Bakkt Holdings, Inc. (BKKT) vs Kodiak AI, Inc. (KDK)

Bakkt Holdings, Inc. and Kodiak AI, Inc. are both Software Infrastructure companies. Kodiak AI, Inc. is the larger, with a market value of $319.0M against $265.9M — 1.2× the size. Kodiak AI, Inc. grew revenue faster over the last twelve months: −57.7% against −70.0%. Bakkt Holdings, Inc. has the higher net margin (−2.78% vs −4,960.8%) and the lower return on invested capital (−31.5% vs 0.00%). Across the 16 metrics below, Bakkt Holdings, Inc. leads on 11 and Kodiak AI, Inc. on 5.

Valuation

Metric BKKT KDK Software Infrastructure median
P/E n/m n/m 28.38
P/S 0.21 35.34 2.98
P/B 0.65 n/m 2.93
Price to free cash flow n/m n/m 16.28
EV/EBITDA n/m n/m 13.92
EV/Sales 0.18 20.11 2.90
Earnings yield (122.13%) (325.19%) 0.14%
Free cash flow yield (37.96%) (58.06%) 1.24%

Profitability

Metric BKKT KDK Software Infrastructure median
Gross margin 1.30% 100.00% 61.00%
Operating margin (13.70%) (2,100.21%) 0.00%
Net margin (2.78%) (4,960.84%) 0.00%
Free cash flow margin (7.84%) (2,052.14%) 1.67%
Return on equity (15.04%) 333.16% 0.60%
Return on assets (10.44%) (93.94%) 0.00%
Return on invested capital (31.48%) 0.00% 0.00%

Growth

Metric BKKT KDK Software Infrastructure median
Revenue growth (TTM) (69.95%) (57.70%) 13.41%
EPS growth (last fiscal year) (11.29%) (439.86%) 27.10%
Revenue growth, 5-year CAGR 141.39% — 15.57%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric BKKT KDK Software Infrastructure median
Debt to equity 0.00 1.23 0.05
Current ratio 3.14 5.54 1.55
Net debt to EBITDA 0.19 0.72 0.08

Dividend

Metric BKKT KDK Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric BKKT KDK Software Infrastructure median
Market cap 265.91m 318.98m 752.37m

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