Bakkt, Inc. (BKKT) intrinsic value & 10-year financials
Bakkt, Inc. (BKKT) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 141.4% a year to $2.3B, with an average return on invested capital of -1101.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $5.59
- Market cap
- $67.6M
- Revenue (FY2025)
- $2.3B
- Revenue growth (7-yr CAGR)
- 141.4%
- ROIC (10-yr avg)
- -1101.8%
- Free cash flow (FY2025)
- -$154.6M
BKKT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | -$107.2M | -$8.87 | -$154.6M | -6.3% | -295.8% |
| FY2024 | $3.5B | -$46.7M | -$3.98 | -$24.3M | -2.7% | -562.6% |
| FY2023 | $780.1M | -$74.9M | -$0.42 | -$70.1M | -29.2% | -1132.1% |
| FY2022 | $54.6M | -$578.1M | -$4.06 | -$148.1M | -3699.9% | -3632.9% |
| FY2021 | — | — | — | — | — | — |
| FY2020 | $28.5M | -$79.6M | — | -$51.5M | -277.7% | 114.4% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Bakkt, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Bakkt, Inc. returns on capital have been average, hovering around 11.6% ROIC over the decade.
Bakkt, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Bakkt, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-294.62 per share.