Detailed financial statements for Spring Valley Acquisition Corp. III Class A Ordinary Shares (SVAC): 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.
Spring Valley Acquisition Corp. III operates as a Special Purpose Acquisition Company (SPAC), often referred to as a "blank check" entity. Its primary objective is to seek out and complete a business combination, which could involve a merger, an asset acquisition, a share exchange, or a similar strategic transaction.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $9.12, SVAC has negative trailing earnings (P/E not meaningful) and an ROE of -5.09%. Market capitalisation stands at $280M.
Balance sheet quality for SVAC: current ratio of 8.3. 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 -$497550 represents -21% 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 | 2020 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Cost of Revenue | 0 | 0 |
| Gross Profit | 0 | 0 |
| Research & Development | 0 | 0 |
| Selling, General & Admin | $138416 | $450346 |
| Operating Expenses | $138416 | $450346 |
| Operating Income | -$374360 | -$450346 |
| EBITDA | -$374360 | -$450346 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$205574 | $2.4M |
| Income Tax | 0 | 0 |
| Net Income | -$205574 | $2.4M |
| EPS | $-0.02 | $0.08 |
| EPS (Diluted) | $-0.02 | $0.08 |
| Shares Outstanding (Diluted) | $40.1M | $30.7M |
Income Statement (Quarterly)
| Year | 2023-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $196.7M | 0 | 0 | 0 |
| Gross Profit | $92.9M | 0 | 0 | 0 |
| Operating Income | -$291.9M | -$145176 | -$288550 | -$182183 |
| EBITDA | -$298.4M | -$145176 | -$288550 | -$182183 |
| Net Income | -$325.4M | $440065 | $1.9M | -$423.3M |
| EPS | $-1.81 | $0.03 | $0.06 | $-13.80 |
| EPS (Diluted) | $-1.81 | $0.03 | $0.06 | $-13.80 |
Balance Sheet (10y)
| Year | 2020 | 2025 |
|---|---|---|
| Cash & Equivalents | $2.6M | $749812 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $2.8M | $850697 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $407.2M | $233.7M |
| Accounts Payable | $12223 | 0 |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $283064 | $102634 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $18.7M | $9.3M |
| Retained Earnings | -$206898 | -$8.3M |
| Total Equity | $5.0M | $224.4M |
| Total Debt | 0 | 0 |
| Net Debt | -$2.6M | -$749812 |
| Working Capital | $2.5M | $748063 |
Balance Sheet (Quarterly)
| Year | 2023-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $61.9M | $1.2M | $749812 | $665383 |
| Total Assets | $2.77B | $231.8M | $233.7M | $235.6M |
| Total Liabilities | $2.71B | $9.3M | $9.3M | $434.5M |
| Total Equity | $64.3M | $222.5M | $224.4M | -$198.9M |
| Total Debt | $2.35B | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2020 | 2025 |
|---|---|---|
| Net Income | -$205574 | $2.4M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | 0 | -$96906 |
| Operating Cash Flow | -$397304 | -$497552 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$397304 | -$497550 |
Cash Flow (Quarterly)
| Year | 2023-Q1 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $13.2M | -$61255 | -$436297 | -$220111 |
| Capital Expenditure | -$33.5M | -$5 | -$3 | 0 |
| Free Cash Flow | -$20.3M | -$61260 | -$436300 | -$220110 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.1M | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +1247.7% | |
| EPS Growth (YoY) | +484.5% | |
| Shares Change (YoY) | -23.4% | |
| FCF Growth (YoY) | -25.2% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2020 | 2025 |
|---|---|---|
| FCF Per Share | $-0.01 | $-0.02 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $40.1M | $30.7M |
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 | -509.28% |
| Return on Invested Capital | -0.26% |
| Return on Assets | -178.69% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.15 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 20.02 |
Key Ratios (10y)
| Year | 2020 | 2025 |
|---|---|---|
| P/E | -505.00 | 131.99 |
| P/B | 80.92 | 1.39 |
| 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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