GNLN vs BLSH vs TONX Stock Comparison

Greenlane Holdings, Bullish and TON Strategy Prices as of Oct 26, 2026 Peers: Industry group
BLSH Bullish
$27.63 -26.5% 1M -49.0% 1Y
Market cap
$3.75B
P/E
–
Revenue (TTM)
$190.34B
Div. yield
–
Blockchain Infrastructure Technology
5 wins
TONX TON Strategy Co
$2.96 -17.3% 1M -25.1% 1Y
Market cap
$190.92M
P/E
–
Revenue (TTM)
—
Div. yield
–
Blockchain Infrastructure Technology
2 wins

Head to Head

7 decided of 12

Bullish leads on 5 of the 12 questions below (Bullish 5, TON Strategy 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionGNLNBLSHTONXLeader
Larger companyMarket capitalisation $7.60M $3.75B $190.92M BLSH
Cheaper on earningsLower P/E, profitable companies only -0.1x -2.7x — –
Cheaper on forward earningsLower price / next fiscal year consensus EPS — 65.8x — –
Faster revenue growthRevenue growth, trailing twelve months -67.0% -26.5% — BLSH
More profitableNet margin, trailing twelve months -4,632.1% -0.7% — BLSH
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% 0.00% –
Better 1-year returnPrice return, last 12 months -92.7% -49.0% -25.1% TONX
Better 5-year returnAnnualised price return, 5 years -96.2%/yr — -82.3%/yr TONX
Less volatileAnnualised volatility, 1 year 139.0% 73.1% 102.0% BLSH
Higher overall scoreMean of the five percentile scores vs peers 22/100 63/100 — BLSH

Percentile Scorecard

GNLNBLSHTONX

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

AxisGNLNBLSHTONX
Valuation 9 #90 of 99 77 #24 of 99 –
Growth 20 #75 of 94 33 #63 of 94 –
Profitability 3 #87 of 90 48 #47 of 90 –
Financial Health 56 #47 of 105 95 #6 of 105 –
Shareholder Returns – – –
Overall 22 63 –
  • GNLN ranked among 109 companies in Fintech
  • BLSH 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

PeriodGNLNBLSHTONXSPY
1 month -38.4%-26.5%-17.3% -0.8%
3 months -3.1%+21.2%-11.6% +3.5%
6 months -56.8%-29.0%+31.0% +7.0%
Year to date -85.0%-27.0%+48.7% +12.2%
1 year -92.7%-49.0%-25.1% +13.0%
3 years -100.0%—-95.4% +86.3%
3 years, per year -96.3%—-64.1% +23.1%
5 years -100.0%—-100.0% +68.6%
5 years, per year -96.2%—-82.3% +11.0%
10 years ——-100.0% +258.0%
10 years, per year ——-56.4% +13.6%

Risk

MeasureGNLNBLSHTONXSPY
Volatility, 1Y 139.0%73.1%102.0% 12.7%
Downside volatility, 1Y 142.2%70.7%93.5% 12.7%
Beta vs S&P 500, 1Y 2.432.722.78 1.00
Return / volatility, 1Y -0.67-0.67-0.25 1.02
Max drawdown, 5Y -100.0%-70.8%-100.0% -25.4%
From 52-week high -93.0%-50.9%-31.3% -1.8%
52-week high $27.08$56.31$4.31 $779.14
52-week low $1.68$21.79$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.

MultipleGNLNBLSHTONX
P/E now vs peer median -0.1xmedian 20.6x -2.5xmedian 20.6x —median 20.6x
P/S now vs peer median 2.9xmedian 2.3x 0.0xmedian 2.3x —median 2.3x
EV/EBITDA now vs peer median 0.0xmedian 15.4x -32.6xmedian 15.4x —median 15.4x
P/FCF now vs peer median -0.5xmedian 16.4x 36.6xmedian 16.4x —median 16.4x
P/B now vs peer median 0.3xmedian 1.9x 1.7xmedian 1.9x —median 1.9x
PEG now vs peer median 0.00median 1.05 —median 1.05 —median 1.05

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 monthsGNLNBLSHTONX
Revenue $2.63M $190.34B –
Gross profit -$12.94M $71.94M –
Operating income -$56.54M -$124.59M –
Net income -$121.56M -$1.43B –
Free cash flow -$15.54M $113.88M –
EPS (diluted) $-29.71 $-10.84 –
Cash & equivalents $6.10M $86.61M –
Total debt – $11.00K –
Shares (diluted) 4.10M 127.72M 58.67M
Enterprise value -$46.14M -$1.07B $190.92M

