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Bakkt Holdings, Inc.

BKKT Technology Software Infrastructure

Bakkt Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 32.1% from fiscal 2024. In the quarter to June 2026, revenue fell 70.1%, EPS grew 190.7% and free cash flow fell 401.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

5.59 0.31 −5.25%
Market cap
$265.9M
P/E
0.0×
Fwd P/E
27.0×
Dividend yield
—
F-score
3/9
Altman Z
5.31
Beneish M
0.51
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 9.13
Total sells 0.35
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 1 — 1 — —
Sell — 1 — 1 1 4 — 4 3 — 3 —
Insider Ownership 35.58%

Capital & Financial Ratios $m

Market Cap 265.91
Revenue 1,115.13
Net Income (49.13)
Free Cash Flow (87.38)
Net Debt (51.01)
Current Ratio 3.14 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 27.00
P/S ratio 0.21
P/B ratio 0.65
Past 5Y EPS Growth —
This Y EPS Growth 130.08% (at or above 15%: strong)
Next Y EPS Growth (101.02%) (below 0%: weak)
Next Y revenue growth (98.47%) (below 0%: weak)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.0×; over the ten years it ranged from −4.3× in 2022 to 1.8× in 2021.
P/S against its own 10 years 53.95%
10-year low 10-year high
P/B against its own 10 years 41.51%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 102 64 28 51
Receivables 30 8 12 11
Inventory — — — —
Other 36 108 30 34
181 184 72 97
2023 2024 2025 Q'26
Payables 55 14 15 10
ST’ Debt — — — —
Other 8 35 3 1
101 138 33 31

Compound Annual Growth %

10y 5y 3y
Sales — 141.39% 246.31%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (22.74%) (30.51%)

Revenue $m

Mar Jun Sep Dec Year
’26 244 170 — — —
’25 1,066 568 402 299 2,335
’24 855 510 316 1,760 3,441
’23 13 348 205 161 727
’22 13 14 13 16 56
’21 8 8 9 14 39
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (12) (15) — — —
’25 (101) 5 (47) (11) (153)
’24 38 (66) (25) 31 (21)
’23 (47) (31) 25 (7) (61)
’22 (33) (27) (33) (24) (118)
’21 (1) (18) (25) (91) (134)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) (16) — — —
’25 (101) 5 (50) (11) (157)
’24 37 (66) (26) 31 (24)
’23 (51) (34) 23 (8) (70)
’22 (36) (39) (41) (32) (148)
’21 (5) (22) (28) (95) (150)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.41) 1.94 — — —
’25 1.13 (2.16) (1.15) (7.00) (8.87)
’24 (1.86) (2.67) (0.45) (2.95) (7.97)
’23 (4.25) (4.75) (4.75) (7.25) (21.00)
’22 (3.50) (1.25) (152.75) (31.00) (202.75)
’21 (50.00) 0.82 (0.02) (90.72) (140.72)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — 240.00 200.00 29.00 16.03 5.57 6.81

