Bullish key statistics and ratios

In fiscal 2025, Bullish had return on equity of -27.3%, a net margin of -0.3%, debt equal to 3.1% of equity and a current ratio of 29.28. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bullish: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	101.3%	4.3%	−27.3%
Return on assets	—	2.6%	−21.8%
Asset turnover	—	82.10	69.91
Current ratio	—	34.24	29.28
Debt to equity	0.0%	2.1%	3.1%
Effective tax rate	0.1%	5.9%	—
Capital spending as % of revenue	0.0%	0.0%	0.0%
Free cash flow ÷ net income	−9.8%	−38.7%	—
Dividends ÷ net income	41.2%	0.0%	—
Dividends and buybacks ÷ free cash flow	—	—	0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BLSH vs MSFT BLSH vs NOW BLSH vs PANW

More: Systems Software stocks compared, Technology sector, rankings of US companies

Figures from Bullish's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bullish.