Tearsheet

Alkami Technology (ALKT)

Market Price (12/23/2025): $23.275 | Market Cap: $2.4 Bil
Sector: Information Technology | Industry: Application Software

Alkami Technology (ALKT)

Market Price (12/23/2025): $23.275
Market Cap: $2.4 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -9.5%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%		Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x
2	Low stock price volatility Vol 12M is 46%		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS).		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%
4			Key risks ALKT key risks include [1] active regulatory and securities fraud investigations and [2] a heavy customer concentration in the vulnerable regional and community bank sector.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
2	Low stock price volatility Vol 12M is 46%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS).
4	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -9.5%
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12%
6	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%
9	Key risks ALKT key risks include [1] active regulatory and securities fraud investigations and [2] a heavy customer concentration in the vulnerable regional and community bank sector.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$23.27	$36.68	$24.25	$14.59	$20.06
Market Cap CYE ($ Bil)	2.4	3.7	2.3	1.3	1.8
Total Debt ($ Bil)	0.4	0.0	0.0	0.1	0.0
Total Cash ($ Bil)	0.1	0.1	0.1	0.2	0.3
Enterprise Value ($ Bil)	2.7	3.7	2.3	1.4	1.8
Valuation Ratios
P/S TTM	5.9	10.9	8.6	6.5	8.5
P/EBIT TTM	-50.2	-90.5	-41.1	-24.0	-28.5
P/E TTM	-55.4	-88.8	-36.3	-22.6	-27.6
P/FCF TTM	100.4	337.7	-95.9	-31.2	-39.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.1	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.4	13.7	12.2	6.9	13.8

	12/23/25	2024	2023
Share Price CYE	$23.27	$36.68	$24.25
Market Cap CYE ($ Bil)	2.4	3.7	2.3
Total Debt ($ Bil)	0.4	0.0	0.0
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	2.7	3.7	2.3
Valuation Ratios
P/S TTM	5.9	10.9	8.6
P/EBIT TTM	-50.2	-90.5	-41.1
P/E TTM	-55.4	-88.8	-36.3
P/FCF TTM	100.4	337.7	-95.9
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.1	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.4	13.7	12.2

	ALKT	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	31.5%	7.3%
Rev Chg LTM	30.7%	6.0%
Rev Chg 3Y Avg	29.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-11.6%	18.8%
CFO/Rev LTM	7.9%	20.4%
Net Inc Mgn	-10.6%	13.1%
VALUATION	HIGH
P/S	5.9	3.2
P/CFO	74.9	15.5
P/FCF	100.4	20.7
P/E	-55.4	23.5
STABILITY	VERY GOOD
Debt/Equity	0.16	0.21
Cash/Assets	0.11	0.07

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Metric	Value	Date	Source
Annual Recurring Revenue	449000000	9302025	Link
Registered Users	21600000	9302025	Link
Revenue per Registered User	20.83	9302025	Link
Number of Live Clients on Digital Banking Platform	291	9302025	Link
Total Financial Institutions Served	413	9302025	Link
New Financial Institutions Onboarded in Quarter	13	9302025	Link
Implementation Backlog	67000000	9302025	Link
Credit Union Market Share Rank (by enrolled mobile users)	#1	11062024	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

ALKT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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For the approximate period leading up to December 23, 2025, Alkami Technology (ALKT) experienced negative stock movements, including declines around 9%, primarily influenced by disappointing quarterly financial results and subsequent analyst actions. 1. Alkami Technology's Q2 2025 earnings per share (EPS) significantly missed analyst expectations, falling short by 262.5%.

2. The company's Q3 2025 earnings also missed expectations, with both earnings per share and revenue falling below forecasts.

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Stock Movement Drivers

Fundamental Drivers

The -8.2% change in ALKT stock from 9/22/2025 to 12/22/2025 was primarily driven by a -13.5% change in the company's P/S Multiple.

