Detailed financial statements for Rithm Acquisition Corp. (RAC): 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.
Rithm Acquisition Corp. functions as a special purpose acquisition company (SPAC), established with the explicit aim of pursuing and finalizing a business combination. This could encompass a variety of transactions, such as a merger, an exchange of shares, an asset acquisition, a stock purchase, a corporate reorganization, or similar arrangements 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 $10.58, RAC trades at a P/E of 35.63 and an ROE of 3.76%. Market capitalisation stands at $250M.
Balance sheet quality for RAC: current ratio of 15.7. 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 -$673160 represents -12% 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 | $545996 |
| Operating Expenses | $545996 |
| Operating Income | -$545996 |
| EBITDA | $5.5M |
| Interest Expense | 0 |
| Pre-tax Income | $5.5M |
| Income Tax | 0 |
| Net Income | $5.5M |
| EPS | $0.19 |
| EPS (Diluted) | $0.19 |
| Shares Outstanding (Diluted) | $29.4M |
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 | -$199126 | -$271510 | -$205302 | -$198197 |
| EBITDA | $2.5M | -$271510 | -$205302 | -$198197 |
| Net Income | $2.5M | $2.2M | $2.0M | $2.0M |
| EPS | $0.08 | $0.07 | $0.07 | $0.07 |
| EPS (Diluted) | $0.08 | $0.07 | $0.07 | $0.07 |
Balance Sheet (10y)
| Year | 2025 |
|---|---|
| Cash & Equivalents | $551200 |
| Short-term Investments | 0 |
| Receivables | $36010 |
| Inventory | 0 |
| Total Current Assets | $804147 |
| Property, Plant & Equipment | 0 |
| Goodwill | 0 |
| Intangible Assets | 0 |
| Total Assets | $236.9M |
| Accounts Payable | 0 |
| Short-term Debt | 0 |
| Total Current Liabilities | $51261 |
| Long-term Debt | 0 |
| Total Liabilities | $8.1M |
| Retained Earnings | -$7.2M |
| Total Equity | $228.8M |
| Total Debt | 0 |
| Net Debt | -$551200 |
| Working Capital | $752886 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $551200 | $401091 | $155428 | $8764 |
| Total Assets | $236.9M | $239.1M | $241.1M | $243.1M |
| Total Liabilities | $8.1M | $8.2M | $8.1M | $8.1M |
| Total Equity | $228.8M | $230.9M | $233.0M | $235.0M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2025 |
|---|---|
| Net Income | $5.5M |
| Depreciation & Amortization | 0 |
| Stock-based Compensation | 0 |
| Change in Working Capital | -$215885 |
| Operating Cash Flow | -$673161 |
| Capital Expenditure | 0 |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | -$673160 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$147328 | -$150109 | -$245663 | -$146664 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$147330 | -$150109 | -$245663 | -$146664 |
| 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 | $-0.02 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $29.4M |
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 | 3.76% |
| Return on Invested Capital | -0.36% |
| Return on Assets | 3.58% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.72 |
Key Ratios (10y)
| Year | 2025 |
|---|---|
| P/E | 53.95 |
| P/B | 1.32 |
| P/S | 0.00 |
| Gross Margin | 0.0% |
| Operating Margin | 0.0% |
| Net Margin | 0.0% |
Related companies: AACB · COPL · DAAQ · FACT · HVMCU · PMTR · RAAQ
Explore sector: Financial Services · Shell Companies
More sections of RAC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks