(BKKT) Bakkt Holdings - NYSE
Sector: Technology | Industry: Software - Infrastructure | Exchange: NYSE (USA) | Market Cap: 409m USD | Total Return: -25.5% in 12m
Avg Turnover: 19.1M
Qual. Beats: 0
Rev. Trend: 75.1%
Qual. Beats: 0
Warnings
Share dilution 105.9% YoY
Below Avwap Earnings
Tailwinds
No distinct edge detected
Bakkt, Inc. (BKKT) provides institutional-grade digital asset infrastructure, specializing in brokerage, trading, and custody solutions. Its business model operates through three primary segments: Bakkt Market for plug-and-play trading platforms, Bakkt Agent for programmable financial movement, and Bakkt Global for international expansion via jurisdiction-specific entities. The company targets a broad client base including financial institutions, hedge funds, and retailers across the United States, Latin America, Europe, and Asia.
Operating within the Financial Exchanges & Data sub-industry, Bakkt facilitates institutional participation in the digital asset economy through a business-to-business (B2B) model. Unlike consumer-facing exchanges, infrastructure providers in this sector focus on regulatory compliance and secure API integration to bridge traditional finance with blockchain technology. This sector often experiences high volatility tied to digital asset trading volumes and evolving global regulatory frameworks.
Investors can further examine the companys fundamental metrics and valuation trends on ValueRay. Founded in 2018 and headquartered in New York, the firm recently rebranded from Bakkt Holdings, Inc. to Bakkt, Inc. in early 2026 to reflect its evolving operational scope.
- Crypto trading volume fluctuations impact transaction-based revenue and margins
- Strategic shift toward institutional digital asset infrastructure and brokerage services
- Regulatory clarity for digital asset custody and global money movement
- Capital requirements and liquidity management for international market expansion
| Net Income: -126.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.30 > 0.02 and ΔFCF/TA 60.23 > 1.0 |
| NWC/Revenue: 6.22% < 20% (prev 0.92%; Δ 5.30% < -1%) |
| CFO/TA -0.28 > 3% & CFO -60.1m > Net Income -126.6m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (13.4m) vs 12m ago 105.9% < -2% |
| Gross Margin: 31.75% > 18% (prev 29.99%; Δ 1.76% > 0.5%) |
| Asset Turnover: 781.5% > 50% (prev 2.10k%; Δ -1.32k% > 0%) |
| Interest Coverage Ratio: -66.51 > 6 (EBIT TTM -130.1m / Interest Expense TTM 1.96m) |
| A: 0.44 (Total Current Assets 125.0m - Total Current Liabilities 30.3m) / Total Assets 213.4m |
| B: -4.30 (Retained Earnings -916.8m / Total Assets 213.4m) |
| C: -0.67 (EBIT TTM -130.1m / Avg Total Assets 194.9m) |
| D: 4.02 (Book Value of Equity 170.9m / Total Liabilities 42.5m) |
| Altman-Z'' = -11.36 = D |
| DSRI: 0.86 (Receivables 9.53m/27.0m, Revenue 1.52b/3.71b) |
| GMI: 0.94 (GM 29.99% / 31.75%) |
| AQI: 0.95 (AQ_t 0.40 / AQ_t-1 0.42) |
| SGI: 0.41 (Revenue 1.52b / 3.71b) |
| TATA: -0.31 (NI -126.6m - CFO -60.1m) / TA 213.4m) |
| Beneish M = -3.67 (Cap -4..+1) = AAA |
As of June 19, 2026, the stock is trading at USD 9.01 with a total of 1,487,277 shares traded.
Over the past week, the price has changed by +17.32%,
over one month by +3.33%,
over three months by -6.44% and
over the past year by -25.48%.
Bakkt Holdings has no consensus analysts rating.
| Analysts Target Price | 19 | 110.9% |
P/S = 0.2695
P/B = 2.3442
Revenue TTM = 1.52b USD
EBIT TTM = -130.1m USD
EBITDA TTM = -129.7m USD
Long Term Debt = unknown (0.0)
Short Term Debt = 79.0k USD (from shortTermDebt, last quarter)
Debt = 79.0k USD (from shortLongTermDebtTotal, last quarter) (leases 79.0k already included)
Net Debt = -97.3m USD (calculated: Debt 79.0k - CCE 97.4m)
Enterprise Value = 311.5m USD (408.8m + Debt 79.0k - CCE 97.4m)
Interest Coverage Ratio = -66.51 (Ebit TTM -130.1m / Interest Expense TTM 1.96m)
EV/FCF = -4.83x (Enterprise Value 311.5m / FCF TTM -64.5m)
FCF Yield = -20.70% (FCF TTM -64.5m / Enterprise Value 311.5m)
FCF Margin = -4.23% (FCF TTM -64.5m / Revenue TTM 1.52b)
Net Margin = -8.31% (Net Income TTM -126.6m / Revenue TTM 1.52b)
Gross Margin = 31.75% ((Revenue TTM 1.52b - Cost of Revenue TTM 1.04b) / Revenue TTM)
Gross Margin QoQ = -1.25% (prev -16.07%)
Tobins Q-Ratio = 1.46 (Enterprise Value 311.5m / Total Assets 213.4m)
Interest Expense / Debt = 2.48k% (Interest Expense 1.96m / Debt 79.0k)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -102.8m (EBIT -130.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.13 (Total Current Assets 125.0m / Total Current Liabilities 30.3m)
Debt / Equity = 0.00 (Debt 79.0k / totalStockholderEquity, last quarter 170.9m)
Debt / EBITDA = 0.75 (negative EBITDA) (Net Debt -97.3m / EBITDA -129.7m)
Debt / FCF = 1.51 (negative FCF - burning cash) (Net Debt -97.3m / FCF TTM -64.5m)
Total Stockholder Equity = 108.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -64.95% (Net Income -126.6m / Total Assets 213.4m)
RoE = -116.8% (Net Income TTM -126.6m / Total Stockholder Equity 108.3m)
RoCE = -120.1% (out of range, set to none) (EBIT -130.1m / Capital Employed (Equity 108.3m + L.T.Debt 0.0))
RoIC = -96.02% (negative operating profit) (NOPAT -102.8m / Invested Capital 107.0m)
WACC = 16.35% (E(408.8m)/V(408.9m) * Re(16.35%) + (debt cost/tax rate unavailable))
Discount Rate = 16.35% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 96.61 | Cagr: 77.45%
[DCF] Fair Price = unknown (Cash Flow -64.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.18 | # QB: 0
Revenue Correlation: 75.12 | Revenue CAGR: 89.73% | SUE: -0.06 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.07 | Chg30d=+0.00% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.46 | Chg30d=+0.00% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.90 | Chg30d=-6.25% | Revisions=-20% | GrowthEPS=+0.0% | GrowthRev=-41.3%
EPS next Year (2027-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+0.0%