	9222025	12222025	Change
Stock Price ($)	25.39	23.30	-8.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	385.46	412.50	7.02%
P/S Multiple	6.81	5.89	-13.46%
Shares Outstanding (Mil)	103.39	104.35	-0.92%
Cumulative Contribution			-8.24%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
ALKT	-8.2%
Market (SPY)	2.7%	22.8%
Sector (XLK)	2.7%	12.6%

Fundamental Drivers

The -19.8% change in ALKT stock from 6/23/2025 to 12/22/2025 was primarily driven by a -29.6% change in the company's P/S Multiple.

	6232025	12222025	Change
Stock Price ($)	29.06	23.30	-19.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	355.56	412.50	16.02%
P/S Multiple	8.37	5.89	-29.60%
Shares Outstanding (Mil)	102.43	104.35	-1.87%
Cumulative Contribution			-19.85%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
ALKT	-19.8%
Market (SPY)	14.4%	34.1%
Sector (XLK)	19.7%	23.1%

Fundamental Drivers

The -40.4% change in ALKT stock from 12/22/2024 to 12/22/2025 was primarily driven by a -52.2% change in the company's P/S Multiple.

	12222024	12222025	Change
Stock Price ($)	39.12	23.30	-40.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	315.56	412.50	30.72%
P/S Multiple	12.33	5.89	-52.19%
Shares Outstanding (Mil)	99.44	104.35	-4.94%
Cumulative Contribution			-40.58%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
ALKT	-40.4%
Market (SPY)	16.9%	51.8%
Sector (XLK)	23.8%	46.9%

Fundamental Drivers

The 71.1% change in ALKT stock from 12/23/2022 to 12/22/2025 was primarily driven by a 115.8% change in the company's Total Revenues ($ Mil).

	12232022	12222025	Change
Stock Price ($)	13.62	23.30	71.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	191.17	412.50	115.78%
P/S Multiple	6.50	5.89	-9.28%
Shares Outstanding (Mil)	91.18	104.35	-14.44%
Cumulative Contribution			67.51%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
ALKT	-4.7%
Market (SPY)	47.7%	50.4%
Sector (XLK)	52.9%	44.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALKT Return	�	�	-27%	66%	51%	-38%	�
Peers Return	�	�	�	17%	41%	�	�
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
ALKT Win Rate	�	25%	58%	67%	67%	50%
Peers Win Rate	�	�	36%	55%	58%	39%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ALKT Max Drawdown	�	�	-50%	-25%	-6%	-48%
Peers Max Drawdown	�	�	�	-22%	-12%	-43%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: QTWO, FI, FIS, NCNO, VYX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	ALKT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-79.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	376.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to ADSK, HIT, BMR, GLOO, KNRX

In The Past

Alkami Technology's stock fell -79.0% during the 2022 Inflation Shock from a high on 4/30/2021. A -79.0% loss requires a 376.9% gain to breakeven.

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About Alkami Technology (ALKT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Alkami Technology, Inc. offers a cloud-based digital banking platform in the United States. The company's platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, multi-tenant architecture. It offers an end- to- end set of software products, which include Alkami Platform, Retail Banking Solutions, Business Banking Solutions, and The Alkami Difference. It serves community, regional, credit unions, and retail and business banking. Alkami Technology, Inc. was founded in 2009 and is headquartered in Plano, Texas.

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Salesforce for banks and credit unions
Shopify for digital banking

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Retail Digital Banking: Provides comprehensive online and mobile banking services for individual consumers.
Business Digital Banking: Offers tailored online and mobile banking services designed for small to medium-sized businesses.
Digital Account Opening: A solution that streamlines the process for consumers and businesses to open new accounts online.
Data & Analytics: Tools that provide financial institutions with insights into customer behavior and platform performance.
Security & Compliance: Integrated features and services ensuring robust data protection and adherence to regulatory standards.

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Alkami Technology (ALKT) primarily sells its cloud-based digital banking platform and related services to other companies, specifically financial institutions. Therefore, it operates on a business-to-business (B2B) model, rather than serving individuals directly.

