Bakkt Holdings, Inc. (BKKT) vs Katapult Holdings, Inc. (KPLT)

Bakkt Holdings, Inc. and Katapult Holdings, Inc. are both Software Infrastructure companies. Katapult Holdings, Inc. is the larger, with a market value of $489.6M against $398.0M — 1.2× the size. Bakkt Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Katapult Holdings, Inc. trades at 3.6×. Katapult Holdings, Inc. grew revenue faster over the last twelve months: 13.0% against −70.0%. Katapult Holdings, Inc. has the higher net margin (1.86% vs −2.78%) and the higher return on invested capital (17.2% vs −31.5%). Across the 17 metrics below, Katapult Holdings, Inc. leads on 13 and Bakkt Holdings, Inc. on 4.

Valuation

Metric BKKT KPLT Software Infrastructure median
P/E n/m 3.65 28.02
P/S 0.31 0.09 3.07
P/B 0.99 n/m 3.36
Price to free cash flow n/m n/m 17.12
EV/EBITDA n/m 0.98 14.91
EV/Sales 0.29 0.57 3.03
Earnings yield (80.32%) 27.40% 0.13%
Free cash flow yield (24.96%) (14.13%) 1.15%

Profitability

Metric BKKT KPLT Software Infrastructure median
Gross margin 1.30% 18.49% 61.23%
Operating margin (13.70%) 1.27% 0.00%
Net margin (2.78%) 1.86% 0.00%
Free cash flow margin (7.84%) (1.29%) 1.67%
Return on equity (15.04%) (12.44%) 0.59%
Return on assets (10.44%) 5.82% 0.00%
Return on invested capital (31.48%) 17.21% 0.00%

Growth

Metric BKKT KPLT Software Infrastructure median
Revenue growth (TTM) (69.95%) 12.96% 13.41%
EPS growth (last fiscal year) (11.29%) 98.15% —
Revenue growth, 5-year CAGR 141.39% 3.37% 15.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BKKT KPLT Software Infrastructure median
Debt to equity 0.00 (2.06) 0.06
Current ratio 3.14 0.90 1.55
Net debt to EBITDA 0.19 0.33 0.08

Dividend

Metric BKKT KPLT Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric BKKT KPLT Software Infrastructure median
Market cap 397.96m 489.58m 835.96m

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