Bullish (BLSH) - Net Assets
Based on the latest financial reports, Bullish (BLSH) has net assets worth $2.70 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.32 Billion) and total liabilities ($620.85 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Bullish to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.70 Billion |
| % of Total Assets | 81.32% |
| Annual Growth Rate | -3.84% |
| 5-Year Change | -46.03% |
| 10-Year Change | N/A |
| Growth Volatility | 57.26 |
Bullish - Net Assets Trend (2020–2025)
This chart illustrates how Bullish's net assets have evolved over time, based on quarterly financial data. See BLSH days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Bullish (2020–2025)
The table below shows the annual net assets of Bullish from 2020 to 2025. For live valuation and market cap data, see market cap of Bullish.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $3.30 Billion | +37.39% |
| 2024-12-31 | $2.40 Billion | +87.22% |
| 2023-12-31 | $1.28 Billion | -31.90% |
| 2022-12-31 | $1.88 Billion | -69.19% |
| 2021-12-31 | $6.11 Billion | +52.32% |
| 2020-12-31 | $4.01 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Bullish's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 263648800000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $5.11 Billion | 158.31% |
| Other Comprehensive Income | $774.22 Million | 23.98% |
| Other Components | $1.00 | 0.00% |
| Total Equity | $3.23 Billion | 100.00% |
Bullish Competitors by Market Cap
The table below lists competitors of Bullish ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Merit Medical Systems Inc
NASDAQ:MMSI
|
$3.66 Billion |
|
ENAGAS A.A. ADR1/2/EO150
F:EG40
|
$3.66 Billion |
|
Global Health Limited
NSE:MEDANTA
|
$3.66 Billion |
|
Hanmi Pharm Co Ltd
KO:128940
|
$3.66 Billion |
|
CGN Power Co Ltd
F:94C
|
$3.65 Billion |
|
Fosun International Limited
F:FNI
|
$3.65 Billion |
|
Anhui Jingcheng Copper Share Co Ltd
SHE:002171
|
$3.65 Billion |
|
WSFS Financial Corporation
NASDAQ:WSFS
|
$3.65 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Bullish's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,389,680,000 to 3,227,962,000, a change of 838,282,000 (35.1%).
- Net loss of 764,681,000 reduced equity.
- New share issuances of 59,194,000 increased equity.
- Other comprehensive income decreased equity by 84,573,001.
- Other factors increased equity by 1,628,342,001.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-764.68 Million | -23.69% |
| Share Issuances | $59.19 Million | +1.83% |
| Other Comprehensive Income | $-84.57 Million | -2.62% |
| Other Changes | $1.63 Billion | +50.44% |
| Total Change | $- | 35.08% |
Book Value vs Market Value Analysis
This analysis compares Bullish's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.95x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | $24.96 | $24.10 | x |
| 2021-12-31 | $41.80 | $24.10 | x |
| 2022-12-31 | $12.88 | $24.10 | x |
| 2023-12-31 | $8.77 | $24.10 | x |
| 2024-12-31 | $16.35 | $24.10 | x |
| 2025-12-31 | $25.27 | $24.10 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Bullish utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -23.69%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -0.31%
- • Asset Turnover: 61.92x
- • Equity Multiplier: 1.23x
- Recent ROE (-23.69%) is above the historical average (-28.40%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | -2.97% | 0.00% | 0.00x | 1.26x | $-520.21 Million |
| 2021 | -22.93% | -106.03% | 0.18x | 1.22x | $-2.01 Billion |
| 2022 | -225.50% | -5.82% | 21.40x | 1.81x | $-4.43 Billion |
| 2023 | 101.38% | 1.12% | 64.56x | 1.41x | $1.17 Billion |
| 2024 | 3.29% | 0.03% | 82.12x | 1.28x | $-160.44 Million |
| 2025 | -23.69% | -0.31% | 61.92x | 1.23x | $-1.09 Billion |
Industry Comparison
This section compares Bullish's net assets metrics with peer companies in the Software - Infrastructure industry.
Industry Context
- Industry: Software - Infrastructure
- Average net assets among peers: $179,428,714
- Average return on equity (ROE) among peers: 2396.73%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Bullish (BLSH) | $2.70 Billion | -2.97% | 0.23x | $3.65 Billion |
| ACI Worldwide Inc (ACIW) | $754.92 Million | 17.16% | 1.52x | $4.48 Billion |
| Aeva Technologies, Inc. Common Stock (AEVA) | $26.91 Million | -95.01% | 0.21x | $855.27 Million |
| Aeva Technologies, Inc. Common Stock (AEVA) | $-52.29 Million | 0.00% | 0.00x | $906.22 Million |
| Allied Gaming & Entertainment Inc. (AGAE) | $139.33 Million | 0.07% | 0.00x | $22.76 Million |
| Axe Compute Inc. (AGPU) | $-3.22 Million | 0.00% | 0.00x | $31.41 Million |
| C3 Ai Inc (AI) | $873.35 Million | -32.03% | 0.19x | $1.41 Billion |
| All In FutureTech Alliance Inc. (AIFA) | $24.02 Million | -127.45% | 1.73x | $14.74 Million |
| AI Financial Corporation (AIFC) | $16.10 Million | -47.01% | 3.70x | $93.62 Million |
| iLearningEngines, Inc. (AILE) | $28.28K | 24250.25% | 3.12x | $59.29 Million |
| PowerFleet, Inc. (AIOT) | $15.14 Million | 1.37% | 0.05x | $457.44 Million |
About Bullish
Bullish, a global digital asset platform that provides market infrastructure and information services in United States. The company operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. It also offers CoinDesk Indices, a collection of tradable prop… Read more