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Bakkt Holdings Inc (BKKT) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Bakkt Holdings Inc stock $4.23, price $4.17, upside +1.4%, quality 42 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology US

BH Bakkt Holdings Inc logo Thin data Nov 11, 2026

Bakkt Holdings Inc

BKKT · US
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Fair value $4.23 · Fairly valued
Quality 42/100
Mixed Growth (revenue 5y +141.4 %/yr in USD)
Mixed vs. peers (4/9)
Insiders bought $9.1M (6M) · sold $88,335
Revenue last quarter 63% below a year ago.
Loss-making · -0.2% net margin (TTM)
Negative free cash flow
Narrow moat 12/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$1,063 $4.17 Fair Value $4.23 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $4.17 – $1,063 · fair‑value band $3.17 – $5.29 · the $4.17 price screens below the $4.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

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Company profile

Bakkt, Inc. engages in digital building financial infrastructure.

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The company offers Bakkt Market solutions which enables institutions to launch secure, compliant, and advanced digital asset brokerage, trading and payment capabilities through a plug-and-play platform; Bakkt Agent provides programmable access to Bakkt's financial infrastructure through an intelligent software layer that coordinates onboarding, account creation, funding, and global money movement; and Bakkt Global enables Bakkt to expand its technology and infrastructure into international markets through strategic investments in jurisdiction-specific entities operating in regulated financial markets.

It also provides solutions that enable institutional participation in the digital asset economy. The company serves client, such as financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses.

It markets its products and services using various business-to-business channels, such as direct marketing, including email marketing and targeted digital advertisements; indirect marketing; and its website, blog, and social media platforms.

The company offers its services in the United States, Latin America, Europe, and Asia. The company was formerly known as Bakkt Holdings, Inc. and changed its name to Bakkt, Inc. in January 2026. Bakkt, Inc. was founded in 2018 and is headquartered in New York, New York.

Stock analysis

Bakkt Holdings Inc (BKKT) currently trades at $4.17, while our estimate is $4.23, so the stock looks roughly fairly valued today (gap 1.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $3.17 (bear) to $5.29 (bull), the price of $4.17 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Bakkt Holdings Inc reported revenue of $2.3B in FY2025 versus $39.4M in FY2021, a compound +177.4%/yr. Reported net income was −$107M in FY2025.

Key figures

Market cap $210M Micro · P/S ratio 0.24 · EPS (TTM) $−3.67 · Net margin −4.6% · Return on equity 6.0% · Return on assets (EBIT) 42.0% (5-year average) · Operating margin −9.7% · Revenue (TTM) $862M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 81% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at 1%, BKKT screens cheaper than that median.

Fair Value

Bear $3.17 Fair Value $4.23 Bull $5.29
Price $4.17 · Upside +1.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 26
How much profit the company makes from its sales and capital
Quality Growth 34
Are margins and returns getting better?
Cashflow 20
Do the profits arrive as real cash?
Financial strength 86
Debt, balance sheet and risk of trouble
Investment 91
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $9.1M, on Aug 18, 2026. Over the same period, 4 people sold shares worth $88,335.

  • SaleNicholas BaesChief Operating Officer4× since Apr 6, 2026: 5,897 shares, avg. $8.51$50,188Sep 23, 2026
  • SaleMarc D'AnnunzioGeneral Counsel & Secretary6× since Feb 24, 2026: 25,059 shares, avg. $8.30$207,916Sep 23, 2026
  • SaleJoseph Sean-Walsh HendersonChief Accounting Officer5× since Nov 12, 2025: 3,355 shares, avg. $10.21$34,247Sep 23, 2026
  • BuyMichael AlfredDirector3× since May 15, 2026: 1,161,567 shares, avg. $7.86$9.1MAug 18, 2026
  • SaleKaren AlexanderChief Financial Officer3× since Apr 28, 2026: 7,248 shares, avg. $8.75$63,433Jul 15, 2026

Plus 8 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 42/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−33.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+246.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+141.4%
Start year 2020 (pandemic)
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−277.7% (2020) → −6.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 410 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 42 · Below median
Fair Value upside +1.4% · Above median
Profitability
Return on equity (12 months) 6.0% · Above median
Return on assets −65.9% · Bottom 25%
Net margin (12 months) −0.2% · Below median
Operating margin (12 months) −9.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −62.9% · Bottom 25%

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 1.86× · Cheaper than median
P/S (12 months) 0.24× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)35 · sector 22
FUTURE (revenue growth)0 · sector 60
PAST (return on equity)24 · sector 15
HEALTH (low debt)0 · sector 98
DIVIDEND (yield)0 · sector 27

