Recent News
June 10, 2026: Alkami announced FDX API integration with Yodlee to advance open banking connectivity. June 17–30, 2026: multiple client success stories highlighted accelerated account opening and large deposit volumes tied to the MANTL account-opening platform, with MANTL reporting over $40 billion in deposits raised. July 30, 2026: Alkami expanded its partnership with Plaid for account linking and enriched transaction data. August 14, 2026: Strata Credit Union announced a strategic technology partnership to deliver a connected digital banking experience.
Technical Analysis
Directional indicators show a bullish directional bias: ADX at 29.96 signals a strong trend environment while DI+ at 28.76 (dip-and-reversal) and DI- at 14.36 (peak-and-reversal) together indicate a renewed upward directional pressure, favoring short-term strength versus the current valuation.
MACD sits at 0.61 but trends downward and remains below the 0.65 signal line, signaling waning bullish momentum and raising the likelihood of a corrective phase before any sustained advance.
MRO registers 0.46 with a peak-and-reversal pattern, implying price trades modestly above the model target and carrying a slight downside pull toward fair value if momentum fades.
RSI near 59.46 with a dip-and-reversal pattern shows improving buying interest without overbought conditions, supporting a constructive near-term bias while leaving room for additional upside if momentum firms.
Price structure reinforces the constructive tilt: the 12-day EMA at $20.09 trends up and the close at $20.35 sits above the 50-day ($18.26) and 200-day ($18.49) averages, while the close sits inside the upper Bollinger band range (upper 1x SD $20.55). Low relative volume—today’s volume 866,464 versus a 10-day average of 1,211,395—reduces conviction behind recent moves and increases the chance of range-bound action until volume returns.
Fundamental Analysis
Top-line and margins: total revenue $129,844,000; gross margin 56.85%. Reported revenue growth shows mixed timing signals: reported revenue growth 2.94%, quarter-over-quarter change -33.64%, and year-over-year change -79.79%, indicating recent timing distortions in reported growth rates.
Profitability: operating income stands at -$7,705,000 and EBIT at -$7,021,000; EBIT margin -5.41%, improving QoQ by +37.97% but down YoY by -58.78%. The EBIT margin compares to an industry peer mean of 39.76% and an industry peer range from -32.77% to 80.92%; Alkami’s margin sits below the industry peer mean and inside the peer range, reflecting ongoing investment and scale pressure versus peer profitability medians.
Earnings and cash flow: reported EPS $0.16 versus estimate $0.16, an EPS surprise ratio of 2%. Net income -$8,900,000 and free cash flow $19,757,000 produce a free cash flow yield of 1.08%, which sits above the industry peer mean free cash flow yield of 0.75%. Cash and short-term investments total $80,955,000 and current ratio 2.13 provides a liquidity cushion against $358,158,000 total debt, yet interest coverage at -3.36 signals operating losses relative to interest expense.
Capital structure and leverage: debt-to-assets 43.10% and debt-to-EBITDA 282.01 indicate elevated leverage relative to operating earnings; retained earnings remain negative at -$542,716,000. Asset turnover 0.1564 and return on equity -2.45% reflect low capital efficiency while research and development at $31,399,000 signals continued product investment intended to drive future revenue capture.