Alkami's customer base consists of various types of financial institutions, including:

Community Banks
Regional and Super-Regional Banks
Credit Unions

According to Alkami's annual filings with the SEC (e.g., their 10-K), no single customer accounts for 10% or more of their total revenue. This indicates that while they serve numerous financial institutions, there isn't one "major customer" in the sense of a dominant revenue contributor.

However, Alkami's platform is utilized by a wide array of financial institutions. Examples of companies that have adopted Alkami's platform include:

First Financial Bankshares, Inc. (NASDAQ: FFIN)
Cadence Bank (NYSE: CADE)
UMB Financial Corporation (NASDAQ: UMBF)
Idaho Central Credit Union (a large credit union, not publicly traded)

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Amazon.com, Inc. (AMZN)

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Alex Shootman, Chief Executive Officer

Alex Shootman has over 20 years of executive leadership experience in scaling enterprise software companies. He served as CEO of Workfront, where he more than doubled revenue over five years, leading to its $1.5 billion acquisition by Adobe in 2020. Prior to Workfront, he was President of Apptio and President of Eloqua, which he helped bring to a successful public offering before its acquisition by Oracle. Shootman has also held executive positions at Vignette, TeleTech, BMC Software, and IBM. He currently acts as an Operating Partner at Sumeru Equity Partners, advising portfolio companies.

Cassandra Hudson, Chief Financial Officer

Cassandra Hudson joined Alkami as CFO effective November 1, 2025, bringing over 20 years of finance leadership experience. Most recently, she was CFO of StackAdapt. Prior to that, she served as CFO at EngageSmart, where she guided the company through its 2021 IPO. Hudson also spent 12 years at Carbonite in various finance leadership roles, ultimately becoming Chief Accounting Officer and Vice President of Finance.

Stephen Bohanon, Founder, Chief Strategy & Product Officer

Stephen Bohanon co-founded Alkami Technology, Inc. in 2009. He oversees the company's product direction, strategy, and sales efforts. Bohanon has an extensive background in financial services, including roles at Catalyst Consulting, Metavante, ACI Worldwide, and Advanced Financial Solutions.

Deep Varma, Chief Technology Officer

Deep Varma joined Alkami in 2023 with over 20 years of Silicon Valley experience in building scalable and reliable distributed systems. He has deep expertise in artificial intelligence, big data, and leading engineering teams. Previously, Varma was CTO of Varo Bank and SVP of Engineering at Zillow, where he led engineering for Trulia. He has also held leadership roles at Yahoo!, ABB, and IBM.

Allison Cerra, Chief Marketing Officer

Allison Cerra joined Alkami in 2021 as Chief Marketing Officer. She is an award-winning marketing executive with over 20 years of experience leading marketing organizations for major technology companies. Before Alkami, Cerra led Hewlett Packard Enterprise’s global field marketing division, transforming it into a digital-first, data-centric organization. She has also held marketing leadership roles at McAfee, Alcatel-Lucent, Frontier Communications, and Verizon.

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Key Risks to Alkami Technology (ALKT)

Regulatory and Legal Investigations: Alkami Technology is currently facing a regulatory investigation into possible securities law violations and a securities fraud investigation. This is considered a significant immediate risk that could impact trust and valuation in the short term, and potentially distract management.
Cybersecurity and Data Privacy: A major breach in cybersecurity or data privacy could be catastrophic for Alkami, given that its platform handles sensitive financial data for a large number of financial institutions and millions of users. The company's reliance on third-party providers for its IT systems further accentuates this risk.
Intense Competition and Concentration in Regional Banks: Alkami operates in a highly competitive digital banking solutions market, facing competition from megabanks, larger fintech companies, and legacy providers. Furthermore, its heavy reliance on regional and community banks exposes the company to risks associated with sector consolidation, macroeconomic slowdowns, or recessions that could affect these institutions, potentially leading to slower sales cycles and reduced revenue growth.

