BLSH vs WEWA vs TONX Stock Comparison

Bullish, Wewards and TON Strategy Prices as of Oct 23, 2026 Peers: Industry group
BLSH Bullish
$28.20 -29.7% 1M -47.7% 1Y
Market cap
$3.53B
P/E
–
Revenue (TTM)
$190.34B
Div. yield
–
Blockchain Infrastructure Technology
1 win
WEWA Wewards, Inc.
$2.00 0.0% 1M -5.2% 1Y
Market cap
$214.97M
P/E
–
Revenue (TTM)
—
Div. yield
–
Blockchain Infrastructure Technology
3 wins
TONX TON Strategy Co
$2.95 -27.0% 1M -22.2% 1Y
Market cap
$172.88M
P/E
–
Revenue (TTM)
—
Div. yield
–
Blockchain Infrastructure Technology

Head to Head

4 decided of 12

Wewards leads on 3 of the 12 questions below (Wewards 3, Bullish 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionBLSHWEWATONXLeader
Larger companyMarket capitalisation $3.53B $214.97M $172.88M BLSH
Cheaper on earningsLower P/E, profitable companies only -2.5x -599.4x — –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 65.6x — — –
Faster revenue growthRevenue growth, trailing twelve months -26.5% — — –
More profitableNet margin, trailing twelve months -0.7% — — –
Better return on capitalReturn on invested capital -4.8% — — –
Less leveragedLower net debt / EBITDA 2.6x — — –
Higher dividend yieldTrailing dividend yield 0.00% — 0.00% –
Better 1-year returnPrice return, last 12 months -47.7% -5.2% -22.2% WEWA
Better 5-year returnAnnualised price return, 5 years — +131.8%/yr -82.3%/yr WEWA
Less volatileAnnualised volatility, 1 year 73.0% 5.4% 102.0% WEWA
Higher overall scoreMean of the five percentile scores vs peers 63/100 — — –

Percentile Scorecard

BLSHWEWATONX

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisBLSHWEWATONX
Valuation 76 #24 of 98 40 #59 of 98 –
Growth 33 #63 of 94 84 #16 of 94 –
Profitability 48 #47 of 90 – –
Financial Health 94 #7 of 105 – –
Shareholder Returns – – –
Overall 63 – –
  • BLSH ranked among 109 companies in Fintech
  • WEWA ranked among 109 companies in Fintech
  • TONX ranked among 109 companies in Fintech

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodBLSHWEWATONXSPY
1 month -29.7%0.0%-27.0% -1.0%
3 months +17.6%0.0%-9.0% +2.9%
6 months -29.4%0.0%+23.9% +6.4%
Year to date -25.5%-5.2%+48.2% +11.4%
1 year -47.7%-5.2%-22.2% +13.1%
3 years —-1.0%-96.2% +79.4%
3 years, per year —-0.3%-66.5% +21.5%
5 years —+6,566.7%-100.0% +67.7%
5 years, per year —+131.8%-82.3% +10.9%
10 years —+9,900.0%-100.0% +255.2%
10 years, per year —+58.5%-57.1% +13.5%

Risk

MeasureBLSHWEWATONXSPY
Volatility, 1Y 73.0%5.4%102.0% 12.7%
Downside volatility, 1Y 70.9%—93.5% 12.7%
Beta vs S&P 500, 1Y 2.740.012.80 1.00
Return / volatility, 1Y -0.65-0.97-0.22 1.03
Max drawdown, 5Y -70.8%-9.1%-100.0% -25.4%
From 52-week high -49.9%-5.2%-31.6% -2.5%
52-week high $56.31$2.11$4.31 $779.14
52-week low $21.79$2.00$1.80 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleBLSHWEWATONX
P/E now vs peer median -2.6xmedian 21.5x -599.4xmedian 21.5x —median 21.5x
P/S now vs peer median 0.0xmedian 2.2x —median 2.2x —median 2.2x
EV/EBITDA now vs peer median -33.3xmedian 15.7x —median 15.7x —median 15.7x
P/FCF now vs peer median 37.4xmedian 16.4x -5,608xmedian 16.4x —median 16.4x
P/B now vs peer median 1.7xmedian 1.9x 2,866,225xmedian 1.9x —median 1.9x
PEG now vs peer median —median 1.06 -27.22median 1.06 —median 1.06

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsBLSHWEWATONX
Revenue $190.34B – –
Gross profit $71.94M – –
Operating income -$124.59M -$66.83K –
Net income -$1.43B -$358.65K –
Free cash flow $113.88M -$38.34K –
EPS (diluted) $-10.84 $0.00 –
Cash & equivalents $86.61M – –
Total debt $11.00K – –
Shares (diluted) 127.72M 107.48M 58.67M
Enterprise value -$1.29B $214.97M $172.88M