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
MetricGNLNBLSHTONX
P/E -0.1x -2.5x –
P/FCF -0.5x 36.6x –
P/Operating cash flow -0.5x 33.9x –
P/S 2.9x 0.0x –
P/B 0.3x 1.7x –
P/Tangible book 0.9x 1.7x –
EV/EBITDA 0.0x -32.6x –
EV/EBIT 0.0x -30.9x –
EV/Revenue 0.6x 0.0x –
EV/FCF -0.1x 33.8x –
EV/Operating cash flow -0.1x 31.3x –
PEG (3Y EPS CAGR) 0.00 – –

Growth

14 metrics
MetricGNLNBLSHTONX
Revenue growth (1Y) -67.0% -26.5% –
Revenue CAGR (3Y) -69.7% – –
Gross profit growth (1Y) -388.7% -17.9% –
Gross profit CAGR (3Y) -37.8% – –
Operating income growth (1Y) -410.8% -57.2% –
Operating income CAGR (3Y) 30.5% – –
Net income growth (1Y) -518.4% -858.6% –
Net income CAGR (3Y) 10.0% – –
EPS growth (1Y) 80.8% -755.9% –
EPS CAGR (3Y) 85.0% – –
Operating cash flow growth (1Y) -51.8% 190.7% –
Operating cash flow CAGR (3Y) -24.7% – –
Free cash flow growth (1Y) -49.7% 171.4% –
Free cash flow CAGR (3Y) -16.5% – –

Profitability

14 metrics
MetricGNLNBLSHTONX
Gross margin -492.4% 0.0% –
EBITDA margin -2,135% -0.1% –
Operating margin -2,151% -0.1% –
Pretax margin -4,625% -0.8% –
Net margin -4,632% -0.7% –
FCF margin -591.1% 0.1% –
Operating cash flow margin -590.0% 0.1% –
Return on equity -321.8% -55.4% –
Return on assets -275.5% -44.5% –
Return on invested capital – -4.8% –
Return on capital employed -150.5% -4.0% –
Asset turnover 0.1x 59.3x –
Cash conversion (OCF / net income) 0.1x -0.1x –
Stock comp / revenue 41.6% 0.0% –

Financial Health

11 metrics
MetricGNLNBLSHTONX
Debt / assets – 0.0% –
Debt / equity – 0.0x –
Net debt / EBITDA – 2.6x –
Debt / FCF – 0.0x –
Liabilities / assets 20.4% 20.6% –
Equity / assets 79.6% 79.4% –
Interest coverage -1,067x -2.2x –
Current ratio 2.4x 23.5x –
Quick ratio 0.9x 2.5x –
Cash ratio 0.9x 2.5x –
Altman Z-score -22.35 64.94 –

Shareholder Returns

7 metrics
MetricGNLNBLSHTONX
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.

ConsensusGNLNBLSHTONX
Forward P/E – 65.8xFY2026 –
EPS, next fiscal year $-904,073.61FY2023 $0.42FY2026 $-4.95FY2026
EPS growth, next FY – +40.0%FY2026 –
EPS growth, the year after – +95.2% –
Revenue, next fiscal year $266.10MFY2026 $364.64MFY2026 $118.07MFY2027
Revenue growth, next FY +6,010.3%FY2026 +26.4%FY2026 +823.9%FY2027
Revenue growth, the year after – +5.7% –

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersGNLNBLSHTONX
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.

GNLNBLSHTONX
GNLN 1.00 0.18 0.08
BLSH 0.18 1.00 0.49
TONX 0.08 0.49 1.00

Add a Peer

Largest companies in the same industry

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Frequently Asked Questions

Which is bigger, GNLN, BLSH and TONX?

Bullish (BLSH) is the largest by market capitalisation: Greenlane Holdings (GNLN) $7.60M, Bullish (BLSH) $3.75B, TON Strategy (TONX) $190.92M.

Which company is growing faster?

Bullish (BLSH) grew revenue fastest over the trailing twelve months: Greenlane Holdings (GNLN) -67.0%, Bullish (BLSH) -26.5%.

Which company is more profitable?

Bullish (BLSH) has the highest net margin (Greenlane Holdings (GNLN) -4,632.1%, Bullish (BLSH) -0.7%).

Which stock has performed better?

Over the past year TON Strategy (TONX) returned the most: Greenlane Holdings (GNLN) -92.7%, Bullish (BLSH) -49.0%, TON Strategy (TONX) -25.1%. Over five years, TON Strategy (TONX) compounded fastest (Greenlane Holdings (GNLN) -96.2%/yr, TON Strategy (TONX) -82.3%/yr). Returns are price only, before dividends.

Which stock is riskier?

By one-year price volatility, Bullish (BLSH) has been the steadiest (Greenlane Holdings (GNLN) 139.0%, Bullish (BLSH) 73.1%, TON Strategy (TONX) 102.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, GNLN, BLSH 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, Bullish (BLSH) leads on 5. 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.