Detailed financial statements for Rising Dragon Acquisition Corp. (RDAC): 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.
Rising Dragon Acquisition Corp. primarily aims to complete a strategic integration with one or more companies, which may take the form of a merger, share exchange, acquisition of assets or shares, recapitalization, or reorganization. Established in 2024, this entity is headquartered in Taiyuan, People's Republic of China.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.62, RDAC trades at a P/E of 30.23 and an ROE of 4.17%. Market capitalisation stands at $33M.
Balance sheet quality for RDAC: current ratio of 0.1, net debt of $62826. 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 -$660474 represents -42% 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 | $343 | 0 |
| Operating Expenses | $343 | $815284 |
| Operating Income | -$342 | -$815284 |
| EBITDA | 0 | -$815284 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | $257513 | $1.6M |
| Income Tax | 0 | 0 |
| Net Income | $257513 | $1.6M |
| EPS | $0.08 | $0.21 |
| EPS (Diluted) | $0.08 | $0.21 |
| Shares Outstanding (Diluted) | $2.9M | $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 | 0 | -$292540 | -$168820 | -$220148 |
| EBITDA | $452318 | -$99852 | -$168820 | -$220148 |
| Net Income | $452318 | $268796 | $211963 | $84657 |
| EPS | $0.08 | $0.05 | $0.04 | $0.02 |
| EPS (Diluted) | $0.08 | $0.05 | $0.04 | $0.02 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | $392679 | $37174 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $455679 | $37174 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $58.8M | $44.4M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | 0 | $100000 |
| Total Current Liabilities | $22500 | $419279 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $1.9M | $2.3M |
| Retained Earnings | -$1.4M | -$2.3M |
| Total Equity | $56.9M | $42.1M |
| Total Debt | 0 | $100000 |
| Net Debt | -$392679 | $62826 |
| Working Capital | $433179 | -$382105 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5620 | $37174 | $9470 | $8695 |
| Total Assets | $60.2M | $44.4M | $45.1M | $18.4M |
| Total Liabilities | $2.0M | $2.3M | $2.8M | $3.3M |
| Total Equity | -$2.0M | $42.1M | $42.3M | $15.2M |
| Total Debt | $50000 | $100000 | $400000 | $655637 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | $309 | $1.6M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | -$49 | 0 |
| Operating Cash Flow | -$391 | -$660474 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$391 | -$660474 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$144786 | -$203545 | -$260504 | -$213247 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$144786 | -$203545 | -$260504 | -$213247 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +511.2% | |
| EPS Growth (YoY) | +162.5% | |
| Shares Change (YoY) | +96.8% | |
| FCF Growth (YoY) | -168819.2% | |
| Effective Tax Rate | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $-0.00 | $-0.12 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.9M | $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 | 4.17% |
| Return on Invested Capital | -3.85% |
| Return on Assets | 5.52% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 0.04 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 14.57 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | 125.25 | 46.76 |
| P/B | 0.51 | 1.33 |
| 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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