The financial structure is increasingly fragile, as evidenced by the compression of the current ratio from 5.10 in 2025Q4 to 1.21 in 2026Q1, signaling a rapid depletion of liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 | Dec'93 |
|---|
| Total Current Assets | 155.05K | 301.17K | 979.8K | 763.07M | 724.31M | 668.15M | 621.54M | 782.92M | 775.3M | 765.39M | 734.39M | 712.73M | 670.64M | 666.34M | 584.86M | 475.33M | 473.37M | 438.07M | 423.83M | 413.3M | 328.27M | 296.81M | 276.11M | 249.74M | 249.5M | 210.1M | 200.2M | 178.5M | 207.8M | 190.2M | 180.7M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | -246.09M | 0 | 59.96M | 68.04M | 79.28M | 39.58M | 114.15M | 102.92M | 99.33M | 88.02M | 90.31M | 34.23M | 43.72M | 52.09M | 48.63M | 39.6M | 36.16M | 42.67M | 29.31M | 26.96M | 25.26M | 26.78M | 23.5M | 16.5M | 17.4M | 18.1M | 17.4M | 14.5M | 15.3M | 24M |
| Total Non-Current Assets | 248.34M | 246.16M | 236.43M | 1.56B | 1.12B | 636.74M | 714.74M | 721.76M | 524.97M | 429.22M | 372.56M | 313.59M | 288.19M | 189.75M | 171.46M | 165.92M | 119.19M | 110M | 123.45M | 129.63M | 131.96M | 77.65M | 65.24M | 72.61M | 80.7M | 83.9M | 82.1M | 88.1M | 91.9M | 98.5M | 83.9M |
| Property, Plant & Equipment | 0 | 0 | 0 | 253.47M | 144.97M | 117.55M | 113.69M | 96.32M | 74.69M | 64.15M | 56.3M | 55.33M | 48.47M | 47.47M | 48.9M | 53.89M | 57.25M | 54.56M | 52.18M | 52.36M | 52.27M | 42.42M | 33.38M | 38.47M | 43M | 40.4M | 40.1M | 38.3M | 34.7M | 34.1M | 28M |
| Fixed Asset Turnover | - | - | - | 5.82x | 10.32x | 10.23x | 13.07x | 15.18x | 19.16x | 21.80x | 24.17x | 24.97x | 26.52x | 25.16x | 20.79x | 16.35x | 15.54x | 15.05x | 15.42x | 13.79x | 12.13x | 13.30x | 15.24x | 13.82x | 11.88x | 10.25x | 9.68x | 10.64x | 10.67x | 7.64x | 7.91x |
| Goodwill | 0 | 0 | 0 | 784.88M | 578.1M | 333.63M | 415.91M | 406.95M | 237.9M | 184.14M | 134.85M | 146.93M | 146.35M | 64.14M | 59.43M | 61.03M | 36M | 34.75M | 0 | 0 | 0 | 19.65M | 18.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 210.36M | 165.61M | 73.53M | 98.5M | 123.4M | 72.94M | 63.62M | 57.54M | 39.37M | 54.14M | 26.3M | 28.62M | 19.06M | 0 | 0 | 34.47M | 35.17M | 33.31M | 0 | 0 | 23.19M | 23.3M | 25.8M | 0 | 18.8M | 0 | 0 | 0 |
| Long-Term Investments | 489.6M | 0 | 236.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 248.49M | 246.46M | 237.41M | 2.32B | 1.85B | 1.3B | 1.34B | 1.5B | 1.3B | 1.19B | 1.11B | 1.03B | 958.84M | 856.09M | 756.32M | 641.25M | 592.57M | 548.07M | 547.28M | 542.92M | 460.23M | 374.46M | 341.35M | 322.35M | 330.2M | 294M | 282.3M | 266.6M | 299.7M | 288.7M | 264.6M |
| Asset Turnover | 0.00x | - | - | 0.64x | 0.81x | 0.92x | 1.11x | 0.97x | 1.10x | 1.17x | 1.23x | 1.35x | 1.34x | 1.39x | 1.34x | 1.37x | 1.50x | 1.50x | 1.47x | 1.33x | 1.38x | 1.51x | 1.49x | 1.65x | 1.55x | 1.41x | 1.38x | 1.53x | 1.23x | 0.90x | 0.84x |
| Asset Growth % | 15.91% | 3.81% | -89.79% | 25.83% | 41.56% | -2.35% | -11.19% | 15.72% | 8.85% | 7.92% | 7.86% | 7.04% | 12% | 13.19% | 17.94% | 8.22% | 8.12% | 0.14% | 0.8% | 17.97% | 22.9% | 9.7% | 5.89% | -2.38% | 12.31% | 4.14% | 5.89% | -11.04% | 3.81% | 9.11% | 5.25% |
