Latest Ratios: P/E Ratio -0.5x · EV/EBITDA N/A · ROE -122.1%. (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 | $145M | $69M | $145M | $199M | $85M | $12.2B | $6.5B | — |
| Enterprise Value | $118M | $41M | $130M | $173M | $13M | $11.8B | $6.5B | — |
| P/E Ratio → | -0.53 | — | — | — | — | — | — | — |
| P/S Ratio | 0.06 | 0.03 | 0.04 | 0.25 | 1.51 | 326.45 | 229.24 | — |
| P/B Ratio | 0.50 | 0.61 | 2.31 | 1.46 | 0.25 | 5.30 | 16.82 | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
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 | — | 0.02 | 0.04 | 0.22 | 0.23 | 316.28 | 226.68 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
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 | 1.1% | 1.1% | 2.5% | 7.9% | 97.1% | 100.0% | -105.8% | 3762.4% |
| Operating Margin | -6.1% | -6.1% | -2.7% | -29.2% | -3590.8% | -440.6% | -277.7% | 4160.6% |
| Net Profit Margin | -4.6% | -4.6% | -1.3% | -9.6% | -1028.2% | -358.5% | -279.4% | 3816.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -122.1% | -122.1% | -47.0% | -31.7% | -44.0% | -10.0% | -29.5% | -21.8% |
| ROA | -49.6% | -49.6% | -7.5% | -10.5% | -40.3% | -9.3% | -24.6% | -18.6% |
| ROIC | -160.3% | -160.3% | -88.6% | -91.4% | -139.0% | -11.0% | -30.4% | -36.0% |
| ROCE | -108.4% | -108.4% | -62.7% | -86.3% | -149.2% | -11.9% | -27.3% | -22.1% |
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 | — | — | 0.37 | 0.20 | 0.08 | 0.01 | 0.01 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.25 | -0.19 | -0.21 | -0.17 | -0.19 | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -604.33 | — | — |
Net cash position: cash ($28M) exceeds total debt ($0)
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 | 2.19 | 2.19 | 1.33 | 1.10 | 3.54 | 6.30 | 2.59 | 6.50 |
| Quick Ratio | 2.19 | 2.19 | 1.33 | 1.10 | 3.54 | 6.30 | 2.59 | 6.50 |
| Cash Ratio | 0.84 | 0.84 | 0.28 | 0.09 | 2.60 | 5.54 | 1.51 | 5.11 |
| Asset Turnover | — | 14.35 | 12.96 | 0.81 | 0.12 | 0.02 | 0.06 | -0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1.89 | 2.58 | 13.88 | 164.28 | 177.75 | 103.70 | — |
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 | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.3% | 3.1% | 0.7% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.3% | 3.1% | 0.7% | 0.0% | — |
| Shares Outstanding | — | $7M | $6M | $4M | $3M | $57M | $26M | $583M |
Liquidity and solvency constraints
Based on reported figures, Bakkt trades at a price-to-sales multiple of 0.06, a valuation level that suggests the market is pricing in significant terminal risk rather than growth, especially when compared to the higher multiples commanded by more established fintech peers like Coinbase or Robinhood.
The extremely low P/S ratio indicates that investors are heavily discounting the company's revenue, likely due to the high-risk, low-margin nature of its crypto-transactional business model. This valuation suggests that the market does not currently view the firm's B2B2C infrastructure as a durable, high-growth asset, but rather as a distressed entity struggling to find a sustainable path to profitability.
As reported in financial statements, the company's ROIC has remained consistently negative, reaching -14.4% in 2026Q1, which highlights a fundamental inability to generate returns on invested capital that exceed the cost of funding, a trend that has persisted throughout the last ten quarters.
The persistent decay in ROIC suggests that the capital deployed into acquisitions and infrastructure has failed to yield the expected operational efficiencies. Investors should monitor whether management can pivot toward a capital-light model, as the current trajectory indicates that further investment may continue to destroy shareholder value rather than compound it.
According to quarterly data, the asset turnover ratio has fluctuated significantly, peaking at 4.82 in 2025Q1 before dropping to 1.30 in 2026Q1, which underscores the difficulty in maintaining consistent operational efficiency within a business model heavily reliant on volatile crypto trading volumes and settlement cycles.
The erratic nature of these turnover metrics suggests that the company's internal processes are highly sensitive to external market conditions rather than internal operational improvements. This lack of stability in asset utilization makes it difficult to forecast future performance and implies that the firm's infrastructure may be over-scaled for its current transaction volume.
Based on the most recent quarterly data, the current ratio of 4.13 appears deceptively strong, as it masks the underlying cash burn and the potential for rapid depletion of liquid assets in a business model that lacks consistent, predictable cash flow generation from its core operations.
While the current ratio suggests a short-term ability to cover liabilities, the lack of positive operating cash flow means that the company remains vulnerable to liquidity shocks. Investors should be wary of relying on these headline liquidity figures, as they do not account for the potential need for rapid capital infusions to sustain ongoing operations.
As indicated by the company's financial disclosures, the most commonly misapplied metric for this business model is gross revenue, which obscures the true earning power of the platform by including the full value of crypto assets traded rather than the net fee-based take rate.
Analysts should prioritize net revenue or gross profit margins to accurately assess the company's performance, as the gross revenue figure is inflated by accounting treatments that do not reflect actual economic value creation. Relying on gross revenue leads to a fundamental misunderstanding of the firm's margin profile and its ability to scale profitably.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BKKT stock.
Bakkt Holdings, Inc.'s current P/E ratio is -0.5x. This places it at the 50th percentile of its historical range.
Bakkt Holdings, Inc.'s return on equity (ROE) is -122.1%. The historical average is -43.7%.
Based on historical data, Bakkt Holdings, Inc. is trading at a P/E of -0.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bakkt Holdings, Inc. has 1.1% gross margin and -6.1% operating margin.