Recent News
On August 11, 2025 a top‑20 U.S. credit union selected Alkami as its digital banking partner, covering at least 350,000 users and adding to a reported 1.3 million-user implementation backlog.
On September 10, 2025 Alkami launched a research‑backed Digital Banking Conversion Toolkit to guide financial institutions through platform switching and implementation.
On September 12, 2025 Alkami received Tearsheet’s 2025 award for Best Banking‑as‑a‑Service Platform, highlighting the company’s integrated Digital Sales & Service Platform.
Technical Analysis
Directional Indicators (ADX / DI+/DI-): ADX at 15.18 indicates no established trend in strength; DI+ at 19.31 trending down while DI‑ at 24.89 trending up suggests bearish directional pressure that weighs on near‑term upside versus the current valuation.
MACD: MACD sits at -0.27 and trends lower with the MACD below its signal line (-0.08), indicating bearish momentum and downward bias for short‑term price movement relative to moving averages.
MRO (Momentum/Regression Oscillator): MRO at -4.5 with a peak & reversal description shows price below the measured target, implying mean‑reversion potential that could support a price pullback toward fair value after recent downside.
RSI: RSI at 46.97 and decreasing signals weakening momentum below neutral, aligning with the DI/MACD signals and supporting a short‑term neutral to negative price bias against an elevated valuation.
Price Versus Moving Averages & Bands: Last close $23.56 remains below the 200‑day average $28.42 and below the 12/26‑day EMAs (12‑day EMA $24.34 decreasing; 26‑day EMA $24.67), reinforcing short‑term pressure. Bollinger upper/lower bands compress modestly (1x upper $25.52 / lower $23.78), indicating reduced volatility but no breakout confirmation. SuperTrend upper resistance near $25.73 sits above current price and frames the immediate upside hurdle.
Fundamental Analysis
Revenue and Growth: Total revenue $112,059,000 and YoY revenue growth 83.46% with QoQ growth 59.37% show strong top‑line expansion that supports forward revenue projections despite margin headwinds.
Profitability: Operating margin -13.70% and EBIT margin -13.12% reflect ongoing negative operating leverage. EBIT margin compares below the industry peer mean 34.27% and industry peer median 43.47%, indicating Alkami operates at a materially lower margin profile than typical application‑software peers.
Earnings and Cash Flow: Reported EPS $0.07 versus estimate $0.08 produced an EPS surprise of -12.5%. Free cash flow totaled -$1,002,000 with a free cash flow yield of -0.037%, while operating cash flow was positive $1,157,000—these figures show limited free‑cash conversion relative to market capitalization.
Balance Sheet & Liquidity: Cash $52,426,000 and cash & short‑term investments $87,112,000 support liquidity; current ratio 2.68 and cash ratio 1.31 provide short‑term coverage. Total debt $403,305,000 and net debt $332,782,000 produce leverage metrics that warrant monitoring alongside negative operating margins.