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Alkami Technology (ALKT) provides a cloud-based digital banking platform that includes solutions for retail and business banking, digital account opening, payment security, and data analytics and marketing. For their main products and services, the addressable market sizes are:

The digital banking platform market in the U.S. is expected to reach $20 billion by 2030.
Globally, the total addressable market (TAM) for digital banking platforms is projected to be $100 billion by 2030.
Alkami's addressable market in the U.S. includes over 250 million digital users, excluding megabanks.
The broader worldwide IT spending in financial services is forecasted to reach $775 billion by 2028.

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Here are 3-5 expected drivers of future revenue growth for Alkami Technology (ALKT) over the next 2-3 years:

New Client Acquisition: Alkami Technology consistently highlights the acquisition of new financial institutions, including both banks and credit unions, as a primary driver of revenue growth. For example, in Q3 2025, Alkami added 10 new digital banking platform clients. The company also reported onboarding 13 new financial institutions in Q3 2025, including six banks, marking a record achievement. JPMorgan also pointed to Alkami completing a "record number of customers in the third quarter".
Growth in Registered Users: The expansion of the user base on the Alkami platform directly contributes to revenue. In Q1 2025, Alkami exited the quarter with 20.5 million registered users, an increase of 2.3 million compared to the prior year quarter. By Q3 2025, registered users grew to 21.6 million, an 11% increase from the prior year. Alkami's "live user backlog of 1.7 million" is considered a key leading indicator for future organic Annual Recurring Revenue (ARR) growth.
Expansion of Products and Services (ARPU Expansion & Cross-selling): Increasing the average revenue per registered user (ARPU) through add-on sales and the adoption of additional products is a significant growth strategy. Revenue per registered user increased by 19% to $20.83 in Q3 2025, and 18% to $19.74 in Q1 2025 compared to the prior-year quarter. This reflects successful cross-selling efforts and greater adoption of additional products. Alkami's add-on sales represented just under 50% of new sales for the year as of Q3 2025.
Strategic Acquisitions (e.g., MANTL): Acquisitions are expected to be accretive to Alkami's revenue growth. The MANTL acquisition, completed in Q1 2025, is projected to contribute approximately $31.4 million to Alkami's total revenue for the full year 2025, with an expected annual recurring revenue of approximately $60 million by year-end 2025. MANTL is also anticipated to be accretive to Alkami's overall revenue growth and gross margin expansion, and to Adjusted EBITDA in 2026.
Migration of Financial Institutions from Legacy Systems: Alkami operates in a substantial addressable market, with over 70% of financial institutions still utilizing legacy software. This presents a significant opportunity for Alkami to drive revenue growth by migrating these institutions to its modern digital banking platform. The company is "better positioned with smaller institutions" in this large addressable market.

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Share Issuance

Alkami Technology's initial public offering (IPO) was priced at $30.00 per share on April 15, 2021.

Inbound Investments

General Atlantic, along with related entities, purchased shares of Alkami Technology totaling $29.69 million between August 11 and August 13, 2025.

Outbound Investments

Alkami acquired MANTL in Q1 2025, a key strategic development that expanded its product offerings and addressable market.
The company has a proven ability to leverage acquisitions, citing ACH Alert and Segmint as examples.

Capital Expenditures

Alkami Technology's capital expenditures were $2.15 million in 2020, $3.70 million in 2021, $4.45 million in 2022, $6.29 million in 2023, and $7.86 million in 2024.
The company intends to invest to continue to enhance its product suite.

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BRK-B (6.3%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.6%)

Alphabet

AMZN (2.9%)

Amazon.com

TSLA (0.3%)

