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Bullish Valuation Multiples
Discover revenue and EBITDA valuation multiples for Bullish and similar public comparables like TaTaTu, Galaxy Digital, OSL Group, Sharplink and more.
Bullish Overview
About Bullish
Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. Its objective is to provide mission critical products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It expanded its product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference.
Founded
2021
HQ
Employees
400
Website
Financials (LTM)
EV
$6B
Bullish Financials
Bullish reported last 12-month revenue of $316M and EBITDA of $114M.
In the same LTM period, Bullish generated $114M in EBITDA and $60M in net income.
Revenue (LTM)
Bullish P&L
In the most recent fiscal year, Bullish reported revenue of $245B and EBITDA of $94M.
Bullish expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $316M | XXX | $245B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $74M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 0% | XXX | XXX | XXX |
| EBITDA | $114M | XXX | $94M | XXX | XXX | XXX |
| EBITDA Margin | 36% | XXX | 0% | XXX | XXX | XXX |
| EBIT Margin | 27% | XXX | 0% | XXX | XXX | XXX |
| Net Profit | $60M | XXX | $39M | XXX | XXX | XXX |
| Net Margin | 19% | XXX | 0% | XXX | XXX | XXX |
| Net Debt | — | — | $473M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Bullish Stock Performance
Bullish has current market cap of $7B, and enterprise value of $6B.
Market Cap Evolution
Bullish's stock price is $43.51.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $6B | $7B | 0.0% | XXX | XXX | XXX | $0.26 |
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Start Free TrialBullish Valuation Multiples
Bullish trades at 17.7x EV/Revenue multiple, and 48.9x EV/EBITDA.
EV / Revenue (LTM)
Bullish Financial Valuation Multiples
As of April 20, 2026, Bullish has market cap of $7B and EV of $6B.
Equity research analysts estimate Bullish's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Bullish has a P/E ratio of 109.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $6B | XXX | $6B | XXX | XXX | XXX |
| EV/Revenue | 17.7x | XXX | 0.0x | XXX | XXX | XXX |
| EV/EBITDA | 48.9x | XXX | 59.3x | XXX | XXX | XXX |
| EV/EBIT | 66.1x | XXX | 97.0x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 75.5x | XXX | XXX | XXX |
| P/E | 109.2x | XXX | 168.6x | XXX | XXX | XXX |
| EV/FCF | (29.3x) | XXX | (241.4x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Bullish Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Bullish Margins & Growth Rates
Bullish's revenue in the last 12 month grew by 27%.
Bullish's revenue per employee in the last FY averaged $612.4M, while opex per employee averaged $0.1M for the same period.
Bullish's rule of 40 is (58%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Bullish's rule of X is (207%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Bullish Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 27% | XXX | (100%) | XXX | XXX | XXX |
| EBITDA Margin | 36% | XXX | 0% | XXX | XXX | XXX |
| EBITDA Growth | 52% | XXX | 71% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (58%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (207%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $612.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 5% | XXX | 0% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 60% | XXX | 0% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 7% | XXX | 0% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 0% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Bullish Public Comps
See public comps and valuation multiples for other Crypto & Web3 Platforms comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Bullish | XXX | XXX | XXX | XXX | XXX | XXX |
| TaTaTu | XXX | XXX | XXX | XXX | XXX | XXX |
| Galaxy Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| OSL Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Sharplink | XXX | XXX | XXX | XXX | XXX | XXX |
| BitGo Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Bullish M&A Activity
Bullish acquired XXX companies to date.
Last acquisition by Bullish was on XXXXXXXX, XXXXX. Bullish acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Bullish
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBullish Investment Activity
Bullish invested in XXX companies to date.
Bullish made its latest investment on XXXXXXXX, XXXXX. Bullish invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Bullish
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Bullish
| When was Bullish founded? | Bullish was founded in 2021. |
| Where is Bullish headquartered? | Bullish is headquartered in United States. |
| How many employees does Bullish have? | As of today, Bullish has over 400 employees. |
| Who is the CEO of Bullish? | Bullish's CEO is Thomas W. Farley. |
| Is Bullish publicly listed? | Yes, Bullish is a public company listed on NYSE. |
| What is the stock symbol of Bullish? | Bullish trades under BLSH ticker. |
| When did Bullish go public? | Bullish went public in 2025. |
| Who are competitors of Bullish? | Bullish main competitors are TaTaTu, Galaxy Digital, OSL Group, Sharplink. |
| What is the current market cap of Bullish? | Bullish's current market cap is $7B. |
| What is the current revenue of Bullish? | Bullish's last 12 months revenue is $316M. |
| What is the current revenue growth of Bullish? | Bullish revenue growth (NTM/LTM) is 27%. |
| What is the current EV/Revenue multiple of Bullish? | Current revenue multiple of Bullish is 17.7x. |
| Is Bullish profitable? | Yes, Bullish is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Bullish? | Bullish's last 12 months EBITDA is $114M. |
| What is Bullish's EBITDA margin? | Bullish's last 12 months EBITDA margin is 36%. |
| What is the current EV/EBITDA multiple of Bullish? | Current EBITDA multiple of Bullish is 48.9x. |
| What is the current FCF of Bullish? | Bullish's last 12 months FCF is ($191M). |
| What is Bullish's FCF margin? | Bullish's last 12 months FCF margin is (60%). |
| What is the current EV/FCF multiple of Bullish? | Current FCF multiple of Bullish is (29.3x). |
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