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Bullish

BLSH on NYSE. Finance services. Market value $5.5bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
annual report to December 2025
Not reported

We don't have this figure for this company.

Earnings yield
annual report to December 2025
-15.6%

Profit per $100 you pay: $-15.60.

Quality score: not known. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.

$33.38 a share, 62% above its 1-year low

Over the past year the price has ranged from $20.55 to $70.50.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
n/a
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.15bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
10 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 173 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Brendan F. Blumer
    Insider or founder
    26.8%−1.3 pts
    Since 16 January 2026
    What they said

    The information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. The Reporting Person intends to continuously review his investment in the Issuer and may in the future determine (1) to acquire additional…

    Read the filing
  • Kokuei Yuan
    Insider or founder
    24.9%
    Since 14 August 2025
    What they said

    The information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. The Reporting Person intends to continuously review his investment in the Issuer and may in the future determine (1) to acquire additional…

    Read the filing
  • EFM Asset Management
    Passive investor
    at least 11.9%
    (filed with 3 related holders)
    Since 13 August 2025
  • FMR LLC
    Passive investor
    at least 7.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • See Alexander
    Passive investor
    at least 6.5%−0.2 pts
    (filed with 2 related holders)
    Since 8 May 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $16m, $16m of it under preset trading plans.

  • Bliss Andrew
    Director
    Sold
    under a preset trading plan
    Date
    24 September 2026
    Shares
    100
    Price
    $40.10
    Value
    $4,010
  • Bliss Andrew
    Director
    Sold
    under a preset trading plan
    Date
    23 September 2026
    Shares
    59,976
    Price
    $40.22
    Value
    $2m
  • Bliss Andrew
    Director
    Sold
    under a preset trading plan
    Date
    22 September 2026
    Shares
    108,200
    Price
    $40.79
    Value
    $4m
  • Bliss Andrew
    Director
    Sold
    under a preset trading plan
    Date
    21 September 2026
    Shares
    76,953
    Price
    $40.20
    Value
    $3m
  • Farley Thomas W
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    11 May 2026
    Shares
    80,000
    Price
    $43.95
    Value
    $4m
  • Farley Thomas W
    Chief Executive Officer, Director
    Sold
    Date
    5 May 2026
    Shares
    247
    Price
    $0.00
    Value
    $0
  • Farley Thomas W
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    10 April 2026
    Shares
    80,000
    Price
    $36.41
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Bullish doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.