Tesla

		Best Bets In Information Technology Sector
	ALKT	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	-55.4	28.3	17.2	45.0	44.8	30.0	16.9	14.8	19.6	23.9	20.0
P/EBIT	-50.2	20.5	14.0	38.4	38.2	10.6	24.5	12.0	21.4	65.4	22.8
What You Get
Rev Chg Q	31.5%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	30.7%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	29.2%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	-2.3%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Alkami Technology Earnings Notes
2	With Alkami Technology Stock Surging, Have You Considered The Downside?	Return
3	Why Alkami Technology Stock Moved: ALKT Stock Has Gained 56% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
4	ALKT Dip Buy Analysis
5	Alkami Technology (ALKT) Valuation Ratios Comparison	Financials
6	Now Is Not The Time To Buy Alkami Technology Stock	Buy or Fear
7	Alkami Technology (ALKT) Operating Cash Flow Comparison	Financials
8	Alkami Technology (ALKT) Net Income Comparison	Financials
9	Alkami Technology (ALKT) Operating Income Comparison	Financials
10	Alkami Technology (ALKT) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ALKT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	15.3%	15.3%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.2%	10.2%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.6%	14.6%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	9.6%	9.6%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.4%	8.4%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Alkami Technology

Peers to compare with:

Financials

	ALKT	QTWO	FI	FIS	NCNO	VYX	Median
Name	Alkami T.	Q2	Fiserv	Fidelity.	Ncino	NCR Voyix
Mkt Price	23.30	74.92	-	66.89	26.01	10.42	26.01
Mkt Cap	2.4	4.7	35.1	34.8	3.0	1.4	3.8
Rev LTM	413	770	21,112	10,464	586	2,653	1,711
Op Inc LTM	-48	26	6,344	1,742	-5	9	18
FCF LTM	24	154	5,157	1,779	60	-601	107
FCF 3Y Avg	-3	101	4,129	786	50	-110	75
CFO LTM	32	181	6,772	2,632	67	-440	124
CFO 3Y Avg	5	129	5,640	1,642	56	158	144

Growth & Margins

	ALKT	QTWO	FI	FIS	NCNO	VYX	Median
Name	Alkami T.	Q2	Fiserv	Fidelity.	Ncino	NCR Voyix
Rev Chg LTM	30.7%	13.9%	6.7%	4.2%	12.1%	-9.6%	9.4%
Rev Chg 3Y Avg	29.2%	11.8%	7.5%	6.2%	16.3%	9,716.9%	14.0%
Rev Chg Q	31.5%	15.2%	8.0%	5.7%	9.6%	-3.4%	8.8%
QoQ Delta Rev Chg LTM	7.0%	3.6%	2.0%	1.4%	2.3%	-0.9%	2.2%
Op Mgn LTM	-11.6%	3.4%	30.0%	16.6%	-0.8%	0.3%	1.9%
Op Mgn 3Y Avg	-18.2%	-6.0%	26.7%	16.1%	-5.6%	-895.5%	-5.8%
QoQ Delta Op Mgn LTM	0.2%	2.8%	0.7%	-0.6%	2.2%	-0.0%	0.5%
CFO/Rev LTM	7.9%	23.5%	32.1%	25.2%	11.4%	-16.6%	17.5%
CFO/Rev 3Y Avg	-0.1%	18.5%	28.4%	16.0%	10.4%	3,027.9%	17.2%
FCF/Rev LTM	5.9%	20.0%	24.4%	17.0%	10.2%	-22.7%	13.6%
FCF/Rev 3Y Avg	-2.3%	14.2%	20.7%	7.5%	9.4%	1,709.7%	11.8%

Valuation

	ALKT	QTWO	FI	FIS	NCNO	VYX	Median
Name	Alkami T.	Q2	Fiserv	Fidelity.	Ncino	NCR Voyix
Mkt Cap	2.4	4.7	35.1	34.8	3.0	1.4	3.8
P/S	5.9	6.1	1.7	3.3	5.1	0.5	4.2
P/EBIT	-50.2	113.5	5.7	20.8	840.6	-180.0	13.2
P/E	-55.4	147.5	10.4	229.3	-136.7	-30.6	-10.1
P/CFO	75.0	25.9	5.2	13.2	44.3	-3.3	19.6
Total Yield	-1.8%	0.7%	9.6%	2.8%	-0.7%	-3.3%	-0.0%
Dividend Yield	0.0%	0.0%	0.0%	2.4%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-0.3%	2.7%	5.3%	1.9%	1.5%	-11.1%	1.7%
D/E	0.2	0.1	0.8	0.4	0.1	0.9	0.3
Net D/E	0.1	-0.0	0.8	0.4	0.1	0.7	0.2

