Bakkt Holdings, Inc. (BKKT) Key Metrics
BKKT valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $251.9M
- Enterprise value
- $346.8M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 0.2
- Price / book
- 1.1
- EV / EBITDA
- 0.8
- Dividend yield
- —
- Beta
- 6.07
BKKT key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBKKT returns How much profit the business earns on the capital it uses.
BKKT financial health Debt, liquidity and how easily interest is covered.
BKKT efficiency & capital use Working capital cycle and where the cash goes.
BKKT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BKKT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BKKT cash returned to shareholders
BKKT key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Share price at fiscal year-end | $10.04 | $24.77 | $55.75 | $29.75 | $212.75 | $252.00 | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | −146.2% | −113.6% | −103.6% | −704.8% | −56.6% | −29.5% | −21.8% |
| Return on invested capital (ROIC) | −223.2% | −737.5% | — | — | −64.5% | −32.4% | −39.0% |
| Return on assets (ROA) | −49.6% | −7.5% | −10.5% | −138.7% | −16.8% | −24.6% | −18.6% |
| Return on tangible assets | −115.8% | −23.5% | −8.4% | −518.5% | −48.7% | −46.1% | −20.8% |
| Free cash flow margin | −6.6% | −0.7% | −9.0% | −263.5% | −380.3% | −180.8% | — |
| Financial health | |||||||
| Total debt | $549,000 | $19.9M | $27.2M | $26.4M | $11.3M | $2.3M | — |
| Cash & short-term investments | $27.8M | $39.0M | $70.3M | $239.4M | $391.4M | $77.2M | $78.6M |
| Net debt | −$27.2M | −$19.2M | −$43.1M | −$213.0M | −$380.1M | −$74.9M | −$78.6M |
| Debt / equity | 0.00 | 0.59 | 0.56 | 0.27 | 0.02 | 0.01 | — |
| Debt / assets | 0.00 | 0.07 | 0.03 | 0.06 | 0.00 | 0.00 | — |
| Net debt / EBITDA | — | — | — | −0.13 | — | — | — |
| Current ratio | 2.19 | 1.33 | 1.10 | 3.54 | 6.30 | 2.59 | 6.50 |
| Quick ratio | 2.19 | 1.33 | 1.10 | 3.11 | 6.54 | 1.76 | 6.50 |
| Interest coverage | — | — | — | 877.8 | -664.4 | -665.9 | — |
| Working capital | $39.2M | $46.1M | $80.6M | $234.3M | $389.9M | $81.0M | $84.7M |
| Invested capital | $85.6M | $14.7M | $5.2M | −$116.7M | $88.3M | $313.4M | $72.9M |
| Tangible asset value | $42.6M | −$8.0M | $64.8M | $264.4M | $378.6M | $92.7M | $143.3M |
| Net current asset value | $22.2M | −$22.7M | $51.5M | $207.0M | $343.4M | $52.0M | $84.7M |
| Capital allocation | |||||||
| Share buybacks (net) | — | — | $2.6M | $2.6M | $84.5M | $0 | — |
| Capex / revenue | 0.2% | 0.1% | 1.2% | 54.3% | 39.8% | 72.2% | — |
| Capex / depreciation | 6.29 | 9.00 | 0.68 | 1.20 | 0.97 | 2.58 | 105.53 |
| Stock-based compensation / revenue | 3.1% | 0.5% | 2.1% | 57.1% | 124.3% | 40.9% | — |
| R&D / revenue | — | — | 0.2% | 3.0% | 10.1% | 3.2% | — |
| SG&A / revenue | 5.2% | 4.1% | 31.3% | 330.7% | 434.6% | 28.8% | — |
| Efficiency | |||||||
| Days sales outstanding | 1.4 | 1.9 | 12.9 | 141.0 | 121.4 | 70.9 | — |
| Days of inventory on hand | — | — | — | 23.7 | 25.0 | 262.4 | — |
| Days payables outstanding | 3.1 | 1.3 | 10.4 | 39.9 | 18.6 | 27.3 | 18.6 |
| Cash conversion cycle (days) | -1.6 | 0.6 | 2.5 | 124.9 | 127.9 | 306.0 | — |
| Receivables turnover | 252.31 | 193.34 | 28.38 | 2.59 | 3.01 | 5.15 | 0.00 |
| Payables turnover | 119.28 | 282.53 | 35.14 | 9.15 | 19.66 | 13.36 | 19.62 |
| Inventory turnover | — | — | — | 15.40 | — | 1.39 | — |
| Asset turnover | 10.81 | 5.65 | 1.10 | 0.04 | 0.03 | 0.09 | 0.00 |
| Average receivables | $9.3M | $18.1M | $27.5M | $21.7M | $13.1M | $5.5M | $3.0M |
| Average payables | $19.4M | $12.0M | $20.4M | $18.3M | $8.9M | $4.4M | $1.6M |
| Average inventory | — | — | — | $10.9M | $12.0M | $42.1M | — |
| Intangibles / total assets | 43.1% | 26.3% | 7.3% | 15.7% | 79.3% | 63.1% | 10.7% |
Computed from BKKT's annual financial statements (latest annual report filed March 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BKKT valuation and financial ratios
Bakkt earned a return on equity of −146.2% and a return on invested capital of −223.2% in fiscal 2025. It ended the year with $0.5 million of debt and $27.8 million in cash and short-term investments, a net cash position of $27.2 million.
See the BKKT income statement, the BKKT chart for price history, or the BKKT stock overview for the latest quote and news.
BKKT key metrics FAQ
What is Bakkt's return on equity?
Bakkt's return on equity (ROE) was −146.2% in fiscal 2025: net income of -$107.2 million on average shareholders' equity of $73.3 million.
What is Bakkt's ROIC?
Bakkt's return on invested capital was −223.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Bakkt have?
Bakkt had total debt of $0.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Bakkt's current ratio?
Bakkt's current ratio was 2.19 at the end of fiscal 2025: current assets were 2.19 times current liabilities.