Katapult Holdings, Inc. (KPLT) Stock

Katapult Holdings, Inc. (KPLT) is a Technology stock trading at $5.78 (as of 2026-08-20), with a market capitalization of $28.72M and a trailing P/E of 1.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Katapult Holdings, Inc. provides e-commerce point-of-sale lease-purchase options for nonprime consumers in the United States. Its technology platform supports an option to obtain durable goods through a network of e-commerce merchants.

Understand Katapult Holdings, Inc.: how it makes money

Katapult provides e-commerce point of sale lease purchase options for nonprime consumers in the United States, and it makes money mainly through rental revenue tied to its lease program.

Profitability is structurally driven by lease originations and their credit outcomes, because earnings depend on rental revenue while losses are reflected in lease merchandise charge write offs as a percentage of revenue.

Revenue by segment (latest quarter)
Rental	$0.1B
Other	$0.0B
Other	$0.0B

Business quality (Weak): This business model is metrics driven, with cash flow and profitability tied to how much it originates and how much of that business is lost to charge offs, so investors typically track originations and write offs together.

Valuation: Trades at 5× trailing earnings · $0B market cap.

Bull case

Repeat customers and engagement: Repeat Customer Rate is 60.9%, and the company reports 3,800,000 App Openings.
Distribution and marketplace momentum: Wayfair share of gross originations is 56.0%, Walmart durable goods share of leases originated is 6.0%, and Katapult App Marketplace Share of Gross Originations is 66.6%.
Ecosystem expansion: Merchants in the Katapult Pay Ecosystem are 40.0, with Merchant Partners Added of 42.0 and New Merchants Onboarded of 26.0.

Bear case

Credit and loss risk for nonprime customers: Lease Merchandise Charge Write-Offs as a Percentage of Revenue is 9.2%, and higher charge offs can pressure results even if originations grow.
Revenue concentration in the lease program: The segment breakdown shows Rental Revenue at 0.08B and Other Revenue at 0.0B for the latest period, leaving limited diversity outside the core lease business.
Execution risk in partner growth and conversion: While Merchant Partners Added and New Merchants Onboarded are reported, the long term impact depends on sustaining originations across merchants and the Katapult Pay ecosystem.

Valuation — source: SEC EDGAR (first-party)
Price	$5.78
Market Cap	$28.72M
P/E Ratio	1.8
EV / EBITDA	0.0
Price / Sales	0.10
FCF Yield	-9.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$291.76M
Net Margin	0.5%
Revenue Growth (YoY)	4.0%
EPS Growth (YoY)	-13.5%
FCF Growth (YoY)	-8.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.76 (distress)

Valuation vs Sector & Industry
Stock P/E	1.8
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	-94.8%
vs Industry	-94.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	IRIDIAN ASSET MANAGEMENT LLC/CT ($6.33M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Technology
Industry	Business Services
CEO	Orlando J. Zayas
Employees	94
Country	US
IPO Date	2019-12-31

Related Companies (Business model: Specialty Finance / Lending; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.