Katapult Holdings completes business combination with Aaron’s and CCFI, forming $4 billion nonprime financial platform. Business combination with Aaron’s and CCFI creates $4 billion platform and marks major strategic expansion.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | 2 | — |
| total | individual payouts | |
|---|---|---|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 28.81 | 16.55 | 23.48 | 24.09 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | 64.34 | 67.09 | 73.69 | 69.42 |
| 97.64 | 90.37 | 105.23 | 98.76 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 0.90 | 1.49 | 1.89 | 4.53 |
| ST’ Debt | — | 112.63 | 78.73 | 74.07 |
| Other | — | — | 13.60 | 8.70 |
| 42.30 | 138.69 | 117.60 | 109.76 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 79.02 | 74.76 | — | — |
—
|
| ’25 | 71.95 | 71.89 | 74.04 | 73.89 |
291.76
|
| ’24 | 65.06 | 58.86 | 60.31 | 62.96 |
247.19
|
| ’23 | 55.08 | 54.14 | 54.81 | 57.56 |
221.59
|
| ’22 | 59.88 | 53.04 | 50.34 | 46.24 |
209.50
|
| ’21 | 80.64 | 77.47 | 71.71 | 73.30 |
303.11
|
| ’20 | — | 60.72 | 71.19 | 115.29 |
247.20
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 12.21 | (6.08) | — | — |
—
|
| ’25 | 3.44 | (6.63) | 3.99 | (12.73) |
(11.93)
|
| ’24 | 1.98 | (0.63) | (5.42) | (28.50) |
(32.57)
|
| ’23 | (2.91) | (5.64) | 0.83 | (9.69) |
(17.41)
|
| ’22 | 3.74 | (5.50) | 0.22 | (19.31) |
(20.85)
|
| ’21 | 7.26 | (0.13) | (4.39) | (0.57) |
2.17
|
| ’20 | (0.25) | (12.87) | 6.95 | 4.03 |
(2.14)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 11.83 | (6.45) | — | — |
—
|
| ’25 | 3.04 | (6.89) | 3.69 | (12.95) |
(13.11)
|
| ’24 | 1.85 | (0.84) | (5.74) | (29.15) |
(33.87)
|
| ’23 | (3.21) | (5.86) | 0.59 | (9.90) |
(18.39)
|
| ’22 | 3.13 | (5.89) | (0.15) | (19.45) |
(22.35)
|
| ’21 | 6.99 | (0.48) | (4.72) | (1.06) |
0.73
|
| ’20 | (0.25) | (13.06) | 6.84 | 3.90 |
(2.58)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.07 | (1.41) | — | — |
—
|
| ’25 | (1.23) | (1.63) | (0.94) | 3.65 |
(0.11)
|
| ’24 | (0.13) | (1.61) | (2.05) | (2.12) |
(5.96)
|
| ’23 | (2.25) | (1.57) | (0.71) | (4.46) |
(9.06)
|
| ’22 | (1.50) | (2.50) | (2.00) | (3.75) |
(9.75)
|
| ’21 | 0.50 | (4.25) | 3.25 | 1.75 |
6.50
|
| ’20 | 0.02 | 0.00 | 0.00 | (1.01) |
(25.01)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.50 | 8.26 | 5.08 | 5.50 | — | — | — |
Low Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 85.78 | 28.75 | 23.54 | 24.34 | — | — | — |
High Price
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 120 | 90 | 94 | 87 | — | — | — |
Employees
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.75 | 2.46 | 2.63 | 3.35 | — | — | — |
Revenue/Emp
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 209.50 | 221.59 | 247.19 | 291.76 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.85% | 18.82% | 18.52% | 17.69% | — | — | — |
Gross Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (40.52) | (36.50) | (25.77) | 1.68 | — | — | — |
EBT
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (19.34%) | (16.47%) | (10.43%) | 0.58% | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| — | ‡‡‡ | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (40.47) | (36.67) | (25.91) | 1.37 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 122.10 | 129.93 | 144.28 | 169.91 | — | — | — |
Depreciation
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53.31 | 54.20 | 56.87 | 58.04 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | (9.75) | (9.06) | (5.96) | (0.11) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Earnings/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.30) | (4.26) | (7.49) | (2.37) | — | — | — |
Cash Flow/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.38) | (0.24) | (0.30) | (0.23) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.69) | (4.50) | (7.79) | (2.61) | — | — | — |
Free CF/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.53) | (6.85) | (10.76) | (7.58) | — | — | — |
Book Value/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.93 | 4.09 | 4.35 | 5.03 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
PE Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.42 | 0.19 | 0.12 | 0.11 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.59 | 0.45 | 0.89 | 0.62 | ‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.49) | (5.38) | (6.48) | (13.87) | — | — | — |
EV/FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (20.85) | (17.41) | (32.57) | (11.93) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.50) | (0.97) | (1.30) | (1.18) | — | — | — |
Capex
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (22.35) | (18.39) | (33.87) | (13.11) | — | — | — |
FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 76.71 | 55.34 | (48.32) | (12.37) | — | — | — |
Working Cap'
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 105.70 | 85.85 | 112.63 | 78.73 | — | — | — |
Total Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 35.86 | 57.04 | 96.08 | 55.25 | — | — | — |
Net Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.07) | (27.99) | (46.79) | (38.08) | — | — | — |
Sh' Equity
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (27.33%) | (31.76%) | (26.71%) | (0.55%) | — | — | — |
ROA
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (52.61%) | (40.43%) | (10.27%) | (1.87%) | — | — | — |
ROIC
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (208.98%) | 243.97% | 69.30% | 1.31% | — | — | — |
ROE
|
Katapult Holdings (NASDAQ: KPLT), a fintech provider of lease-to-own solutions for underserved consumers, has endured a rollercoaster ride since its 2021 SPAC debut, with shares plummeting over 95% from pandemic peaks amid persistent losses and macro pressures. Revenue proved resilient, surging to $303 million in 2021 before dipping and rebounding to $247 million in 2024, with analysts forecasting an impressive 18% CAGR to $406 million by 2027—outpacing fintech peers—fueled by retailer partnerships and subprime recovery potential. Yet, gross margins have eroded sharply to 18.5% from pandemic highs due to soaring funding costs and charge-offs in a high-rate environment, while EBT losses narrowed from $40 million in 2022 to $26 million in 2024 but remain entrenched.
The balance sheet raises red flags: negative equity of -$47 million, net debt up 69% to $96 million, and ongoing cash burn underscore leverage risks in a recession-sensitive niche. Valuation appears dirt-cheap at 0.12x sales versus peers’ 2-5x, but muted analyst targets (0-8% upside) reflect skepticism on breakeven timing, absent insider buys, and macro wildcards like rate cuts versus election uncertainty. Historical parallels to post-SPAC fintech busts suggest a speculative recovery play, hinging on originations rebound and debt management.
For a deeper dive into profitability paths, ROIC trends, and sector dynamics that could trigger a re-rating—or further downside—read the full analysis.
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