Nakamoto (NAKA)
Market Price (8/24/2026): $6.61 | Market Cap: $132.2 MilSector: Financials | Industry: Diversified Capital Markets
Nakamoto (NAKA)
Market Price (8/24/2026): $6.61Market Cap: $132.2 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2050% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -91% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Medical Cannabis Therapeutics & Clinics, Geriatric Care, Show more. | Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -168% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -240 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -609% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -120%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -120% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -302% High stock price volatilityVol 12M is 158% Key risksNAKA key risks include [1] a potential Nasdaq delisting due to its low stock price, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2050% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -91% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Medical Cannabis Therapeutics & Clinics, Geriatric Care, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -168% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -240 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -609% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 103% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -120%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -120% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -302% |
| High stock price volatilityVol 12M is 158% |
| Key risksNAKA key risks include [1] a potential Nasdaq delisting due to its low stock price, Show more. |
Qualitative Assessment
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Updated on 8/21/2026
Nakamoto (NAKA) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Significant Non-Cash Losses Counterbalanced by Operational Improvements.
Nakamoto reported a substantial GAAP operating loss of $149.1 million in fiscal Q2 2026 (ended June 30, 2026), primarily due to $105.2 million in non-cash goodwill impairment charges and $48.7 million in mark-to-market losses on digital assets from Bitcoin price declines. However, this was partially offset by the company achieving its first positive adjusted operating income of $7.3 million, driven by its new Bitcoin-focused operations.
2. Bitcoin Price Volatility Mitigated by Strategic Treasury Management.
The stock's movement was influenced by the volatility of Bitcoin's price, which led to a $102.5 million mark-to-market loss on Bitcoin holdings in fiscal Q1 2026 (ended March 31, 2026) and an additional $48.7 million loss in fiscal Q2 2026. To manage its capital structure and reduce leverage, Nakamoto paid down approximately $45 million of its Bitcoin-backed loan in fiscal Q2 2026, funded by the sale of around 600 Bitcoin and certain derivative positions for $48 million.
Show more
Nakamoto (NAKA) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Significant Non-Cash Losses Counterbalanced by Operational Improvements.
Nakamoto reported a substantial GAAP operating loss of $149.1 million in fiscal Q2 2026 (ended June 30, 2026), primarily due to $105.2 million in non-cash goodwill impairment charges and $48.7 million in mark-to-market losses on digital assets from Bitcoin price declines. However, this was partially offset by the company achieving its first positive adjusted operating income of $7.3 million, driven by its new Bitcoin-focused operations.
2. Bitcoin Price Volatility Mitigated by Strategic Treasury Management.
The stock's movement was influenced by the volatility of Bitcoin's price, which led to a $102.5 million mark-to-market loss on Bitcoin holdings in fiscal Q1 2026 (ended March 31, 2026) and an additional $48.7 million loss in fiscal Q2 2026. To manage its capital structure and reduce leverage, Nakamoto paid down approximately $45 million of its Bitcoin-backed loan in fiscal Q2 2026, funded by the sale of around 600 Bitcoin and certain derivative positions for $48 million.
Show more
Updated on 8/21/2026
Nakamoto (NAKA) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Significant Non-Cash Losses Counterbalanced by Operational Improvements.
Nakamoto reported a substantial GAAP operating loss of $149.1 million in fiscal Q2 2026 (ended June 30, 2026), primarily due to $105.2 million in non-cash goodwill impairment charges and $48.7 million in mark-to-market losses on digital assets from Bitcoin price declines. However, this was partially offset by the company achieving its first positive adjusted operating income of $7.3 million, driven by its new Bitcoin-focused operations.
2. Bitcoin Price Volatility Mitigated by Strategic Treasury Management.
The stock's movement was influenced by the volatility of Bitcoin's price, which led to a $102.5 million mark-to-market loss on Bitcoin holdings in fiscal Q1 2026 (ended March 31, 2026) and an additional $48.7 million loss in fiscal Q2 2026. To manage its capital structure and reduce leverage, Nakamoto paid down approximately $45 million of its Bitcoin-backed loan in fiscal Q2 2026, funded by the sale of around 600 Bitcoin and certain derivative positions for $48 million.
3. Completion of Business Transformation Supported by Shareholder Initiatives.
Nakamoto solidified its transition into a pure Bitcoin operating company by concluding the closure of its legacy healthcare clinics on June 19, 2026. This strategic clarity, coupled with the authorization of a $25 million share repurchase program, likely provided a floor for the stock price, contributing to its largely stable performance despite varied financial results.