Analyst estimates 2026–2028

Powerpack
High — — — — 275.00 1,270.00 225.25 71.75 59.50 49.79
People
People Employees — — — — 3 765 1,037 747 559 48
Revenue/emp, $m — — — — 9.50 0.05 0.05 0.97 6.16 48.65
Income, $m
Income, $m Revenue — — — — 28 39 56 727 3,441 2,335
Gross margin, % — — — — 100.00 100.00 97.05 1.17 1.10 1.15
EBT — — — — (79) (293) (2,001) (153) (94) (97)
EBT margin, % — — — — (277.99) (742.70) (3,559.43) (21.09) (2.74) (4.17)
Net income — 0 — — (80) (304) (1,990) (226) (103) (132)
Depreciation — — — — 8 17 1,847 74 0 1
Per share, $
Per share, $ Revenue — — — — 1.10 18.25 19.75 204.04 587.71 193.15
Earnings — — — — (3.96) (55.98) (202.75) (21.00) (7.97) (8.87)
Cash flow — — — — (1.19) (62.16) (41.31) (17.04) (3.62) (12.69)
Capex — — — — (0.79) (7.26) (10.73) (2.65) (0.53) (0.32)
Free cash flow — — — — (1.99) (69.41) (52.03) (19.68) (4.15) (13.00)
Book value — — — — 15.81 1,061.77 118.05 38.09 10.73 9.33
Shares, m — — — — 26 2 3 4 6 12
Valuation, ×
Valuation, × P/E — — — — 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — — 0.00 11.66 1.47 0.26 0.04 0.05
P/B — — — — 36.70 0.20 0.25 1.39 2.31 1.08
EV/Sales — — — — 0.00 1.77 (2.83) 0.14 0.03 0.05
EV/FCF — — — — 0.00 (0.47) 1.08 (1.49) (4.08) (0.75)
Cash, $m
Cash, $m Operating cash flow — — — — (31) (134) (118) (61) (21) (153)
Capex — — — — (21) (16) (31) (9) (3) (4)
Free cash flow — — — — (52) (150) (148) (70) (24) (157)
Balance, $m
Balance, $m Working capital — — — — 81 390 234 81 46 39
Total debt — — — — — 29 37 — — —
Net debt — — — — (94) (408) (256) (102) (64) (28)
Shareholders’ equity — — — — 410 2,294 336 136 63 113
Returns, %
Returns, % ROA — — — — (33.99) (12.71) (40.29) (20.77) (17.45) (49.62)
ROIC — — — — (15.64) (7.11) (1,573.73) (290.67) 0.00 (108.69)
ROE — — — — (24.65) (13.55) (43.96) (31.73) (47.00) (122.09)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Bakkt Holdings, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KDK Kodiak AI, Inc. $319.0M — (loss-making) — +595.63% (above 0%: growing) n/m −60.60% (below 0%: shrinking) 100.00% (1,248.27%) Compare
XNET Xunlei Limited $295.8M — (loss-making) — +38.73% (above 0%: growing) n/m +309.97% (above 0%: growing) 56.13% (4.67%) Compare
PSFE Paysafe Limited $295.5M — (loss-making) — (loss-making) +4.49% (above 0%: growing) n/m −148.29% (below 0%: shrinking) 54.48% (2.84%) Compare
ARQQ Arqit Quantum Inc. $276.7M 175× — (loss-making) +1,196.45% (above 0%: growing) n/m −12,314.98% (below 0%: shrinking) 0.00% 0.00% Compare
BKKT Bakkt Holdings, Inc. $265.9M — (loss-making) 27.0× −70.05% (below 0%: shrinking) n/m −401.44% (below 0%: shrinking) 1.30% (11.53%)
MOVE Corvex, Inc. $265.4M — (loss-making) — (loss-making) +3,590.29% (above 0%: growing) n/m −91.41% (below 0%: shrinking) 44.28% (400.32%) Compare
GRRR Gorilla Technology Group Inc. $231.4M — (loss-making) — (loss-making) +223.14% (above 0%: growing) n/m −128.98% (below 0%: shrinking) 21.09% (145.44%) Compare
ZSQR Z Squared Inc. $226.8M — (loss-making) — (loss-making) +688.99% (above 0%: growing) n/m −34.24% (below 0%: shrinking) (111.52%) (871.15%) Compare
ZENA ZenaTech, Inc. $225.5M — (loss-making) — (loss-making) — n/m −159.28% (below 0%: shrinking) 100.00% (234.70%) Compare
Median of peers $271.0M — — +595.63% — −110.19% 49.38% (190.07%)

All 173 Software Infrastructure stocks →

Bakkt Holdings, Inc. (BKKT) key facts

  • Concern: Bakkt Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 32.1% from fiscal 2024.
  • Bakkt Holdings, Inc. (BKKT) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, BKKT traded at $5.59, a market capitalization of $265.9 million.
  • Return on equity was −122.1% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 5.31 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Bakkt Holdings, Inc. (BKKT) Latest News

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stockrow.com/BKKT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com