Central Securities Corp. (CET) 10-Year Financial Performance & Capital Metrics

CET • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementGlobal Diversified Asset Managers

AboutCentral Securities Corp. is a publicly owned investment manager. The firm invests in the public equity markets of the United States. It also invests on bonds, convertible bonds, preferred stocks, convertible preferred stocks, warrants, options real estate, or short-term obligations of governments, banks and corporations. Central Securities Corp. was founded on October 1, 1929 and is based in New York, New York.Show more

Net Interest Income $4M -4.2%
Total Revenue $296M +416.3%
Net Income $288M +28.8%
Return on Equity 19.93% +9.3%
Net Interest Margin 0.23% -19.5%
Efficiency Ratio 100% +742.6%
ROA 19.88% +9.3%
Equity / Assets 99.78%
Book Value per Share 55.30 +18.9%
Tangible BV/Share 55.30 +18.9%
Debt/Equity 0.00 -21.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Well capitalized: 99.8% equity/assets
✓Healthy dividend yield of 2.6%
✓Diversified revenue: 98.8% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗Weak NIM of 0.2%
✗High cost structure: 100.0% efficiency ratio

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.99%

5Y2.88%

3Y-6.32%

TTM-

Profit (Net Income) CAGR

10Y25.33%

5Y2.79%

3Y-6.61%

TTM121.43%

EPS CAGR

10Y24.32%

5Y0.89%

3Y-7.88%

TTM115.19%

ROCE

10Y Avg12.42%

5Y Avg12.46%

3Y Avg8.41%

Latest19.88%

Peer Comparison

Global Diversified Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIISprott Inc.	2.97B	115.19	60.31	19.02%	29.28%	14.59%	2.27%
EMBJEmbraer S.A.	13.36B	73.93	38.51	21.38%	5.51%	10.43%	3.03%	0.78
BENFranklin Resources, Inc.	13.54B	25.97	28.54	3.45%	5.98%	3.61%	6.73%	0.94
BLKBlackRock, Inc.	179.4B	1156.65	27.53	14.27%	31.21%	9.86%	2.62%	0.29
IVZInvesco Ltd.	13.08B	29.39	24.91	6.13%	12.77%	6.75%	8.57%	0.48
SEICSEI Investments Company	10.6B	86.54	19.62	10.7%	27.35%	28.87%	5.34%	0.01
JHGJanus Henderson Group plc	7.15B	47.89	18.71	17.67%	16.53%	9.41%	9.57%	0.10
STTState Street Corporation	38.07B	136.29	16.60	19.64%	12.23%	10.78%		1.45

