Pantages Capital Acquisition Corporation Class A Ordinary Shares (PGAC)

FairStock Score: 18/100 — RISKY

Key Financials

AI Analysis

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

I approach this as a Graham-style bargain hunter: a business must first be a business. Pantages Capital Acquisition is a shell company with no significant operations; it exists to merge with or acquire another entity. Revenue is n/a in the filed figures for FY2025, fiscal Q1 2026, fiscal Q2 2026, fiscal Q3 2025, or fiscal Q2 2025. The profits are modest and come from a company with no significant operations: net income was $2.5M in FY2025, $686,686 in fiscal Q3 2025 (quarter ended 2025-09-30), $723,213 in fiscal Q2 2025 (quarter ended 2025-06-30), $353,407 in fiscal Q1 2026 (quarter ended 2026-03-31), and $538,284 in fiscal Q2 2026 (quarter ended 2026-06-30). Without an operating business, there is no competitive moat to evaluate. Financial health is mixed: FairStock shows a Piotroski F-Score of 1/9, ROCE of -0.72%, trailing free cash flow of -$1.3M, and FCF yield of -1.1%, though its Altman Z-Score of 32.01 looks high. Valuation is the problem. At the 2026-10-13 close of $10.77, FairStock calculates a P/E of 59.83 on $0.18 EPS, a Graham Number of $3.16, and a margin of safety of -240.82%. The FairStock Score is 18/100; profit growth is -25.57%. This is not a compounder, but a merger option with a thin record. I would wait for a real business with revenue, durable earnings, and a price that offers protection.

In plain English: Pantages Capital is a blank-check company: it does not run an operating business yet and is looking to combine with another company. Its reported profits are small and uneven, it has been using cash, and revenue is not reported in the filed figures. At $10.77, the price looks expensive compared with its reported earnings and the low value implied by its numbers, so this is mainly a bet on a future merger rather than a proven business.

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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)

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