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Bakkt Holdings, Inc. (BKKT) 10-Year Financial Performance & Capital Metrics

BKKT • • Industrial / General
TechnologyInfrastructure SoftwareDigital Asset & Blockchain InfrastructureDigital Asset Exchanges
AboutBakkt Holdings, Inc. operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc. has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency. The company was formerly known as VPC Impact Acquisition Holdings and changed its name to Bakkt Holdings, Inc. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Bakkt Holdings, Inc. is a subsidiary of Intercontinental Exchange Holdings, Inc.Show more
  • Revenue $3.49B +347.4%
  • EBITDA -$93M +56.7%
  • Net Income -$47M +37.7%
  • EPS (Diluted) -7.97 +62.1%
  • Gross Margin 2.49% -68.4%
  • EBITDA Margin -2.65% +90.3%
  • Operating Margin -2.66% +90.9%
  • Net Margin -1.34% +86.1%
  • ROE -47% -48.1%
  • ROIC -88.58% +3.0%
  • Debt/Equity 0.37 +87.1%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 84 (top 16%)
  • ✓Efficient asset utilization: 13.0x turnover

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 64.3% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y354.18%
TTM101.97%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM24.1%

EPS CAGR

10Y-
5Y-
3Y-
TTM49.55%

ROCE

10Y Avg-59.92%
5Y Avg-67.48%
3Y Avg-99.39%
Latest-62.69%

Peer Comparison

Digital Asset Exchanges
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BLSHBullish5.68B37.7069.81114.8%0.03%4.26%0.23
BKKTBakkt Holdings, Inc.494.72M19.39-2.43347.39%-1.07%-31.98%0.37

