Estados financieros detallados de Bakkt Holdings, Inc. (BKKT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Bakkt Holdings, Inc. registró ingresos de $2.34B en el último ejercicio fiscal, con un CAGR de 5 años del 141.4%.
Márgenes de los últimos 12 meses: margen bruto -6.0%, margen operativo -11.3%, margen neto -2.8%.
Al precio actual de $7.17, BKKT presenta beneficios negativos (P/E no significativo) y un ROE del -16.48%. La capitalización bursátil es de $320M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | -$864000 | $28.5M | $37.3M | $56.2M | $780.1M | $3.49B | $2.34B |
| Coste de Ventas | $31.6M | $58.6M | 0 | $1.7M | $718.5M | $3.40B | $2.31B |
| Beneficio Bruto | -$32.5M | -$30.1M | $37.3M | $54.6M | $61.6M | $87.0M | $26.9M |
| I+D | 0 | $900000 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $2.6M | $8.2M | $168.5M | $203.0M | $166.6M | $144.2M | $122.6M |
| Gastos Operativos | $3.9M | $49.0M | $201.4M | $2.07B | $289.5M | $179.9M | $168.6M |
| Beneficio Operativo | -$35.9M | -$79.1M | -$164.1M | -$2.02B | -$227.9M | -$92.9M | -$141.7M |
| EBITDA | -$35.9M | -$43.4M | -$134.7M | -$152.0M | -$114.3M | -$83.4M | -$97.1M |
| Gastos por Intereses | 0 | 0 | $247000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$33.2M | -$79.2M | -$242.4M | -$2.00B | -$225.4M | -$103.3M | -$97.7M |
| Impuestos | -$199000 | $391000 | $11.9M | -$11.3M | $444000 | $170000 | -$49000 |
| Beneficio Neto | -$33.0M | -$79.6M | -$133.6M | -$578.1M | -$74.9M | -$46.7M | -$107.2M |
| BPA | $-0.06 | $-3.07 | $-4.24 | $-203.08 | $-21.01 | $-7.97 | $-15.71 |
| BPA Diluido | $-0.06 | $-3.07 | $-4.24 | $-203.08 | $-21.01 | $-7.97 | $-15.71 |
| Acciones en Circulación (Diluidas) | $2.0M | $2.0M | $2.3M | $2.8M | $3.6M | $5.9M | $6.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $402.2M | $299.2M | $243.6M | $170.1M |
| Beneficio Bruto | -$16.2M | -$48.1M | -$3.0M | $893000 |
| Beneficio Operativo | -$25.3M | -$63.8M | -$16.9M | -$19.6M |
| EBITDA | -$19.5M | -$68.7M | -$11.6M | $82.2M |
| Beneficio Neto | -$14.9M | -$85.3M | -$11.7M | $80.8M |
| BPA | $-2.19 | $-6.37 | $-0.87 | $1.96 |
| BPA Diluido | $-2.19 | $-6.37 | $-0.87 | $1.94 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $76.6M | $75.4M | $391.4M | $98.3M | $52.9M | $39.0M | $27.5M |
| Inversiones a Corto | $2.0M | $1.8M | 0 | $141.1M | $17.4M | 0 | $235000 |
| Cuentas por Cobrar | 0 | $8.1M | $18.1M | $25.3M | $29.7M | $6.4M | $12.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $100.1M | $132.1M | $463.5M | $326.5M | $882.6M | $183.8M | $72.2M |
| Inmovilizado Material | $11.1M | $22.2M | $17.4M | $39.4M | $11.5M | $10.0M | $1.7M |
| Fondo de Comercio | $16.9M | $233.4M | $1.53B | $15.9M | $68.0M | $68.0M | $64.7M |
| Activos Intangibles | $2.1M | $62.2M | $388.5M | $55.8M | $2.9M | $2.9M | $5.5M |
| Activos Totales | $177.7M | $468.4M | $2.41B | $455.5M | $966.9M | $269.4M | $162.8M |
| Cuentas por Pagar | $1.6M | $7.2M | $10.6M | $26.0M | $14.9M | $9.2M | $29.5M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $15.4M | $51.1M | $73.6M | $92.1M | $802.1M | $137.7M | $33.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $15.4M | $80.0M | $120.1M | $119.4M | $831.2M | $206.5M | $50.0M |
| Reservas | -$32.9M | -$112.5M | -$98.3M | -$676.4M | -$751.3M | -$798.0M | -$905.2M |
| Patrimonio Neto | $151.5M | $388.3M | $468.4M | $96.3M | $48.3M | $33.9M | $112.8M |
| Deuda Total | 0 | $2.3M | $11.3M | $26.4M | $27.2M | $19.9M | $549000 |
| Deuda Neta | -$78.6M | -$74.9M | -$380.1M | -$213.0M | -$43.1M | -$19.2M | -$27.2M |
