Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Black Hawk Acquisition Corp.BKHA · healthcare
GradeNonecomputable_factors_below_threshold: 3 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $23.9M[1]
Warningslate filer, thin datanot computable: dilution, short runway, degenerate inputs, distress, fortress balance sheet
Inputs computable3 of 14
Graded fromfilings received through Apr 28, 2026164 days before the rescan; every figure keyed to the SEC receipt date
Last close$12.212026-10-08; market equity $0; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$11$12$13NovDecJanFebMarAprMayJunJulAugSepOct$12.33
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Feb 21, 2025nonen/aQ2

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 6, 2026; the document on sec.gov.

We are a Cayman Islands company incorporated on September 28, 2023, as an exempted company with limited liability. We chose to incorporate in the Cayman Islands due to (i) its tax-neutrality, which allows international transactions to be structured efficiently without an additional layer of tax and (ii) simplicity of establishment and flexibility of administration, including easy migration to another jurisdiction, the existence of statutory procedures for merger or consolidation, and no takeover code or bespoke public company filing requirements.

Warnings [top]

Late filer. found 3 NT 10-K/Q filings in the last eight quarters
Thin data. 3 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 87.3
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio4.1%[1-4](6.6%)87.38112025-11-30
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 72.7
Twelve-month failure probabilitynot computable0.07%
firm-wide XBRL shares cannot be assigned to one ticker class
Altman Z double-prime(2.21)[1,5-10](0.31)45.87562025-11-30
Net debt to EBITDAnot computable1.82x
one or more required annual facts are missing
Interest coveragenot computable(4.51x)
interest expense must exceed $100,000
Current ratio0.03x[5-6]2.96x99.68392025-11-30
Growth and financing
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 0
Free cash flow growth, three-year compoundnot computable10.9%
four consecutive annual FCF observations are required; found 0
Reinvestment ratenot computable37.1%
one or more required annual facts are missing
Asset growth, three yearsnot computable2.1%
four annual observations are required; found 2
Net share issuance, one yearnot computable2.5%
firm-wide XBRL shares cannot be assigned to one ticker class

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month7.7%8.0%50hotter than 50 of 100 peers
Distance from 52-week high(5.9%)(31.4%)92closer to its high than 92 of 100 peers
EBIT to enterprise valuenot computable(1.5%)required accounting or market input is missing
Free cash flow yieldnot computable(1.0%)required accounting or market input is missing
Book value to pricenot computable0.28required accounting or market input is missing
Sales to pricenot computable0.31required accounting or market input is missing
Composite equity issuance, five yearsnot computable20.3%required accounting or market input is missing
Relative strength against the sector, log excess return(0.14)(0.14)50ahead of 50 of 100 peers

Inputs: EBIT -$915,510; book equity -$4.7M; cash $0[11].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-11-30
Return on assets above zero1.8%✓ pass[2,4]
Operating cash flow above zero-$650,321✗ fail[3]
Return on assets improvedn/a[2,4,12]
Operating cash flow exceeds net income-$2.0M✗ fail[2-3]
Long-term leverage felln/a[1,4]
Current ratio improvedn/a[5-6,13-14]
No new shares issuedn/a
Gross margin improvedn/a
Asset turnover improvedn/a[4]
Cash, filings, liquidity
Cash and equivalents$0[15]
Operating cash flow, four quarters-$560,069[3,15-19]
Months of runwaynot finite
cash must be at least $100,000
Late filings, two years3
NT 10-K or NT 10-Q
Days since last periodic filing3
10-Q received Oct 6, 2026
Median daily dollar volume$0
63 sessions
Days since newest grade input164

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$23.9M2025-11-302026-03-0610-Kfiling · viewer · series
2net incomeus-gaap:NetIncomeLoss$1.3M2025-11-302026-03-0610-Kfiling · viewer · series
3operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$650,3212025-11-302026-03-0610-Kfiling · viewer · series
4assetsus-gaap:Assets$72.1M2024-11-302026-03-0610-Kfiling · viewer · series
5current assetsus-gaap:AssetsCurrent$50,7902025-11-302026-03-0610-Kfiling · viewer · series
6current liabilitiesus-gaap:LiabilitiesCurrent$1.5M2025-11-302026-03-0610-Kfiling · viewer · series
7retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$3.9M2025-11-302026-03-0610-Kfiling · viewer · series
8operating incomeus-gaap:OperatingIncomeLoss-$915,5102025-11-302026-03-0610-Kfiling · viewer · series
9book equityus-gaap:StockholdersEquity-$3.8M2025-11-302026-03-0610-Kfiling · viewer · series
10liabilitiesus-gaap:Liabilities$3.9M2025-11-302026-03-0610-Kfiling · viewer · series
11shares outstandingdei:EntityCommonStockSharesOutstanding4,153,5772026-10-062026-10-0610-Qfiling · viewer · series
12net incomeus-gaap:NetIncomeLoss$1.9M2024-11-302026-03-0610-Kfiling · viewer · series
13current assetsus-gaap:AssetsCurrent$314,0712024-11-302026-03-0610-Kfiling · viewer · series
14current liabilitiesus-gaap:LiabilitiesCurrent$70,9782024-11-302026-03-0610-Kfiling · viewer · series
15cashus-gaap:CashAndCashEquivalentsAtCarryingValue$02026-08-312026-10-0610-Qfiling · viewer · series
16operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$459,5902026-08-312026-10-0610-Qfiling · viewer · series
17operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$346,1392026-05-312026-07-1510-Qfiling · viewer · series
18operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$109,5022026-02-282026-04-2110-Qfiling · viewer · series
19operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$549,8422025-08-312026-10-0610-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026