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Bakkt, Inc.

BKKT

$8.79 ▼ -0.94 (-9.66%) at close

6 Visible periods

26 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

Bakkt, Inc. faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $106.3M

Dividend Yield —

Revenue Growth -33.1% ↘

Op. Margin -6.3% ↘

ROIC -131.0% ↗

FCF / Share $-12.69 ↘

Trailing P/E —

Price / Book 0.9x

FCF Yield —

Debt / Equity —

info Valuation on last close. End-of-day price, Sep 23, 2026.

6-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$2.34B

↓ -33.1% —

Net Income Profit after all expenses

$-107.21M

↓ -129.8% —

Operating Margin Operating profit as % of sales

-6.3%

↓ -137.8% 18th

FCF / Share Free cash flow per share

$-12.69

↓ -250.4% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↑

Cash Quality ↑

Financial view

Statement lens

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Cadence

Annual Quarterly

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📈 Is growth accelerating? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Revenue Growth YoY (%)	-33.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-652%)	347.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+5690%)	1287.5% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+21359%)	97.3% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1522%)	—	—
EPS Growth YoY (%)	-11.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	62.1% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	89.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—	—
Net Income Growth YoY (%)	-129.8% Weak ↑ Weak Improving Year-over-year change in net income	37.7% Excellent ↑ Excellent Improving Year-over-year change in net income	87.1% Excellent Excellent Year-over-year change in net income	-626.2% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	-250.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	78.7% Excellent Excellent Year-over-year change in free cash flow	58.8% Excellent Excellent Year-over-year change in free cash flow	—	—	—
Revenue CAGR 3Y (%)	246.3% Excellent Excellent Compound annual revenue growth over 3 years	396.6% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Operating Margin (%) (%)	-6.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-125%)	-2.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-111%)	-29.2% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-217%)	—	-277.7% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1211%)	—
Effective Tax Rate (%) (%)	0.1% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.6% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.5% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—
Profit Margin (%) (%)	-4.6% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-121%)	-1.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-106%)	-9.6% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-144%)	—	-279.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1370%)	—
FCF Margin (%) (%)	-6.6% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-0.6% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-7.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-209.2% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-108.6% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.43x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.45x Weak → Weak Stable Free cash flow relative to reported net income Optimal: > 1x	0.81x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.20x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	0.39x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Return on Invested Capital (%)	-131.0% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-274.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-472.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-2085.4% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	-90.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-34.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-85.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-443.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	-16.9% Weak Weak Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	-95.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-892%)	-137.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1247%)	-155.0% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1392%)	—	—	—

⚖️ Is the balance sheet risky? 1 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Net Debt (USD)	$-26.96M	$-39.05M	$-52.88M	$-98.33M	$-75.36M	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Revenue per Share (USD)	$193.15	$596.10	$218.93	$19.75	—	—
Basic EPS, GAAP (USD)	$-8.87	$-7.97	$-21.01	$-203.00	—	—
Free Cash Flow per Share (USD)	$-12.69	$-3.62	$-17.03	$-41.31	—	—
Book Value per Share (USD)	$9.33	$5.79	$13.55	$33.82	—	—
Tangible Book Value per Share (USD)	$3.52	$-6.32	$-6.35	$8.63	—	—
Basic Weighted Avg Shares (shares)	12.09M	5.86M	3.56M	2.85M	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Working Capital (USD)	$39.17M	$46.13M	$80.57M	$234.34M	$80.99M	—
Total Equity (USD)	$112.78M	$33.89M	$48.28M	$96.26M	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2020 10-K ↗	FY 2020 Dec 31, 2019 10-K ↗
Sales/Revenue/Turnover (USD)	$2.34B	$3.49B	$780.14M	$56.22M	$28.50M	—
Depreciation Expense (USD)	$607.00K	$343.00K	$13.93M	$25.35M	$7.97M	—
Net Income, GAAP (USD)	$-107.21M	$-46.66M	$-74.85M	$-578.11M	$-79.61M	—
Operating Cash Flow (USD)	$-153.40M	$-21.20M	$-60.70M	$-117.60M	$-30.94M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced yesterday 6 years · 23 quarters

Bakkt, Inc.

Analytical Summary

6-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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