Alkami Technology, Inc.

AI-generated fair value estimate for this company.

Method: Multi-stage 10-year unlevered FCF DCF. Revenue base of $489.7M TTM (Jun-2026, per stockanalysis.com) grown at decelerating rates consistent with analyst consensus: 19% FY2026, 16.6% FY2027, then 14%, 12%, 10% in years 3-5, and 9%/8%/7%/6%/5% in years 6-10 as the company matures. Free cash flow margin assumed to expand from the current 13% TTM level (FCF of $63.2M) to 25% by year 10 as the SaaS platform scales and operating leverage improves (capex stays minimal, under 1% of revenue). Discount rate of 11% (higher-risk small-cap SaaS); terminal growth of 3%; net debt of $277.2M (total debt $358.2M less cash $81.0M) subtracted; 106.41M shares outstanding.

Reasoning: Alkami is now free-cash-flow positive (TTM FCF $63.2M, up from -$18.6M in FY2023) with revenue still growing 25%+, so a DCF grounded in its own margin-expansion trajectory is used rather than a static revenue multiple, but growth and margin assumptions are kept within the range of disclosed analyst consensus and typical mature-SaaS FCF margins to avoid overstating durability.