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+-864K28.5M37.25M56.22M780.14M3.49B
Revenue Growth %-33.98%0.31%0.51%12.88%3.47%
Cost of Goods Sold+31.64M58.63M01.66M718.51M3.4B
COGS % of Revenue-36.62%2.06%-0.03%0.92%0.98%
Gross Profit+-32.51M-30.14M37.25M54.57M61.63M87.01M
Gross Margin %37.62%-1.06%1%0.97%0.08%0.02%
Gross Profit Growth %-0.07%2.24%0.46%0.13%0.41%
Operating Expenses+3.95M48.98M201.4M2.07B289.51M179.93M
OpEx % of Revenue-4.57%1.72%5.41%36.88%0.37%0.05%
Selling, General & Admin2.62M8.22M168.54M203.03M166.65M144.24M
SG&A % of Revenue-3.03%0.29%4.52%3.61%0.21%0.04%
Research & Development0900K0000
R&D % of Revenue-0.03%----
Other Operating Expenses039.86M32.86M1.87B122.87M35.69M
Operating Income+-35.95M-79.12M-164.14M-2.02B-227.89M-92.92M
Operating Margin %41.61%-2.78%-4.41%-35.91%-0.29%-0.03%
Operating Income Growth %--1.2%-1.07%-11.3%0.89%0.59%
EBITDA+-35.86M-72.05M-149.62M-1.99B-213.96M-92.57M
EBITDA Margin %41.51%-2.53%-4.02%-35.46%-0.27%-0.03%
EBITDA Growth %--1.01%-1.08%-12.32%0.89%0.57%
D&A (Non-Cash Add-back)87K7.07M14.52M25.35M13.93M343K
EBIT-35.95M-50.45M-149.27M-177.32M-128.22M-83.7M
Net Interest Income+3.28M0-236K1.88M4.34M4.32M
Interest Income3.28M011K1.88M4.34M4.32M
Interest Expense00247K000
Other Income/Expense3.5M-95K-78.3M17.66M2.52M-10.36M
Pretax Income+-33.17M-79.21M-242.44M-2B-225.37M-103.28M
Pretax Margin %38.4%-2.78%-6.51%-35.59%-0.29%-0.03%
Income Tax+-199K391K11.95M-11.32M444K170K
Effective Tax Rate %0.99%1%0.55%0.29%0.33%0.45%
Net Income+-32.98M-79.61M-133.55M-578.11M-74.85M-46.66M
Net Margin %38.17%-2.79%-3.58%-10.28%-0.1%-0.01%
Net Income Growth %--1.41%-0.68%-3.33%0.87%0.38%
Net Income (Continuing)-32.98M-79.61M-254.38M-1.99B-225.81M-103.45M
Discontinued Operations000000
Minority Interest001.83B239.81M87.43M28.96M
EPS (Diluted)+-0.06-3.07-4.24-203.08-21.01-7.97
EPS Growth %--53.24%-0.38%-46.9%0.9%0.62%
EPS (Basic)-0.06-3.07-4.24-203.08-21.01-7.97
Diluted Shares Outstanding582.5M25.92M57.16M2.85M3.56M5.86M
Basic Shares Outstanding582.5M25.92M57.16M2.85M3.56M5.86M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+100.08M132.06M463.55M326.46M882.64M183.84M
Cash & Short-Term Investments78.62M77.18M407.86M239.39M70.28M39.05M
Cash Only76.63M75.36M407.86M98.33M52.88M39.05M
Short-Term Investments1.99M1.82M0141.06M17.4M0
Accounts Receivable08.1M18.14M25.31M29.66M24.65M
Days Sales Outstanding-103.7177.75164.2813.882.58
Inventory000000
Days Inventory Outstanding------
Other Current Assets19.48M41.42M551K32.88M766.34M113.61M
Total Non-Current Assets+77.6M336.31M1.95B129.04M84.22M85.53M
Property, Plant & Equipment11.11M22.22M17.36M39.38M11.52M11.8M
Fixed Asset Turnover-0.08x1.28x2.15x1.43x67.74x295.81x
Goodwill16.85M233.43M1.53B15.85M68M68M
Intangible Assets2.09M62.2M388.47M55.83M2.9M2.9M
Long-Term Investments1.19M2.71M0000
Other Non-Current Assets46.36M15.75M17.79M17.98M1.81M2.83M
Total Assets+177.68M468.38M2.42B455.5M966.87M269.38M
Asset Turnover-0.00x0.06x0.02x0.12x0.81x12.96x
Asset Growth %-1.64%4.16%-0.81%1.12%-0.72%
Total Current Liabilities+15.39M51.08M73.6M92.13M802.07M137.72M
Accounts Payable1.61M7.17M10.65M25.98M14.93M12.78M
Days Payables Outstanding18.6144.6-5.72K7.581.37
Short-Term Debt0018.31M000
Deferred Revenue (Current)001000K1000K1000K1000K
Other Current Liabilities35K20.15M26.67M16.6M702.62M998K
Current Ratio6.50x2.59x6.30x3.54x1.10x1.33x
Quick Ratio6.50x2.59x6.30x3.54x1.10x1.33x
Cash Conversion Cycle------
Total Non-Current Liabilities+028.97M48.71M27.3M29.08M68.81M
Long-Term Debt000000
Capital Lease Obligations01.22M10.65M23.4M23.52M19.26M
Deferred Tax Liabilities0013.79M000
Other Non-Current Liabilities027.75M19.45M785K2.36M46.92M
Total Liabilities15.39M80.05M122.31M119.43M831.15M206.52M
Total Debt+02.3M28.96M26.42M27.16M23.54M
Net Debt-76.63M-73.06M-378.9M-71.92M-25.72M-15.51M
Debt / Equity-0.01x0.01x0.08x0.20x0.37x
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage---664.55x---
Total Equity+151.52M388.33M2.29B336.07M135.71M62.85M
Equity Growth %-1.56%4.91%-0.85%-0.6%-0.54%
Book Value per Share0.2614.9840.13118.0638.0910.73
Total Shareholders' Equity151.52M388.33M468.4M96.26M48.28M33.89M
Common Stock184.42M495.22M27K27K28K2K
Retained Earnings-32.9M-112.5M-98.34M-676.45M-751.3M-797.96M
Treasury Stock000000
Accumulated OCI05.62M-55K-290K-101K-841K
Minority Interest001.83B239.81M87.43M28.96M

