Detailed financial statements for Graf Global Corp. (GRAF): 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.
Graf Global Corp. functions as a special purpose acquisition company (SPAC), with its primary objective being the completion of a business combination. This encompasses various forms of strategic integration, such as mergers, share exchanges, asset acquisitions, share purchases, or corporate reorganizations, involving one or more other entities. The firm was established in 2021 and maintains its principal office in The Woodlands, Texas.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.90, GRAF trades at a P/E of 34.96 and an ROE of 3.40%. Market capitalisation stands at $313M.
Balance sheet quality for GRAF: current ratio of 0.1. 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 -$393930 represents -5% 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 | $531279 | $1.8M |
| Operating Expenses | $531279 | $1.8M |
| Operating Income | -$531279 | -$1.8M |
| EBITDA | $5.2M | -$1.8M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | $5.2M | $8.0M |
| Income Tax | 0 | 0 |
| Net Income | $5.2M | $8.0M |
| EPS | $0.44 | $0.28 |
| EPS (Diluted) | $0.44 | $0.28 |
| Shares Outstanding (Diluted) | $11.8M | $28.8M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$193321 | -$798184 | -$560484 | -$31045 |
| EBITDA | -$193321 | -$798184 | -$560484 | -$31045 |
| Net Income | $2.3M | $1.7M | $1.8M | $2.1M |
| EPS | $0.10 | $0.08 | $0.06 | $0.07 |
| EPS (Diluted) | $0.10 | $0.08 | $0.06 | $0.07 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|
| Cash & Equivalents | $479628 | $699 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $717093 | $116251 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $236.6M | $245.7M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $169690 | $1.3M |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $10.0M | $11.1M |
| Retained Earnings | -$9.1M | -$11.0M |
| Total Equity | $226.6M | $234.6M |
| Total Debt | 0 | 0 |
| Net Debt | -$479628 | -$699 |
| Working Capital | $547403 | -$1.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Cash & Equivalents | $107238 | $699 | $699 | $928 |
| Total Assets | $241.0M | $243.4M | $245.7M | $247.8M |
| Total Liabilities | $9.9M | $10.6M | $11.1M | $11.1M |
| Total Equity | $231.1M | $232.8M | $234.6M | $236.7M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|
| Net Income | $5.2M | $8.0M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | -$412882 | $1.4M |
| Operating Cash Flow | -$912010 | -$393929 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$912010 | -$393930 |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Operating Cash Flow | -$119462 | -$167928 | -$106539 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$119462 | -$167928 | -$106539 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +53.2% |
| EPS Growth (YoY) | | -36.4% |
| Shares Change (YoY) | | +144.0% |
| FCF Growth (YoY) | | +56.8% |
| Effective Tax Rate | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|
| FCF Per Share | $-0.08 | $-0.01 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.8M | $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 | 3.40% |
| Return on Invested Capital | -0.64% |
| Return on Assets | 3.21% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.05 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 16.65 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|
| P/E | 22.93 | 38.43 |
| P/B | 0.52 | 1.32 |
| P/S | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% |