| Capital Circulante | $84.7M | $81.0M | $389.9M | $234.3M | $80.6M | $46.1M | $39.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $58.3M | $27.0M | $80.0M | $50.0M |
| Activos Totales | $258.3M | $162.8M | $213.4M | $403.6M |
| Pasivos Totales | $129.7M | $50.0M | $42.5M | $49.2M |
| Patrimonio Neto | $114.4M | $112.8M | $170.9M | $354.4M |
| Deuda Total | $12.5M | $549000 | $79000 | $63000 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$33.0M | -$79.6M | -$183.2M | -$1.99B | -$74.9M | -$103.4M | -$132.2M |
| Amortizaciones | $87000 | $8.0M | $16.2M | $25.4M | $13.9M | $343000 | $607000 |
| Compensación en Acciones | $10.7M | $11.6M | 0 | $32.1M | $16.8M | $15.8M | $71.6M |
| Cambio en Capital Circulante | -$32.5M | $10.8M | -$24.1M | $2.9M | $41.9M | $46.3M | -$87.2M |
| Flujo de Caja Operativo | -$48.5M | -$30.9M | -$134.3M | -$117.6M | -$60.7M | -$21.2M | -$149.3M |
| Inversiones (CapEx) | -$9.2M | -$20.6M | -$15.7M | -$30.5M | -$9.4M | -$3.1M | -$3.8M |
| Adquisiciones | -$29.8M | $10.7M | $32.6M | $30.5M | -$48.5M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$84.5M | -$2.6M | -$2.6M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$57.7M | -$51.5M | -$150.0M | -$148.1M | -$70.1M | -$24.3M | -$153.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$46.7M | -$6.7M | -$12.1M | -$14.8M |
| Inversiones (CapEx) | -$3.2M | -$464000 | -$728000 | -$1.3M |
| Flujo de Caja Libre | -$49.9M | -$7.1M | -$12.8M | -$16.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | $2.8M | $1.9M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +3398.0% | +30.7% | +50.9% | +1287.5% | +347.4% | -33.1% |
| Crecimiento Beneficio Neto (anual) | | -141.4% | -67.8% | -332.9% | +87.1% | +37.7% | -129.8% |
| Crecimiento BPA (anual) | | -5324.0% | -38.1% | -4689.6% | +89.7% | +62.1% | -97.1% |
| Cambio en Acciones (anual) | | +0.0% | +14.4% | +24.5% | +25.2% | +64.3% | +16.6% |
| Crecimiento FCF (anual) | | +10.7% | -191.2% | +1.2% | +52.7% | +65.4% | -531.5% |
| Margen Bruto | 3762.4% | -105.8% | 100.0% | 97.1% | 7.9% | 2.5% | 1.1% |
| Margen Operativo | 4160.6% | -277.7% | -440.6% | -3590.8% | -29.2% | -2.7% | -6.1% |
| Margen EBITDA | 4150.6% | -152.2% | -361.7% | -270.3% | -14.6% | -2.4% | -4.2% |
| Margen Neto | 3816.7% | -279.4% | -358.5% | -1028.2% | -9.6% | -1.3% | -4.6% |
| Margen FCF | 6675.6% | -180.8% | -402.6% | -263.5% | -9.0% | -0.7% | -6.6% |
| Tasa Impositiva Efectiva | 0.6% | -0.5% | -4.9% | 0.6% | -0.2% | -0.2% | 0.1% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-28.86 | $-25.77 | $-65.60 | $-52.04 | $-19.68 | $-4.15 | $-22.47 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.0M | $2.0M | $2.3M | $2.8M | $3.6M | $5.9M | $6.8M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -16.48% |
| Rentabilidad sobre capital invertido | -33.46% |
| Rentabilidad sobre activos | -7.68% |
| Margen bruto | -5.96% |
| Margen operativo | -11.27% |
| Margen neto | -2.78% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 3.14 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4858.66 | -82.08 | -50.18 | -0.15 | -2.65 | -3.11 | -0.64 |
| P/VC | 3.63 | 1.30 | 1.04 | 0.88 | 4.11 | 4.28 | 0.61 |
| P/V | -636.19 | 17.68 | 13.06 | 1.51 | 0.25 | 0.04 | 0.03 |
| Margen Bruto | 3762.4% | -105.8% | 100.0% | 97.1% | 7.9% | 2.5% | 1.1% |
| Margen Operativo | 4160.6% | -277.7% | -440.6% | -3590.8% | -29.2% | -2.7% | -6.1% |
| Margen Neto | 3816.7% | -279.4% | -358.5% | -1028.2% | -9.6% | -1.3% | -4.6% |