Valuation Multiples: Trailing P/E ~409.8x and forward P/E ~226.0x indicate elevated earnings multiples; price‑to‑book ~7.81 and price‑to‑sales ~23.97x reflect a premium revenue multiple despite depressed margins. WMDST values the stock as over‑valued, consistent with stretched multiples versus the company’s current profitability profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 61.7 M |
| Operating Cash Flow | $ 1.2 M | |
| Capital Expenditures | $ -2.16 M | |
| Change In Working Capital | $ -9.16 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -9.23 M | |
| End Period Cash Flow | $ 52.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 112.1 M | |
| Forward Revenue | $ -27.35 M | |
| COSTS | ||
| Cost Of Revenue | $ 46.4 M | |
| Depreciation | $ 6.0 M | |
| Depreciation and Amortization | $ 7.8 M | |
| Research and Development | $ 30.2 M | |
| Total Operating Expenses | $ 127.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 65.6 M | |
| EBITDA | $ -6.94 M | |
| EBIT | $ -14.70 M | |
| Operating Income | $ -15.35 M | |
| Interest Income | $ 1.2 M | |
| Interest Expense | $ 3.2 M | |
| Net Interest Income | $ -2.02 M | |
| Income Before Tax | $ -17.89 M | |
| Tax Provision | $ -4.30 M | |
| Tax Rate | 24.0 % | |
| Net Income | $ -13.59 M | |
| Net Income From Continuing Operations | $ -13.59 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.08 | |
| EPS Actual | $ 0.07 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -12.5 % | |
| Forward EPS | $ 0.13 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 840.4 M | |
| Intangible Assets | $ 576.0 M | |
| Net Tangible Assets | $ -231.98 M | |
| Total Current Assets | $ 177.8 M | |
| Cash and Short-Term Investments | $ 87.1 M | |
| Cash | $ 52.4 M | |
| Net Receivables | $ 41.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 9.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 66.4 M | |
| Net Debt | $ 332.8 M | |
| Total Debt | $ 403.3 M | |
| Total Liabilities | $ 496.4 M | |
| EQUITY | ||
| Total Equity | $ 344.0 M | |
| Retained Earnings | $ -497.61 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.31 | |
| Shares Outstanding | 104.083 M | |
| Revenue Per-Share | $ 1.08 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | -432.49 | |
| Enterprise Multiple QoQ | 46.462 % | |
| Enterprise Multiple YoY | 47.011 % | |
| Enterprise Multiple IPRWA | high: 634.148 mean: 91.454 median: 82.154 ALKT: -432.49 low: -577.222 |
|
| EV/R | 26.796 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.443 | |
| Asset To Liability | 1.693 | |
| Debt To Capital | 0.54 | |
| Debt To Assets | 0.48 | |
| Debt To Assets QoQ | -2.768 % | |
| Debt To Assets YoY | 7505.388 % | |
| Debt To Assets IPRWA | high: 1.095 ALKT: 0.48 mean: 0.161 median: 0.098 low: 0.002 |
|
| Debt To Equity | 1.172 | |
| Debt To Equity QoQ | -5.222 % | |
| Debt To Equity YoY | 14949.294 % | |
| Debt To Equity IPRWA | high: 3.008 ALKT: 1.172 mean: 0.299 median: 0.176 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.809 | |
| Price To Book QoQ | -9.793 % | |
| Price To Book YoY | -10.767 % | |
| Price To Book IPRWA | high: 34.07 mean: 12.07 median: 10.727 ALKT: 7.809 low: -16.218 |
|
| Price To Earnings (P/E) | 409.825 | |
| Price To Earnings QoQ | -12.404 % | |
| Price To Earnings YoY | -29.165 % | |
| Price To Earnings IPRWA | high: 499.385 ALKT: 409.825 mean: 131.937 median: 130.187 low: -357.639 |
|
| PE/G Ratio | 24.589 | |
| Price To Sales (P/S) | 23.975 | |
| Price To Sales QoQ | -18.893 % | |
| Price To Sales YoY | -31.21 % | |
| Price To Sales IPRWA | high: 113.355 median: 48.199 mean: 45.689 ALKT: 23.975 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 226.033 | |
| Forward PE/G | 13.562 | |
| Forward P/S | -98.214 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.192 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.134 | |
| Asset Turnover Ratio QoQ | -12.981 % | |
| Asset Turnover Ratio YoY | -34.836 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 ALKT: 0.134 mean: 0.13 median: 0.129 low: 0.0 |
|
| Receivables Turnover | 2.891 | |
| Receivables Turnover Ratio QoQ | 2.086 % | |
| Receivables Turnover Ratio YoY | 6.821 % | |
| Receivables Turnover Ratio IPRWA | high: 4.687 ALKT: 2.891 mean: 1.42 median: 1.257 low: 0.131 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 31.561 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.006 | |
| CapEx To Revenue | -0.019 | |
| CapEx To Depreciation | -0.357 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 729.2 M | |
| Net Invested Capital | $ 729.2 M | |
| Invested Capital | $ 729.2 M | |
| Net Tangible Assets | $ -231.98 M | |
| Net Working Capital | $ 111.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.312 | |
| Current Ratio | 2.678 | |
| Current Ratio QoQ | -2.747 % | |
| Current Ratio YoY | -28.596 % | |
| Current Ratio IPRWA | high: 9.787 ALKT: 2.678 mean: 1.694 median: 1.353 low: 0.079 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -58.088 | |
| Cost Of Debt | 0.593 % | |
| Interest Coverage Ratio | -4.611 | |
| Interest Coverage Ratio QoQ | -74.173 % | |
| Interest Coverage Ratio YoY | -97.17 % | |
| Interest Coverage Ratio IPRWA | high: 181.115 median: 54.034 mean: 37.814 ALKT: -4.611 low: -203.84 |
|
| Operating Cash Flow Ratio | -0.141 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 13.53 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.386 % | |
| Revenue Growth | 14.539 % | |
| Revenue Growth QoQ | 59.366 % | |
| Revenue Growth YoY | 83.457 % | |
| Revenue Growth IPRWA | high: 32.808 % ALKT: 14.539 % median: 9.099 % mean: 6.941 % low: -28.474 % |
|
| Earnings Growth | 16.667 % | |
| Earnings Growth QoQ | -136.667 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 157.143 % ALKT: 16.667 % median: 5.491 % mean: 4.771 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 58.557 % | |
| Gross Margin QoQ | -0.815 % | |
| Gross Margin YoY | -1.354 % | |
| Gross Margin IPRWA | high: 91.297 % mean: 72.328 % median: 68.585 % ALKT: 58.557 % low: 33.069 % |
|
| EBIT Margin | -13.117 % | |
| EBIT Margin QoQ | -10.256 % | |
| EBIT Margin YoY | -10.623 % | |
| EBIT Margin IPRWA | high: 74.313 % median: 43.473 % mean: 34.271 % ALKT: -13.117 % low: -124.558 % |
|
| Return On Sales (ROS) | -13.698 % | |
| Return On Sales QoQ | -6.281 % | |
| Return On Sales YoY | -6.664 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.031 % ALKT: -13.698 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.00 M | |
| Free Cash Flow Yield | -0.037 % | |
| Free Cash Flow Yield QoQ | -85.932 % | |
| Free Cash Flow Yield YoY | -30.189 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % median: 0.694 % mean: 0.529 % ALKT: -0.037 % low: -8.108 % |
|
| Free Cash Growth | -86.807 % | |
| Free Cash Growth QoQ | -68.615 % | |
| Free Cash Growth YoY | -176.852 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.216 % ALKT: -86.807 % low: -316.997 % |
|
| Free Cash To Net Income | 0.074 | |
| Cash Flow Margin | -8.372 % | |
| Cash Flow To Earnings | 0.69 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.62 % | |
| Return On Assets QoQ | 32.029 % | |
| Return On Assets YoY | -47.283 % | |
| Return On Assets IPRWA | high: 18.439 % median: 4.609 % mean: 3.907 % ALKT: -1.62 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | -1.899 % | |
| Return On Equity (ROE) | -0.04 | |
| Return On Equity QoQ | 68.846 % | |
| Return On Equity YoY | 4.94 % | |
| Return On Equity IPRWA | high: 0.214 median: 0.079 mean: 0.07 ALKT: -0.04 low: -0.337 |
|
| DuPont ROE | -4.009 % | |
| Return On Invested Capital (ROIC) | -1.532 % | |
| Return On Invested Capital QoQ | 30.161 % | |
| Return On Invested Capital YoY | -113.646 % | |
| Return On Invested Capital IPRWA | high: 14.979 % median: 7.176 % mean: 5.597 % ALKT: -1.532 % low: -13.978 % |
|