| Total Current Liabilities | 127.78K | 59.09K | 80K | 586.79M | 529.16M | 328.34M | 376.48M | 520.24M | 346.78M | 270.18M | 256.92M | 282.64M | 338.5M | 298.73M | 269.67M | 196.15M | 167.42M | 160.55M | 182.23M | 178.79M | 151.65M | 106.33M | 94.89M | 91.28M | 91.3M | 109.7M | 92M | 79.4M | 89.1M | 83.2M | 63.9M |
| Accounts Payable | 0 | 0 | 0 | 157M | 180.8M | 125.58M | 95.84M | 81.17M | 47.17M | 31.34M | 39.02M | 47.92M | 38.87M | 33.64M | 28.63M | 23.29M | 27.99M | 23.24M | 30.26M | 28.32M | 25.22M | 16.37M | 11.89M | 18.75M | 18.8M | 14.5M | 8.4M | 11.2M | 19.8M | 20.8M | 16.4M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 226.97M | 206.21M | 0 | 55M | 240.45M | 60.52M | 563K | 557K | 4.56M | 4.54M | 4.54M | 4.55M | 6.04M | 6.14M | 16.08M | 32.34M | 31.11M | 7.68M | 1.43M | 0 | 0 | 6.5M | 35.3M | 14.6M | 5M | 5M | 5M | 100K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 127.78K | 59.09K | 0 | 127.27M | 95.98M | 126.82M | 168.16M | 149.14M | 162M | 146.58M | 114.16M | 129.4M | 111.24M | 120.82M | 236.49M | 166.81M | 133.29M | 121.23M | 119.63M | 119.37M | 118.75M | 88.53M | 83M | 72.53M | 66M | 59.9M | 69M | 63.2M | 64.3M | 57.4M | 47.4M |
| Current Ratio | 1.21x | 5.10x | 12.25x | 1.30x | 1.37x | 2.03x | 1.65x | 1.50x | 2.24x | 2.83x | 2.86x | 2.52x | 1.98x | 2.23x | 2.17x | 2.42x | 2.83x | 2.73x | 2.33x | 2.31x | 2.16x | 2.79x | 2.91x | 2.74x | 2.73x | 1.92x | 2.18x | 2.25x | 2.33x | 2.29x | 2.83x |
| Quick Ratio | 1.21x | 5.10x | 12.25x | 1.30x | 1.37x | 2.03x | 1.65x | 1.50x | 2.24x | 2.83x | 2.86x | 2.52x | 1.98x | 2.23x | 2.17x | 2.42x | 2.83x | 2.73x | 2.33x | 2.31x | 2.16x | 2.79x | 2.91x | 2.74x | 2.73x | 1.92x | 2.18x | 2.25x | 2.33x | 2.29x | 2.83x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 10.07M | 10.05M | 9.93M | 749.25M | 337.44M | 252.35M | 270.18M | 294.54M | 197.21M | 141.93M | 145.1M | 73.33M | 68.55M | 69.6M | 65.81M | 56.26M | 42.38M | 63.93M | 67.54M | 65.37M | 53.28M | 54.97M | 55.56M | 55.05M | 55.9M | 10.7M | 15M | 19.5M | 44.2M | 42.6M | 41.1M |
| Long-Term Debt | 0 | 0 | 0 | 593.46M | 251.1M | 208.85M | 199.76M | 200.56M | 126.18M | 101.83M | 102.36M | 6.94M | 11.38M | 15.95M | 20.57M | 25.7M | 32.7M | 38.16M | 43.78M | 50.04M | 47.14M | 48.57M | 50M | 50M | 50M | 5M | 10M | 15M | 39M | 35M | 37.3M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 10.2M | 10.11M | 10.01M | 1.34B | 866.6M | 580.69M | 646.65M | 814.78M | 543.99M | 412.11M | 402.03M | 355.98M | 407.04M | 368.33M | 335.47M | 252.4M | 209.79M | 224.48M | 249.77M | 244.16M | 204.93M | 161.3M | 150.45M | 146.33M | 147.2M | 120.4M | 107M | 98.9M | 133.3M | 125.8M | 105M |
| Total Debt | 0 | 0 | 0 | 820.43M | 457.32M | 208.85M | 254.76M | 441.01M | 186.71M | 102.39M | 102.92M | 11.5M | 15.92M | 20.49M | 25.12M | 31.75M | 38.84M | 54.24M | 76.12M | 81.14M | 54.83M | 50M | 50.58M | 53.59M | 56.5M | 40.3M | 24.6M | 20M | 44M | 40M | 37.4M |
| Net Debt | -117.67K | -230.54K | -891.02K | 690.75M | 391.17M | 96.64M | 194.62M | 243.88M | -31.77M | -113.46M | -100.97M | -200.76M | -313.23M | -274.94M | -218.95M | -80.95M | -34.73M | 11.86M | 27.26M | 70.52M | 32.45M | -28.66M | -26.25M | -16.17M | -5M | 36.8M | -28.7M | -100K | 23.3M | 14.2M | 12.9M |
