Detailed financial statements for ProCap Financial, Inc. (BRR): 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.
ProCap Financial, Inc. operates as a bitcoin-native financial services company. The company is based in New York, New York.
Analysis Summary
Trailing-twelve-month margins: gross margin -9.5%, operating margin -248.6%, net margin -1640.5%.
At the current price of $3.25, BRR has negative trailing earnings (P/E not meaningful) and an ROE of -75.07%. Market capitalisation stands at $294M.
Balance sheet quality for BRR: current ratio of 87.2, net debt of $171.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2024 | 2025 |
|---|
| Revenue | 0 | $85000 |
| Cost of Revenue | 0 | $32468 |
| Gross Profit | 0 | $52531 |
| Research & Development | 0 | 0 |
| Selling, General & Admin | $23544 | $8.0M |
| Operating Expenses | $23544 | $8.0M |
| Operating Income | -$23544 | -$8.0M |
| EBITDA | -$23544 | -$8.0M |
| Interest Expense | 0 | $534054 |
| Pre-tax Income | -$23544 | -$29.0M |
| Income Tax | 0 | 0 |
| Net Income | -$23544 | -$29.0M |
| EPS | $0.00 | $-0.39 |
| EPS (Diluted) | $0.00 | $-0.39 |
| Shares Outstanding (Diluted) | $30.0M | $73.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | $85000 | $1000 | $37000 |
| Gross Profit | 0 | $85000 | $1000 | -$1.2M |
| Operating Income | -$319048 | -$7.7M | -$7.6M | -$15.0M |
| EBITDA | -$319048 | -$28.1M | -$106.4M | -$13.7M |
| Net Income | -$319048 | -$28.7M | -$107.8M | -$65.0M |
| EPS | $-0.01 | $-0.37 | $-1.30 | $-0.73 |
| EPS (Diluted) | $-0.01 | $-0.37 | $-1.30 | $-0.73 |
Balance Sheet (10y)
| Year | 2025 |
|---|
| Cash & Equivalents | $45.0M |
| Short-term Investments | 0 |
| Receivables | $45000 |
| Inventory | 0 |
| Total Current Assets | $197.0M |
| Property, Plant & Equipment | $52113 |
| Goodwill | 0 |
| Intangible Assets | $441.8M |
| Total Assets | $638.9M |
| Accounts Payable | 0 |
| Short-term Debt | 0 |
| Total Current Liabilities | $2.3M |
| Long-term Debt | $216.5M |
| Total Liabilities | $218.7M |
| Retained Earnings | -$29.0M |
| Total Equity | $420.2M |
| Total Debt | $216.5M |
| Net Debt | $171.5M |
| Working Capital | $194.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.0M | $190655 | $26.0M | $15.3M |
| Total Assets | $252.6M | $254.3M | $401.5M | $358.5M |
| Total Liabilities | $676714 | $796542 | $94.6M | $95.7M |
| Total Equity | $251.9M | $253.5M | $306.9M | $262.8M |
| Total Debt | 0 | 0 | $92.7M | $93.3M |
Cash Flow (10y)
| Year | 2025 |
|---|
| Net Income | -$29.0M |
| Depreciation & Amortization | $32468 |
| Stock-based Compensation | 0 |
| Change in Working Capital | -$350871 |
| Operating Cash Flow | -$7.6M |
| Capital Expenditure | -$84585 |
| Acquisitions | 0 |
| Stock Repurchased | -$2.8M |
| Dividends Paid | 0 |
| Free Cash Flow | -$7.7M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$565609 | -$7.4M | -$3.3M | -$11.3M |
| Capital Expenditure | 0 | 0 | -$155000 | -$151000 |
| Free Cash Flow | -$565610 | -$7.4M | -$3.4M | -$11.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $3.5M | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -122969.6% |
| Shares Change (YoY) | | +145.3% |
| Gross Margin | | 61.8% |
| Operating Margin | | -9396.9% |
| EBITDA Margin | | -9358.7% |
| Net Margin | | -34088.8% |
| FCF Margin | -9045.2% |
| Effective Tax Rate | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|
| FCF Per Share | $-0.10 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $30.0M | $73.7M |
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 | -75.07% |
| Return on Invested Capital | -8.48% |
| Return on Assets | -56.29% |
| Gross Margin | -946.34% |
| Operating Margin | -24858.03% |
| Net Margin | -164050.00% |
Financial Health
| Debt / Equity | 0.36 |
| Current Ratio | 0.18 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|
| P/E | -13243.20 | -9.05 |
| P/B | 0.00 | 0.62 |
| P/S | 0.00 | 3060.10 |
| Gross Margin | 0.0% | 61.8% |
| Operating Margin | 0.0% | -9396.9% |
| Net Margin | 0.0% | -34088.8% |