Bakkt (BKKT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Bakkt

NYSE•Technology•Software - Infrastructure

$7.17-0.54(-0.07%)Market open

Market Cap

$307.22M

P/S

0.3x

P/B

0.9x

Bakkt, Inc. engages in digital building financial infrastructure business. The company offers Bakkt Market solutions, which enables institutions to launch secure, compliant, and advanced digital asset brokerage, trading and payment capabilities through a plug-and-play platform; Bakkt Agent provides programmable access to Bakkt's financial infrastructure through an intelligent software layer that coordinates onboarding, account creation, funding, and global money movement; and Bakkt Global enables Bakkt to expand its technology and infrastructure into international markets. It also provides solutions that enable institutional participation in the digital asset economy. The company serves various clients, such as financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses. It markets its products and services using various business-to-business channels, such as email marketing and targeted digital advertisements; indirect marketing; and its website, blog, and social media platforms. The company offers its services in the United States, Latin America, Europe, and Asia. The company was formerly known as Bakkt Holdings, Inc. and changed its name to Bakkt, Inc. in January 2026. Bakkt, Inc. was founded in 2018 and is headquartered in Atlanta, Georgia.

How this company scores

WeakMetricSide Score: 26/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (3/25).

Profitability4/25

Growth3/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality4/25

Strengths

Interest easily coveredNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.3x5y range 0.0x – 78.2x

Currently near its 19-quarter median.

P/B · 0.9x5y range 0.5x – 8.1x

Currently below its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $307.22M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.10B
Q. Revenue: $170.15M
TTM EBITDA: $-146.01M
TTM Op. Income: $-147.36M
Q. Op. Income: $-19.61M
TTM Net Income: $-31.00M
Q. Net Income: $80.84M
EPS: $1.96
Shares Out.: $41.18M

$1.10B in TTM revenue declined 71.0% YoY, reaching $170.15M last quarter. TTM EBITDA of $-146.01M and TTM operating income of $-147.36M show growth is flowing through to the bottom line. However, net income is negative at $31.00M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -10.9%
Op. Margin: -11.5%
Net Margin: 47.5%

Op. margin of -11.5% is down 8.3% YoY — costs are rising relative to revenue. Net margin at 47.5% Over the past year, operating margin is down 260% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.3x
P/B Ratio: 0.9x

P/S of 0.3x and P/B of 0.9x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $403.60M
Cash: $49.98M
Long-Term Debt: N/A
Book Value: $354.39M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-14.82M
TTM Free Cash Flow: $-87.39M
FCF Margin: -8.0%
FCF / Net Income: 2.8

TTM FCF of $-87.39M on $-14.82M in operating cash flow. The FCF / Net Income ratio of 2.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 4% — a weakening trend.