Detailed financial statements for Cartesian Growth Corporation III (CGCT): 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.
Cartesian Growth Corporation III (CGC III) operates as a special purpose acquisition company (SPAC), having been established in 2024 as an exempted entity under Cayman Islands law. Its core mission is to achieve a significant business combination, which may take the form of a merger, share exchange, asset purchase, stock acquisition, corporate reorganization, or similar strategic transaction with one or more existing enterprises or organizations.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $14.46, CGCT has negative trailing earnings (P/E not meaningful) and an ROE of -2.12%. Market capitalisation stands at $399M.
Balance sheet quality for CGCT: current ratio of 0.9. 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 -$504499 represents -8% 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Cost of Revenue | 0 | 0 |
| Gross Profit | 0 | 0 |
| Research & Development | 0 | 0 |
| Selling, General & Admin | $42620 | $1.2M |
| Operating Expenses | $42620 | $1.2M |
| Operating Income | -$42620 | -$1.2M |
| EBITDA | -$42620 | -$1.2M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$42620 | $6.2M |
| Income Tax | 0 | 0 |
| Net Income | -$42620 | $6.2M |
| EPS | $-0.00 | $0.34 |
| EPS (Diluted) | $-0.00 | $0.34 |
| Shares Outstanding (Diluted) | $34.5M | $18.2M |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $624163 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $3202 | $740139 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $266878 | $284.2M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | $41626 | 0 |
| Total Current Liabilities | $284498 | $834869 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $284498 | $14.0M |
| Retained Earnings | -$42620 | -$13.2M |
| Total Equity | -$17620 | $270.2M |
| Total Debt | $41626 | 0 |
| Net Debt | $41626 | -$624163 |
| Working Capital | -$281296 | -$94730 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | -$255 | $4.6M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | 0 | $633258 |
| Operating Cash Flow | 0 | -$504499 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | 0 | -$504499 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +14691.9% | |
| EPS Growth (YoY) | +28433.3% | |
| Shares Change (YoY) | -47.3% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $0.00 | $-0.03 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $34.5M | $18.2M |
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 | -2.12% |
| Return on Invested Capital | -10.52% |
| Return on Assets | -3.32% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 17.52 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 7.97 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -8358.33 | 30.29 |
| P/B | -19638.76 | 0.69 |
| P/S | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% |
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