Bakkt - Public Comps and Valuation Multiples

Bakkt Overview

About Bakkt

Bakkt Holdings Inc operates technology that connects the digital economy by offering a platform for crypto and redeeming loyalty points. Its institutional-grade technology platform provides a custody solution that caters to more experienced market participants to store crypto and provides consumers, businesses, and institutions with the ability to buy, sell, and store crypto in a simple, intuitive digital experience accessed via application programming interfaces (APIs) or embedded web experience and Loyalty offers a full spectrum of content that clients can make available to its customers when redeeming loyalty currencies. It generates revenue in the form of Subscription and service and Transaction revenue.

Founded

2018

HQ

Employees

559

Website

bakkt.com

Sectors

Blockchain & Crypto
Loyalty & Coupons
FinTech

Financials

LTM Revenue $2.8B

Last FY EBITDA -$83.4M

EV

$565M

Valuation Multiples

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Bakkt Financials

As of September 2025, Bakkt reported last 12-month revenue of $2.8B.

In the same period, Bakkt achieved -$29.7M in LTM net income.

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Bakkt P&L

In the most recent fiscal year, Bakkt reported revenue of $3.5B and EBITDA of -$83.4M.

Bakkt expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.8B	XXX	$3.5B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$87.0M	XXX	XXX	XXX
Gross Margin	n/a	XXX	2%	XXX	XXX	XXX
EBITDA	n/a	XXX	-$83.4M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-2%	XXX	XXX	XXX
EBIT	n/a	XXX	-$83.7M	XXX	XXX	XXX
EBIT Margin	n/a	XXX	-2%	XXX	XXX	XXX
Net Profit	-$29.7M	XXX	-$46.7M	XXX	XXX	XXX
Net Margin	-1%	XXX	-1%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bakkt including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.8B. In the most recent fiscal year, Bakkt achieved $3.5B in revenue and -$83.4M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.8B	Analyst estimates available to subscribers	$3.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$87.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	2.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	-$83.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	-2.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	n/a	Analyst estimates available to subscribers	-$83.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	n/a	Analyst estimates available to subscribers	-2.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$29.7M	Analyst estimates available to subscribers	-$46.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1.1% net profit margin	Analyst estimates available to subscribers	-1.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bakkt

This financial data table provides comprehensive performance metrics for Bakkt, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bakkt generated $2.8B in revenue over the last twelve months.
Net income over the last twelve months reached -$29.7M.

Fiscal Year Performance

In the most recent fiscal year, Bakkt reported $3.5B in total revenue.
Fiscal year EBITDA was -$83.4M.
The company maintained a gross profit margin of 2.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was -2.4%.
Net profit margin reached -1.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bakkt. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bakkt Stock Performance

Bakkt has current market cap of $569M, and EV of $565M.

Market Cap Evolution

Bakkt Stock Data

As of October 17, 2025, Bakkt's stock price is $36.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$565M	$569M	XXX	XXX	XXX	XXX	$-3.41

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Bakkt Valuation Multiples

Bakkt's trades at 0.2x EV/Revenue multiple, and -6.8x EV/EBITDA.

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Bakkt Financial Valuation Multiples

As of October 17, 2025, Bakkt has market cap of $569M and EV of $565M.

Equity research analysts estimate Bakkt's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Bakkt has a P/E ratio of -19.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$569M	XXX	$569M	XXX	XXX	XXX
EV (current)	$565M	XXX	$565M	XXX	XXX	XXX
EV/Revenue	0.2x	XXX	0.2x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-6.8x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-6.7x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-19.2x	XXX	-12.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-23.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bakkt Margins & Growth Rates

Bakkt's last 12 month revenue growth is -9%

Bakkt's revenue per employee in the last FY averaged $6.2M, while opex per employee averaged $0.3M for the same period.

Bakkt's rule of 40 is -23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bakkt's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Bakkt Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-9%	XXX	-15%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-2%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	-23%	XXX	-11%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$6.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	5%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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