Valuation context: WMDST values the stock as under-valued. Trailing PE about 106.8 aligns roughly with the industry peer mean PE of 107.29, and price-to-book of 5.04 sits below the industry peer mean book multiple of 7.62. Forward P/E near 61.0 and an enterprise value to revenue profile show elevated multiples that reflect growth expectations despite current negative operating earnings; free cash flow yield above the peer mean supports the under-valued WMDST assessment when factoring cash resources and customer traction.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-29 |
| NEXT REPORT DATE: | 2026-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 40.4 M |
| Operating Cash Flow | $ 22.0 M | |
| Capital Expenditures | $ -2.26 M | |
| Change In Working Capital | $ 4.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.1 M | |
| End Period Cash Flow | $ 45.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 129.8 M | |
| Forward Revenue | $ -105.97 M | |
| COSTS | ||
| Cost Of Revenue | $ 56.0 M | |
| Depreciation | $ 6.6 M | |
| Depreciation and Amortization | $ 8.3 M | |
| Research and Development | $ 31.4 M | |
| Total Operating Expenses | $ 137.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 73.8 M | |
| EBITDA | $ 1.3 M | |
| EBIT | $ -7.02 M | |
| Operating Income | $ -7.71 M | |
| Interest Income | $ 684.0 K | |
| Interest Expense | $ 2.1 M | |
| Net Interest Income | $ -1.41 M | |
| Income Before Tax | $ -9.11 M | |
| Tax Provision | $ -212.00 K | |
| Tax Rate | 2.327 % | |
| Net Income | $ -8.90 M | |
| Net Income From Continuing Operations | $ -8.90 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.16 | |
| EPS Actual | $ 0.16 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 2.0 % | |
| Forward EPS | $ 0.27 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 831.1 M | |
| Intangible Assets | $ 549.1 M | |
| Net Tangible Assets | $ -186.43 M | |
| Total Current Assets | $ 177.5 M | |
| Cash and Short-Term Investments | $ 81.0 M | |
| Cash | $ 45.5 M | |
| Net Receivables | $ 49.7 M | |
| Inventory | — | |
| Long-Term Investments | $ 10.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 83.2 M | |
| Net Debt | $ 291.7 M | |
| Total Debt | $ 358.2 M | |
| Total Liabilities | $ 468.4 M | |
| EQUITY | ||
| Total Equity | $ 362.7 M | |
| Retained Earnings | $ -542.72 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.39 | |
| Shares Outstanding | 106.942 M | |
| Revenue Per-Share | $ 1.21 | |
| VALUATION | Market Capitalization | $ 1.8 B |
| Enterprise Value | $ 2.1 B | |
| Enterprise Multiple | 1657.195 | |
| Enterprise Multiple QoQ | 144.826 % | |
| Enterprise Multiple YoY | -483.176 % | |
| Enterprise Multiple IPRWA | ALKT: 1657.195 high: 477.541 mean: 78.425 median: 52.352 low: -246.135 |
|
| EV/R | 16.209 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.292 | |
| Asset To Liability | 1.774 | |
| Debt To Capital | 0.497 | |
| Debt To Assets | 0.431 | |
| Debt To Assets QoQ | -0.225 % | |
| Debt To Assets YoY | -10.2 % | |
| Debt To Assets IPRWA | high: 1.037 ALKT: 0.431 mean: 0.163 median: 0.075 low: 0.005 |
|
| Debt To Equity | 0.988 | |
| Debt To Equity QoQ | 2.184 % | |
| Debt To Equity YoY | -15.763 % | |
| Debt To Equity IPRWA | high: 3.078 ALKT: 0.988 mean: 0.246 median: 0.128 low: -2.107 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.039 | |
| Price To Book QoQ | -0.266 % | |
| Price To Book YoY | -35.479 % | |
| Price To Book IPRWA | high: 19.185 mean: 7.617 median: 6.661 ALKT: 5.039 low: -10.151 |
|
| Price To Earnings (P/E) | 106.801 | |
| Price To Earnings QoQ | 3.761 % | |
| Price To Earnings YoY | -73.94 % | |
| Price To Earnings IPRWA | high: 359.099 mean: 107.288 ALKT: 106.801 median: 81.648 low: -196.279 |
|
| PE/G Ratio | -18.157 | |
| Price To Sales (P/S) | 14.074 | |
| Price To Sales QoQ | -5.198 % | |
| Price To Sales YoY | -41.296 % | |
| Price To Sales IPRWA | high: 81.172 mean: 34.03 median: 32.739 ALKT: 14.074 low: 0.213 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.996 | |
| Forward PE/G | -10.37 | |
| Forward P/S | -17.265 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 14.309 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.156 | |
