Detailed financial statements for Newbury Street II Acquisition Corp (NTWO): 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.
Newbury Street II Acquisition Corp functions as a blank check company, legally structured as an exempted company under Cayman Islands law. Its fundamental purpose is to complete a business combination, which could take the form of a merger, amalgamation, share exchange, asset or share acquisition, reorganization, or other comparable transactions involving one or more enterprises.
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, NTWO trades at a P/E of 52.38 and an ROE of 2.80%. Market capitalisation stands at $196M.
Balance sheet quality for NTWO: current ratio of 6.1. 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 -$464695 represents -7% 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 | 0 | $688452 |
| Operating Expenses | $175611 | $688452 |
| Operating Income | -$175611 | -$688452 |
| EBITDA | -$175611 | -$688452 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | $1.0M | $6.6M |
| Income Tax | 0 | 0 |
| Net Income | $1.0M | $6.6M |
| EPS | $0.04 | $0.27 |
| EPS (Diluted) | $0.04 | $0.27 |
| Shares Outstanding (Diluted) | $21.8M | $17.2M |
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 | -$140317 | -$228089 | -$219150 | -$1.3M |
| EBITDA | -$140317 | -$228089 | -$219150 | -$1.3M |
| Net Income | $1.2M | $2.0M | $1.4M | $311304 |
| EPS | $0.07 | $0.06 | $0.06 | $0.01 |
| EPS (Diluted) | $0.07 | $0.06 | $0.06 | $0.01 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | $1.2M | $772506 |
| Short-term Investments | 0 | 0 |
| Receivables | $25000 | $32590 |
| Inventory | 0 | 0 |
| Total Current Assets | $1.4M | $896267 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $176.1M | $182.7M |
| Accounts Payable | $38679 | 0 |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $138943 | $147304 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $6.2M | $6.2M |
| Retained Earnings | -$4.6M | -$5.3M |
| Total Equity | $169.9M | $176.6M |
| Total Debt | 0 | 0 |
| Net Debt | -$1.2M | -$772506 |
| Working Capital | $1.3M | $748963 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $949601 | $772506 | $497393 | $396294 |
| Total Assets | $181.2M | $182.7M | $184.1M | $185.6M |
| Total Liabilities | $6.2M | $6.2M | $6.2M | $7.3M |
| Total Equity | $175.0M | $176.6M | $177.9M | $178.3M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | $1.0M | $6.6M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | -$158673 | 0 |
| Operating Cash Flow | -$298395 | -$464695 |
| Capital Expenditure | -$5 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$298395 | -$464695 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$115693 | -$366988 | -$275113 | -$101099 |
| Capital Expenditure | 0 | -$5 | 0 | 0 |
| Free Cash Flow | -$115693 | -$366993 | -$275113 | -$101099 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +535.3% | |
| EPS Growth (YoY) | +525.0% | |
| Shares Change (YoY) | -20.9% | |
| FCF Growth (YoY) | -55.7% | |
| Effective Tax Rate | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $-0.01 | $-0.03 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $21.8M | $17.2M |
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 | 2.80% |
| Return on Invested Capital | -1.03% |
| Return on Assets | 2.67% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.40 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | 229.17 | 38.63 |
| P/B | 1.27 | 1.02 |
| 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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