Bakkt Holdings, Inc. (BKKT) vs Xunlei Limited (XNET)

Bakkt Holdings, Inc. and Xunlei Limited are both Software Infrastructure companies. Xunlei Limited is the larger, with a market value of $295.8M against $265.9M — 1.1× the size. Xunlei Limited grew revenue faster over the last twelve months: 73.8% against −70.0%. Bakkt Holdings, Inc. has the higher net margin (−2.78% vs −13.7%) and the lower return on invested capital (−31.5% vs 0.56%). Across the 18 metrics below, Xunlei Limited leads on 13 and Bakkt Holdings, Inc. on 5.

Valuation

Metric BKKT XNET Software Infrastructure median
P/E n/m n/m 28.38
P/S 0.21 0.51 2.98
P/B 0.65 0.27 2.93
Price to free cash flow n/m 6.09 16.28
EV/EBITDA n/m 6.90 13.92
EV/Sales 0.18 0.09 2.90
Earnings yield (122.13%) (25.24%) 0.14%
Free cash flow yield (37.96%) 16.41% 1.24%

Profitability

Metric BKKT XNET Software Infrastructure median
Gross margin 1.30% 47.09% 61.00%
Operating margin (13.70%) 1.31% 0.00%
Net margin (2.78%) (13.68%) 0.00%
Free cash flow margin (7.84%) 0.00% 1.67%
Return on equity (15.04%) (7.06%) 0.60%
Return on assets (10.44%) (5.83%) 0.00%
Return on invested capital (31.48%) 0.56% 0.00%

Growth

Metric BKKT XNET Software Infrastructure median
Revenue growth (TTM) (69.95%) 73.77% 13.41%
EPS growth (last fiscal year) (11.29%) 82,700.00% 27.10%
Revenue growth, 5-year CAGR 141.39% 19.83% 15.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BKKT XNET Software Infrastructure median
Debt to equity 0.00 0.06 0.05
Current ratio 3.14 2.03 1.55
Net debt to EBITDA 0.19 (14.20) 0.08

Dividend

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

Size

Metric BKKT XNET Software Infrastructure median
Market cap 265.91m 295.75m 752.37m

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