Returns

	ALKT	QTWO	FI	FIS	NCNO	VYX	Median
Name	Alkami T.	Q2	Fiserv	Fidelity.	Ncino	NCR Voyix
1M Rtn	8.3%	4.1%	-	5.0%	6.6%	4.6%	5.0%
3M Rtn	-8.2%	-4.9%	-	4.1%	-14.2%	-20.0%	-8.2%
6M Rtn	-19.8%	-19.2%	-	-15.9%	-2.0%	-9.9%	-15.9%
12M Rtn	-40.4%	-28.4%	-	-16.0%	-26.1%	-25.2%	-26.1%
3Y Rtn	71.1%	197.2%	-	8.0%	0.5%	-55.1%	8.0%
1M Excs Rtn	6.6%	2.3%	-	2.7%	2.9%	1.9%	2.7%
3M Excs Rtn	-12.4%	-5.7%	-	2.9%	-14.6%	-22.6%	-12.4%
6M Excs Rtn	-37.3%	-34.3%	-	-30.5%	-15.6%	-24.5%	-30.5%
12M Excs Rtn	-55.7%	-43.9%	-	-32.0%	-41.5%	-44.4%	-43.9%
3Y Excs Rtn	-9.5%	104.7%	-	-73.0%	-77.1%	-131.5%	-73.0%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/28/2025	2/29/2024	2/24/2023	2/25/2022	4/15/2021	2/25/2022
Key Financials
Total Revenue	413	334	265	204	152	112	74
EBITDA	-27	-30	-45	-47	-42	-48	-40
Operating Income	-48	-44	-63	-70	-40	-34	-43
Net Income	-44	-41	-63	-59	-47	-51	-42
EPS	-0.43	-0.41	-0.67	-0.64	-0.73	-0.68	-0.52
Growth Rates
Total Revenue Growth	30.7%	26.1%	29.6%	34.2%	35.7%	52.5%	-
EBITDA Growth	19.1%	34.1%	4.8%	-12.2%	12.6%	-21.6%	-
Operating Income Growth	1.8%	30.0%	9.6%	-75.8%	-16.5%	19.4%	-
Net Income Growth	4.5%	35.1%	-7.4%	-25.2%	8.8%	-22.7%	-
Margins
EBITDA Margin	-6.5%	-8.9%	-16.9%	-23.1%	-27.6%	-42.9%	-53.8%
Operating Income Margin	-11.6%	-13.3%	-24.0%	-34.4%	-26.2%	-30.6%	-57.8%
Net Income Margin	-10.6%	-12.2%	-23.8%	-28.7%	-30.8%	-45.8%	-56.9%
Cash & Debt
Total Cash	91	116	92	196	309	167	12
Total Debt	378	18	19	104	25	25	0
Net Debt / (Cash)	288	-97	-73	-92	-284	-142	-12
Cash Flows
Net Cash from Operations	32	19	-18	-38	-29	-38	-39
Free Cash from Operations	24	11	-24	-42	-33	-40	-43
Returns to Shareholders
Dividends	0	-0	-0	-0	5	-0	-0
Share Repurchases	-0	-0	-0	-0	3	15	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	7/31/2025	5/1/2025	2/28/2025	10/31/2024	8/1/2024	5/2/2024	2/29/2024	11/2/2023	8/3/2023	5/4/2023	2/24/2023
Key Financials Quarterly
Total Revenue	113	112	98	90	86	82	76	71	68	66	60	56
Ebitda	-4	-7	-11	-5	-7	-9	-9	-8	-11	-13	-12	-1
