BKKT TechnologyBeta data

Bakkt, Inc.

$4.67+6.14%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 210.5M USD
Enterprise value: 158.7M USD
Full-time employees: 48

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 6.07 vs a peer median of 0.87)bigger price swings (beta 6.07 vs peers 0.87)
About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #1,358 of 1,612 technology companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $81M profit in the quarter to June 2026.
Bakkt reported a net loss over the last twelve months, but its most recent quarter was profitable ($81M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
Revenue is falling. Revenue fell 32% in the 12 months to June 2026 vs the 12 months before.
Bakkt's revenue fell 32% in the 12 months to June 2026 vs the 12 months before.
Little borrowing. Debt is 0.00× equity vs a peer median of 0.2×.Debt is 0.00× equity vs peers 0.2×.
Bakkt has among the least debt in its peer group relative to shareholders' equity.
More volatile share price. Beta 6.07: tends to move more than the market.
Bakkt's shares have swung more with the market than most peers' (beta 6.07, above the market's 1.0).

StockQuotient Score

30/ 100

Oct 5 30 → Nov 4 30

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-78.6%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-74.3%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-42.8%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield168.4%

Yahoo FinanceOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

54/100

Moderate▼ 1 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 37.4%

Why it changed since the Oct 27, 2026 close: Score 55 → 54

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.1108 · MAD: 0.3050

3-year revenue growth1002.0%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.42Sector median: 0.0483 · MAD: 0.0793

Revenue growth-32.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.04Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 4.8 points to -6.5%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-6.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.81Sector median: 0.0631 · MAD: 0.0710

Return on assets-7.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.93Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-39.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin-9.9%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-10.2%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 47 → 46

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta6.07

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio3.14×

Yahoo FinanceReported value33% base weight · Z-score 1.91Sector median: 1.8295 · MAD: 0.6848

Debt / equity<0.01×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.08Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Bakkt

Is Bakkt getting weaker?: Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 4.8 points to -6.5%; 12-month revenue fell 37.4%. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Bakkt valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -78.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -78.6% vs peers 2.2% (weaker than 100% of peers).
Is Bakkt growing?: At about the same pace as its peers. Growth scores 54/100 against 1,711 technology peers. 3-year revenue growth 1002.0% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 1002.0% vs peers 4.8% (stronger than 95% of peers). Revenue growth -32.1% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -32.1% vs peers 8.5% (weaker than 100% of peers).
How profitable is Bakkt?: Less profitable than most of its peers. Profitability scores 9/100 against 1,711 technology peers. Return on invested capital -39.7% vs a peer median of 6.8% (weaker than 100% of peers).Return on invested capital -39.7% vs peers 6.8% (weaker than 100% of peers).
How risky is Bakkt?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.25× (stronger than 95% of peers).Debt / equity <0.01× vs peers 0.25× (stronger than 95% of peers). Beta 6.07 vs a peer median of 0.87 (weaker than 100% of peers).Beta 6.07 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Aug 10, 2026 · compared with the quarter ended Jun 30, 2025

Got weaker

Operating margin fell 4.8 points to -6.5%
12-month revenue fell 37.4%

Worth watching: Bakkt is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.7B USD	2.3B USD	−37.4%
Net income (12 months)	−41.1M USD	−31.0M USD	−24.6%
Operating margin	-1.8%	-6.5%	−4.8 pts
Cash	58.3M USD	50.0M USD	−14.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2020	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-277.7%	-3590.8%	-21.5%	-2.4%	-6.3%	▼ 3.9 pts
Net margin	-279.4%	-1028.2%	-10.3%	-1.4%	-4.6%	▼ 3.2 pts
Return on assets (ROA)	-17.0%	-126.9%	-28.2%	-17.3%	-65.9%	▼ 49 pts
Return on equity (ROE)	—	-600.5%	-155.0%	-137.7%	-95.1%	▲ 43 pts
Free cash flow margin	-180.8%	-263.5%	-9.6%	-0.7%	-6.6%	▼ 5.9 pts
Current ratio	2.59×	3.54×	1.80×	1.33×	2.19×	▲ 64%

BKKT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 6.07 vs a peer median of 0.87)bigger price swings (beta 6.07 vs peers 0.87)

About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #1,358 of 1,612 technology companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $81M profit in the quarter to June 2026.

Bakkt reported a net loss over the last twelve months, but its most recent quarter was profitable ($81M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Revenue is falling. Revenue fell 32% in the 12 months to June 2026 vs the 12 months before.

Bakkt's revenue fell 32% in the 12 months to June 2026 vs the 12 months before.

Little borrowing. Debt is 0.00× equity vs a peer median of 0.2×.Debt is 0.00× equity vs peers 0.2×.

Bakkt has among the least debt in its peer group relative to shareholders' equity.

More volatile share price. Beta 6.07: tends to move more than the market.

Bakkt's shares have swung more with the market than most peers' (beta 6.07, above the market's 1.0).

Questions investors ask about Bakkt

Is Bakkt getting weaker?

Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 4.8 points to -6.5%; 12-month revenue fell 37.4%. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is Bakkt valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -78.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -78.6% vs peers 2.2% (weaker than 100% of peers).

Is Bakkt growing?

At about the same pace as its peers. Growth scores 54/100 against 1,711 technology peers. 3-year revenue growth 1002.0% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 1002.0% vs peers 4.8% (stronger than 95% of peers). Revenue growth -32.1% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -32.1% vs peers 8.5% (weaker than 100% of peers).

How profitable is Bakkt?

Less profitable than most of its peers. Profitability scores 9/100 against 1,711 technology peers. Return on invested capital -39.7% vs a peer median of 6.8% (weaker than 100% of peers).Return on invested capital -39.7% vs peers 6.8% (weaker than 100% of peers).

How risky is Bakkt?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.25× (stronger than 95% of peers).Debt / equity <0.01× vs peers 0.25× (stronger than 95% of peers). Beta 6.07 vs a peer median of 0.87 (weaker than 100% of peers).Beta 6.07 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.7B USD

2.3B USD

−37.4%

Net income (12 months)

−41.1M USD

−31.0M USD

−24.6%

Operating margin

-1.8%

-6.5%

−4.8 pts

Cash

58.3M USD

50.0M USD

−14.3%

Key ratios

FY 2020

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-277.7%

-3590.8%

-21.5%

-2.4%

-6.3%

▼ 3.9 pts

Net margin

-279.4%

-1028.2%

-10.3%

-1.4%

-4.6%

▼ 3.2 pts

Return on assets (ROA)

-17.0%

-126.9%

-28.2%

-17.3%

-65.9%

▼ 49 pts

Return on equity (ROE)

—

-600.5%

-155.0%

-137.7%

-95.1%

▲ 43 pts

Free cash flow margin

-180.8%

-263.5%

-9.6%

-0.7%

-6.6%

▼ 5.9 pts

Current ratio

2.59×

3.54×

1.80×

1.33×

2.19×

▲ 64%