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	19.58K	119.26K	419.77K	785.44K	829.96K	199.06K	5.59K	905.87K	3.86M	3.7M
NII Growth %	0.39%	5.09%	2.52%	0.87%	0.06%	-0.76%	-0.97%	160.91%	3.26%	-0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	19.58K	119.26K	419.77K	785.44K	829.96K	199.06K	5.59K	905.87K	3.86M	3.7M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Loan Loss Provision	3.16M	4.14M	4.25M	4.44M	4.57M	4.69M	5.57M	4.63M	4.8M	0
Non-Interest Income+	-12.63M	117.92M	174.43M	-29.27M	256.13M	79.7M	360.3M	-153.55M	53.51M	292.5M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	-12.61M	118.04M	174.85M	-28.49M	256.96M	79.89M	360.31M	-152.65M	57.37M	296.2M
Revenue Growth %	-1.37%	10.36%	0.48%	-1.16%	10.02%	-0.69%	3.51%	-1.42%	1.38%	4.16%
Non-Interest Expense	4.43M	5.4M	5.64M	5.79M	5.95M	6.18M	6.73M	6.02M	6.81M	296.2M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	-17.04M	112.64M	169.21M	-34.28M	251.01M	73.72M	353.58M	-158.67M	223.64M	287.97M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1.57%	7.61%	0.5%	-1.2%	8.32%	-0.71%	3.8%	-1.45%	2.41%	0.29%
Pretax Income+	-17.04M	112.64M	169.21M	-34.28M	251.01M	73.72M	353.58M	-158.67M	223.64M	287.97M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	3	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-17.04M	112.64M	169.21M	-34.28M	251.01M	73.72M	353.58M	-158.67M	223.64M	287.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.57%	7.61%	0.5%	-1.2%	8.32%	-0.71%	3.8%	-1.45%	2.41%	0.29%
Net Income (Continuing)	-17.04M	112.64M	169.21M	-34.28M	251.01M	73.72M	353.58M	-158.67M	223.64M	287.97M
EPS (Diluted)+	-0.69	4.53	6.73	-1.34	9.70	2.81	12.97	-5.81	7.88	10.14
EPS Growth %	-1.6%	7.57%	0.49%	-1.2%	8.24%	-0.71%	3.62%	-1.45%	2.36%	0.29%
EPS (Basic)	-0.69	4.53	6.73	-1.34	9.70	2.81	13.47	-5.81	7.88	10.14
Diluted Shares Outstanding	24.77M	24.88M	25.14M	25.5M	25.89M	26.24M	27.27M	27.31M	28.39M	28.39M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	629.09K	1000K	1000K	230.92K	660.85K	1000K	612.86K	641.28K	1000K	1000K
Cash & Due from Banks	629.09K	2.5M	2.66M	230.92K	660.85K	970.84K	612.86K	641.28K	895.64K	267.95K
Short Term Investments	0	0	0	0	0	1000K	0	0	1000K	1000K
Total Investments+	581.76M	671.65M	824.26M	764.73M	993.55M	1.06B	1.33B	1.13B	1.4B	1.66B
Investments Growth %	-0.08%	0.15%	0.23%	-0.07%	0.3%	0.07%	0.25%	-0.15%	0.24%	0.18%
Long-Term Investments	581.76M	671.65M	824.26M	764.73M	993.55M	1.03B	1.33B	1.13B	1.32B	1.57B
Accounts Receivables	0	0	0	0	0	0	0	0	0	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	18.42K	11.54K	0	0	960.38K	584.84K	197.87K	2.73M	3.88M	3.54M
Other Assets	-581.78M	-671.66M	-824.26M	-764.73M	0	0	0	0	122.76K	235.08K
Total Current Assets	1.14M	3.11M	3.13M	641.16K	1.08M	1.61M	1.31M	1.55M	1.85M	90.88M
Total Non-Current Assets	581.78M	671.66M	824.26M	764.73M	994.51M	1.04B	1.33B	1.13B	1.32B	1.57B
Total Assets+	583.01M	674.83M	827.47M	765.46M	995.71M	1.04B	1.33B	1.14B	1.32B	1.57B
Asset Growth %	-0.1%	0.16%	0.23%	-0.07%	0.3%	0.04%	0.29%	-0.15%	0.16%	0.19%
Return on Assets (ROA)	-0.03%	0.18%	0.23%	-0.04%	0.29%	0.07%	0.3%	-0.13%	0.18%	0.2%
Accounts Payable	0	0	990.06K	0	0	0	0	0	0	0
Total Debt+	0	0	0	0	960.38K	584.84K	197.87K	2.9M	3.16M	2.93M
