Bakkt Holdings, Inc. (BKKT) vs Lesaka Technologies, Inc. (LSAK)

Bakkt Holdings, Inc. and Lesaka Technologies, Inc. are both Software Infrastructure companies. Bakkt Holdings, Inc. is the larger, with a market value of $398.0M against $356.2M — 1.1× the size. Bakkt Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Lesaka Technologies, Inc. trades at 118×. Lesaka Technologies, Inc. grew revenue faster over the last twelve months: 9.38% against −70.0%. Lesaka Technologies, Inc. has the higher net margin (0.38% vs −2.78%) and the higher return on invested capital (2.23% vs −31.5%). Across the 18 metrics below, Lesaka Technologies, Inc. leads on 11 and Bakkt Holdings, Inc. on 7.

Valuation

Metric BKKT LSAK Software Infrastructure median
P/E n/m 117.75 28.02
P/S 0.31 0.46 3.07
P/B 0.99 1.62 3.36
Price to free cash flow n/m 11.37 17.12
EV/EBITDA n/m 7.98 14.91
EV/Sales 0.29 0.67 3.03
Earnings yield (80.32%) 0.85% 0.13%
Free cash flow yield (24.96%) 8.80% 1.15%

Profitability

Metric BKKT LSAK Software Infrastructure median
Gross margin 1.30% 31.98% 61.23%
Operating margin (13.70%) 1.76% 0.00%
Net margin (2.78%) 0.38% 0.00%
Free cash flow margin (7.84%) 4.05% 1.67%
Return on equity (15.04%) 1.48% 0.59%
Return on assets (10.44%) 0.41% 0.00%
Return on invested capital (31.48%) 2.23% 0.00%

Growth

Metric BKKT LSAK Software Infrastructure median
Revenue growth (TTM) (69.95%) 9.38% 13.41%
EPS growth (last fiscal year) (11.29%) 102.63% —
Revenue growth, 5-year CAGR 141.39% 40.72% 15.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BKKT LSAK Software Infrastructure median
Debt to equity 0.00 1.13 0.06
Current ratio 3.14 1.59 1.55
Net debt to EBITDA 0.19 2.48 0.08

Dividend

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

Size

Metric BKKT LSAK Software Infrastructure median
Market cap 397.96m 356.17m 835.96m

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