Show less
Nakamoto (NAKA) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Significant Non-Cash Losses Counterbalanced by Operational Improvements.
Nakamoto reported a substantial GAAP operating loss of $149.1 million in fiscal Q2 2026 (ended June 30, 2026), primarily due to $105.2 million in non-cash goodwill impairment charges and $48.7 million in mark-to-market losses on digital assets from Bitcoin price declines. However, this was partially offset by the company achieving its first positive adjusted operating income of $7.3 million, driven by its new Bitcoin-focused operations.
2. Bitcoin Price Volatility Mitigated by Strategic Treasury Management.
The stock's movement was influenced by the volatility of Bitcoin's price, which led to a $102.5 million mark-to-market loss on Bitcoin holdings in fiscal Q1 2026 (ended March 31, 2026) and an additional $48.7 million loss in fiscal Q2 2026. To manage its capital structure and reduce leverage, Nakamoto paid down approximately $45 million of its Bitcoin-backed loan in fiscal Q2 2026, funded by the sale of around 600 Bitcoin and certain derivative positions for $48 million.
3. Completion of Business Transformation Supported by Shareholder Initiatives.
Nakamoto solidified its transition into a pure Bitcoin operating company by concluding the closure of its legacy healthcare clinics on June 19, 2026. This strategic clarity, coupled with the authorization of a $25 million share repurchase program, likely provided a floor for the stock price, contributing to its largely stable performance despite varied financial results.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 0.2% change in NAKA stock from 4/30/2026 to 8/23/2026 was primarily driven by a 2686.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.04 | 7.06 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 39 | 2686.7% |
| P/S Multiple | 54.6 | 3.6 | -93.4% |
| Shares Outstanding (Mil) | 11 | 20 | -45.3% |
| Cumulative Contribution | 0.2% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| NAKA | 0.2% | |
| Market (SPY) | 6.5% | 30.9% |
| Sector (XLF) | 10.3% | -0.8% |
Fundamental Drivers
The -50.2% change in NAKA stock from 1/31/2026 to 8/23/2026 was primarily driven by a -92.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.16 | 7.06 | -50.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 39 | 2404.9% |
| P/S Multiple | 45.7 | 3.6 | -92.2% |
| Shares Outstanding (Mil) | 5 | 20 | -74.6% |
| Cumulative Contribution | -50.2% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| NAKA | -50.2% | |
| Market (SPY) | 11.0% | 37.7% |
| Sector (XLF) | 8.1% | 14.0% |
Fundamental Drivers
The -97.6% change in NAKA stock from 7/31/2025 to 8/23/2026 was primarily driven by a -99.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 288.80 | 7.06 | -97.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 39 | 1493.8% |
| P/S Multiple | 17.8 | 3.6 | -79.9% |
| Shares Outstanding (Mil) | 0 | 20 | -99.2% |
| Cumulative Contribution | -97.6% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| NAKA | -97.6% | |
| Market (SPY) | 22.2% | 21.0% |
| Sector (XLF) | 11.1% | 12.0% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| NAKA | ||
| Market (SPY) | 73.2% | 16.5% |
| Sector (XLF) | 70.0% | 10.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NAKA Return | - | - | - | -59% | -72% | -55% | -95% |
| Peers Return | 66% | -84% | 342% | 78% | 9% | 27% | 196% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| NAKA Win Rate | - | - | - | 25% | 33% | 38% | |
| Peers Win Rate | 48% | 31% | 77% | 48% | 58% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NAKA Max Drawdown | - | - | - | - | -99% | -83% | |
| Peers Max Drawdown | -67% | -85% | -49% | -54% | -58% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, COIN, HUT.
[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] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | NAKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.1% | 23.1% |
| Time to Breakeven | 55 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -40.7% | -7.8% |
| % Gain to Breakeven | 68.7% | 8.5% |
| Time to Breakeven | 189 days | 18 days |
In The Past
Nakamoto's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | NAKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.1% | 23.1% |
| Time to Breakeven | 55 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -40.7% | -7.8% |
| % Gain to Breakeven | 68.7% | 8.5% |
| Time to Breakeven | 189 days | 18 days |
In The Past
Nakamoto's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Nakamoto (NAKA)
Nakamoto (symbol: NAKA), operating as KindlyMD, Inc., is a healthcare data company dedicated to holistic pain management and reducing the impact of the opioid epidemic. The company delivers direct outpatient clinical services that integrate prescription medicine with behavioral health therapies. Its core mission is to help chronic pain patients reduce their reliance on opioids by providing evidence-based, non-opioid alternatives in conjunction with behavioral and addiction therapy, developed by embedded prescriber and therapist teams.
