Bakkt Inc. Class A Common Stock (BKKT)

FairStock Score: 33/100 — RISKY

Key Financials

AI Analysis

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

I look for durable earnings and a margin of safety, and Bakkt fails the first test. The FairStock Lynch category is none because it has lost money in each of the last four years. In fiscal FY2025, ended 2025-12-31, filed revenue was $2.3B and net loss was $107.2M, or diluted EPS -$8.87. Fiscal FY2024, ended 2024-12-31, had $3.4B of revenue, a $46.7M net loss, and diluted EPS -$7.97. The top line is shrinking and losses are material. The one bright spot is fiscal Q2 2026, the quarter ended 2026-06-30: filed net income was $80.8M and diluted EPS was $1.94, but revenue was not reported in that filing, so I cannot judge repeatability. Trailing free cash flow is -$90.0M, a -30.9% FCF yield against a $291.1M market cap. That is cash burn, not owner earnings. FairStock's Piotroski F-Score is 3/9 and Altman Z-Score is 1.12, both pointing to fragility. The D/E of 0.00 means no debt, and at the $6.46 close on 2026-10-13, FairStock's P/B is 0.82, so price sits below book value. But book value can erode when losses persist. Beta is 5.93 and the 52-week range is $6.42-$45.48. With ROE -10.17% and ROCE -25.01%, this 48-employee digital asset infrastructure business has not shown a durable moat or consistent profit. It is speculative, not a Graham-style bargain.

In plain English: Bakkt builds digital financial infrastructure for trading, payments, and moving money. The business has been losing money in recent years and is burning cash, though it reported a profit in one recent quarter. At $6.46 a share, the price is near its 52-week low and below its accounting value, but the numbers are too uneven to call it a safe bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

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 Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · 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