Bliss Andrew (Director) sold $2.4M of stock, under a pre-arranged trading plan
SEC Form 4
Bullish is a US-listed company in the systems software industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$51
Valuation models combined (3)
Base case. Range ~$44–$55. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book).
Price vs value
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders0 buying, 2 selling0 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
- Funds81 adding, 123 cuttingOf 30 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Bullish's trailing-twelve-month revenue fell 2.2% year on year, with a free-cash-flow margin of 0.0%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 36 systems software companies we cover. Where it lags: change in growth rate of -116.9pp ranks 37 of 37 systems software companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -2.2% (-116.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Estimates rising. Analysts' consensus for next year's earnings per share has risen 19.4% over 90 days.
Things to watch
- Revenue shrinking. Revenue fell 2.2% over the last 12 months.
- Growth slowing. The growth rate is 116.9 points lower than a quarter earlier.
- Share dilution. Diluted shares rose 10.7% in a year.
- Insiders selling. 2 insiders sold $16M of stock over the past 365 days and none bought (100% under pre-set trading plans).
- Heavily shorted. 13.8% of the shares available to trade are sold short (5.5 days of average volume to cover).
- Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
Latest results
- Earnings per share
- $0.09 against an average estimate of $0.09: beat by 3.4%
- Next report
- November 18, 2026; average EPS estimate $0.08
Price chart
- 1 day-5.7%
- 1 week-18.3%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $245B
- Net margin
- -0.3%
- EPS (TTM, diluted)
- $-5.99
Growth
- Revenue growth
- −2.2%
- Change in growth rate
- −116.9 pts
- Share count change
- +10.7%
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Insider trade
- Insider trade
Bliss Andrew (Director) sold $4.4M of stock, under a pre-arranged trading plan
SEC Form 4 - Insider trade
Bliss Andrew (Director) sold $3.1M of stock, under a pre-arranged trading plan
SEC Form 4
Valuation
Bullish valuation models and calculatorValuation models
We value Bullish as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: no revenue, margin or share count to start from |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$54 ~$37–$110 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$44 ~$37–$53 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$55 ~$49–$63 | Included |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$11 ~$11–$25 | Left out: far from the other models (more than 3x away from their median) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$51 ~$44–$55 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bullish with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Next results: November 18, 2026, before the open. Analysts expect revenue of $80m and EPS of $0.08 (range $0.00 to $0.12) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.46 | +50% | $357m | +24% |
| Next | $3.02 | +171% | $408m | +14% |
Next year's EPS estimate has moved +19.4% in 90 days, across 3 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −20.3% on 90 days ago. In the last 30 days, 2 analysts raised Bullish's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.57 | $2.53 |
| 60 days ago | $0.44 | $2.54 |
| 30 days ago | $0.45 | $4.83 |
| 7 days ago | $0.46 | $3.27 |
| Now | $0.46 | $3.02 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.09 | $0.09 | +3.4% |
| Mar 2026 | $0.17 | $0.13 | −18.8% |
| Dec 2025 | $0.16 | $0.19 | +23.3% |
| Sept 2025 | $0.10 | $0.10 | −4.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 13.8% of tradable shares
- Days to cover
- 5.49 at average volume
- Short interest, 1 month
- −8% to October 15, 2026
- Held by institutions
- 26% of shares
- Held by insiders
- 91.1% of shares
- Employees
- 394 full time
Share-price performance
Market data may be delayedPrice behaviour
- 52-week range
- Not enough history
- From 52-week high
- —
- vs 50-day average
- —
- vs 200-day average
- —
- Volatility (1 year)
- —
- Beta vs S&P 500
- —
Bullish in five measures
Fundamentals
Financial statements
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|
| Income | |||
| Revenue | 116.5 | 250.2 | 244.8 |
| Gross profit | 0.1 | 0.1 | 0.1 |
| Net income | 1.3 | 0.1 | −0.8 |
| Diluted EPS | $10.63 | $0.68 | −$5.99 |
| Growth (year on year) | |||
| Revenue | — | +114.8% | −2.2% |
| Margins | |||
| Gross margin | 0.1% | 0.0% | 0.0% |
| Net margin | 1.1% | 0.0% | −0.3% |
| Free-cash-flow margin | −0.1% | −0.0% | 0.0% |
| Cash flow | |||
| Cash from operations | −0.1 | −0.0 | 0.0 |
| Capital spending | 0.0 | 0.0 | 0.0 |
| Free cash flow | −0.1 | −0.0 | 0.0 |
| Stock-based pay | 0.0 | 0.0 | 0.0 |
| Free cash flow after stock pay | −0.1 | −0.1 | 0.0 |
| Balance sheet | |||
| Cash | 0.1 | 0.0 | 0.1 |
| Total debt | 0.0 | 0.1 | 0.1 |
| Net debt (negative = net cash) | −0.1 | 0.0 | 0.0 |
| Diluted shares | 122m | 115m | 128m |
| Returned to shareholders | |||
| Dividends | 0.5 | 0.0 | 0.0 |
| Total returned | 0.5 | 0.0 | 0.0 |
Dividends, buybacks and capital spending
- Dividends (TTM)
- $0
- Returned to shareholders
- 0%
- of free cash flow
- Diluted share count
- +10.7%
- year over year
Competitors: side by side with peers
| Last 12 months unless stated | BLSH | MSFT | NOW | PANW | FTNT | GEN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $244.8bn | $346.4bn | $15.4bn | $11.5bn | $7.9bn | $5.2bn | $1.1bn |
| Revenue growth, last 12 months | −2.2% | 17.9% | 21.8% | 24.5% | 20.2% | 16.9% | 16.9% |
| Revenue growth, 3-year average | — | 16.6% | 22.1% | 18.5% | 15.1% | 11.7% | 16.1% |
| Revenue growth, latest quarter | — | 18.8% | 20.5% | 34.5% | 20.5% | 12.2% | 19.6% |
| Gross margin | 0.0% | 67.7% | 73.1% | 70.4% | 79.7% | 77.4% | 69.6% |
| Operating margin | — | 47.1% | 9.7% | 6.1% | 33.0% | 41.8% | 3.7% |
| Operating margin, 3-year average | — | 46.0% | 11.9% | 9.4% | 30.8% | 39.8% | 4.0% |
| Net margin | −0.3% | 41.2% | 9.4% | 2.7% | 29.0% | 23.1% | 2.4% |
| Cash from operations / revenue | 0.0% | 56.5% | 34.6% | 39.7% | 46.8% | 34.0% | 16.6% |
| Free-cash-flow margin | 0.0% | 17.3% | 30.8% | 35.8% | 43.5% | 33.7% | 15.0% |
| Free-cash-flow margin, 3-year average | — | 24.1% | 31.2% | 37.4% | 34.5% | 39.3% | 18.8% |
| Stock pay / revenue | 0.0% | 3.6% | 15.1% | 15.8% | 3.9% | 4.3% | 8.2% |
| Change in share count | 10.7% | −0.2% | 0.9% | 7.8% | −3.7% | −2.4% | 2.7% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -2.2% | 16.9% | 32 of 37 |
| Change in growth rate Growth | -116.9pp | -0.3pp | 37 of 37 |
| Net margin Profitability | -0.3% | 2.4% | 21 of 37 |
| Stock pay as % of revenue Cash generation | 0.0% | 8.5% | 1 of 36 |
| Long-term debt as % of assets Balance sheet | 1.3% | 4.3% | 6 of 23 |
| Change in share count Balance sheet | 10.7% | 3.1% | 28 of 34 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $992M
- Institutions reporting
- 173
- Shares held vs prior quarter
- ▲ 7.5%
- Positions opened / closed
- 25 / 54
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $245M | 10.5M | 24.7% | ▲ 53.9% |
| ARK Investment Management LLC | $158M | 6.7M | 15.9% | ▲ 2.8% |
| Sumitomo Mitsui Trust Group, Inc. | $95M | 4.1M | 9.6% | ▲ 5.7% |
