Alkami Technology Inc. Common Stock (ALKT)

FairStock Score: 33/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Alkami is an enterprise software company serving banks and credit unions. The raw growth is real: revenue rose from $112.1 million in fiscal Q2 2025, the quarter ended 2025-06-30, to $129.8 million in fiscal Q2 2026, the quarter ended 2026-06-30. The net loss also narrowed, from $13.6 million to $8.9 million over those same quarters. For the full year ended 2025-12-31, revenue was $443.6 million and net loss was $47.7 million; for 2024-12-31, revenue was $333.8 million and net loss was $40.8 million; for 2023-12-31, revenue was $264.8 million and net loss was $62.9 million. So the company is scaling, but it has not yet proven consistent profitability. As a Buffett-style investor, I want a durable moat and owner earnings. Alkami's position in digital banking could create switching costs, but the filed results do not yet demonstrate pricing power: losses persist, return on equity is negative per FairStock, and the Lynch category is none because the company has lost money in each of the last four years. Financial health is mixed. FairStock's Piotroski score is 6/9, and trailing free cash flow is $55.2 million, a 3.6% FCF yield; that cash generation is a positive. But the Altman Z-score of 1.29, debt-to-equity of 0.99, and 4.17 price-to-book ratio as of the 2026-10-13 close leave little margin of safety. The negative P/E of -32.91 simply confirms there are no earnings to value. At $14.15, the market cap is $1.5 billion. I would need evidence that revenue growth converts into durable profits and cash before calling this a bargain. Until then, it is a speculative growth story, not a Graham-style value investment.

In plain English: Alkami Technology provides cloud-based digital banking software to financial institutions. Revenue is growing, but the company still reports net losses and has lost money in each of the last four years. At $14.15 a share on October 13, 2026, the stock looks expensive relative to those losses, though the business does generate some positive cash after costs and investments.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer