Forensic Analysis · Technology / Software · as of Jun 27, 2026
ALKAMI TECHNOLOGY, INC. (ALKT)
A forensic read on ALKAMI TECHNOLOGY, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.9
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-14.0%
ROE
$1.8B
Market cap
ALKAMI TECHNOLOGY, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6%Return on invested capital.Return on invested capital is -6% and rising from -13% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.7%/yrShare-count dilution.Diluted share count changed +14% over the last 3 years to FY2025 (+4.7%/yr). The count is GROWING — existing holders are being diluted. That's ~4.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~14%.
17% of revStock-based comp load.Stock-based compensation ran 17% of revenue and 184% of free cash flow in FY2025 — about $0.73 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $8M of buybacks + dividends in FY2021, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.
+12.8%Accruals ratio.Net operating assets grew +12.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -32% of net operating assets.
Key fundamentals
Net Margin-10.7%
Debt / Equity0.00x
Free Cash Flow$41.4M
Latest Revenue$443.6M
Return on Equity-13.2%
Revenue Growth YoY+32.9%
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown