Assessing Bullish (BLSH) Valuation As High P/S Meets Mixed Recent Share Performance

Simply Wall St

Wed, February 11, 2026 at 11:08 AM GMT+9 3 min read

In this article:

BLSH

0.00%

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

Initial market context for Bullish

Bullish (BLSH) has attracted fresh attention after a mixed recent trading pattern, with a flat daily move, a positive 7 day return, and declines over the past month and past 3 months.

See our latest analysis for Bullish.

That recent 16% 7 day share price return stands in contrast to a 17% year to date share price decline, suggesting short term momentum is picking up after a weaker stretch for Bullish.

If you are watching crypto related infrastructure like Bullish, it can be useful to see what else is moving, starting with our screen of 19 cryptocurrency and blockchain stocks.

With Bullish shares down 18% year to date but trading about 41% below the consensus price target, the real question is whether you are seeing an undervalued crypto infrastructure play or a market that is already discounting future growth.

Preferred Price-to-Sales of 20.4x: Is it justified?

Bullish trades on a P/S of 20.4x, while its share price sits around $32, and that puts it well above several comparison points for capital markets peers.

The P/S ratio compares the company’s market value to its revenue, so a higher figure means investors are paying more for each dollar of current sales. For a business like Bullish, which is focused on digital asset exchange infrastructure and data services, a rich P/S often reflects expectations about future revenue growth and eventual profitability rather than current earnings.

Here, the gap is wide. Bullish’s 20.4x P/S is described as expensive versus the US Capital Markets industry average of 3.8x, and it is also higher than a peer average of 4.1x. In addition, the estimated fair P/S ratio is 4.7x, which suggests a level the market could move toward if expectations around growth or profitability were to moderate.

Explore the SWS fair ratio for Bullish

Result: Price-to-Sales of 20.4x (OVERVALUED)

However, you also need to weigh risks such as Bullish’s net loss of $764.681 million and the possibility that sentiment around digital assets turns sharply.

Find out about the key risks to this Bullish narrative.

Build Your Own Bullish Narrative

If you see the numbers differently or would rather rely on your own research, you can build a complete Bullish view in just a few minutes by starting with Do it your way.

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

Story continues  

Looking for more investment ideas?

If Bullish has caught your attention, do not stop there. Your next strong idea could be sitting in plain sight among other stocks that fit your style.

Target rock solid balance sheets and steady fundamentals through our solid balance sheet and fundamentals stocks screener (45 results) so you are not relying on story alone.

Hunt for quality at a reasonable price with the 51 high quality undervalued stocks, where the focus is on strong businesses trading below our assessment of value.

Spot early stage opportunities with the 27 elite penny stocks with strong financials, so you see potential candidates before they hit everyone else’s radar.

_ 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._

Companies discussed in this article include BLSH.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

Terms and Privacy Policy

Privacy Dashboard

More Info