BLSH (Bullish) EBIT: $-986 Mil (TTM As of Mar. 2026)


BLSH Bullish BLSH
15 GF Score
Price $21.88
! 3 Warning Signs
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What is Bullish EBIT?

Bullish BLSH -6.77% 15 EBIT is $-986 Mil as of Mar. 2026. GuruFocus rates BLSH with a GF Score™ of 15/100. The stock has 3 warning signs investors should review.

Bullish's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was $-591 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was $-986 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Bullish's annualized ROC % for the quarter that ended in Mar. 2026 was 1.39%. Bullish's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -145.18%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Bullish's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -36.89%.

Bullish  (NYSE:BLSH) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Bullish's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=31.088 * ( 1 - 0% )/( (2403.445 + 2078.996)/ 2 )
=31.088/2241.2205
=1.39 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3956.504 - 23.108 - ( 1529.951 - max(0, 129.912 - 3804.066+1529.951))
=2403.445

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3324.056 - 39.062 - ( 1205.998 - max(0, 120.279 - 3177.877+1205.998))
=2078.996

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Bullish's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-2362.192/( ( (28.369 + max(1749.628, 0)) + (26.465 + max(1449.691, 0)) )/ 2 )
=-2362.192/( ( 1777.997 + 1476.156 )/ 2 )
=-2362.192/1627.0765
=-145.18 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(24.625 + 206.178 + 1592.897) - (23.108 + 10.557 + 40.407)
=1749.628

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(21.45 + 142.698 + 1399.275) - (39.062 + 11.771 + 62.899)
=1449.691

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Bullish's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2026 )
=-985.989/2673.047
=-36.89 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Bullish EBIT Related Terms

Bullish EBIT Historical Data

* Premium members only.

The historical data trend for Bullish's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Bullish EBIT Chart

Bullish Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial -1,274.15 -4,121.96 1,304.46 123.10 -734.04

Bullish Quarterly Data
Dec20 Jun21 Dec21 Jun22 Dec22 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -338.60 122.44 32.28 -550.16 -590.55

BLSH vs GTLB, WEX, S: EBIT Comparison

For the Software - Infrastructure subindustry, Bullish's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Bullish EV-to-EBIT vs Software Industry

For the Software industry and Technology sector, Bullish's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Bullish's EV-to-EBIT falls into.


BLSH
15GF Score
Bullish BLSH
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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Bullish EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-986 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of $-986 Mil mean?
Bullish (BLSH) has a EBIT of $-986 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Bullish.
Is Bullish's EBIT too high?
Bullish's current EBIT is $-986 Mil. Overall, Bullish has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Bullish's EBIT compare to GTLB and WEX?
Bullish's EBIT of $-986 Mil can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Software company?
A good EBIT depends on the Software industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Bullish. Bullish's current EBIT is $-986 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bullish stock overvalued right now?
Bullish (BLSH) has a current EBIT of $-986 Mil. The current EBIT is $-986 Mil. Bullish's overall GF Score™ is 15/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Bullish (BLSH), the current EBIT is $-986 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Bullish Business Description

Address 60 Nexus Way, Camana Bay, 10A Building A, George Town, Grand Cayman, CYM, KY1-9005
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.
15GF Score

Get the complete analysis for BLSH

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$21.88
Price