| Debt / Equity | 0.00x | - | - | 0.83x | 0.47x | 0.29x | 0.37x | 0.64x | 0.25x | 0.13x | 0.15x | 0.02x | 0.03x | 0.04x | 0.06x | 0.08x | 0.10x | 0.17x | 0.26x | 0.27x | 0.21x | 0.23x | 0.26x | 0.30x | 0.31x | 0.23x | 0.14x | 0.12x | 0.26x | 0.25x | 0.23x |
| Debt / EBITDA | -0.00x | - | - | 4.93x | 3.42x | 2.75x | 3.58x | 8.08x | 1.56x | 0.83x | 0.85x | 0.08x | 0.12x | 0.17x | 0.25x | 0.46x | 0.55x | 1.38x | 3.50x | 1.32x | 1.01x | 0.98x | 1.06x | 7.01x | 1.80x | 4.29x | 1.05x | 0.79x | 1.96x | 3.81x | 5.84x |
| Net Debt / EBITDA | 0.14x | - | -8.99x | 4.15x | 2.92x | 1.27x | 2.74x | 4.47x | -0.27x | -0.91x | -0.84x | -1.33x | -2.33x | -2.29x | -2.18x | -1.17x | -0.49x | 0.30x | 1.25x | 1.14x | 0.60x | -0.56x | -0.55x | -2.12x | -0.16x | 3.91x | -1.23x | -0.00x | 1.04x | 1.35x | 2.02x |
| Interest Coverage | - | - | - | 0.88x | 3.56x | 2.43x | 1.26x | 0.33x | 17.34x | 22.89x | 11.01x | 85.06x | 81.52x | 61.35x | 42.97x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 238.29M | 236.35M | 227.4M | 988.18M | 980.57M | 724.2M | 689.63M | 689.9M | 756.29M | 782.5M | 704.93M | 670.34M | 551.8M | 487.76M | 420.85M | 388.85M | 382.77M | 323.59M | 297.51M | 298.77M | 255.29M | 213.16M | 190.9M | 176.02M | 183M | 173.6M | 175.3M | 167.7M | 166.4M | 162.9M | 159.6M |
| Equity Growth % | -91.96% | 3.94% | -76.99% | 0.78% | 35.4% | 5.01% | -0.04% | -8.78% | -3.35% | 11% | 5.16% | 21.48% | 13.13% | 15.9% | 8.23% | 1.59% | 18.29% | 8.77% | -0.42% | 17.03% | 19.76% | 11.67% | 8.45% | -3.81% | 5.41% | -0.97% | 4.53% | 0.78% | 2.15% | 2.07% | 8.13% |
| Book Value per Share | 10.36 | 10.28 | 10.58 | 31.57 | 32.04 | 26.48 | 25.44 | 25.51 | 28.08 | 29.15 | 26.34 | 25.07 | 20.64 | 18.24 | 15.74 | 14.55 | 14.33 | 12.11 | 11.13 | 11.18 | 9.55 | 7.98 | 7.14 | 6.59 | 6.85 | 6.49 | 6.50 | 6.22 | 6.18 | 6.01 | 5.82 |
| Total Shareholders' Equity | 238.29M | 236.35M | 227.4M | 988.18M | 980.57M | 724.2M | 689.63M | 689.9M | 756.29M | 782.5M | 704.93M | 670.34M | 551.8M | 487.76M | 420.85M | 388.85M | 382.77M | 323.59M | 297.51M | 298.77M | 255.29M | 213.16M | 190.9M | 176.02M | 183M | 173.6M | 175.3M | 167.7M | 166.4M | 162.9M | 159.6M |
| Common Stock | 248.34M | 246.16M | 236.34M | 295.99M | 274.47M | 45.01M | 37.85M | 32.76M | 25.56M | 20.67M | 15.82M | 0 | 0 | 0 | 12.53M | 0 | 0 | 234K | 234K | 234K | 234K | 234K | 234K | 234K | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -10.05M | -9.81M | -8.93M | 850.47M | 862.95M | 801.83M | 794.49M | 813.03M | 818.64M | 803.06M | 728.42M | 715.04M | 598.85M | 521.57M | 455.74M | 404.87M | 375.3M | 338.52M | 319.2M | 312.38M | 279.75M | 246.97M | 221.09M | 203.64M | 206.3M | 195.7M | 198.2M | 189.4M | 181.7M | 179.4M | 178.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -150M | -140M | -111M | -107M | -120M | -52M | -5M | -3M | -21M | -26M | -16M | -11M | 8M | 31M | 8M | 2M | -86.52M | -84.76M | -85.82M | -81.72M | -77.98M | -72.1M | -76.1M | -67.4M | -63.3M | -56.2M | -53.3M | -49.7M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and insolvency risk
