olivLaw · US equity research
Katapult Holdings, Inc. KPLT
Services-Equipment Rental & Leasing, NEC · SIC 7359 · Vertical: Services-Equipment Rental & Leasing, NEC (SIC 7359)
Katapult Holdings is a technology-driven lease-to-own platform that lets underserved U.S. nonprime consumers buy everyday durable goods through recurring lease payments. The company has grown revenue and is entering a transition with its pending merger with Aaron's and CCF Holdings, which could significantly change its capital structure. Total revenue reached 291.8 million USD in fiscal 2025.
At the close of 05 Nov 2026, Katapult Holdings, Inc. (KPLT) stock was 9.87 USD (−1.79% on the day), with market capitalisation 49.1 m USD, P/E 7.0 on diluted EPS of 1.40 USD over the last 12 months, beta 0.03, 52-week range 4.08–12.52 USD. Latest reported quarter (Q2 2026): revenue of 74.8 m USD (+4.0% YoY), net income of -4.4 m USD, diluted EPS -1.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 3.47 – 12.44
- in the upper half of the band · %B 0.71 · band width 112.8%
- SMA 50 / 200
- 7.24 / 6.81
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.12 / 0.87
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +119.3% | −5.9% | +125.3 pp | — |
| 3 months | +52.8% | −4.6% | +57.4 pp | — |
| 6 months | +42.4% | +0.2% | +42.2 pp | — |
| Year to date | +52.8% | +7.4% | +45.4 pp | — |
| 1 year | −12.0% | +8.2% | −20.2 pp | +26.0% |
| 3 years | −12.0% | +68.4% | −80.4 pp | +42.6% |
| 5 years | −90.8% | +56.5% | −147.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60.3 m | 63.0 m | 71.9 m | 71.9 m | 74.0 m | 73.9 m | 79.0 m | 74.8 m |
| Cost of revenue | 48.4 m | 55.6 m | 57.6 m | 60.7 m | 59.5 m | 62.4 m | 60.8 m | 63.3 m |
| Gross profit | 11.9 m | 7.4 m | 14.3 m | 11.2 m | 14.6 m | 11.5 m | 18.2 m | 11.5 m |
| Operating income | -4.4 m | -4.8 m | -536.0 k | -1.4 m | 2.5 m | -1.0 m | 4.3 m | -1.9 m |
| Depreciation & amortisation | 34.0 m ≈ | 37.9 m | 39.4 m | 41.8 m ≈ | 41.3 m ≈ | 41.9 m | 40.7 m | 42.0 m ≈ |
| Interest expense | 4.8 m | 4.8 m | 5.1 m | 5.4 m | 5.9 m | 4.1 m | 3.1 m | 3.2 m |
| Pre-tax income | -8.8 m | -9.5 m | -5.7 m | -7.8 m | -5.0 m | 20.1 m | 5.6 m | -4.3 m |
| Income tax | 47.0 k | 30.0 k | 29.0 k | 61.0 k | -50.0 k | 279.0 k | -44.0 k | 73.0 k |
| Net income | -8.9 m | -9.6 m | -5.7 m | -7.8 m | -4.9 m | 19.8 m | 5.7 m | -4.4 m |
| Diluted EPS | -2.05 | -2.12 ≈ | -1.23 | -1.63 | -0.94 | 3.68 ≈ | 0.07 | -1.41 |
| Operating cash flow | -5.4 m ≈ | -28.5 m | 3.4 m | -6.6 m ≈ | 4.0 m ≈ | -12.7 m | 12.2 m | -6.1 m ≈ |
| Capex | 11.0 k ≈ | 18.0 k | 24.0 k | 0 ≈ | 4.0 k ≈ | 6.0 k | 8.0 k | 16.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 4.7, median 542.4, max 1,004.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 91.9 m | 247.2 m | 303.1 m | 209.5 m | 221.6 m | 247.2 m | 291.8 m |
| Revenue YoY | unavailable | +169.1% | +22.6% | −30.9% | +5.8% | +11.6% | +18.0% |
| Net income | -18.8 m | 22.5 m | 21.2 m | -40.5 m | -36.7 m | -25.9 m | 1.4 m |
| Net income YoY | unavailable | unavailable | −5.9% | −290.9% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.73 | 0.48 | 0.26 | -10.30 | -8.97 | -5.96 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable | −45.8% | −4,061.5% | unavailable | unavailable | unavailable |
| net % | -20.5% | 9.1% | 7.0% | -19.3% | -16.5% | -10.5% | 0.5% |
| Free cash flow | -31.7 m | -2.4 m | 1.8 m | -21.0 m | -17.4 m | -32.6 m | -12.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -38.1 m USD
- Total assets
- 107.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.89x
- ROE
- unavailable
- ROA
- 1.4%
- FCF margin