Operating Income	-13	-15	-11	-9	-10	-13	-12	-13	-16	-18	-17	-18
Net Income	-15	-14	-8	-8	-9	-12	-11	-13	-15	-18	-17	-5
EPS	-0.14	-0.13	-0.08	-0.08	-0.09	-0.13	-0.12	-0.13	-0.16	-0.19	-0.18	-0.05
Key Financials TTM
Total Revenue TTM	413	385	356	334	316	297	281	265	249	235	219	204
Ebitda TTM	-27	-29	-32	-30	-33	-37	-41	-45	-38	-44	-48	-47
Operating Income TTM	-48	-46	-43	-44	-49	-54	-59	-63	-69	-72	-73	-70
Net Income TTM	-44	-38	-37	-41	-46	-52	-57	-63	-55	-60	-62	-59
Growth Rates Quarterly
Total Revenue Growth	31.5%	36.4%	28.5%	25.6%	26.9%	24.9%	26.9%	28.5%	26.8%	30.1%	33.9%	30.9%
EBITDA Growth	39.6%	26.5%	-26.3%	41.2%	38.9%	28.9%	30.7%	-505.5%	34.4%	23.1%	-3.4%	88.4%
Operating Income Growth	-21.2%	-17.4%	7.7%	33.9%	33.9%	26.7%	26.6%	28.1%	17.3%	4.0%	-16.5%	-48.7%
Net Income Growth	-56.8%	-10.3%	31.6%	39.9%	39.0%	30.7%	32.6%	-158.8%	22.8%	12.2%	-26.5%	63.2%
Margins Quarterly
EBITDA Margin	-3.5%	-6.2%	-11.1%	-5.5%	-7.7%	-11.5%	-11.3%	-11.7%	-16.0%	-20.2%	-20.7%	-2.5%
Operating Income Margin	-11.2%	-13.7%	-11.6%	-9.6%	-12.1%	-15.9%	-16.2%	-18.3%	-23.3%	-27.1%	-27.9%	-32.7%
Net Income Margin	-13.1%	-12.1%	-8.0%	-8.5%	-11.0%	-15.0%	-15.0%	-17.8%	-22.9%	-27.0%	-28.3%	-8.8%
Cash & Debt
Total Cash	91	87	95	116	101	87	87	92	178	176	185	196
Total Debt	378	403	413	18	19	19	19	19	102	101	103	104
Net Debt / (Cash)	288	316	318	-97	-82	-68	-68	-73	-76	-75	-82	-92
Cash Flows Quarterly
FCF from Operations	31	1	-6	6	11	1	1	-5	3	-6	-10	-14
Cash Flows TTM
FCF from Operations TTM	32	13	12	19	7	-1	-7	-18	-26	-34	-39	-38
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-4.4%	-4.0%	-2.1%	-4.7%	-5.7%	-7.3%	-7.0%	-7.4%	-9.4%	-10.9%	-10.5%	-10.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-3.3%	-3.0%	-3.2%	-6.0%	-6.7%	-7.6%	-8.4%	-9.2%	-10.2%	-10.9%	-11.4%	-11.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Software-as-a-service (SaaS) subscription services	252	194	144	105
Implementation services	8	7	6	5
Other services	4	3	2	2
Total	265	204	152	112

