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    Assessing Bullish (BLSH) Valuation After a 23% One-Month Rebound in the Share Price

    Simply Wall St·12/20/2025 23:29:12
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    Bullish (BLSH) has been climbing recently, with the stock up about 4% on the day and roughly 23% over the past month, even as its year to date performance remains sharply negative.

    See our latest analysis for Bullish.

    That recent 1 month share price return of about 23% looks more like a sharp rebound than a steady trend. This is especially true when set against a year to date share price return that is still deeply negative, so momentum is improving but not yet proven.

    If Bullish has piqued your interest, this is also a good moment to explore other niche financial and fintech names and discover fast growing stocks with high insider ownership as potential next ideas.

    With the shares rebounding but still trading below analyst targets as growth accelerates, the key question now is whether Bullish remains undervalued or if the market is already pricing in its next phase of expansion.

    Price to Sales of 33.8x: Is it justified?

    Bullish last closed at $44.60, and on a price to sales basis the stock screens as expensive versus both direct peers and the broader capital markets group.

    The price to sales ratio compares the company’s market value to the revenue it generates. It is often used for high growth or still unprofitable financial infrastructure and fintech businesses where earnings are not yet a reliable yardstick.

    In Bullish's case, investors are currently paying about 33.8 times sales while the peer set trades nearer 4.7 times and the wider US Capital Markets industry around 3.8 times. This implies the market is already baking in very strong future growth and a successful scaling of its exchange and data platforms rather than waiting for profits to materialise.

    That premium is striking, with Bullish valued at roughly seven to nine times the sales multiple of its peer and industry averages. This gap assumes its business model and growth trajectory will significantly outpace more established capital markets names.

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

    Result: Price to Sales Ratio of 33.8x (OVERVALUED)

    However, there are still clear risks, including intensifying competition among digital asset venues and the possibility that regulatory shifts slow adoption and reduce Bullish's lofty multiples.

    Find out about the key risks to this Bullish narrative.

    Build Your Own Bullish Narrative

    If you see things differently or want to dig into the numbers yourself, you can craft a personalised view in under three minutes: Do it your way.

    A good starting point is our analysis highlighting 1 key reward investors are optimistic about regarding Bullish.

    Looking for more investment ideas?

    Before you move on, lock in your next set of opportunities using targeted stock screens that filter noise and surface candidates aligned with your strategy.

    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.