Bakkt, Inc. — Earnings Quality Grade F
BKKT · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change +0 days YoY
AR growth -27.6% vs revenue growth -32.1%
Revenue -32.1%, CFFO -623.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 23.6% is >2x revenue growth -32.1%
SG&A/Gross Profit = 456.4%, exceeds 70%
Gross margin 1.1%, change +0.0pp. Stable
Cash Flow Quality
CFFO/NI = 1.43. Profits backed by cash
FCF is negative ($-0.2B)
Accruals ratio = 28.4%. Exceeds 10%
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 62% of equity. Over 50%
Debt/EBITDA = -0.0x. Healthy
Other assets -8.7% vs revenue -32.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -1.11 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25