As reported in recent financial statements, the company's total assets have plummeted from $246.5M in 2025Q4 to $248.5M in 2026Q1, while cash reserves have dwindled to a critical $117.7K, reflecting a deteriorating financial trajectory that threatens the entity's ability to sustain its search for a merger target.
The rapid depletion of liquid assets suggests that the shell is nearing a point of operational exhaustion. Investors should monitor whether the sponsor will provide additional capital, as the current trajectory indicates that the entity may soon lack the resources required to meet basic regulatory and administrative obligations.
Based on the 2026Q1 balance sheet, the current ratio has compressed to 1.21, a significant decline from the 5.10 reported in 2025Q4, indicating that the company's ability to cover short-term liabilities is rapidly weakening as cash reserves are consumed by ongoing administrative and legal expenses.
The sharp contraction in the current ratio highlights the precarious nature of the company's liquidity position. Without a near-term capital infusion or a successful merger, the entity appears to be approaching a liquidity wall that could force a premature liquidation of the shell vehicle.
According to the provided quarterly data, retained earnings have remained consistently negative, reaching -$10.0M in 2026Q1, which underscores the lack of internal value creation and suggests that the equity base is primarily a reflection of initial capital contributions rather than accumulated operational success or retained profits.
The persistent deficit in retained earnings confirms that the entity has not generated any organic value since its inception. This reliance on external capital to offset ongoing losses warrants further investigation into the sustainability of the current share structure and the potential for future dilutive financing rounds.
As indicated by the 2026Q1 balance sheet, the reported $248.5M in total assets appears to be heavily skewed by restricted trust funds, which may not be accessible for operational burn, thereby masking the true, highly limited liquidity available to management for day-to-day business activities.
The headline asset figure likely provides a misleading sense of financial security to investors who do not distinguish between restricted trust capital and unrestricted working capital. This structural distortion suggests that the company's actual operational runway is significantly shorter than the total asset balance would otherwise imply.
Quick answers to the most common questions about buying CUB stock.
As of 2025, Lionheart Holdings (CUB) had total assets of $246.5M including $0.3M in current assets.
Lionheart Holdings (CUB) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lionheart Holdings (CUB) has total shareholders' equity (book value) of $236.4M ($10.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lionheart Holdings (CUB) reported a current ratio of 5.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.