Price Behavior

Price Behavior

Market Price	$23.30
Market Cap ($ Bil)	2.4
First Trading Date	04/14/2021
Distance from 52W High	-41.6%
	50 Days	200 Days
DMA Price	$21.64	$25.21
DMA Trend	down	down
Distance from DMA	7.7%	-7.6%
	3M	1YR
Volatility	35.7%	46.7%
Downside Capture	68.00	157.96
Upside Capture	17.31	82.75
Correlation (SPY)	21.7%	51.6%

ALKT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.56	0.61	0.66	1.62	1.25	1.33
Up Beta	0.53	1.10	1.35	2.93	1.27	1.28
Down Beta	2.76	0.89	1.09	1.61	1.26	1.41
Up Capture	-17%	-33%	-31%	47%	69%	230%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	17	29	57	118	377
Down Capture	47%	88%	80%	177%	130%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	24	33	67	128	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	9,546,473
Short Interest: % Change Since 11152025	-5.7%
Average Daily Volume	1,248,148
Days-to-Cover Short Interest	7.65
Basic Shares Quantity	104,345,319
Short % of Basic Shares	9.1%

Returns Analyses

	Title
0	With Alkami Technology Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	-7.7%	-13.2%	-7.9%
7/30/2025	-14.8%	-18.2%	-1.8%
2/27/2025	6.5%	-3.4%	-8.8%
10/30/2024	-4.1%	4.4%	3.4%
7/31/2024	3.5%	-2.1%	2.4%
2/28/2024	-3.3%	-9.0%	-4.8%
11/1/2023	10.2%	21.5%	29.7%
8/2/2023	1.9%	-4.6%	7.9%
...
SUMMARY STATS
# Positive	8	5	5
# Negative	8	11	11
Median Positive	4.7%	5.9%	7.9%
Median Negative	-5.9%	-9.0%	-4.8%
Max Positive	10.2%	21.5%	29.7%
Max Negative	-14.8%	-23.5%	-31.4%

	Forward Returns
10/30/2025	-7.7%	-13.2%	-7.9%
7/30/2025	-14.8%	-18.2%	-1.8%
2/27/2025	6.5%	-3.4%	-8.8%
10/30/2024	-4.1%	4.4%	3.4%
7/31/2024	3.5%	-2.1%	2.4%
2/28/2024	-3.3%	-9.0%	-4.8%
11/1/2023	10.2%	21.5%	29.7%
8/2/2023	1.9%	-4.6%	7.9%
2/23/2023	-2.9%	-4.2%	-23.9%
11/3/2022	0.9%	2.4%	-4.7%
8/3/2022	5.9%	5.9%	-2.7%
5/5/2022	-2.3%	-13.5%	19.0%
2/23/2022	6.8%	9.7%	-2.2%
11/4/2021	-10.2%	-14.9%	-31.4%
8/4/2021	2.4%	-1.0%	-3.9%
5/11/2021	-9.4%	-23.5%	-10.5%
SUMMARY STATS
# Positive	8	5	5
# Negative	8	11	11
Median Positive	4.7%	5.9%	7.9%
Median Negative	-5.9%	-9.0%	-4.8%
Max Positive	10.2%	21.5%	29.7%
Max Negative	-14.8%	-23.5%	-31.4%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Alkami Technology (ALKT)

Market Price (12/23/2025): $23.275 | Market Cap: $2.4 BilSector: Information Technology | Industry: Application Software

Alkami Technology (ALKT)

Market Price (12/23/2025): $23.275Market Cap: $2.4 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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ALKT Stock

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INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKT: 29.2% | 5.9x)

Higher Rev Chg LTM (Value for ALKT: 30.7%)

Higher Rev Chg 3Y Avg (Value for ALKT: 29.2%)

Higher Op Mgn LTM (Value for ALKT: -11.6%)

Higher CFO/Rev LTM (Value for ALKT: 7.9%)

Higher FCF/Rev LTM (Value for ALKT: 5.9%)

Higher Total Yield (Value for ALKT: -1.8%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKT: 29.2% | 5.9x)

Higher Rev Chg LTM (Value for ALKT: 30.7%)

Higher Rev Chg 3Y Avg (Value for ALKT: 29.2%)

Higher Op Mgn LTM (Value for ALKT: -11.6%)

Higher CFO/Rev LTM (Value for ALKT: 7.9%)

Higher FCF/Rev LTM (Value for ALKT: 5.9%)

Higher Total Yield (Value for ALKT: -1.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKT: 29.2% | 5.9x)

Higher Rev Chg LTM (Value for ALKT: 30.7%)

Higher Rev Chg 3Y Avg (Value for ALKT: 29.2%)

Higher Op Mgn LTM (Value for ALKT: -11.6%)

Higher CFO/Rev LTM (Value for ALKT: 7.9%)

Higher FCF/Rev LTM (Value for ALKT: 5.9%)

Higher Total Yield (Value for ALKT: -1.8%)

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Market Price (12/23/2025): $23.275 | Market Cap: $2.4 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/23/2025): $23.275
Market Cap: $2.4 Bil
Sector: Information Technology
Industry: Application Software