Gores Holdings X Inc. Class A ordinary shares (GTEN)

FairStock Score: 20/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Gores Holdings X as a Graham-style analyst: this is not an operating business but a shell seeking a merger. There is no revenue in the filed statements, so the net income figures are not from an operating business. The filed figures are erratic: net income was $6.1M in fiscal Q1 2026 (quarter ended 2026-03-31), $264,623 in fiscal Q2 2026 (quarter ended 2026-06-30), $1.8M in fiscal Q3 2025 (quarter ended 2025-09-30), a $1.7M loss in fiscal Q2 2025 (quarter ended 2025-06-30), and $920,659 for FY2025 (period ended 2025-12-31). Revenue is not applicable in those filings. That is not a durable earnings stream. At the 2026-10-13 close of $10.42, FairStock calculates a market cap of $466.5M, a P/E of 21.27, a PEG of 0.18, a Graham Number of $9.15, and a margin of safety of -13.88%, meaning the price sits above that conservative value estimate. FairStock calculates trailing twelve-month free cash flow as negative $1.2M, with a -0.3% FCF yield. The Piotroski F-Score is only 1/9, while the Altman Z-Score is 8.66; the latter suggests low balance-sheet distress risk on that model, but shell-company accounting makes it less informative. FairStock's overall score is 20/100. There is no competitive moat to assess because there is no business. Growth depends entirely on finding and completing a merger. FairStock's Lynch category is none because only two years of filed results are available and three are required. I would need a clear target, stable post-deal cash flows, and a price below intrinsic value before calling this compelling. Today, it is a speculative vehicle, not a Buffett-style compounder.

In plain English: Gores Holdings X is a shell company with no real operations yet; it exists to merge with another business. It has no revenue and its cash flow is negative, so the business itself is not yet strong. At $10.42, the shares look roughly fair to slightly expensive versus the limited accounting value available, and the stock is mainly a bet on a future deal.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer