FSHP
Flag Ship Acquisition Corp
Next earnings Jul 30, 2026
$11.21
▲ 0.00%$11.21▲ +7.48%
over 1Y
L $10.43EODHDH $11.21
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+1.6%
1M+1.7%
3M+2.5%
YTD+4.3%
1Y+7.5%
Avoid
Conviction
Horizon
Short (<3mo)
Dead-deal SPAC: both mergers (GRT, then GFT) terminated, no target, clock expired — a shell that's now a redemption/liquidation bet, not a business.
Revenue (FY2025) — (none) · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
FSHP is a Cayman blank-check company with no operating business. The reported 'net income' of $1.83M and $0.24 diluted EPS are simply interest earned on the ~$69M IPO trust — there is no revenue in any year (FY2023–FY2025 revenue is blank), so the 46.7x P/E is a meaningless artifact of taxing trust interest as 'earnings.' Judging it on profitability or growth is a category error; this is a pool of treasury bills searching for a merger.
The filing is decisive on the core problem: the search has failed twice. The original GRT merger (signed Oct 2024) was mutually terminated in April 2025; its replacement, the GFT / Great Future Technology deal (signed April 2025, Outside Date extended twice to June 20, 2026), was itself mutually terminated on May 3, 2026. As of the latest 10-K/10-Q, the company is back to a blank shell with no announced target and its extended deadline effectively spent. Management concedes it 'cannot assure you that our plans to complete a Business Combination will be successful' — after two terminations, that risk is now realized history, not hypothetical.
Financials · annual, by fiscal year
| Line item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Operating income | — | — | — |
| Net income | -$62.4K | $910K | $1.83M |
| Diluted EPS | — | $0.17 | $0.24 |
| Net margin | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$56.3M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.46
Earnings yield3.2%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$6.55K
Piotroski F-Score3/6
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY-43.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Other event2026-06-25
Other-events update after GFT deal collapse; SPAC still hunting a new target
- 8-K Material agreement2026-06-17
Shareholders approved charter amendment extending the deadline to find a deal
- 8-K Other event2026-06-09
Other-events disclosure, likely tied to the extension meeting/trust update
- 10-Q Quarterly report2026-06-05
Q1 shows trust-interest income but going-concern doubt and no live deal
- 10-K Annual report2026-05-29
FY25 net income +101% on trust interest, but negative equity and deal terminated
- 8-K Delisting notice2026-05-27
Received exchange notice of non-compliance with listing standards (delisting risk)
- DEF 14A Proxy statement2026-05-18
Proxy calling a vote to extend the business-combination deadline
- NT 10-Q Late filing notice2026-05-15
Filed notice that the Q1 10-Q would be late
- 8-K Other event2026-05-11
Routine other-events disclosure; no material change to combination status
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-182026-06-25open ↗8-KPeriod ending 2026-06-112026-06-17open ↗8-KPeriod ending 2026-06-082026-06-09open ↗10-QPeriod ending 2026-03-312026-06-05open ↗SCHEDULE 13G/AFiling2026-06-05open ↗10-KPeriod ending 2025-12-312026-05-29open ↗8-KPeriod ending 2026-05-212026-05-27open ↗SCHEDULE 13GFiling2026-05-19open ↗DEF 14APeriod ending 2026-06-112026-05-18open ↗NT 10-QPeriod ending 2026-03-312026-05-15open ↗PRER14AFiling2026-05-15open ↗425Filing2026-05-11open ↗
Frequently asked
- Is Flag Ship Acquisition Corp (FSHP) a buy?
- FSHP currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Dead-deal SPAC: both mergers (GRT, then GFT) terminated, no target, clock expired — a shell that's now a redemption/liquidation bet, not a business.
- What is FSHP's fair value?
- A Modified-Graham model based on FSHP's SEC fundamentals estimates a fair value of about $9.12. It is an estimate from reported earnings, not a price target.
- Is FSHP overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FSHP currently appears overvalued relative to its SEC-grounded earnings power.
- What is Flag Ship Acquisition Corp's quality score?
- FSHP scores 61.911111111111104/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001850059, latest 10-Q filed 2026-06-05) · EODHD · Proprietary analysis · as of 7/3/2026, 4:54:44 PM.
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