- -4.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 247.2 m | 303.1 m | 209.5 m | 221.6 m | 247.2 m | 291.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 167.4 m | 214.1 m | 172.1 m | 179.9 m | 201.4 m | 240.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 79.8 m | 89.0 m | 37.4 m | 41.7 m | 45.8 m | 51.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | 36.9 m | 1.7 m | -28.4 m | -18.8 m | -8.1 m | -513.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 111.4 m | 144.0 m | 116.8 m | 126.5 m | 140.6 m | 164.3 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | 148.4 m ≈ | 145.7 m ≈ | 88.4 m ≈ | 107.7 m ≈ | 132.5 m ≈ | 163.8 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 13.6 m | 16.5 m | 19.3 m | 17.8 m | 18.9 m | 20.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Pre-tax income | 23.0 m | 21.7 m | -40.5 m | -36.5 m | -25.8 m | 1.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 487.0 k | 539.0 k | -50.0 k | 165.0 k | 143.0 k | 319.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Net income | 22.5 m | 21.2 m | -40.5 m | -36.7 m | -25.9 m | 1.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | 0.48 | 0.26 | -10.30 | -8.97 | -5.96 | -0.11 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 46.9 m | 80.6 m | 3.9 m | 4.1 m | 4.3 m | 5.0 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 65.6 m | 92.5 m | 65.4 m | 21.4 m | 3.5 m | 22.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 1.6 m | 2.0 m | 0 | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
| Current assets | 139.2 m | 164.4 m | 126.8 m | 97.6 m | 90.4 m | 105.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 1.0 m | 1.4 m | 1.3 m | 1.7 m | 1.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 139.8 m | 166.2 m | 130.1 m | 100.9 m | 93.2 m | 107.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 1.7 m | 2.0 m | 1.3 m | 903.0 k | 1.5 m | 1.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 17.3 m | 16.1 m | 50.1 m | 42.3 m | 138.7 m | 117.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 140.8 m | 125.4 m | 132.1 m | 128.9 m | 140.0 m | 118.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | -949.0 k † | 34.2 m † | -2.1 m † | -28.0 m † | -46.8 m † | -38.1 m † | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.1 m | 2.2 m | -20.8 m | -17.4 m | -32.6 m | -11.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 234.0 k | 384.0 k | 168.0 k | 20.0 k | 54.0 k | 34.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | -2.4 m ≈ | 1.8 m ≈ | -21.0 m ≈ | -17.4 m ≈ | -32.6 m ≈ | -12.0 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | -402.0 k | -1.4 m | -1.5 m | -974.0 k | -1.3 m | -1.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | 59.9 m | 26.1 m | -4.2 m | -22.6 m | 21.6 m | 20.0 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 49.1 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.77 – 28.54 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E13.77 – 28.54 (Mid 21.42)8 companies used · median multiple 15.3x · quartiles 9.8x – 20.3xAER, EQPT, MGRC, PRG, SUNB, TRTN-PA, UPBD, URI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.4% | 40 (vs peers) | 13% |
| FCF conversion · Quality | -16.3% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 11.7% | 97 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.0x | 89 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.4% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial97/100 · 1/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Katapult Holdings, Inc. (KPLT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 291.8 m USD in 2025; YoY growth 18.0%; net margin 5.4%.
