Bullish

BLSHNYSETechnology● Active

$27.21

+$0.25(+0.93%)

Market Cap$4.1B

P/E Ratio—

52W High$118

52W Low$24.79

Avg Volume1.3M

Open$27.50

Beta-0.13

Free Cash Flow Financials Revenue

Bullish (BLSH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BLSH · free cash flow · updated Jun 9, 2026

Core FCF metrics

BLSH · FCF · TTM · margin & CAGR

Free cash flow was $0 for FY2025 (fiscal year ending 2025-12-31), up 100.0% year-over-year The FCF margin was 0.0%.

FY2025 Free Cash Flow$0▲ +100.0% YoY

Trailing 12M (TTM)$44.8Mtrailing 4 quarters sum

FCF Margin0.0%$0 ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BLSH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$0(0M)$0▲ +100.0%0.0%

FY2024−$30.0M(4M)−$33.7M▲ +73.6%-0.0%

FY2023−$126.7M(1M)−$127.6M▼ 165.9%-0.1%

FY2022$194.9M(1M)$193.6M▲ +142.5%0.3%

FY2021−$120.9M(334M)−$455.3M▼ 303404.0%-34.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BLSH · P/FCF · FCF yield · FCF per share

Bullish (BLSH) trades at a FCF yield of 1.09% and a price-to-free-cash-flow ratio of 77.7x. FCF per share stands at $0.35, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.09%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.35

TTM FCF ÷ Shares Outstanding

Price / FCF

x77.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x101.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BLSH · cash flow statement · operating / investing / financing

For FY2025, Bullish generated $0 in operating cash flow and spent 0M in capital expenditures, yielding $0 in free cash flow.

Operating Activities

+$0.0M

Cash from core business operations

2025-12-31

Investing Activities

+$0.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$0.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($0) − |CapEx| (0M) = FCF ($0)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

BLSH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

BullishYOU

BLSH

$0+100.0%0.0%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Bullish (BLSH) reported free cash flow of $0 for FY2025 (fiscal year ending 2025-12-31), up 100.0% year-over-year. The FCF margin was 0.0%.

Based on available data, Bullish has maintained positive free cash flow for at least 1 fiscal year(s). FCF peaked at $193.6M in FY2022.

Bullish's FCF yield is 1.09% and price-to-FCF ratio is 77.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BLSH free cash flow · 8 questions

Bullish free cash flow was $0 for FY2025, up 100.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $44.8M.

BLSH free cash flowBLSH FCFBLSH FCF 2025BLSH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Bullish · Bullish SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026