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Arqit Quantum Inc. (ARQQ) vs Bakkt Holdings, Inc. (BKKT)

Arqit Quantum Inc. and Bakkt Holdings, Inc. are both Software Infrastructure companies. Arqit Quantum Inc. is the larger, with a market value of $277.7M against $193.8M — 1.4× the size. Bakkt Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Arqit Quantum Inc. trades at 200×. Bakkt Holdings, Inc. has the higher net margin (−2.78% vs −67.7%) and the lower return on invested capital (−31.5% vs 0.00%). Across the 16 metrics below, Arqit Quantum Inc. leads on 10 and Bakkt Holdings, Inc. on 6.

Valuation

Metric ARQQ BKKT Software Infrastructure median
P/E 199.50 n/m 24.52
P/S 0.92 0.16 2.78
P/B 0.25 0.50 2.84
Price to free cash flow n/m n/m 18.22
EV/EBITDA n/m n/m 13.98
EV/Sales (2.06) 0.13 2.92
Earnings yield 0.50% (158.77%) 0.00%
Free cash flow yield (1,277.56%) (49.35%) 0.37%

Profitability

Metric ARQQ BKKT Software Infrastructure median
Gross margin 0.00% 1.30% 57.91%
Operating margin 0.00% (13.70%) 0.00%
Net margin (67.73%) (2.78%) 0.00%
Free cash flow margin 0.00% (7.84%) 0.00%
Return on equity 0.00% (15.04%) 0.00%
Return on assets 0.00% (10.44%) 0.00%
Return on invested capital 0.00% (31.48%) 0.00%

Growth

Metric ARQQ BKKT Software Infrastructure median
Revenue growth (TTM) — (69.95%) 14.42%
EPS growth (last fiscal year) 76.27% (11.29%) 17.35%
Revenue growth, 5-year CAGR (40.67%) 141.39% 16.15%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ARQQ BKKT Software Infrastructure median
Debt to equity 0.00 0.00 0.02
Current ratio 4.88 3.14 1.53
Net debt to EBITDA 0.98 0.19 0.05

Dividend

Metric ARQQ BKKT Software Infrastructure median
Dividend yield — — 1.04%
Payout ratio — — 0.29

Size

Metric ARQQ BKKT Software Infrastructure median
Market cap 277.74m 193.80m 606.60m

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