KindlyMD's current main services include a variety of evaluation and management offerings such as chronic pain treatment, functional medicine, cognitive behavioral therapy, trauma and addiction therapy, recovery support, and preventative care. These services are offered on a fee-for-service basis, with forecasted plans to include reimbursement from Medicare, Medicaid, and commercial insurance payers. The company also generates revenue through product retail sales.
Beyond direct patient care, KindlyMD collects valuable data on how and why patients transition to alternative treatments, aiming to become a significant source for evidence-based guidelines and treatment models in the fight against the opioid crisis. Future revenue streams are projected to expand beyond patient services and retail to include data collection and research, educational partnerships, and service affiliate agreements, serving a broader market including researchers, healthcare institutions, and payers.
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1. Livongo Health for holistic pain management and opioid addiction.
2. 'One Medical' for chronic pain and opioid reduction, but with a mission to be a leading data platform for the opioid crisis.
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- Holistic Pain Management and Addiction Treatment Services: Provides integrated medical and behavioral health services aimed at reducing opioid use and treating chronic pain, addiction, and related conditions.
- Healthcare Data Collection and Research: Gathers valuable data on patient responses to alternative treatments and addiction patterns to inform evidence-based guidelines.
- Retail Product Sales: Sells various products, contributing to a current and forecasted revenue stream.
- Healthcare Education Partnerships: Engages in collaborations to educate healthcare providers and the public on non-opioid treatments and addiction prevention.
- Service Affiliate Agreements: Establishes partnerships for broader service delivery and market penetration.
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KindlyMD, operating under the symbol NAKA, primarily serves individual patients directly. Based on the company's description, its major customer categories are:
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Chronic Pain Patients: Individuals seeking holistic, evidence-based, and non-opioid alternatives for managing chronic pain, with a focus on reducing opioid use and dependency.
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Patients at Risk of or Recovering from Opioid Addiction/Dependency: Individuals who are seeking to prevent or reduce addiction and dependency on opiates, including those needing recovery support services, overdose education, and trauma/addiction therapy.
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Individuals Seeking General Health and Wellness Services: Patients utilizing services such as functional medicine, cognitive behavioral therapy, preventative medicine, medically managed weight loss, hormone therapy, and limited urgent care services, which contribute to overall well-being beyond specific pain or addiction treatment.
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The key risks for KindlyMD (NAKA) are:
- Reimbursement and Regulatory Risk: KindlyMD's current and forecasted revenue streams rely heavily on patient care services reimbursed by Medicare, Medicaid, and commercial insurance payers. Therefore, changes in government healthcare policies, insurance company reimbursement rates, or stricter regulations concerning pain management, opioid alternatives, and behavioral health services could significantly impact the company's financial viability and operational model.
- Data Privacy, Security, and Monetization Risk: As a "healthcare data company" that plans to generate revenue from data collection and research, KindlyMD faces substantial risks related to data privacy and security. Handling sensitive health information necessitates strict compliance with regulations like HIPAA. Data breaches, non-compliance with privacy laws, or difficulties in monetizing healthcare data due to regulatory hurdles or limited market demand could lead to significant financial penalties, reputational damage, and hinder a key forecasted revenue stream.
- Market Adoption and Efficacy of Treatment Model Risk: KindlyMD's core mission is to reduce opioid use through an integrated model of prescriber and therapist teams employing "effective and evidence-based non-opioid alternatives." The success of the business depends on the widespread acceptance and proven efficacy of this treatment model. If their methods do not gain broad market adoption among patients and healthcare providers, or if the long-term effectiveness is not adequately demonstrated or questioned, it could negatively impact patient acquisition, partnership opportunities, and the company's ability to establish itself as a credible source for treatment guidelines.
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The potential emergence of large technology companies (e.g., Google, Apple, Amazon, Microsoft) leveraging their significant data infrastructure and advanced AI/machine learning capabilities to enter the specialized market of holistic pain management and opioid addiction treatment. These entities could develop highly scalable, data-driven digital platforms offering personalized treatment programs and evidence-based guidelines, potentially surpassing KindlyMD's ability to collect and leverage proprietary data and provide integrated care on a broader scale, thus directly challenging KindlyMD's core services and its ambition to become a leading source for data and treatment models.
