Detailed financial statements for Origin Investment Corp I Units (ORIQU): 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.
Origin Investment Corp I Units (ORIQU) are shares in a Special Purpose Acquisition Company (SPAC). This entity was specifically formed with the objective of identifying and completing a business combination. Each unit offered for sale comprises one common share and one-half of a warrant.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.69, ORIQU trades at a P/E of 36.86 and an ROE of 3.33%. Market capitalisation stands at $68M.
Balance sheet quality for ORIQU: current ratio of 5.6. 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 -$694714 represents -102% 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 | 2025 |
|---|---|
| Revenue | 0 |
| Cost of Revenue | 0 |
| Gross Profit | 0 |
| Research & Development | 0 |
| Selling, General & Admin | $678172 |
| Operating Expenses | $678172 |
| Operating Income | -$678172 |
| EBITDA | -$678172 |
| Interest Expense | 0 |
| Pre-tax Income | $683099 |
| Income Tax | 0 |
| Net Income | $683099 |
| EPS | $0.13 |
| EPS (Diluted) | $0.13 |
| Shares Outstanding (Diluted) | $3.4M |
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 | -$225509 | -$206947 | -$188653 | -$198781 |
| EBITDA | -$225509 | -$206947 | -$188653 | -$198781 |
| Net Income | $299148 | $504371 | $306108 | $300040 |
| EPS | $0.04 | $0.17 | $0.04 | $0.04 |
| EPS (Diluted) | $0.04 | $0.17 | $0.04 | $0.04 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $1.2M |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $269945 | $979705 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $269945 | $56.2M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | $169877 | 0 |
| Total Current Liabilities | $253163 | $174872 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $253163 | $174872 |
| Retained Earnings | -$8218 | $524790 |
| Total Equity | $16782 | $1.1M |
| Total Debt | $169877 | 0 |
| Net Debt | $169877 | -$1.2M |
| Working Capital | $16782 | $804833 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $1.2M | $834106 | $681322 |
| Total Assets | $55.8M | $56.2M | $72.6M | $73.0M |
| Total Liabilities | $230917 | $174872 | $108771 | $136177 |
| Total Equity | $55.6M | $1.1M | $56.2M | $56.4M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2025 |
|---|---|
| Net Income | $683099 |
| Depreciation & Amortization | 0 |
| Stock-based Compensation | 0 |
| Change in Working Capital | -$16542 |
| Operating Cash Flow | -$694714 |
| Capital Expenditure | 0 |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | -$694714 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$325182 | -$210764 | -$317667 | -$152784 |
| Capital Expenditure | 0 | $4 | 0 | 0 |
| Free Cash Flow | -$325180 | -$210760 | -$317667 | -$152784 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2025 |
|---|---|
| Effective Tax Rate | 0.0% |
Per-Share Data (10y)
| Year | 2025 |
|---|---|
| FCF Per Share | $-0.20 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $3.4M |
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 | 3.33% |
| Return on Invested Capital | -1.12% |
| Return on Assets | 1.93% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.33 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | 0.00 | 79.85 |
| P/B | 0.00 | 32.74 |
| 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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