The estimated value range is 13.77–28.54 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.42 USD, the price of 9.87 USD leaves a potential of 117.0% (value / price − 1) and a margin of safety of 53.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.7%
- P/E (TTM): 7.0x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -16.3%
- Interest coverage: 0.2x
- Current ratio: 0.9x
- FCF yield: -5.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Equipment Rental & Leasing, NEC (SIC 7359) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| URIUnited Rentals, Inc. | 64.6 bn | 22.6 | 30.6% | 16.3% | +4.9% | +28% / +119% |
| SUNBSunbelt Rentals Holdings, Inc. | 31.2 bn | 22.4 | 18.2% | 12.1% | +3.4% | unavailable / unavailable |
| AERAerCap Holdings N.V. | 27.7 bn | 7.8 | 21.1% | 44.0% | +6.5% | +24% / +144% |
| MGRCMcGRATH RENTCORP | 3.1 bn | 19.6 | 12.9% | 16.8% | +3.7% | +24% / +25% |
| TRTN-PATriton International Limited | 2.5 bn | 4.9 | 18.8% | 854.3% | +22.4% | −6% / −5% |
| CTOSCustom Truck One Source, Inc. | 2.1 bn | 70.4 | 3.7% | 1.4% | +7.9% | +46% / +60% |
| PRGProg Holdings, Inc. | 1.5 bn | 10.5 | 20.0% | 5.5% | +0.4% | +35% / +43% |
| UPBDUpbound Group, Inc. | 1.5 bn | 13.1 | 15.5% | 2.4% | +8.7% | +39% / −15% |
| EQPTEquipmentShare.com Inc | 1.1 bn | 17.4 | 7.4% | 1.3% | +16.3% | unavailable / unavailable |
| KPLTKatapult Holdings, Inc. | 49.1 m | 7.0 | — | 5.4% | +18.0% | −12% / −12% |
| EHGOEShallGo Inc. | — | — | -117.3% | -69.4% | +21.1% | −66% / unavailable |
1- and 3-year price returns: for KPLT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.51 Total return 47% · Per year 47% | 25.57 Total return 159% · Per year 159% | 38.41 Total return 289% · Per year 289% |
| 3 years | 16.19 Total return 64% · Per year 18% | 31.89 Total return 223% · Per year 48% | 52.28 Total return 430% · Per year 74% |
| 5 years | 18.06 Total return 83% · Per year 13% | 39.77 Total return 303% · Per year 32% | 71.17 Total return 621% · Per year 48% |
- Exit P/E± 7.97
- Net margin± 5.58
- Annual revenue growth± 4.29
- Annual dilution± 0.47
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Katapult Holdings is a technology-driven lease-to-own platform that lets underserved U.S. nonprime consumers buy everyday durable goods through recurring lease payments. The company has grown revenue and is entering a transition with its pending merger with Aaron's and CCF Holdings, which could significantly change its capital structure. Total revenue reached 291.8 million USD in fiscal 2025 1.
SWOT
Strengths
- The company has an automated decisioning technology that delivers approvals in seconds and a simplified application process, supporting continued growth in gross originations.
- Its own app channel and the KPay feature reduce dependence on individual merchant integrations and provide a direct flow of customers.
- Customer satisfaction and repeat purchase indicators are reported as high, suggesting a loyal customer base.
Weaknesses
- The company has a history of operating losses and reported a net loss in the second quarter of 2026, although the loss narrowed.
- Debt and financial covenants under the revolving credit facility limit operating flexibility and could influence the ability to fund growth.
- Revenue is recognized with a lag after originations, so financial results reflect changes in sales volume only with a delay.
Opportunities
- If the merger with Aaron's and CCF Holdings closes, the company could expand its financial product range and omnichannel reach for nonprime consumers.
- Diversifying merchants and adding partners to the app could reduce concentration risk and could support volume growth.
- A market estimated in the tens of billions of dollars offers significant room for growth, even though the current share is small.
Threats
- Closing the merger depends on stockholder and regulatory approvals, and a delay or failure could affect the company's plans.
- Changes in consumer behavior or tighter bank lending could reduce the accuracy of the decision models used to approve customers.
- Changes in laws on lease-purchase transactions and data protection could increase compliance costs.
Risks
- Merger may not be completedhigh
Closing the transactions with Aaron's and CCF Holdings depends on several conditions, including stockholder and regulatory approvals. If the merger is not completed, the company's strategy could be reassessed.
- Dilution of existing stockholdershigh
After the merger, current stockholders could hold a much smaller share of the combined company, and their value could be affected if the expected benefits do not materialize.
- Concentration on one merchantmedium
A key partner represents a significant share of gross originations, and the agreement can be terminated on short notice. Deterioration of that relationship could affect results.
- Indebtedness and covenantsmedium
The credit facility contains restrictive covenants and financial maintenance requirements, and failure to comply could lead to accelerated repayment of the debt.
- Credit and collection riskmedium
Nonprime customers are more sensitive to economic conditions, and changes in payment behavior could increase losses and reduce the effectiveness of decision models.
Investment thesis
What would need to be true (bull case)
- The company reported fifteen consecutive quarters of gross originations growth, suggesting persistent demand for its products. If the merger closes and synergies materialize, the company could become a broader omnichannel financial platform.
- Improvement in second-quarter 2026 results, including higher adjusted EBITDA and a lower net loss than a year earlier, suggests the cost structure could support profitability as volume grows.
- Reduced reliance on Wayfair and a rising share of the KPay app could lower concentration risk and strengthen the company's position with merchants.
What would break the thesis
- Growth in gross originations was modest in the second quarter of 2026 and the net loss remained negative. If the slowdown persists, pressure on profitability could increase.
- The merger involves significant dilution of existing stockholders and the integration of new entities. If integration is delayed or does not deliver the expected benefits, the value of the shares could be affected.
