Alkami Technology

ALKT · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

ALKT · Last close · November 6, 2026

$13.41

Alkami Technology's revenue rose 32.9% to $444 million in fiscal 2025. Its operating margin was −12.1%, up from −13.4% a year earlier. Free cash flow was $41 million, up 137.7%. The diluted share count rose 5.1%.

ALKAMI TECHNOLOGY, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001529274-26-000009 Updated November 6, 2026

Revenue

$444M

32.9%

Operating margin

−12.1%

1.3 pts

Net income

−$48M

Free cash flow

$41M

137.7%

Return on equity

−13.2%

1.3 pts

Market cap

$1.4B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Alkami Technology does

Alkami sells cloud-based online and mobile banking software to community, regional and super-regional banks and credit unions in the United States. Its platform lets these institutions open accounts, serve customers, handle payments and use data to market to their account holders. The pitch is that smaller institutions can then compete with larger banks.

Alkami earns almost all of its revenue from multi-year subscription contracts for its digital banking platform. It mostly charges per registered user, with minimum commitments for each licensed product, and the price per user falls as more of a client's customers sign up. It sells mainly through its own sales force and says a sale can take about three to 12 months, followed by six to 12 months of setup.

Alkami has grown partly by acquisition, including MANTL in March 2025, which adds account opening and loan origination. It runs on third-party data centers, mainly Amazon Web Services.

Its biggest risks, as it describes them

Failing to win new clients or to sell more products to the ones it has.
Sales cycles that are long, unpredictable and costly.
Depending on Amazon Web Services and other third parties to host and run its platform.
Defects or outages in its platform that could harm its reputation and bring liability.
Difficulty managing its fast growth and integrating acquisitions.

From Alkami Technology's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Alkami Technology lost money in fiscal 2025: a net loss of $48 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	309	196	92	—	64
Debt incl. finance leases	25	85	0	0	336
Net debt (negative means net cash)	−284	−112	−92	—	273
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.1x	0.2x	0.0x	0.0x	0.9x
Interest coverage	−36.2x	−15.0x	−8.6x	−96.8x	−5.7x
Current ratio	10.4x	5.8x	3.8x	4.0x	2.1x
Quick ratio	10.4x	5.8x	3.8x	4.0x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Alkami Technology's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Alkami Technology's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 5 insiders bought $127.4 million of Alkami Technology shares on the open market, and 4 insiders sold $1.5 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 14, 2026	General Atlantic Partners (Lux) SCSpDirector, 10% owner	Bought	675,000	$16.49	$11.1 million	Form 4
May 13, 2026	General Atlantic Partners (Lux) SCSpDirector, 10% owner	Bought	550,000	$16.63	$9.1 million	Form 4
May 12, 2026	General Atlantic Partners (Lux) SCSpDirector, 10% owner	Bought	750,000	$16.87	$12.7 million	Form 4
May 6, 2026	Atlantic GenPar (Lux) SCSp GeneralDirector, 10% owner	Bought	844,772	$16.63	$14.0 million	Form 4
May 5, 2026	Atlantic GenPar (Lux) SCSp GeneralDirector, 10% owner	Bought	700,000	$16.84	$11.8 million	Form 4
May 4, 2026	Atlantic GenPar (Lux) SCSp GeneralDirector, 10% owner	Bought	521,771	$16.92	$8.8 million	Form 4
Mar 12, 2026	Gap Coinvestments III LlcDirector, 10% owner	Bought	500,000	$18.33	$9.2 million	Form 4
Mar 11, 2026	General Atlantic Partners (Bermuda) EU L.P.Director, 10% owner	Bought	900,000	$18.41	$16.6 million	Form 4
Mar 11, 2026	Joseph P. PayneDirector	Bought	5,500	$18.23	$100,265	Form 4
Mar 10, 2026	General Atlantic Partners (Bermuda) EU L.P.Director, 10% owner	Bought	1,103,749	$17.56	$19.4 million	Form 4
Mar 9, 2026	General Atlantic Partners (Bermuda) EU L.P.Director, 10% owner	Bought	842,266	$17.35	$14.6 million	Form 4
Mar 9, 2026	Alex ShootmanChief Executive Officer, Director	Sold	10,876	$16.59	$180,433	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	3 of 9
Rule of 40	22.6%	31.3%	42.2%
Altman Z''	1.73	2.47	−0.90
Accruals ratio	−10.2%	−14.2%	−14.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	3 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Alkami Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alkami Technology	FY25	32.9%	−12.1%	9.3%	—	—	3
Yext	FY26	6.1%	10.0%	11.9%	63.1%	−0.8x	5	Compare
Xperi	FY25	−9.2%	−9.8%	−1.3%	−9.6%	−15.2x	3	Compare
Via Transportation	FY25	28.6%	−17.6%	−7.5%	—	—	—	Compare
PAR Technology	FY25	30.2%	−15.1%	−6.7%	−4.8%	—	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	74	112	152	204	265	334	444
Revenue growth	—	52.5%	35.7%	34.2%	29.6%	26.1%	32.9%
Gross profit	30	59	84	108	144	197	257
Research and development	33	40	49	69	85	96	118
Operating income	−42	−35	−43	−58	−64	−45	−54
Net income	−42	−51	−47	−59	−63	−41	−48
Diluted EPS (US$)	−9.91	−11.78	−0.73	−0.64	−0.67	−0.41	−0.46
Diluted shares (millions)	4	5	64	91	94	99	104
Cash flow
Cash from operations	−39	−38	−29	−38	−18	19	43
Capital expenditure	4	2	1	1	1	1	2
Free cash flow	−43	−40	−30	−39	−19	17	41
Dividends paid	0	0	5	0	0	0	0
Share buybacks	0	3	4	0	0	0	0
Acquisitions	0	25	18	132	0	0	376
Stock-based compensation	1	2	14	45	51	59	76
Balance sheet at fiscal year end
Cash and short-term investments	12	167	309	196	92	—	64
Debt incl. finance leases	—	25	25	85	0	0	336
Total assets	—	249	436	489	400	437	847
Total liabilities	—	69	92	155	75	80	485
Shareholders' equity	−195	−264	345	334	325	357	362
Margins and ratios
Gross margin	41.4%	52.8%	55.1%	53.0%	54.4%	58.9%	57.8%
Operating margin	−57.8%	−31.3%	−28.2%	−28.2%	−24.1%	−13.4%	−12.1%
Net margin	−56.9%	−45.8%	−30.8%	−28.7%	−23.8%	−12.2%	−10.7%
Free cash flow margin	−58.2%	−35.9%	−19.8%	−19.1%	−7.0%	5.2%	9.3%
Rule of 40 (growth + FCF margin)	—	16.6%	15.9%	15.1%	22.6%	31.3%	42.2%
Return on capital	—	—	—	−32.2%	−22.1%	—	—
Return on equity	—	—	−115.5%	−17.3%	−19.1%	−12.0%	−13.2%
Return on assets	—	—	−13.7%	−12.7%	−14.2%	−9.8%	−7.4%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alkami Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alkami Technology.