Latest Ratios: P/E Ratio 5.8x · EV/EBITDA 5.8x · ROE 15.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.5B | $1.3B | $1.1B | $912M | $1.2B | $856M | $857M | $633M | $689M | $542M |
| Enterprise Value | $1.5B | $1.5B | $1.3B | $1.1B | $914M | $1.2B | $856M | $857M | $633M | $686M | $540M |
| P/E Ratio → | 5.75 | 5.54 | 4.51 | 4.79 | — | 3.44 | 11.62 | 3.41 | — | 4.07 | 4.81 |
| P/S Ratio | 17.57 | 16.90 | 4.38 | 18.69 | — | 3.37 | 10.72 | 3.33 | — | 3.94 | 4.59 |
| P/B Ratio | 0.85 | 0.82 | 0.83 | 0.81 | 0.80 | 0.91 | 0.83 | 0.86 | 0.83 | 0.83 | 0.80 |
| P/FCF | 32.46 | 31.23 | 34.80 | 29.09 | 22.10 | 21.16 | 26.19 | 38.09 | 25.74 | 38.33 | 23.64 |
| P/OCF | 32.46 | 31.23 | 34.77 | 28.17 | 22.10 | 21.16 | 26.19 | 38.09 | 25.74 | 38.33 | 23.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.97 | 4.38 | 18.73 | — | 3.37 | 10.72 | 3.34 | — | 3.92 | 4.57 |
| EV / EBITDA | 5.78 | 5.56 | 4.50 | 4.80 | — | 3.43 | 11.61 | 3.42 | — | 4.06 | 4.79 |
| EV / EBIT | 5.78 | 5.56 | — | 4.80 | — | 3.44 | 11.61 | — | — | — | — |
| EV / FCF | — | 31.35 | 34.79 | 29.15 | 22.16 | 21.15 | 26.18 | 38.10 | 25.73 | 38.18 | 23.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.4% | 93.4% | 100.0% | 91.6% | 103.0% | 98.5% | 94.1% | 98.2% | 115.6% | 97.6% | 96.5% |
| Operating Margin | 305.0% | 305.0% | 97.2% | 389.8% | 103.9% | 98.1% | 92.3% | 97.7% | 120.3% | 96.8% | 95.4% |
| Net Profit Margin | 305.0% | 305.0% | 97.2% | 389.8% | 103.9% | 98.1% | 92.3% | 97.7% | 120.3% | 96.8% | 95.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 19.9% | 18.2% | -12.9% | 29.9% | 7.3% | 28.5% | -4.3% | 22.5% | 17.9% |
| ROA | 15.8% | 15.8% | 19.9% | 18.2% | -12.9% | 29.8% | 7.3% | 28.5% | -4.3% | 22.5% | 17.9% |
| ROIC | 11.8% | 11.8% | 14.9% | 13.6% | -9.6% | 22.4% | 5.4% | 21.4% | -3.2% | 16.9% | 13.4% |
| ROCE | 15.8% | 15.8% | 19.9% | 18.2% | -12.9% | 29.8% | 7.3% | 28.5% | -4.3% | 22.6% | 17.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | 0.02 | 0.02 | 0.01 | 0.01 | — | 0.00 | 0.01 | 0.00 | — | — | — |
| Net Debt / Equity | — | 0.00 | -0.00 | 0.00 | 0.00 | -0.00 | -0.00 | 0.00 | -0.00 | -0.00 | -0.00 |
| Net Debt / EBITDA | 0.02 | 0.02 | -0.00 | 0.01 | — | -0.00 | -0.01 | 0.00 | — | -0.02 | -0.02 |
| Debt / FCF | — | 0.11 | -0.01 | 0.06 | 0.05 | -0.01 | -0.01 | 0.01 | -0.01 | -0.15 | -0.11 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | — | — | 3.16 | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | 3.16 | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | 2.69 | — |
| Asset Turnover | — | 0.05 | 0.19 | 0.04 | -0.13 | 0.27 | 0.08 | 0.26 | -0.04 | 0.21 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 17.5% | 17.5% | 13.2% | 13.8% | — | 16.3% | 36.7% | 8.6% | — | 9.5% | 14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.4% | 18.0% | 22.2% | 20.9% | — | 29.1% | 8.6% | 29.3% | — | 24.6% | 20.8% |
| FCF Yield | 3.1% | 3.2% | 2.9% | 3.4% | 4.5% | 4.7% | 3.8% | 2.6% | 3.9% | 2.6% | 4.2% |
| Buyback Yield | 0.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $29M | $28M | $28M | $27M | $27M | $26M | $26M | $25M | $25M | $25M |
Private asset valuation opacity
According to recent market data, CET trades at a P/E of 5.65 and a P/B of 0.84, suggesting that investors are applying a persistent discount to NAV that likely accounts for the structural illiquidity of its concentrated private equity holdings compared to more liquid peer funds.
The current valuation multiples appear to be heavily influenced by the market's skepticism regarding the fair value of the fund's private insurance positions. Investors should monitor whether this discount represents a permanent structural feature or a temporary mispricing that could narrow if the fund's private assets were to be revalued or liquidated.
Based on reported figures, CET's ROIC has fluctuated significantly, ranging from -13.8% to 18.2% over the last ten quarters, which highlights the inherent volatility of an investment model that relies on periodic capital gains rather than consistent, compounding operational returns on invested capital.
The variability in ROIC suggests that the fund's performance is highly sensitive to the timing of asset sales within its portfolio. This trend warrants further investigation into whether the fund's long-term compounding ability is being hampered by the lack of consistent, high-quality dividend income from its core holdings.
As reported in financial statements, CET maintains an exceptionally lean cost structure with minimal SG&A, yet the asset turnover ratio remains consistently low at approximately 0.02 to 0.03, indicating that the fund's capital is largely locked in long-term, static positions rather than active, high-velocity trading strategies.
The low asset turnover is consistent with the fund's buy-and-hold philosophy, particularly regarding its private insurance stake. However, this lack of turnover may limit the fund's ability to generate the cash necessary to meet distribution requirements without resorting to opportunistic asset liquidations.
As indicated by peer comparisons, CET's ROE of 9.3% lags behind the 27.4% reported by Tri-Continental Corporation, a gap that appears structural rather than temporary due to CET's unique, concentrated exposure to private insurance assets that are not present in the portfolios of its diversified peers.
While CET benefits from an internal management structure that avoids third-party advisory fees, this advantage is partially offset by the valuation haircut the market applies to its private holdings. Investors should consider whether the potential for long-term capital appreciation in these private assets justifies the current performance gap relative to more liquid, publicly traded peers.
Based on institutional analysis, the P/E ratio is the most commonly misapplied metric for CET, as it obscures the fund's true economic health by conflating volatile realized capital gains with recurring investment income, thereby providing a distorted view of the fund's actual earning power.
Analysts should instead focus on Net Investment Income (NII) and the change in Net Asset Value (NAV) to assess the fund's performance. Relying on P/E ratios for a closed-end fund with significant private holdings may lead to erroneous conclusions about the sustainability of distributions and the underlying quality of the portfolio.
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CET stock.
Central Securities Corp.'s current P/E ratio is 5.8x. The historical average is 7.7x. This places it at the 61th percentile of its historical range.
Central Securities Corp.'s current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
Central Securities Corp.'s return on equity (ROE) is 15.8%. The historical average is 10.2%.
Based on historical data, Central Securities Corp. is trading at a P/E of 5.8x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Central Securities Corp.'s current dividend yield is 3.04% with a payout ratio of 17.5%.
Central Securities Corp. has 93.4% gross margin and 305.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Central Securities Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.