The balance sheet reflects extreme structural fragility, evidenced by a current ratio of 0.09 and an accumulated deficit in retained earnings of $11.0M.
| Total Current Assets | 116.25K | 717.09K | 0 | 0 | 727.79K | 1.54M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 29.47K | 101.36K |
| Total Non-Current Assets | 245.61M | 235.87M | 0 | 0 | 248.99M | 244.89M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 245.61M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 245.73M | 236.59M | 0 | 0 | 249.72M | 246.43M |
| Asset Turnover | - | - | - | - | - | - |
| Asset Growth % | 3.86% | - | - | -100% | 1.33% | - |
| Total Current Liabilities | 1.28M | 169.69K | 156.09K | 152.94K | 32.89M | 527.85K |
| Accounts Payable | 0 | 0 | 0 | 0 | 28K | 110.18K |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 5.69K | 2.79K | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - |
| Other Current Liabilities | 1.28M | 0 | 0 | 0 | 32.86M | 417.67K |
| Current Ratio | 0.09x | 4.23x | - | - | 0.02x | 2.92x |
| Quick Ratio | 0.09x | 4.23x | - | - | 0.02x | 2.92x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 9.8M | 9.8M | 0 | 0 | 0 | 15.14M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 11.08M | 9.97M | 156.09K | 152.94K | 32.89M | 15.66M |
| Total Debt | 0 | 0 | 5.69K | 2.79K | 0 | 0 |
| Net Debt | -699 | -479.63K | 5.69K | 2.79K | -698.32K | -1.44M |
| Debt / Equity | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | -0.09x | - | - | - | -0.16x |
| Interest Coverage | - | - | - | - | - | -0.06x |
| Total Equity | 234.64M | 226.62M | -156.09K | -152.94K | 216.83M | 230.77M |
| Equity Growth % | 3.54% | - | -2.06% | -100.07% | -6.04% | - |
| Book Value per Share | 8.16 | 19.23 | -0.03 | -0.03 | 7.12 | 7.62 |
| Total Shareholders' Equity | 234.64M | 226.62M | -156.09K | -152.94K | 216.83M | 230.77M |
| Common Stock | 245.61M | 235.77M | 575 | 575 | 211.83M | 225.77M |
| Retained Earnings | -10.97M | -9.14M | -181.09K | -177.94K | -9.85M | 4.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity depletion and insolvency
According to recent SEC filings, GRAF's cash position has plummeted to a nominal $699 by 2025Q4, signaling a severe contraction in the entity's ability to sustain its public listing status and continue the search for a viable business combination target in the current market environment.
The trajectory of the balance sheet reflects a persistent erosion of liquid assets as the company continues to incur administrative costs without any operational revenue. This trend suggests that the entity is approaching a critical juncture where external funding or a rapid merger is required to avoid total depletion of working capital.
Based on reported figures, the current ratio has collapsed to 0.09 as of 2025Q4, which indicates that the company lacks the necessary liquid assets to cover its short-term liabilities, thereby placing the firm in a precarious position regarding its ongoing operational viability as a shell vehicle.
The sharp decline from a current ratio of 10.36 in 2024Q2 to near-zero levels suggests that the company has exhausted its readily available cash reserves. Investors should monitor whether the sponsor intends to provide additional capital, as the current balance sheet appears insufficient to support the costs of maintaining a public listing.
As reported in financial statements, GRAF's retained earnings have reached a deficit of $11.0M by 2025Q4, illustrating the cumulative impact of recurring administrative expenses that have consistently outpaced the entity's ability to generate any form of operational income or value-accretive returns for its shareholders.
The persistent growth of the accumulated deficit highlights the structural challenge of the SPAC model when a deal is not consummated in a timely manner. This erosion of equity suggests that the value of the shell is increasingly tied to the potential for a future merger rather than the current underlying book value.
While total assets are reported at $245.7M, the vast majority of this figure is likely restricted trust capital, which masks the reality that the company's unrestricted cash is effectively exhausted, as evidenced by the $699 balance reported in the most recent quarterly financial disclosures.
Analysts should be cautious not to conflate the restricted trust assets with the company's operational liquidity, as the former is generally unavailable for day-to-day expenses. The discrepancy between total assets and actual operating cash suggests that the company's ability to function is entirely dependent on external sponsor support rather than internal financial strength.
Quick answers to the most common questions about buying GRAF stock.
As of 2025, Graf Global Corp. (GRAF) had total assets of $245.7M including $0.1M in current assets.
Graf Global Corp. (GRAF) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Graf Global Corp. (GRAF) has total shareholders' equity (book value) of $234.6M ($8.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Graf Global Corp. (GRAF) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.