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Nakamoto Inc. (NAKA), which operates its healthcare services through its wholly-owned subsidiary KindlyMD, Inc., addresses several significant markets within the healthcare sector in the United States.
The primary addressable markets for Nakamoto's main products and services are:
- Addiction Treatment Market (U.S.): The U.S. addiction treatment market was valued at an estimated USD 2.44 billion in 2024 and is projected to grow to approximately USD 4.31 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 5.85% from 2025 to 2034. North America, predominantly the U.S., accounted for 37% of the global addiction treatment market in 2024.
- Opioid Use Disorder (OUD) Treatment Market (U.S.): The U.S. market for opioid use disorder treatment is substantial, with an estimated value of USD 3.37 billion in 2025, projected to reach about USD 9.48 billion by 2035, growing at a CAGR of 10.9% from 2026 to 2035. Another report estimates the U.S. OUD market at USD 3.92 billion in 2025, with a projected increase to USD 9.27 billion by 2034 at a CAGR of 9.70% from 2026–2034.
- Behavioral Health Services Market (U.S.): This market, encompassing services like cognitive behavioral therapy and trauma therapy, was valued at USD 66.79 billion in 2025 and is expected to exceed USD 96.80 billion by 2035, with a CAGR of 3.78% from 2026 to 2035. Other estimates place the U.S. behavioral health market at over USD 89 billion in 2024, anticipated to reach USD 165.4 billion by 2034 with a 6.4% CAGR from 2025 to 2034.
- Chronic Pain Management Market (U.S.): The U.S. pain management market, which includes various therapies beyond just pharmaceuticals, was valued at USD 31.18 billion in 2025, projected to reach USD 42.87 billion by 2034, growing at a CAGR of 3.6% from 2026 to 2034. The broader chronic pain market in the U.S. was valued at USD 21.2 billion in 2023 and is expected to reach USD 28.9 billion by 2034.
- Mental Health and Addiction Treatment Centers Market (U.S.): A more comprehensive market that combines mental health and addiction treatment services was estimated at USD 143.62 billion in 2024 and is projected to reach USD 408.12 billion by 2033, expanding at a CAGR of 12.3% from 2025 to 2033.
- Healthcare Data Analytics Market (U.S.): KindlyMD's focus on data collection and research falls within the U.S. healthcare analytics market, which was estimated at USD 21.21 billion in 2024 and is projected to reach USD 67.48 billion by 2033, with a CAGR of 12.76% from 2025 to 2033. The U.S. healthcare big data analytics market was valued at USD 24.7 billion in 2025 and is projected to reach USD 62.43 billion by 2034.
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The following are 3-5 expected drivers of future revenue growth for Nakamoto (NAKA) over the next 2-3 years:
- Expansion of Patient Care Services and Payer Coverage: KindlyMD anticipates significant revenue growth through the expansion of its medical evaluation and treatment visits. This includes increasing patient volume for existing services, broadening the range of specialized outpatient clinical services such as chronic pain management, functional medicine, and various therapies, and securing wider reimbursement from Medicare, Medicaid, and commercial insurance payers, in addition to self-pay services.
- Monetization of Data Collection and Research: A key driver will be the establishment of data collection and research as a dedicated revenue stream. KindlyMD collects valuable data on patient responses to alternative treatments and opioid reduction strategies, which it intends to leverage for commercial purposes.
- Development of Education Partnerships: The company plans to generate revenue through education partnerships. As KindlyMD aims to become a source for evidence-based guidelines, treatment models, and education in addressing the opioid crisis, these partnerships will provide a new avenue for growth.
- Formation of Service Affiliate Agreements: KindlyMD expects future revenue growth from establishing service affiliate agreements, indicating a strategy to partner with other entities to extend its service reach or offerings.
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Share Repurchases
- In December 2025, KindlyMD authorized a share repurchase program for up to $10 million of its outstanding common stock.
- As of available records, no actual share repurchases have been made under the authorized program.
Share Issuance
- In August 2025, KindlyMD announced a $5 billion at-the-market (ATM) equity offering program to be used for general corporate purposes, including its Bitcoin Treasury Strategy, working capital, acquisitions, and capital expenditures.
