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Company Analysis

Bakkt Holdings, Inc. BKKT

A comprehensive view of key metrics, scores, and financial health for Bakkt Holdings, Inc.

Overview of Bakkt Holdings, Inc.

BKKT NYQ
Technology Software - Infrastructure Framework: Software & SaaS Small Cap
Bakkt Holdings, Inc. (BKKT), is a Small Cap company, in the Software - Infrastructure industry, last closed at $8.26, about 2219.0% undervalued vs fair value, -13.2% 1Y return, ranked 692/780 in sector.
Metrics Rev Growth -32.1% ROE -146.2% Gross Margin 1.2%
USD 8.26
0.00%
(Delayed)
• Vol 90d: 97.0%
52-Week Range
Market Cap
$400.65M
Enterprise Value
$350.42M
Overall Score
View breakdown
Overall
Growth
Weak
Profitability
Fair
Health
Weak
Efficiency
Weak
Valuation
Weak
Growth
Weak
Profitability
Fair
Health
Weak
Efficiency
Weak
Valuation
Weak
Completeness: 94%
Confidence: 59%
Updated: Sep 12
Top Beats
No strong beats yet

Quick Facts

Website https://www.bakkt.com
HQ New York, NY
Employees 559
Fiscal year Dec 31

Next Events

Earnings Nov 9

Fair Value Snapshot

Bear Base Bull
$174
$192
$212
Current: $8.26 +2219% vs base

Engine Room Money Flow™

Small Cap

Software & SaaS - Where revenue goes and how value is created

Flow Steps
Total Revenue
$2.3B
-32.1%%
Gross Profit
$26.9M
-29.1%%
Operating Income (GAAP)
$-141.7M
-92.8%%
Operating Cash Flow
$-153.4M
-623.5%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Software & SaaS

Quality & Reliability Indicators

Gross Margin
1.1%
Poor

Gross Profit / Revenue — pricing power and product moat (SaaS benchmark: >70%)

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Where It Leaks

Cash Flow Health critical
Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.
1
Active Leaks
0/1
Improving
0
High Impact
1
Critical
Moat Analysis Software & SaaS Specialized

Competitive Advantage Assessment

Evaluating Bakkt Holdings, Inc.'s durable competitive advantages across 6 defense dimensions

Overall Moat Strength
35
/100
Developing
Scores based on quantitative metrics and qualitative factors
Full moat analysis

Key strengths

  • FCF Margin Is Improving FCF trend is favorable (score 0.92), indicating improving cash scalability.
  • Innovation Converts to Outcomes Innovation payoff is strong (score 0.60), supported by Rule of 40 and revenue compounding.

Key risks

  • Margin Compression Risk Margin quality is below peer norms (score 0.23), suggesting pricing pressure.
  • Returns Trail Peers Return profile is weak (score 0.10), pointing to limited capital efficiency.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Weak
20
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Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Software SaaS vs Industry Peers 90% Coverage
Trade-Off Triangle Visualization A ternary plot showing BKKT's balance between Growth (33.9%), Profitability (18.7%), and Safety (47.5%). Growth 34% Safety 47% Profitability 19%

Click axes to expand details. Marker shows current allocation.

3-Year Trend Analysis Locked
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Growth

35th percentile vs peers
36
Key Signals
Revenue CAGR 3Y 2.46 99p EPS Growth YoY 47.2% 59p Rev Growth YoY -32.1% 6p Def Rev Growth -69.9% 6p Buyback % 2.92 7p
Strengths
  • Revenue CAGR 3Y in top 20% of peers (2.46, 99th percentile)
  • Cash to Debt Ratio in top 20% of peers (49.11, 94th percentile)
  • Strong liquidity position vs peers
  • Conservative leverage compared to industry peers
Risks
  • Rev Growth YoY in bottom 20% of peers (-32.1%)
  • Def Rev Growth in bottom 20% of peers (-69.9%)

Profitability

19th percentile vs peers
20
Key Signals
Strengths
Risks
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Safety

50th percentile vs peers
50
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for Bakkt Holdings, Inc..

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Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

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  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
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Bear
-
- - -
- upside
-
Base
$191.55
- - -
+2219.0% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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