Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 6.1x · ROE 16.5%. (2012–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.1B | $656M | $578M | $743M | $650M | $932M | $852M | $885M | $667M | $904M |
| Enterprise Value | $1.5B | $1.1B | $659M | $581M | $751M | $654M | $942M | $854M | $885M | $667M | $900M |
| P/E Ratio → | 5.99 | 4.72 | 2.54 | — | 2.63 | 9.89 | 2.32 | — | 5.55 | 9.12 | — |
| P/S Ratio | 5.99 | 4.39 | 7.32 | — | 6.88 | 7.30 | 3.01 | — | 4.79 | 6.82 | 14.65 |
| P/B Ratio | 0.91 | 0.71 | 0.46 | 0.47 | 0.50 | 0.51 | 0.73 | 0.78 | 0.70 | 0.55 | 0.72 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.40 | 7.35 | — | 6.95 | 7.35 | 3.04 | — | 4.79 | 6.82 | 14.59 |
| EV / EBITDA | 6.15 | 4.51 | 2.41 | 12.12 | 2.56 | 8.50 | 11.47 | 10.67 | 7.75 | 5.90 | — |
| EV / EBIT | 6.15 | — | 2.41 | — | 2.56 | 8.50 | 3.17 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 84.8% | 106.5% | 277.4% | 92.4% | 96.3% | 117.9% | 94.0% | 89.0% | 82.0% |
| Operating Margin | 97.5% | 97.5% | 304.9% | 107.6% | 272.0% | 86.4% | 95.8% | 121.3% | 92.5% | 86.4% | -46.1% |
| Net Profit Margin | 97.5% | 97.5% | 304.9% | 107.6% | 272.0% | 86.4% | 95.8% | 121.3% | 92.5% | 86.4% | -46.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.5% | 16.5% | 20.6% | -13.1% | 21.3% | 6.0% | 25.1% | -6.1% | 13.8% | 6.8% | -2.1% |
| ROA | 16.3% | 16.3% | 20.3% | -12.9% | 20.9% | 5.9% | 24.7% | -6.0% | 13.6% | 6.7% | -2.1% |
| ROIC | 12.4% | 12.4% | 15.4% | -9.8% | 15.9% | 4.5% | 18.8% | -4.6% | 10.4% | 5.1% | -1.6% |
| ROCE | 16.3% | 16.3% | 20.3% | -12.9% | 21.0% | 5.9% | 24.7% | -6.0% | 13.7% | 6.8% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | — | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.07 | 0.01 | 0.06 | 0.06 | 0.07 | — | — | — |
| Net Debt / Equity | — | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | -0.00 |
| Net Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.07 | 0.03 | 0.06 | 0.12 | 0.03 | 0.00 | 0.00 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 31.80 | 31.80 | 3.70 | 2.18 | -0.83 | 0.57 | 3.04 | 4.88 | 2.98 | 2.41 | 0.49 |
| Quick Ratio | 31.80 | 31.80 | 3.70 | 2.18 | -0.83 | 0.57 | 3.04 | 4.88 | 2.98 | 2.41 | 0.49 |
| Cash Ratio | 0.19 | 0.19 | 0.07 | 0.10 | -1.40 | — | -2.91 | 1.59 | — | — | 0.27 |
| Asset Turnover | — | 0.16 | 0.06 | -0.13 | 0.07 | 0.07 | 0.24 | -0.05 | 0.14 | 0.08 | 0.05 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.7% | 21.2% | 39.4% | — | 38.0% | 10.1% | 43.2% | — | 18.0% | 11.0% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $22M | $15M | $16M | $17M | $17M | $25M | $30M | $26M | $21M | $28M |
Portfolio Realization Volatility
According to recent market data, GAM trades at a P/B ratio of 0.87, which suggests that investors are currently pricing the fund at a discount to its net asset value, potentially failing to account for the efficiency of its internal management structure compared to externally managed peers.
The P/E ratio of 5.75 appears artificially low due to the inclusion of realized capital gains, which are inherently volatile and non-recurring in nature. Investors should monitor whether this discount persists, as it may indicate a lack of market confidence in the fund's ability to consistently generate alpha or effectively communicate its value proposition.
Based on reported figures, GAM's ROE has fluctuated between -1.7% and 8.9% over the last ten quarters, illustrating that the firm's ability to compound capital is heavily tethered to the performance of its underlying equity holdings rather than internal operational efficiency improvements.
The ROIC metric, which has trended near 0.1% in recent periods, highlights the difficulty of measuring traditional capital returns for an investment company that does not utilize debt. This suggests that shareholders should focus on NAV growth per share as the primary indicator of management's success in compounding capital over the long term.
As reported in financial statements, the absence of meaningful inventory or accounts payable data renders traditional efficiency ratios like the cash conversion cycle inapplicable, confirming that GAM operates as a pure investment vehicle rather than a traditional service or manufacturing business.
The DSO metric, which has shown significant volatility ranging from 12 to 143 days, likely reflects the timing of dividend receipts and security settlements rather than customer payment behavior. This variability warrants further investigation into the fund's cash management practices to ensure that liquidity is sufficient for operational needs.
Based on the latest financial data, GAM's current ratio has fluctuated wildly, reaching a low of 0.22 in 2024Q2, which indicates that the fund maintains extremely limited cash reserves and remains almost fully deployed in its equity portfolio at all times.
This lack of liquidity suggests that the fund may be forced to sell core holdings during market downturns to meet distribution requirements or cover administrative expenses. Investors should monitor this liquidity profile, as it may limit management's ability to execute tactical share repurchases when the stock trades at a deep discount to NAV.
The P/E ratio is the most commonly misapplied metric for GAM, as it obscures the reality that the firm's earnings are primarily a function of realized capital gains rather than sustainable, recurring operational income generated from a core business model.
Using P/E to value an investment company like GAM ignores the latent tax liabilities and the cyclical nature of portfolio turnover. Analysts should instead prioritize the discount or premium to Net Asset Value (NAV) and the expense ratio as more accurate indicators of the fund's true value and operational efficiency.
Includes 30+ ratios · 13 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GAM stock.
General American Investors Company, Inc.'s current P/E ratio is 6.0x. The historical average is 6.1x. This places it at the 70th percentile of its historical range.
General American Investors Company, Inc.'s current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
General American Investors Company, Inc.'s return on equity (ROE) is 16.5%. The historical average is 10.0%.
Based on historical data, General American Investors Company, Inc. is trading at a P/E of 6.0x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
General American Investors Company, Inc. has 100.0% gross margin and 97.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
General American Investors Company, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.