Detailed financial statements for Keen Vision Acquisition Corporation Ordinary Shares (KVAC): 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.
Keen Vision Acquisition Corporation (KVAC) is a firm founded with the primary objective of finalizing a substantial business transaction. This could involve, but is not limited to, a merger, an equity exchange, an asset acquisition, a share purchase, a capital reordering, or a corporate restructuring, with one or more external entities.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $11.51, KVAC trades at a P/E of 108.28 and an ROE of 3.50%. Market capitalisation stands at $106M.
Balance sheet quality for KVAC: current ratio of 0.0, net debt of $2.7M. 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 -$784137 represents -41% 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $478676 | 0 | 0 |
| Gross Profit | 0 | 0 | -$479000 | 0 | 0 |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $3073 | $697 | $4 | $1.5M | 0 |
| Operating Expenses | $3073 | $697 | $4 | $1.5M | $743509 |
| Operating Income | -$3070 | -$697 | -$479000 | -$1.5M | -$743509 |
| EBITDA | -$3070 | -$697 | -$478676 | $7.4M | -$743509 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$3073 | -$693 | $1.5M | $7.4M | $1.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$3073 | -$693 | $1.5M | $7.4M | $1.9M |
| EPS | $-0.00 | $-0.00 | $0.08 | $0.55 | $0.19 |
| EPS (Diluted) | $-0.00 | $-0.00 | $0.08 | $0.55 | $0.19 |
| Shares Outstanding (Diluted) | $19.4M | $19.4M | $19.4M | $13.5M | $5.7M |
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 | -$248480 | -$131656 | -$232844 | 0 |
| EBITDA | -$248480 | -$131656 | -$232844 | 0 |
| Net Income | $373466 | $410571 | $92087 | -$20121 |
| EPS | $0.04 | $0.08 | $0.01 | $-0.02 |
| EPS (Diluted) | $0.04 | $0.08 | $0.01 | $-0.02 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $24924 | $77709 | $631753 | $54548 | $11206 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $24924 | $80307 | $865615 | $63786 | $36756 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $139424 | $194807 | $155.7M | $70.4M | $57.0M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $117497 | $173573 | 0 | $600000 | $2.7M |
| Total Current Liabilities | $117497 | $173573 | $14000 | $1.3M | $4.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $117497 | $173573 | $3.0M | $4.3M | $7.0M |
| Retained Earnings | -$3073 | -$3766 | -$3.7M | -$4.2M | -$7.0M |
| Total Equity | $21927 | $21234 | $152.7M | $66.2M | $50.0M |
| Total Debt | $117497 | $173573 | 0 | $600000 | $2.7M |
| Net Debt | $92573 | $95864 | -$631753 | $545452 | $2.7M |
| Working Capital | -$92573 | -$93266 | $851615 | -$1.2M | -$4.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $15880 | $11206 | $9098 | $11464 |
| Total Assets | $56.0M | $57.0M | $13.3M | $13.5M |
| Total Liabilities | $6.5M | $7.0M | $7.5M | $7.7M |
| Total Equity | $49.6M | $50.0M | $5.8M | -$7.6M |
| Total Debt | $2.2M | $2.7M | $2.8M | 0 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | -$693 | $1.5M | $7.4M | $1.9M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2598 | -$227264 | $318437 | -$40629 |
| Operating Cash Flow | -$3291 | -$705903 | -$1.1M | -$784137 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$92.4M | -$18.1M |
| Dividends Paid | 0 | 0 | -$6.8M | 0 |
| Free Cash Flow | -$3291 | -$705903 | -$1.1M | -$784137 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$177610 | -$119674 | -$269108 | -$187820 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$177610 | -$119674 | -$269110 | -$187820 |
| Dividends Paid | 0 | 0 | 0 | -$442106 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income Growth (YoY) | +77.4% | +210056.7% | +409.2% | -74.2% | |
| EPS Growth (YoY) | +82.1% | +209969.2% | +632.4% | -65.5% | |
| Shares Change (YoY) | +0.0% | -0.0% | -30.3% | -57.8% | |
| FCF Growth (YoY) | -21349.5% | -61.8% | +31.4% | ||
| Effective Tax Rate | -0.0% | -0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.00 | $-0.04 | $-0.08 | $-0.14 | |
| Dividends Per Share | $0.00 | $0.00 | $0.51 | $0.00 | |
| Shares Outstanding (Basic) | $19.4M | $19.4M | $19.4M | $13.5M | $5.7M |
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 | 3.50% |
| Return on Invested Capital | -7.00% |
| Return on Assets | 6.35% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.02 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -50700.00 | -283365.28 | 137.55 | 19.96 | 61.84 |
| P/B | 8955.72 | 9248.00 | 1.31 | 2.24 | 1.34 |
| 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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Explore sector: Financial Services · Shell Companies
More sections of KVAC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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