- Existing debt, restrictive covenants and sensitivity to funding costs could limit the company's ability to invest in growth if credit conditions become more difficult.
What to watch
- Completion of the merger with Aaron's and CCF Holdings and the final capital structureQ3 2026
- Trend in gross originations and the share of KPayQ3 2026
- Write-offs as a percentage of revenue against the 8% to 10% target rangeQ3 2026
- Concentration of originations by merchant, particularly the Wayfair sharenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Katapult operates a lease-to-own (LTO) platform that integrates with omnichannel retailers and e-commerce platforms to help U.S. nonprime consumers purchase durable goods. The customer signs a lease-purchase agreement, pays weekly, bi-weekly, semi-monthly or monthly, and can return the item or buy it at any point. The company does not charge late fees and does not increase the cash price of leased items 1.
Revenue comes mainly from recurring customer payments under lease contracts, while main costs include interest on an asset-backed revolver and servicing costs, including collections. The business carries no inventory risk, since the company does not buy, store or ship goods 1. Access channels include direct POS integration, waterfall integration, the Katapult app with KPay, and text-to-checkout for in-store leasing 1.
As transaction volume grows, the technology-driven model could allow operating leverage, since it does not require large increases in overhead to support additional sales 1. The company focuses on merchant engagement, consumer engagement through its app, and new partnerships 1.
Segments
Lease-to-own operations
The company reports one operating segment that includes all of its financial and operating performance. Revenue comes from rental payments by nonprime customers and from other revenue, mainly sales of property held for lease 1.
Market context
The company estimates the virtual LTO market has a total addressable market opportunity of 50 to 60 billion USD, and based on 2025 gross originations it believes it captures less than 1% market share. The platform is available to consumers in 46 states and the District of Columbia 1.
By the company's own statement, its market estimates may prove inaccurate, and market growth does not guarantee the business grows at the same rate. Demand depends on consumer access to credit and broader economic conditions, so segment development remains tied to the macroeconomic backdrop 2.
Trends
- Growing volume through the KPay apptailwind
The share of gross originations through KPay rose from 32% in 2024 to 42% in 2025, and reached 41% in the first half of 2026 12. If this trend holds, dependence on a single merchant could decline.
- Reduced reliance on Wayfairmixed
Wayfair's share of gross originations fell from 36% in 2024 to 25% in 2025 and to 17% in the second quarter of 2026 12. Lower concentration could reduce the risk tied to a single partner.
- Merger with Aaron's and CCF Holdingsmixed
The company agreed to merge with Aaron's and CCF Holdings, which would become wholly owned subsidiaries, and existing Katapult stockholders would hold roughly 6% of the combined company 12. Closing is expected in August 2026 but depends on stockholder and regulatory approvals 3.
- Pressure from funding costs and collectionsheadwind
Write-offs as a percentage of revenue stayed within the 8% to 10% target range in both 2025 and the second quarter of 2026, but interest costs and servicing expenses remain sensitive to the credit environment 13.
Competitive position
Katapult competes in the lease-to-own market for nonprime customers against other LTO providers and other financing solutions available to consumers with limited credit. The company argues that its total cost of ownership is lower than many competing LTO products and that customers can terminate without penalty 1.
Competing platforms can be offered by its merchant partners, since the Wayfair agreement and other e-commerce arrangements do not prohibit competitor LTO options 1. The competitive advantage therefore depends on decisioning technology, customer experience and the growth of the KPay app 1.
- Other lease-to-own providers
Companies offering comparable LTO products to nonprime customers, including through online merchants and in-store integrations, cited as rivals in the virtual LTO market.
- Waterfall financing platforms
Platforms that route credit demand across several financing and lease-purchase options, where the Katapult offer may or may not be shown depending on the match with the customer's credit profile.
- Merchants with their own financing
Retailers that offer direct financing or partnerships with other providers and that could reduce reliance on third-party solutions for customers with limited credit.
- Buy now, pay later and installment credit
Buy now, pay later and installment credit solutions that the company mentions as alternatives with different cost and obligation structures.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Oct 2026Material agreement · Financial statements and exhibits
- Current report (amendment)11 Sept 2026Financial statements and exhibits
- Current report04 Sept 2026Item 4.01 · Financial statements and exhibits
- Current report28 Aug 2026Material agreement · Financial statements and exhibits
- Current report11 Aug 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02 · Item 5.01 · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report06 Aug 2026Shareholder vote
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Other events · Financial statements and exhibits
- Current report18 Jun 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Katapult Holdings, Inc. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Katapult Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Katapult Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.