Bullish Ordinary Shares (BLSH)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am wary of businesses whose earnings are erratic and whose history is short. Bullish operates a digital asset exchange and information services—an industry with fierce competition and cyclical volumes. The latest filed quarter, fiscal Q2 2026, showed revenue of $32.7B, net income of -$270.2M, and a margin of -0.83%. The supplied growth figures show revenue growth of -44.34% and profit growth of -351.31%, so the direction is poor. FairStock's calculations at the 2026-10-13 close of $31.77 give a negative P/E of -3.18 and a P/B of 2.00; ROE is -57.07% and ROCE is -15.71%. Those are not the marks of a durable moat or pricing power. On the positive side, debt/equity is only 0.21, Altman Z-Score is 16.27, and trailing free cash flow is $111.2M, a 1.7% FCF yield. Piotroski is 5/9, middling. But a 1.7% cash yield on a $6.4B market cap is thin compensation for negative earnings and shrinking revenue. The FairStock Score is 37/100, and the Lynch category is none because there are only 0 years of filed annual results, not the 3 needed. Graham would demand a margin of safety; with negative earnings, low FCF yield, and no long record, I see none at this price.

In plain English: Bullish runs a digital asset exchange and market-data business. It is losing money and revenue has fallen sharply, so the business looks weak right now. At about $31.77, the price does not look clearly cheap against those weak numbers, even though the company produces some cash.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer