks

Altman Z'' score

Not computed: the model does not apply to banks and insurers.

Piotroski F-score

2/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: failed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: failed
Gross margin improved: failed
Asset turnover improved: failed

Sources

20-FPeriod ending Dec 31, 2025Filed Mar 10, 2026Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Dec 31, 2025 · Data updated Mar 10, 2026