- As part of its merger with Nakamoto Holdings Inc. in August 2025, KindlyMD engaged in a $710 million Private Investment in Public Equity (PIPE) offering, consisting of $510 million in common shares and pre-funded warrants, and $200 million in senior secured convertible notes.
- In February 2026, Nakamoto Inc. issued approximately 364.8 million shares of common stock, valued at about $81.6 million, to complete the all-stock acquisitions of BTC Inc. and UTXO Management.
Inbound Investments
- KindlyMD raised approximately $540 million from a private placement and secured $200 million in convertible notes in August 2025 as part of its merger with Nakamoto Holdings Inc., intended to fund Bitcoin purchases.
Outbound Investments
- In August 2025, KindlyMD acquired 5,743.91 Bitcoin for approximately $679 million, bringing its total holdings to 5,764.91 BTC.
- In February 2026, Nakamoto Inc. completed the acquisitions of BTC Inc. and UTXO Management through an all-stock transaction valued at roughly $81.6 million, expanding its Bitcoin-native enterprise portfolio.
Capital Expenditures
- Nakamoto Inc. reported capital expenditures of $13.3K in December 2021.
- In Q3 2024, capital expenditures by Nakamoto Inc. were $2.
Peer Outperformance in Diversified Capital Markets
nullShare of Diversified Capital Markets constituents that NAKA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
0%
of 33 industry peers · -98.3% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is NAKA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.7% | 134.1% | 133.9% | IBKR 512% · SNEX 252% · GS 187% |
| Reinsurance | 6 | 19.3% | 80.7% | 117.8% | SPNT 140% · MTG 130% · RGA 128% |
| Diversified Banks | 12 | 37.4% | 131.6% | 101.7% | JPM 153% · CM 148% · RY 135% |
| Life & Health Insurance | 19 | 11.2% | 56.2% | 84.8% | UNM 285% · FG 197% · MFC 172% |
| Regional Banks | 263 | 25.9% | 86.0% | 64.5% | GCBC 395% · ESQ 364% · NBN 297% |
| Property & Casualty Insurance | 42 | 11.1% | 74.2% | 63.8% | ASIC 2583900% · HRTG 433% · UVE 278% |
| Multi-line Insurance | 9 | 13.5% | 78.4% | 57.8% | GNW 176% · L 101% · SLF 86% |
| Consumer Finance | 30 | 10.1% | 87.8% | 34.4% | ENVA 660% · EZPW 391% · FCFS 185% |
| Multi-Sector Holdings | 6 | 1.4% | 16.7% | 33.9% | JEF 78% · BRK-B 73% · VOYA 66% |
| Insurance Brokers | 15 | -9.5% | 11.4% | 33.7% | LIFE 571% · AJG 94% · ARX 87% |
| Asset Management & Custody Banks | 83 | -8.7% | 23.5% | 25.5% | SII 341% · WT 303% · VCTR 289% |
| Financial Exchanges & Data | 15 | -1.6% | 14.2% | 13.9% | VIRT 216% · CBOE 156% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -31.1% | 19.6% | 4.5% | FNMA 474% · FMCC 460% · ESNT 60% |
| Specialized Finance | 3 | 18.7% | 53.6% | 3.7% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.2% | 13.6% | -11.5% | RITM 61% · NREF 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 1.4% | 8.4% | -41.3% | MA 65% · V 65% · CPAY 58% |
| Diversified Capital Markets ← | 21 | -29.3% | -4.7% | -45.9% | BTCS 584% · OPY 176% · LPLA 153% |
| Diversified Financial Services | 5 | -6.3% | 63.2% | -58.0% | FRHC 166% · EQH 80% · TMS -58% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kindly MD Earnings Notes | 12/16/2025 | |
| Can Kindly MD Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.34 |
| Mkt Cap | 8.2 |
| Rev LTM | 586 |
| Op Inc LTM | -208 |
| FCF LTM | -1,168 |
| FCF 3Y Avg | -787 |
| CFO LTM | -68 |
| CFO 3Y Avg | -60 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.2% |
| Rev Chg 3Y Avg | 49.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | -64.7% |
| Op Inc Chg 3Y Avg | -146.0% |
| Op Mgn LTM | -59.6% |
| Op Mgn 3Y Avg | -59.8% |
| QoQ Delta Op Mgn LTM | -1.9% |
| CFO/Rev LTM | -50.6% |
| CFO/Rev 3Y Avg | -54.9% |
| FCF/Rev LTM | -158.4% |
| FCF/Rev 3Y Avg | -196.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare operations | 2 | 3 | |||
| Bitcoin Operations | 0 | 0 | |||
| Other | 0 | 0 | |||
| Patient care services | 4 | 4 | 2 | ||
| Product retail sales | 0 | 0 | 0 | ||
| Service affiliate agreements | 0 | ||||
| Total | 2 | 3 | 4 | 4 | 3 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Healthcare operations | -7 | -3 |
| Other | -13 | 0 |
| Bitcoin Operations | -177 | 0 |
| Total | -197 | -3 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Bitcoin Operations | 508 | 0 |
| Other assets | 220 | 0 |
