Detailed financial statements for Centurion Acquisition Corp. (ALF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Centurion Acquisition Corp. functions as a blank check entity. Its core mission is to identify and acquire one or more operating businesses or valuable assets, which it may achieve through methods such as a merger, capital stock exchange, asset acquisition, stock purchase, or corporate reorganization.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.80, ALF trades at a P/E of 40.45 and an ROE of 8.93%. Market capitalisation stands at $388M.
Balance sheet quality for ALF: current ratio of 2.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$564445 represents -6% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $331110 | $540.52B | 0 | 0 |
| Gross Profit | 0 | -$331000 | -$540.52B | 0 | 0 |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | $2.9M | $1.13T | 0 | 0 |
| Operating Expenses | -$22166 | $3.3M | $1.0M | $467492 | 0 |
| Operating Income | -$22166 | -$3.6M | -$1.7M | -$467000 | 0 |
| EBITDA | $97379 | -$3.0M | -$428391 | -$467000 | 0 |
| Interest Expense | $8478 | $108122 | $8.48B | 0 | 0 |
| Pre-tax Income | $66735 | -$3.6M | $6.7M | $7.8M | $9.4M |
| Income Tax | 0 | 0 | $6.7M | $2.3M | 0 |
| Net Income | $66735 | -$3.6M | 0 | $5.6M | $9.4M |
| EPS | $0.01 | $-0.30 | $0.00 | $0.33 | $0.33 |
| EPS (Diluted) | $0.01 | $-0.30 | $0.00 | $0.33 | $0.33 |
| Shares Outstanding (Diluted) | $11.8M | $11.8M | $11.8M | $23.5M | $28.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$208203 | $343749 | -$201744 | -$256860 |
| EBITDA | 0 | $285546 | -$201744 | -$256860 |
| Net Income | $3.0M | $490639 | $2.5M | $956047 |
| EPS | $0.08 | $0.09 | $0.07 | $0.03 |
| EPS (Diluted) | $0.08 | $0.09 | $0.07 | $0.03 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $38890 | $8335 | $4.4M | $665430 | $100985 |
| Short-term Investments | 0 | 0 | 0 | 0 | $308.2M |
| Receivables | 0 | $1.8M | $5578 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $42541 | $1.8M | $5.3M | $798845 | $160884 |
| Property, Plant & Equipment | $107744 | $117474 | $4.1M | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $712247 | 0 | 0 |
| Total Assets | $3.4M | $7.5M | $11.4M | $296.7M | $308.3M |
| Accounts Payable | $23844 | $516705 | $2.3M | $109996 | $49404 |
| Short-term Debt | 0 | $5.6M | $98175 | 0 | 0 |
| Total Current Liabilities | $32322 | $6.4M | $2.4M | $124996 | $60485 |
| Long-term Debt | $759090 | 0 | 0 | 0 | 0 |
| Total Liabilities | $791412 | $6.4M | $2.4M | $13.8M | $13.7M |
| Retained Earnings | $64549 | -$3.5M | -$27.0M | -$13.0M | -$13.6M |
| Total Equity | $2.6M | $1.0M | $9.0M | $282.8M | -$13.6M |
| Total Debt | $759090 | $5.6M | $98175 | 0 | 0 |
| Net Debt | $720200 | $5.6M | -$4.3M | -$665430 | -$308.3M |
| Working Capital | $10219 | -$4.6M | $3.0M | $673849 | $100399 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $226905 | $100985 | $28828 | $1853 |
| Total Assets | $305.5M | $308.3M | $311.0M | $54.1M |
| Total Liabilities | $13.8M | $13.7M | $13.8M | $14.1M |
| Total Equity | -$13.5M | -$13.6M | $297.1M | $40.0M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | $66735 | -$3.6M | -$3.56T | $7.8M | $11.7M |
| Depreciation & Amortization | $22166 | $464236 | $1.2M | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $117857 | -$2.3M | $1.3M | -$33999 | $61385 |
| Operating Cash Flow | $206758 | -$3.2M | -$16.1M | -$165249 | -$564445 |
| Capital Expenditure | -$2.2M | -$1.7M | -$4.5M | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$2.0M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.0M | -$4.8M | -$20.6M | -$165249 | -$564445 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$196263 | -$125920 | -$72157 | -$26975 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$196263 | -$125920 | -$72157 | -$26975 |
| Dividends Paid | 0 | 0 | 0 | -$5.1M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income Growth (YoY) | -5433.0% | +100.0% | +68.5% | ||
| EPS Growth (YoY) | -5363.2% | +100.0% | +0.0% | ||
| Shares Change (YoY) | -0.0% | +0.0% | +99.3% | +22.3% | |
| FCF Growth (YoY) | -140.2% | -325.8% | +99.2% | -241.6% | |
| Effective Tax Rate | 0.0% | -0.0% | 100.0% | 28.9% | 0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.17 | $-0.41 | $-1.74 | $-0.01 | $-0.02 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.8M | $11.8M | $11.8M | $23.5M | $28.8M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 8.93% |
| Return on Invested Capital | -0.60% |
| Return on Assets | 12.80% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.22 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | 1754.39 | -33.33 | 0.00 | 30.61 | 32.27 |
| P/B | 45.99 | 114.41 | 13.09 | 0.84 | -22.54 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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