| Amova Asset Management Americas, Inc. | $94.7M | 4.0M | 9.5% | ▲ 5.3% |
| Stephens Investment Management Group LLC | $31.8M | 1.4M | 3.2% | ▲ 15.0% |
| Van Eck Associates Corp | $29.3M | 1.2M | 2.9% | ▲ 55.8% |
| Blackrock, Inc. | $28.1M | 1.2M | 2.8% | ▼ 39.4% |
| T. Rowe Price Investment Management, Inc. | $27.3M | 1.2M | 2.7% | ▼ 11.5% |
| Jupiter Topco LLC | $24.4M | 1.0M | 2.5% | — |
| Geode Capital Management, LLC | $16.6M | 230K | 1.7% | ▼ 22.2% |
| Morgan Stanley | $15.6M | 664K | 1.6% | ▲ 216.4% |
| UBS Group AG | $15.5M | 660K | 1.6% | ▲ 10.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bullish's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
Insider trading activity
Full insider history and chart Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16.4M 12 trades by 2 insiders · 100% under pre-set plans
Net ▼ $16.4M net selling
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bliss Andrew Director | September 24, 2026 | Sell pre-set plan | 100 | $40.10 | $4,010 |
| Bliss Andrew Director | September 23, 2026 | Sell pre-set plan | 59,976 | $40.22 | $2.4M |
| Bliss Andrew Director | September 22, 2026 | Sell pre-set plan | 108,200 | $40.79 | $4.4M |
| Bliss Andrew Director | September 21, 2026 | Sell pre-set plan | 76,953 | $40.20 | $3.1M |
| Farley Thomas W Chief Executive Officer | May 11, 2026 | Sell pre-set plan | 5,500 | $42.25 | $232,375 |
| Farley Thomas W Chief Executive Officer | May 11, 2026 | Sell pre-set plan | 3,304 | $44.95 | $148,515 |
| Farley Thomas W Chief Executive Officer | May 11, 2026 | Sell pre-set plan | 21,050 | $43.47 | $915,044 |
| Farley Thomas W Chief Executive Officer | May 11, 2026 | Sell pre-set plan | 50,146 | $44.27 | $2.2M |
| Farley Thomas W Chief Executive Officer | May 5, 2026 | Sell | 247 | — | $0 |
| Farley Thomas W Chief Executive Officer | April 10, 2026 | Sell pre-set plan | 1,100 | $37.34 | $41,074 |
| Farley Thomas W Chief Executive Officer | April 10, 2026 | Sell pre-set plan | 49,042 | $36.56 | $1.8M |
| Farley Thomas W Chief Executive Officer | April 10, 2026 | Sell pre-set plan | 29,858 | $36.13 | $1.1M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Bullish in brief
- What does Bullish do?
- Bullish is a US-listed company in the systems software industry. Its financial year ends in December.
- What is Bullish's stock ticker?
- Bullish trades under the ticker BLSH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is Bullish's revenue, and how fast is it growing?
- Over its most recent trailing twelve months, Bullish reported revenue of $245B, 2.2% lower than a year earlier, according to its SEC filings.
- What is Bullish's free cash flow?
- Bullish's free-cash-flow margin is 0.0% of revenue over the trailing twelve months.
- Who are Bullish's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, ARK Investment Management LLC and Sumitomo Mitsui Trust Group, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Does Bullish pay a dividend?
- Bullish reported no dividend payments in its trailing twelve months of filings.
- Who are Bullish's competitors?
- In our Systems Software peer group, the companies closest to Bullish are Microsoft Corporation, ServiceNow, Palo Alto Networks, Fortinet and Gen Digital Inc. The side-by-side comparison below sets their revenue, margins and growth against Bullish's.
- Are insiders buying or selling Bullish stock?
- Over the last 12 months, Bullish's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
- When is Bullish's next earnings date?
- Around November 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bullish announces its own schedule.
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