Latest Ratios: P/E Ratio -41.3x · EV/EBITDA N/A · ROE -13.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.4B | $3.6B | $2.3B | $1.3B | $1.8B | — | — |
| Enterprise Value | $2.3B | $2.7B | $3.6B | $2.3B | $1.3B | $1.5B | — | — |
| P/E Ratio → | -41.35 | — | — | — | — | — | — | — |
| P/S Ratio | 4.59 | 5.40 | 10.87 | 8.61 | 6.50 | 11.86 | — | — |
| P/B Ratio | 5.46 | 6.62 | 10.16 | 7.02 | 3.97 | 5.24 | — | — |
| P/FCF | 49.21 | 57.95 | 208.45 | — | — | — | — | — |
| P/OCF | 47.44 | 55.86 | 195.05 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.06 | 10.64 | 8.53 | 6.47 | 9.99 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 64.96 | 204.09 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.8% | 57.8% | 58.9% | 54.4% | 53.0% | 55.1% | 52.8% | 41.4% |
| Operating Margin | -12.1% | -12.1% | -13.4% | -24.1% | -34.4% | -28.2% | -31.3% | -57.8% |
| Net Profit Margin | -10.7% | -10.7% | -12.2% | -23.8% | -28.7% | -30.8% | -45.8% | -56.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -13.3% | -13.3% | -12.0% | -19.1% | -17.3% | -17.9% | -52.8% | -285.9% |
| ROA | -7.4% | -7.4% | -9.8% | -14.2% | -12.7% | -13.7% | -34.0% | -79.4% |
| ROIC | -8.6% | -8.6% | -11.5% | -15.1% | -27.0% | -65.4% | -130.0% | — |
| ROCE | -9.3% | -9.3% | -11.9% | -15.8% | -16.5% | -13.6% | -26.7% | -124.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.98 | 0.98 | 0.05 | 0.06 | 0.31 | 0.07 | 0.14 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.80 | -0.21 | -0.07 | -0.01 | -0.82 | -0.79 | -0.82 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 7.01 | -4.36 | — | — | — | — | — |
| Interest Coverage | -5.22 | -5.22 | -86.91 | -7.51 | -14.34 | -38.33 | -104.02 | -379.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.09 | 2.09 | 3.98 | 3.77 | 5.82 | 10.40 | 9.20 | 1.54 |
| Quick Ratio | 2.09 | 2.09 | 3.98 | 3.77 | 5.82 | 10.40 | 9.20 | 1.33 |
| Cash Ratio | 1.11 | 1.11 | 2.54 | 2.34 | 4.72 | 9.30 | 8.14 | 0.65 |
| Asset Turnover | — | 0.52 | 0.76 | 0.66 | 0.42 | 0.35 | 0.45 | 1.39 |
| Inventory Turnover | — | — | — | — | — | — | — | 11.36 |
| Days Sales Outstanding | — | 42.37 | 42.35 | 48.93 | 46.90 | 49.95 | 45.90 | 48.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.0% | 1.7% | 0.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | — | — |
| Shares Outstanding | — | $104M | $99M | $94M | $91M | $90M | $84M | $84M |
Rising debt-to-equity leverage
Based on reported figures, Alkami trades at a 3.96x price-to-sales multiple, which appears to price in aggressive long-term expansion rather than current profitability, as the company remains in a negative earnings position with a TTM P/E of -35.70, significantly diverging from traditional value-oriented banking technology peers.
The forward P/E of 21.07 suggests that the market anticipates a rapid transition to GAAP profitability, likely driven by operating leverage as the platform scales. Investors should monitor whether this valuation remains sustainable if revenue growth decelerates or if the company fails to convert its expanding user base into meaningful bottom-line results.
According to recent financial statements, Alkami's ROIC has remained consistently negative, reaching -0.6% in 2026Q1, which indicates that the company is currently destroying rather than compounding invested capital as it prioritizes aggressive market share capture over immediate returns on its substantial infrastructure and acquisition-related investments.
The persistent negative ROIC reflects the heavy burden of R&D and sales expenses required to maintain a competitive edge in the digital banking layer. Until the company can demonstrate a positive spread between its returns on capital and its cost of capital, the current capital allocation strategy warrants significant investor caution.
As reported in quarterly filings, Alkami's asset turnover ratio of 0.15 in 2026Q1 highlights the capital-intensive nature of its cloud-native architecture, while the variability in its cash conversion cycle suggests that the company's liquidity is highly sensitive to the timing of large-scale credit union implementation milestones.
The low asset turnover is typical for a high-growth SaaS firm, but it underscores the necessity of achieving massive scale to justify the fixed-cost base. Investors should watch for improvements in DSO as a signal that the company is successfully managing its client payment cycles during the complex onboarding process.
Based on recent balance sheet data, Alkami's debt-to-equity ratio has surged to 0.97 in 2026Q1 from 0.06 in 2023Q4, signaling a fundamental shift toward debt-financed expansion that significantly elevates the company's risk profile compared to its historically conservative, equity-funded capital structure.
This rapid accumulation of debt, coupled with negative interest coverage ratios, suggests that the company is increasingly reliant on external financing to bridge its operational gaps. This leverage trajectory may limit future strategic flexibility and increase sensitivity to interest rate fluctuations if the company is forced to refinance its obligations.
The most commonly misapplied metric for Alkami is the P/E ratio, which obscures the company's true economic performance by failing to account for the heavy stock-based compensation and capitalized software development costs that artificially depress GAAP earnings while masking the underlying cash-burn profile of the business.
Investors should instead focus on EV/Sales or free cash flow yield, as these metrics better capture the company's growth trajectory and cash-generative potential. Relying on P/E in this context is misleading, as it ignores the significant non-cash expenses that are standard for high-growth vertical SaaS companies at this stage of development.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ALKT stock.
Alkami Technology, Inc.'s current P/E ratio is -41.3x. This places it at the 50th percentile of its historical range.
Alkami Technology, Inc.'s return on equity (ROE) is -13.3%. The historical average is -59.7%.
Based on historical data, Alkami Technology, Inc. is trading at a P/E of -41.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alkami Technology, Inc. has 57.8% gross margin and -12.1% operating margin.