Forensic Analysis · Technology / Software · as of Aug 11, 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
Safe
Financial health
2.8
Distress distance
Clean
Earnings quality
5
Forensic signals
-45.9
P / E (ttm)
-13.2%
ROE
$2.1B
Market cap
0.00%
Dividend yield
32.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Alkami Technology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6.1%
FY2025
Return on invested capital.Return on invested capital is -6.1% in the latest fiscal year and rising from -13% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +14% over the last 3 years to FY2025 (+4.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.5% 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 ~12%.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue and 184% of free cash flow in FY2025 — about $0.73 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2021→FY2023
Shareholder 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.
+12.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +33% against revenue +33%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 32% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$443.6M
Revenue Growth YoY+32.9%
Revenue CAGR (3yr)+29.5%
Net Margin-10.7%
Free Cash Flow$41.4M
Return on Equity-13.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Alkami Technology, Inc.'s actual 10-K/10-Q/8-K filings?