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricBLSHWEWATONX
P/E -2.6x -599.4x –
P/FCF 37.4x -5,608x –
P/Operating cash flow 34.6x -5,608x –
P/S 0.0x – –
P/B 1.7x 2,866,225x –
P/Tangible book 1.8x 2,866,225x –
EV/EBITDA -33.3x – –
EV/EBIT -31.6x -3,217x –
EV/Revenue 0.0x – –
EV/FCF 34.6x -5,608x –
EV/Operating cash flow 32.0x -5,608x –
PEG (3Y EPS CAGR) – -27.22 –

Growth

14 metrics
MetricBLSHWEWATONX
Revenue growth (1Y) -26.5% – –
Revenue CAGR (3Y) – – –
Gross profit growth (1Y) -17.9% – –
Gross profit CAGR (3Y) – – –
Operating income growth (1Y) -57.2% 24.0% –
Operating income CAGR (3Y) – 35.2% –
Net income growth (1Y) -858.6% 39.7% –
Net income CAGR (3Y) – 22.0% –
EPS growth (1Y) -755.9% 39.7% –
EPS CAGR (3Y) – 22.0% –
Operating cash flow growth (1Y) 190.7% 45.2% –
Operating cash flow CAGR (3Y) – 46.2% –
Free cash flow growth (1Y) 171.4% 45.2% –
Free cash flow CAGR (3Y) – 46.2% –

Profitability

14 metrics
MetricBLSHWEWATONX
Gross margin 0.0% – –
EBITDA margin -0.1% – –
Operating margin -0.1% – –
Pretax margin -0.8% – –
Net margin -0.7% – –
FCF margin 0.1% – –
Operating cash flow margin 0.1% – –
Return on equity -55.4% – –
Return on assets -44.5% -191,282% –
Return on invested capital -4.8% – –
Return on capital employed -4.0% – –
Asset turnover 59.3x – –
Cash conversion (OCF / net income) -0.1x 0.1x –
Stock comp / revenue 0.0% – –

Financial Health

11 metrics
MetricBLSHWEWATONX
Debt / assets 0.0% – –
Debt / equity 0.0x – –
Net debt / EBITDA 2.6x – –
Debt / FCF 0.0x – –
Liabilities / assets 20.6% – –
Equity / assets 79.4% 100.0% –
Interest coverage -2.2x -0.2x –
Current ratio 23.5x – –
Quick ratio 2.5x – –
Cash ratio 2.5x – –
Altman Z-score 65.02 – –

Shareholder Returns

7 metrics
MetricBLSHWEWATONX
Dividend yield – – –
Net buyback yield – – –
Shareholder yield – – –
Payout ratio (earnings) – – –
Payout ratio (FCF) – – –
Dividend growth (1Y) – – –
Dividend CAGR (3Y) – – –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusBLSHWEWATONX
Forward P/E 65.6xFY2026 – –
EPS, next fiscal year $0.43FY2026 – $-4.95FY2026
EPS growth, next FY +43.3%FY2026 – –
EPS growth, the year after +90.7% – –
Revenue, next fiscal year $365.82MFY2026 – $8.22MFY2026
Revenue growth, next FY +26.8%FY2026 – -35.7%FY2026
Revenue growth, the year after +5.2% – +1,336.3%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersBLSHWEWATONX
Held by institutions 32.8% – 58.2%
Institutions holding 175 – 40
Change in shares held, QoQ +7.8% – +119.1%
Institutions buying 87 – 21
Institutions selling 70 – 11
Buyers to sellers 1.24 – 1.91

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

BLSHWEWATONX
BLSH 1.00 0.07 0.49
WEWA 0.07 1.00 0.03
TONX 0.49 0.03 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, BLSH, WEWA and TONX?

Bullish (BLSH) is the largest by market capitalisation: Bullish (BLSH) $3.53B, Wewards (WEWA) $214.97M, TON Strategy (TONX) $172.88M.

Which stock has performed better?

Over the past year Wewards (WEWA) returned the most: Bullish (BLSH) -47.7%, Wewards (WEWA) -5.2%, TON Strategy (TONX) -22.2%. Over five years, Wewards (WEWA) compounded fastest (Wewards (WEWA) +131.8%/yr, TON Strategy (TONX) -82.3%/yr). Returns are price only, before dividends.

Which stock is riskier?

By one-year price volatility, Wewards (WEWA) has been the steadiest (Bullish (BLSH) 73.0%, Wewards (WEWA) 5.4%, TON Strategy (TONX) 102.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, BLSH, WEWA and TONX?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Wewards (WEWA) leads on 3. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.