Alkami Technology
ALKT on Nasdaq. Alkami sells digital banking software to banks and credit unions. Market value $1.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.66 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -18 cents a year. Above 10 is good.
Quality score: 38 of 100. Price score: 20 of 100. Our list needs 70 on quality and 60 on price.
$14.11 a share, 7% above its 1-year low
Over the past year the price has ranged from $13.20 to $24.47.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $55 million in the past 12 months, $34 million in the year to December 2025.
| Revenue | |||||
| Revenue | $152m | $204m | $265m | $334m | $444m |
| Operating margin | |||||
| Operating margin | -28.2% | -28.2% | -24.1% | -13.4% | -12.1% |
| Debt to equity | |||||
| Debt to equity | 0.07 | 0.25 | 0.00 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.10bn | 0.10bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 30.7% a year
- Buying back its own sharesNo, 17% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| June 2024 | $82m |
| September 2024 | $86m |
| December 2024 | $90m |
| March 2025 | $98m |
| June 2025 | $112m |
| September 2025 | $113m |
| December 2025 | $121m |
| June 2026 | $130m |
| Quarter to | Amount |
|---|---|
| June 2024 | -$12m |
| September 2024 | -$9m |
| December 2024 | -$8m |
| March 2025 | -$8m |
| June 2025 | -$14m |
| September 2025 | -$15m |
| December 2025 | -$11m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 205 funds in all.
- Irenic CapitalAdam Katz
- Value
- $48m
- Share of fund
- 3.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| JANA PartnersBarry Rosenstein | $122m | 6.4% | Added |
| Irenic CapitalAdam Katz | $48m | 3.5% | |
| Select Equity GroupGeorge Loening | $26m | 0.1% | Added |
| First Eagle Investment ManagementMatthew McLennan | $15m | <0.1% | New |
| Royce & AssociatesChuck Royce | $5m | <0.1% | Added |
Largest holders overall
- General Atlantic, L.P.$351mAdded
- North Reef Capital Management LP$167mAdded
- JANA Partners$122mAdded
- BlackRock$111mAdded
- UBS Group AG$79mAdded
- Vanguard Portfolio Management$79mCut
- Algebris (uk)$62mAdded
- Vanguard Capital Management$53mCut
- Irenic Capital$48m
- Manufacturers Life Insurance Company, the$47mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%; 1 of them is pushing for change.
- General Atlantic, L.P.Passive investorat least 18.1%+1.8 pts(filed with 24 related holders)Since 13 May 2026
- Brian R. SmithPassive investorat least 14.7%(filed with 3 related holders)Since 31 December 2024
- General Atlantic Partners (Bermuda) T, L.P.Passive investor11.6%Since 13 August 2025
What they said
The Reporting Persons acquired the common stock reported herein for investment purposes. Consistent with such purposes, the Reporting Persons may engage in communications with, without limitation, one or more shareholders of the Company, management of the Company, one or more…
Read the filing - North Reef Capital Management LPPassive investorat least 8.6%+1.5 pts(filed with 2 related holders)Since 30 June 2026
- KAISER GEORGE BPassive investorat least 6.5%(filed with 1 related holder)Since 31 December 2024
- 6.3%+1.3 ptsSince 22 June 2026
What they said
The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person has had, and intends to have, discussions with the Issuer's board of directors and management regarding: (1) exploring…
Read the filing - BlackRock, Inc.Passive investor5.2%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Capital International InvestorsPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
General Atlantic, L.P. Passive investor | at least 18.1%+1.8 pts (filed with 24 related holders) | 13 May 2026 | |
Brian R. Smith Passive investor | at least 14.7% (filed with 3 related holders) | 31 December 2024 | |
General Atlantic Partners (Bermuda) T, L.P. Passive investor | 11.6% | 13 August 2025 | What they saidThe Reporting Persons acquired the common stock reported herein for investment purposes. Consistent with such purposes, the Reporting Persons may engage in communications with, without limitation, one or more shareholders of the Company, management of the Company, one or more… Read the filing |
North Reef Capital Management LP Passive investor | at least 8.6%+1.5 pts (filed with 2 related holders) | 30 June 2026 | |
KAISER GEORGE B Passive investor | at least 6.5% (filed with 1 related holder) | 31 December 2024 | |
6.3%+1.3 pts | 22 June 2026 | What they saidThe Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person has had, and intends to have, discussions with the Issuer's board of directors and management regarding: (1) exploring… Read the filing | |
BlackRock, Inc. Passive investor | 5.2% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Capital International Investors Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $255m of shares on the open market. 4 sold $2m.
- General Atlantic (AL) SPV, L.P.DirectorBought
- Date
- 14 May 2026
- Shares
- 675,000
- Price
- $16.49
- Value
- $11m
- General Atlantic Partners (Lux), SCSpDirectorBought
- Date
- 14 May 2026
- Shares
- 675,000
- Price
- $16.49
- Value
- $11m
- General Atlantic (AL) SPV, L.P.DirectorBought
- Date
- 13 May 2026
- Shares
- 550,000
- Price
- $16.63
- Value
- $9m
- General Atlantic Partners (Lux), SCSpDirectorBought
- Date
- 13 May 2026
- Shares
- 550,000
- Price
- $16.63
- Value
- $9m
- General Atlantic (AL) SPV, L.P.DirectorBought
- Date
- 12 May 2026
- Shares
- 750,000
- Price
- $16.87
- Value
- $13m
- General Atlantic Partners (Lux), SCSpDirectorBought
- Date
- 12 May 2026
- Shares
- 750,000
- Price
- $16.87
- Value
- $13m
- General Atlantic (SPV) GP, LLCDirectorBought
- Date
- 6 May 2026
- Shares
- 844,772
- Price
- $16.63
- Value
- $14m
- General Atlantic GenPar (Lux) SCSpDirectorBought
- Date
- 6 May 2026
- Shares
- 844,772
- Price
- $16.63
- Value
- $14m
- General Atlantic (SPV) GP, LLCDirectorBought
- Date
- 5 May 2026
- Shares
- 700,000
- Price
- $16.84
- Value
- $12m
- General Atlantic GenPar (Lux) SCSpDirectorBought
- Date
- 5 May 2026
- Shares
- 700,000
- Price
- $16.84
- Value
- $12m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 May 2026 | General Atlantic (AL) SPV, L.P. Director | Bought | 675,000 | $16.49 | $11m |
| 14 May 2026 | General Atlantic Partners (Lux), SCSp Director | Bought | 675,000 | $16.49 | $11m |
| 13 May 2026 | General Atlantic (AL) SPV, L.P. Director | Bought | 550,000 | $16.63 | $9m |
| 13 May 2026 | General Atlantic Partners (Lux), SCSp Director | Bought | 550,000 | $16.63 | $9m |
| 12 May 2026 | General Atlantic (AL) SPV, L.P. Director | Bought | 750,000 | $16.87 | $13m |
| 12 May 2026 | General Atlantic Partners (Lux), SCSp Director | Bought | 750,000 | $16.87 | $13m |
| 6 May 2026 | General Atlantic (SPV) GP, LLC Director | Bought | 844,772 | $16.63 | $14m |
| 6 May 2026 | General Atlantic GenPar (Lux) SCSp Director | Bought | 844,772 | $16.63 | $14m |
| 5 May 2026 | General Atlantic (SPV) GP, LLC Director | Bought | 700,000 | $16.84 | $12m |
| 5 May 2026 | General Atlantic GenPar (Lux) SCSp Director | Bought | 700,000 | $16.84 | $12m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.