| Asset Turnover Ratio QoQ | 3.941 % | |
| Asset Turnover Ratio YoY | 17.066 % | |
| Asset Turnover Ratio IPRWA | high: 0.368 ALKT: 0.156 mean: 0.128 median: 0.124 low: 0.002 |
|
| Receivables Turnover | 2.762 | |
| Receivables Turnover Ratio QoQ | -3.153 % | |
| Receivables Turnover Ratio YoY | -4.455 % | |
| Receivables Turnover Ratio IPRWA | high: 5.131 ALKT: 2.762 mean: 1.418 median: 1.277 low: 0.46 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 33.033 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 18.745 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 180.031 ALKT: 18.745 mean: -23.017 median: -60.051 low: -179.144 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.377 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -0.344 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 699.9 M | |
| Net Invested Capital | $ 699.9 M | |
| Invested Capital | $ 699.9 M | |
| Net Tangible Assets | $ -186.43 M | |
| Net Working Capital | $ 94.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.973 | |
| Current Ratio | 2.133 | |
| Current Ratio QoQ | -7.193 % | |
| Current Ratio YoY | -20.339 % | |
| Current Ratio IPRWA | high: 7.228 ALKT: 2.133 mean: 1.733 median: 1.23 low: 0.314 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 282.014 | |
| Cost Of Debt | 0.57 % | |
| Interest Coverage Ratio | -3.358 | |
| Interest Coverage Ratio QoQ | 53.995 % | |
| Interest Coverage Ratio YoY | -27.176 % | |
| Interest Coverage Ratio IPRWA | high: 86.943 median: 53.499 mean: 37.413 ALKT: -3.358 low: -64.202 |
|
| Operating Cash Flow Ratio | 0.028 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 14.288 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.21 % | |
| Revenue Growth | 2.938 % | |
| Revenue Growth QoQ | -33.635 % | |
| Revenue Growth YoY | -79.792 % | |
| Revenue Growth IPRWA | high: 18.552 % median: 8.591 % mean: 8.144 % ALKT: 2.938 % low: -13.038 % |
|
| Earnings Growth | -5.882 % | |
| Earnings Growth QoQ | -106.617 % | |
| Earnings Growth YoY | -135.291 % | |
| Earnings Growth IPRWA | high: 66.142 % mean: 11.631 % median: 10.345 % ALKT: -5.882 % low: -73.529 % |
|
| MARGINS | ||
| Gross Margin | 56.847 % | |
| Gross Margin QoQ | -2.929 % | |
| Gross Margin YoY | -2.92 % | |
| Gross Margin IPRWA | high: 90.951 % mean: 71.224 % median: 67.197 % ALKT: 56.847 % low: 35.718 % |
|
| EBIT Margin | -5.407 % | |
| EBIT Margin QoQ | 37.969 % | |
| EBIT Margin YoY | -58.779 % | |
| EBIT Margin IPRWA | high: 80.922 % median: 49.869 % mean: 39.756 % ALKT: -5.407 % low: -32.768 % |
|
| Return On Sales (ROS) | -5.934 % | |
| Return On Sales QoQ | 31.196 % | |
| Return On Sales YoY | -56.68 % | |
| Return On Sales IPRWA | high: 77.678 % median: 45.111 % mean: 36.04 % ALKT: -5.934 % low: -32.768 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 19.8 M | |
| Free Cash Flow Yield | 1.081 % | |
| Free Cash Flow Yield QoQ | -374.365 % | |
| Free Cash Flow Yield YoY | -3021.622 % | |
| Free Cash Flow Yield IPRWA | high: 5.981 % ALKT: 1.081 % mean: 0.749 % median: 0.666 % low: -3.884 % |
|
| Free Cash Growth | -367.928 % | |
| Free Cash Growth QoQ | 142.911 % | |
| Free Cash Growth YoY | 323.846 % | |
| Free Cash Growth IPRWA | high: 215.912 % median: 24.274 % mean: 9.79 % low: -222.15 % ALKT: -367.928 % |
|
| Free Cash To Net Income | -2.22 | |
| Cash Flow Margin | 1.767 % | |
| Cash Flow To Earnings | -0.258 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.072 % | |
| Return On Assets QoQ | -9.84 % | |
| Return On Assets YoY | -33.827 % | |
| Return On Assets IPRWA | high: 9.707 % median: 4.924 % mean: 3.948 % ALKT: -1.072 % low: -9.216 % |
|
| Return On Capital Employed (ROCE) | -0.939 % | |
| Return On Equity (ROE) | -0.025 | |
| Return On Equity QoQ | -8.705 % | |
| Return On Equity YoY | -37.889 % | |
| Return On Equity IPRWA | high: 0.188 median: 0.081 mean: 0.068 ALKT: -0.025 low: -0.266 |
|
| DuPont ROE | -2.427 % | |
| Return On Invested Capital (ROIC) | -0.98 % | |
| Return On Invested Capital QoQ | 133.89 % | |
| Return On Invested Capital YoY | -36.031 % | |
| Return On Invested Capital IPRWA | high: 19.61 % median: 7.551 % mean: 6.135 % ALKT: -0.98 % low: -14.563 % |
|