Detailed financial statements for Real Asset Acquisition Corp. (RAAQ): 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.
Real Asset Acquisition Corp. (RAAQ) operates as a special purpose acquisition company (SPAC), domiciled as an exempted entity in the Cayman Islands. Its fundamental objective is to execute a strategic business combination—which could encompass a merger, acquisition of assets or shares, an exchange of stock, or a reorganization—with one or more existing enterprises.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $13.42, RAAQ trades at a P/E of 34.06 and an ROE of 3.24%. Market capitalisation stands at $309M.
Balance sheet quality for RAAQ: current ratio of 8.4. 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 $14833 represents 0% 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 | $13 | $374202 |
| Operating Expenses | $13 | $374202 |
| Operating Income | -$13 | -$374202 |
| EBITDA | -$1087 | -$374202 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$13 | $4.2M |
| Income Tax | 0 | 0 |
| Net Income | -$13 | $4.2M |
| EPS | $-0.00 | $0.37 |
| EPS (Diluted) | $-0.00 | $0.37 |
| Shares Outstanding (Diluted) | $5000 | $11.6M |
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 | -$96036 | -$121746 | -$103571 | -$248185 |
| EBITDA | -$96036 | -$121746 | -$103571 | -$248185 |
| Net Income | $1.1M | $1.7M | $1.6M | $1.2M |
| EPS | $0.05 | $0.10 | $0.18 | $0.07 |
| EPS (Diluted) | $0.05 | $0.10 | $0.18 | $0.07 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $1.1M |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $25 | $1.2M |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $25 | $178.3M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $1087 | $141404 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $1087 | $7.0M |
| Retained Earnings | -$1087 | -$5.8M |
| Total Equity | $24 | $171.3M |
| Total Debt | 0 | 0 |
| Net Debt | 0 | -$1.1M |
| Working Capital | -$1062 | $1.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | 0 | $1.2M | $1.1M | $838494 |
| Total Assets | $175.1M | $176.8M | $178.3M | $179.5M |
| Total Liabilities | $7.0M | $7.0M | $7.0M | $7.0M |
| Total Equity | $168.0M | $169.7M | $171.3M | $172.5M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | -$13 | $4.2M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | $13 | $8877 |
| Operating Cash Flow | 0 | $14833 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | 0 | $14833 |
Cash Flow (Quarterly)
| Year | 2026-Q1 |
|---|---|
| Operating Cash Flow | -$239343 |
| Capital Expenditure | 0 |
| Free Cash Flow | -$239343 |
| Dividends Paid | 0 |
| Stock-based Compensation | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +32581332.8% | |
| EPS Growth (YoY) | +14330.8% | |
| Shares Change (YoY) | +232420.5% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $0.00 | $0.00 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5000 | $11.6M |
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 | 3.24% |
| Return on Invested Capital | -0.32% |
| Return on Assets | 3.08% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 9.11 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -4019.23 | 27.62 |
| P/B | 2185.00 | 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% |
Related companies: COPL · DAAQ · FACT · HVMCU · OTGAU · PMTR · RAC
Explore sector: Financial Services · Shell Companies
More sections of RAAQ: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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