Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
Needs two years of accounts.
Bitcoin Infrastructure Acquisition Corp Ltd
BIXIW · Financials (blank checks) · 1 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Revenue, fiscal 2025
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Operating margin
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gross margin —
Return on invested capital
—
Free cash flow
—
Net debt ÷ EBITDA
—
net debt —
Piotroski F-score
—
tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
- Return on equity
- —
- Return on assets
- —
- Asset turnover
- —
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Per share
Shares outstanding
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
- Net debt ÷ EBITDA
- —
- Interest coverage
- — operating income ÷ interest
- Current ratio
- 20.37 current assets ÷ current liabilities
- Cash conversion cycle
- —
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Quarterly
2026-08-13
Quarterly report
Quarterly
2026-05-14
Quarterly report
Annual
2026-03-31
Annual report
Event
2026-02-25
Published other information
Quarterly
2026-01-12
Quarterly report
Event
2025-12-22
Signed a material agreement
Event
2025-12-12
Published other information
Event
2025-12-10
Signed a material agreement
Estimatein 68d
Results for the period ending 2026-09-29
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
| Fund | Shares | Value | Share of the fund | Since the quarter before |
|---|---|---|---|---|
| Starboard Value 30 Jun 2026 | 149,999 | $47,460 | 0.0% | Unchanged |
Companies like this one
Same SEC industry (blank checks) first, then the rest of financials.
Every figure, year by year
1 fiscal years · 30 measures
| 2025 | |
|---|---|
| Size | |
| Revenue | — |
| Revenue growth | — |
| Operating income | — |
| Net income | — |
| Margins | |
| Gross margin | — |
| Operating margin | — |
| Net margin | — |
| Free cash flow margin | — |
| R&D ÷ revenue | — |
| SG&A ÷ revenue | — |
| Cash | |
| Free cash flow | — |
| Stock-based pay | — |
| Free cash flow after stock pay | — |
| Free cash flow to the firm | — |
| Free cash flow ÷ net income | — |
| Capex ÷ revenue | — |
| Returns | |
| Return on invested capital | — |
| Return on equity | — |
| Return on assets | — |
| Asset turnover | — |
| Economic profit | — |
| Per share | |
| Earnings per share | — |
| Free cash flow per share | — |
| Dividend per share | — |
| Payout ratio | — |
| Book value per share | — |
| Diluted shares | — |
| Balance sheet | |
| Net debt | — |
| Net debt ÷ EBITDA | — |
| Interest coverage | — |
| Current ratio | 20.4× |
| Cash conversion cycle (days) | — |
| Scores | |
| Piotroski F-score | — |
| Altman Z'' | — |
| Beneish M | — |
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.