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    Bullish (BLSH): Assessing a Rich Valuation After Recent Share Price Weakness

    Simply Wall St·12/13/2025 22:18:01
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    Bullish (BLSH) has been sliding lately, with shares down around 16% over the past 3 months and more than 35% this year, even as revenue and net income growth paint a very different picture.

    See our latest analysis for Bullish.

    That said, the weak 90 day share price return of 16.0 percent and 2025 year to date share price return of 36.0 percent suggest sentiment is still resetting as investors reassess Bullish's growth story and risk profile around digital assets.

    If this kind of volatility has your attention, it could be worth scanning other names using our screener for fast growing stocks with high insider ownership to spot compelling growth stories with committed insiders.

    With shares sliding despite rapid revenue and net income growth, a notable discount to analyst targets hints at potential mispricing. However, early stage losses add risk, raising the question of whether Bullish is an attractive opportunity or already pricing in future upside.

    Price-to-Sales of 33x: Is it justified?

    At a last close of $43.54, Bullish trades on a steep premium price-to-sales multiple, suggesting investors are paying heavily for each dollar of current revenue.

    The price-to-sales ratio compares a company’s market value with its revenue. It is often used for fast growing or still unprofitable businesses where earnings are not yet a reliable guide.

    In Bullish's case, a 33x price-to-sales ratio sits far above both the US Capital Markets industry average of 3.9x and a peer average of 4.7x. This implies the market is already baking in strong future growth and a path to profitability despite current losses.

    Viewed against those benchmarks, the valuation looks stretched. The current multiple leaves far less room for disappointment than for upside if growth or margins fall short of expectations.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-Sales of 33x (OVERVALUED)

    However, investors still face meaningful risks if digital asset trading volumes weaken or regulation tightens, which could pressure Bullish's path to profitability and premium valuation.

    Find out about the key risks to this Bullish narrative.

    Build Your Own Bullish Narrative

    If you see the numbers differently or want to test your own thesis, you can quickly build a personalised view in just minutes: Do it your way.

    A great starting point for your Bullish research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.