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-48.5M-30.94M-134.3M-117.6M-60.7M-21.2M
Operating CF Margin %56.13%-1.09%-3.61%-2.09%-0.08%-0.01%
Operating CF Growth %-0.36%-3.34%0.12%0.48%0.65%
Net Income-32.98M-79.61M-183.21M-1.99B-74.85M-103.45M
Depreciation & Amortization87K7.97M16.24M25.35M13.93M343K
Stock-Based Compensation10.67M11.65M032.11M16.76M15.84M
Deferred Taxes0-354K11.73M-11.59M00
Other Non-Cash Items6.17M18.63M45.01M1.82B-58.44M19.74M
Working Capital Changes-32.45M10.77M-24.07M2.91M41.9M46.32M
Change in Receivables0-149K-7.73M-7.16M-10.04M5.41M
Change in Inventory00-12.88M000
Change in Payables016.08M3.56M744K-7.99M-15.62M
Cash from Investing+-40.95M-7.93M16.92M-171.96M65.97M14.13M
Capital Expenditures-9.18M-20.57M-15.69M-30.54M-9.43M-3.09M
CapEx % of Revenue-10.63%0.72%0.42%0.54%0.01%0%
Acquisitions------
Investments------
Other Investing-1.99M08K-30.54M00
Cash from Financing+037.49M256.83M-2.58M-2.63M43.82M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing0029.86M2K0-2.69M
Net Change in Cash------
Free Cash Flow+-57.68M-51.51M-149.99M-148.14M-70.13M-24.29M
FCF Margin %66.76%-1.81%-4.03%-2.63%-0.09%-0.01%
FCF Growth %-0.11%-1.91%0.01%0.53%0.65%
FCF per Share-0.10-1.99-2.62-52.04-19.68-4.15
FCF Conversion (FCF/Net Income)1.47x0.39x1.01x0.20x0.81x0.45x
Interest Paid000000
Taxes Paid0000239K0

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-21.76%-29.49%-9.96%-43.96%-31.73%-47%
Return on Invested Capital (ROIC)-36%-30.42%-11.04%-138.95%-91.36%-88.58%
Gross Margin3762.38%-105.77%100%97.05%7.9%2.49%
Net Margin3816.67%-279.36%-358.49%-1028.22%-9.59%-1.34%
Debt / Equity-0.01x0.01x0.08x0.20x0.37x
Interest Coverage---664.55x---
FCF Conversion1.47x0.39x1.01x0.20x0.81x0.45x
Revenue Growth-3398.03%30.74%50.92%1287.55%347.39%

Revenue by Segment

2021202220232024
Transaction Revenue, Net-100K756.16M3.47B
Transaction Revenue, Net Growth--756065.00%358.54%
Subscription And Service Revenue-26.68M23.97M22.9M
Subscription And Service Revenue Growth---10.16%-4.48%
Subscription Fees16.6M---
Subscription Fees Growth----
Service Fees9.4M---
Service Fees Growth----

Frequently Asked Questions

Growth & Financials

Bakkt Holdings, Inc. (BKKT) reported $3.85B in revenue for fiscal year 2024.

Bakkt Holdings, Inc. (BKKT) grew revenue by 347.4% over the past year. This is strong growth.

Bakkt Holdings, Inc. (BKKT) reported a net loss of $41.1M for fiscal year 2024.

Dividend & Returns

Bakkt Holdings, Inc. (BKKT) has a return on equity (ROE) of -47.0%. Negative ROE indicates the company is unprofitable.

Bakkt Holdings, Inc. (BKKT) had negative free cash flow of $114.8M in fiscal year 2024, likely due to heavy capital investments.

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