| Healthcare operations | 2 | 4 |
| Total | 731 | 4 |
Price Behavior
Price Behavior
| Market Price | $7.06 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/31/2024 | |
| Distance from 52W High | -98.3% | |
| 50 Days | 200 Days | |
| DMA Price | $4.55 | $10.85 |
| DMA Trend | down | down |
| Distance from DMA | 55.1% | -34.9% |
| 3M | 1YR | |
| Volatility | 111.0% | 158.6% |
| Downside Capture | 277.51 | 547.63 |
| Upside Capture | 234.82 | -32.34 |
| Correlation (SPY) | 34.3% | 20.5% |
NAKA Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.76 | 3.50 | 2.83 | 2.86 | 2.82 | -0.80 |
| Up Beta | 7.86 | 7.09 | 3.70 | 3.33 | 2.30 | 0.43 |
| Down Beta | 3.41 | 3.01 | 1.65 | 1.20 | 2.61 | -0.26 |
| Up Capture | 657% | 176% | 174% | 189% | -13% | 18% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 16 | 26 | 51 | 95 | 220 |
| Down Capture | 263% | 275% | 310% | 257% | 196% | 111% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 27 | 37 | 74 | 156 | 314 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -98.3% | 158.1% | -1.76 | - |
| Sector ETF (XLF) | 10.1% | 14.6% | 0.44 | 10.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 20.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 10.9% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 2.0% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 1.6% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 34.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -43.4% | 260.2% | 0.37 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 10.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 16.5% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | -2.0% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -0.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 1.6% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 11.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -24.7% | 260.2% | 0.37 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 10.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 16.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | -2.0% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | -0.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 1.6% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.0% | 43.2% | |
| 5/13/2026 | 8.4% | -7.0% | -36.4% |
| 11/19/2025 | -9.6% | -7.2% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.2% | 43.2% | |
| Median Negative | -9.6% | -7.1% | -30.1% |
| Max Positive | 8.4% | 43.2% | |
| Max Negative | -9.6% | -7.2% | -36.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.0% | 43.2% | |
| 5/13/2026 | 8.4% | -7.0% | -36.4% |
| 11/19/2025 | -9.6% | -7.2% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.2% | 43.2% | |
| Median Negative | -9.6% | -7.1% | -30.1% |
| Max Positive | 8.4% | 43.2% | |
| Max Negative | -9.6% | -7.2% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/27/2024 | 10-Q |
| 12/31/2023 | 05/15/2024 | 424B4 |
| 06/30/2023 | 09/20/2023 | S-1 |
| 03/31/2023 | 06/20/2023 | DRS/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/27/2024 | 10-Q |
| 12/31/2023 | 05/15/2024 | 424B4 |
| 06/30/2023 | 09/20/2023 | S-1 |
| 03/31/2023 | 06/20/2023 | DRS/A |
Recent Forward Guidance
Updated 8/20/2026Latest: Q2 2026 Earnings Reported 8/14/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Healthcare Operations Expenses | |||||||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bailey, David F | Chief Executive Officer | Direct | Buy | 8202026 | 5.12 | 4,918 | 25,161 | 16,271,298 | Form |
| 2 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.62 | 55,115 | 309,516 | 17,832,898 | Form |
| 3 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 4.84 | 104,833 | 507,342 | 15,101,076 | Form |
| 4 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.58 | 31,500 | 175,770 | 16,826,646 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bailey, David F | Chief Executive Officer | Direct | Buy | 8202026 | 5.12 | 4,918 | 25,161 | 16,271,298 | Form |
| 2 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.62 | 55,115 | 309,516 | 17,832,898 | Form |
| 3 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 4.84 | 104,833 | 507,342 | 15,101,076 | Form |
| 4 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.58 | 31,500 | 175,770 | 16,826,646 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/23/2026