Visão geral da empresa
Bullish operates as a global digital asset platform dedicated to providing market infrastructure and information services within the United States. The company executes its core operations through the Bullish Exchange, a specialized venue for digital assets that functions as both a spot and derivatives exchange. This business model integrates a central limit order book matching engine with automated market making capabilities to facilitate efficient trading. Classified within the Technology sector and specifically the Software - Infrastructure industry, Bullish leverages technological solutions to support the underlying mechanics of digital asset markets. With a market capitalization of $5.81B, the company demonstrates significant enterprise value in a rapidly evolving sector. The organization employs 414 individuals to manage its complex infrastructure and service delivery. Its annual revenue for the trailing twelve months stands at $237.24M. These valuation and revenue figures suggest that the market assigns substantial worth to the company's proprietary technology and platform usage, positioning it as a notable entity in the digital asset ecosystem despite being a growth-stage software firm.
Saúde financeira
The company reported revenue of $237.24M over the trailing twelve months, yet this generated a net income of -$764,681,024. This significant divergence between positive revenue and substantial net losses reveals a cost structure characterized by high operating expenses that exceed gross revenue, resulting in a profit margin of 0.0%. The company's EBITDA stands at -$181,010,000, indicating that even before interest, taxes, depreciation, and amortization, the core business operations are currently unprofitable. Additionally, free cash flow is reported at -$633,050,240, which implies that the company is burning cash and lacks the immediate financial flexibility to fund operations internally without external capital injection. The gross margin is recorded at 100.0%, a metric that typically indicates the nature of the business model where revenue is recognized before the deduction of the cost of goods sold, common in software and service infrastructure models. However, the operating margin is severely negative at -244.7%, confirming that operational expenditures are disproportionately high relative to sales. The balance sheet presents a specific capital structure with cash holdings of $492.04M against total debt of $581.08M. The debt-to-equity ratio is 17.62, suggesting a leveraged balance sheet where debt levels are significant relative to equity, though the company holds substantial cash reserves. The current ratio is 29.28, which indicates an exceptionally strong short-term liquidity position, meaning the company possesses nearly 30 times the current assets required to cover its current liabilities. Finally, the return on equity is -27.6% and the return on assets is -3.3%, metrics that reveal that management is currently generating negative returns on the capital invested by shareholders and the total asset base, respectively.
Avaliação de valorização
The trailing P/E ratio is N/A due to the company's negative earnings, while the forward P/E is 36.85. The absence of a trailing P/E combined with a forward P/E implies that the market is pricing in future earnings expectations that do not yet reflect current profitability. The price-to-book ratio is 1.81, which indicates that the market values the company at a premium of 81% over its book value, suggesting investors anticipate future growth or intangible asset value not fully captured on the balance sheet. Alternative valuation metrics show a price-to-sales ratio of 24.47 and an EV/EBITDA of -33.02. These figures suggest that traditional earnings-based valuation is not applicable, and the market relies heavily on revenue multiples and projected cash generation capabilities rather than current profitability. The 52-week high is $118.00 and the 52-week low is $24.79. Without a specific current price provided in the source data, the valuation context is defined by this wide trading range, highlighting the significant price volatility inherent in the stock. The beta value is N/A, meaning that the stock's price volatility relative to the broader market cannot be quantified using the standard beta coefficient available in the provided facts.
Growth & Income
Revenue growth year-over-year is 97.9%, demonstrating a rapid expansion in sales, whereas earnings growth is N/A due to the company's current net loss status. The absence of positive earnings growth relative to revenue implies that while top-line revenue is scaling aggressively, the bottom-line profitability has not yet materialized at a pace that matches revenue expansion. For dividend payers, the dividend yield is N/A and the payout ratio is 0.0%. Since the company does not pay dividends, the payout ratio is not applicable, indicating that the firm reinvests all available capital, including cash reserves, back into the business for growth initiatives rather than distributing income to shareholders. The overall growth and income profile is characterized by high revenue acceleration funded by cash reserves, with no current reliance on dividend income for investors.