What is Bakkt 's free cash flow margin?

Bakkt (BKKT) reported free cash flow margin of -3.4% in Q3 2024.

What is the long-term trend for Bakkt 's free cash flow margin?

Over 2 years (2020 to 2022), Bakkt 's free cash flow margin has grown at a 21.3% compound annual growth rate (CAGR), from -180.8% to -266%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Bakkt BKKT Free cash flow margin

Free cash flow margin at other companies

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6.6%—

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-29.7%—

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9%-2.5pp

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45.6%-0.5pp

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24.5%+2.4pp

Gryphon Digital Mining, Inc.ABTC

-89%-9.6pp

Other financials

Income statement

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Revenue$577.9M+13.3%

Operating income-$16.9M-9.6%

Net income-$11.7M-251%

EPS (diluted)-$0.41-136%

Balance sheet

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Cash & equivalents$80.0M+248%

Total debt$79.0K—

Total equity$170.9M+288%

Total assets$213.4M+21.0%

Cash flow

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Operating cash flow-$12.1M+88.1%

CapEx$19.0K-95.9%

Free cash flow-$101.4M-377%

Valuation

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Market cap$350.06M+286%

Enterprise value$270.15M—

P/S0.1×-0.2×

Profitability

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Operating margin-1.9%-0.8pp

Net margin-0.8%-0.3pp

Returns & leverage

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Return on equity-117.8%+1,634pp

Debt / equity0×—

Current ratio4.1×+2.5×

Where this comes from

Calculated from Bakkt ’s reported figures.

free cash flow/total revenue=-3.4%

Based on trailing twelve months.

The official record: Bakkt ’s 10-Q, filed November 12, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bakkt 's free cash flow margin?: Bakkt (BKKT) reported free cash flow margin of -3.4% in Q3 2024.
What is the long-term trend for Bakkt 's free cash flow margin?: Over 2 years (2020 to 2022), Bakkt 's free cash flow margin has grown at a 21.3% compound annual growth rate (CAGR), from -180.8% to -266%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.