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Microsoft Corporation MSFT $533.16 $599.70 +12% vs BKKT
Fortinet, Inc FTNT $123.57 $130.72 +6% vs BKKT
Oracle Corporation ORCL $117.98 $111.97 −5% vs BKKT
Block, Inc XYZ $85.58 $76.43 −11% vs BKKT
NetApp, Inc NTAP $175.99 $156.80 −11% vs BKKT
Synopsys, Inc SNPS $459.95 $288.23 −37% vs BKKT
Zscaler, Inc ZS $194.92 $101.45 −48% vs BKKT
Palantir Technologies Inc PLTR $168.82 $42.20 −75% vs BKKT
CrowdStrike Holdings CRWD $225.76 $37.97 −83% vs BKKT
Palo Alto Networks, Inc PANW $326.36 $39.54 −88% vs BKKT

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Bakkt Holdings Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Bakkt Holdings Inc Fair Value". https://www.fairvalue-calculator.com/stock/BKKT

Frequently asked questions

Is Bakkt Holdings Inc (BKKT) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $4.23 versus a price of $4.17, about +1% upside (fairly valued).
What is the fair value of BKKT?
Our estimate for Bakkt Holdings Inc is $4.23 (as of Nov 11, 2026), built from audited fundamentals. The current price: $4.17.
What is the quality score of BKKT?
Bakkt Holdings Inc has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bakkt Holdings Inc (BKKT)?
Our calculated price target is the estimate of $4.23 (as of Nov 11, 2026). Cautious scenario $3.17, optimistic scenario $5.29. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Bakkt Holdings Inc stock forecast for 2026?
Our estimate puts fair value at $4.23, about +1% upside versus a price of $4.17 (fairly valued). Cautious scenario $3.17, optimistic scenario $5.29. The calculation is refreshed regularly with new filings.
What is the revenue of Bakkt Holdings Inc (BKKT)?
Bakkt Holdings Inc reported trailing-twelve-month revenue of about $862M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Bakkt Holdings Inc (BKKT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bakkt Holdings Inc it is $4.23 per share (as of Nov 11, 2026), against a price of $4.17.
Is Bakkt Holdings Inc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, BKKT trades below its calculated fair value: price $4.17, fair value $4.23, a gap of about +1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BKKT?
No. The price is what the market pays today ($4.17); the fair value is what the company's own numbers justify ($4.23). For Bakkt Holdings Inc the two are $0.0600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bakkt Holdings Inc worth?
The market values Bakkt Holdings Inc at about $210M (market capitalisation, as of Nov 11, 2026). Per share that is $4.17; our models calculate a fair value of $4.23 per share.
What do the bullish and bearish scenarios say about BKKT?
Our models span a range for Bakkt Holdings Inc: cautious scenario $3.17, base $4.23, optimistic $5.29 per share (as of Nov 11, 2026, price $4.17). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bakkt Holdings Inc (BKKT)?
Balance-sheet figures for Bakkt Holdings Inc (as of Nov 11, 2026): return on equity 6.0%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is BKKT from its 52-week high?
Bakkt Holdings Inc trades at $4.17, about 81% below its 52-week high of $21.61 and at the low of $4.17 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $4.23 is for.
Which stocks are comparable to Bakkt Holdings Inc?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bakkt Holdings Inc stock attractive at the current price?
The data as of Nov 11, 2026: price $4.17, calculated fair value $4.23 (+1%), Quality Score 42/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Bakkt Holdings Inc currently trades 1% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bakkt Holdings Inc (BKKT)?
The closing price on Nov 10, 2026 was $4.17. Our estimate is $4.23, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bakkt Holdings Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Bakkt Holdings Inc

How large is the market capitalisation of Bakkt Holdings Inc (BKKT)?
The market capitalisation of Bakkt Holdings Inc is $210M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bakkt Holdings Inc (BKKT)?
The price-to-sales ratio of Bakkt Holdings Inc is 0.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bakkt Holdings Inc (BKKT)?
Earnings per share at Bakkt Holdings Inc are $−3.67. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bakkt Holdings Inc (BKKT)?
The net margin of Bakkt Holdings Inc is −4.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bakkt Holdings Inc (BKKT)?
The return on equity (ROE) of Bakkt Holdings Inc is 6.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bakkt Holdings Inc (BKKT)?
On an EBIT basis the return on assets of Bakkt Holdings Inc is 42.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bakkt Holdings Inc (BKKT)?
The operating margin of Bakkt Holdings Inc is −9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bakkt Holdings Inc (BKKT)?
Revenue at Bakkt Holdings Inc is growing −62.9% versus a year earlier (3y avg +246%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Bakkt Holdings Inc (BKKT) generate?
The free cash flow of Bakkt Holdings Inc is −$153M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Bakkt Holdings Inc (BKKT) hold?
Bakkt Holdings Inc holds more cash than debt, $27.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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