The thesis, from the filings
BEST SPAC I Acquisition Corp. earns about 42% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
i. The business — what you’d actually own
| Figure | FY 2025 |
|---|---|
| Revenue | — |
| Net income | $649,8531 |
| Operating cash flow | −$598,1672 |
| Capital expenditure | — |
| Free cash flow (derived) | — |
| Total debt | — |
| Cash & equivalents | $1.3M3 |
| Diluted shares | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
iii. Is this a good business?
Moat signal · return on invested capital
42% avg · 1y
FY25 42%
It earned an average 42% on invested capital over 1 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Management signal · capital allocation
— shares · 1y
Not enough history to read capital allocation.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
iv. What it’s worth — engine v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2025-12-31 · accession 0001213900-26-013671 (NetIncomeLoss)
- 10-K · period ending 2025-12-31 · accession 0001213900-26-013671 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-12-31 · accession 0001213900-26-013671 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)