Net Debt	-629.09K	-2.5M	-2.66M	-230.92K	299.54K	-386K	-414.99K	2.26M	2.26M	-267.95K
Long-Term Debt	0	0	0	0	960.38K	0	197.87K	2.9M	3.16M	2.93M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	-960.38K	0	-197.87K	134.47K	-3.16M	466.3K
Total Current Liabilities	0	0	990.06K	0	0	0	0	0	0	0
Total Non-Current Liabilities	135.01K	150K	1.14M	118.92K	960.38K	584.84K	197.87K	3.04M	3.16M	3.4M
Total Liabilities	135.01K	150K	1.14M	118.92K	960.38K	584.84K	197.87K	3.04M	3.41M	3.4M
Total Equity+	582.87M	674.68M	826.33M	765.34M	994.6M	1.04B	1.33B	1.13B	1.32B	1.57B
Equity Growth %	-0.1%	0.16%	0.22%	-0.07%	0.3%	0.04%	0.29%	-0.15%	0.17%	0.19%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.03%	0.18%	0.23%	-0.04%	0.29%	0.07%	0.3%	-0.13%	0.18%	0.2%
Book Value per Share	23.53	27.12	32.86	30.02	38.42	39.49	48.87	41.48	46.49	55.30
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	24.85M	24.88M	25.14M	25.57M	25.89M	26.24M	27.27M	28.01M	28.39M	28.94M
Additional Paid-in Capital	326.63M	328.27M	335.25M	346.27M	356.77M	368M	407.63M	432.75M	446.05M	470.76M
Retained Earnings	697.8K	382.09K	600.18K	395.26M	611.93M	642.09M	897.7M	672.78M	845.43M	1.07B
Accumulated OCI	349.96M	321.15M	465.34M	0	0	0	0	0	0	0
Treasury Stock	-1.51M	0	0	-1.75M	0	0	0	-701.13K	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	36.39M	22.93M	17.98M	24.6M	22.5M	32.7M	57.45M	41.25M	38.06M	37.3M
Operating CF Growth %	0.23%	-0.37%	-0.22%	0.37%	-0.09%	0.45%	0.76%	-0.28%	-0.08%	-0.02%
Net Income	-17.04M	112.64M	169.21M	-34.28M	251.01M	73.72M	353.58M	-158.67M	223.64M	287.97M
Depreciation & Amortization	10.66K	8.9K	6.31K	4.4K	3.73K	7.32K	7.23K	7.39K	71.37K	162.86K
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	53.64M	-89.65M	-152.36M	59.86M	-228.51M	-40.41M	-295.7M	200.27M	-185.59M	-249.2M
Working Capital Changes	-221.62K	-62.47K	1.12M	-982.97K	-6.3K	-607.61K	-430.47K	-355.93K	-52.11K	-1.63M
Cash from Investing+	47.94M	8.18M	19.67M	7.2M	25.66M	-23.72M	23.58M	96.47M	-1.2M	-28.56K
Purchase of Investments	-125.5M	-52.43M	-41.96M	-62.97M	-84.68M	-105.14M	-131.57M	-4.18M	-45.53M	-119.66M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	51.32M	-47.45M	47.17M	0	-16.53M	-32.39M
Cash from Financing+	-50.22M	-21.06M	-17.82M	-27.03M	-22.07M	-32.39M	-57.81M	-41.23M	-36.61M	-37.9M
Dividends Paid	-29.15M	-15.97M	-16.1M	-23.05M	-21.64M	-27.03M	-57.81M	-38.5M	-30.77M	-37.9M
Share Repurchases	-21.07M	-5.08M	-1.72M	-3.98M	-428K	-5.37M	0	-2.73M	-5.83M	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash+	-13.83M	1.88M	157.61K	-2.43M	429.93K	310K	-357.98K	28.42K	254.36K	-627.69K
Exchange Rate Effect	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	0
Cash at Beginning	14.46M	629.09K	2.5M	2.66M	230.92K	660.85K	970.84K	612.86K	641.28K	895.64K
Cash at End	629.09K	2.5M	2.66M	230.92K	660.85K	970.84K	612.86K	641.28K	895.64K	267.95K
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	36.39M	22.93M	17.98M	24.6M	22.5M	32.7M	57.45M	41.25M	36.86M	37.27M
FCF Growth %	0.23%	-0.37%	-0.22%	0.37%	-0.09%	0.45%	0.76%	-0.28%	-0.11%	0.01%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.76%	17.91%	22.55%	-4.31%	28.53%	7.26%	29.85%	-12.87%	18.24%	19.93%
Return on Assets (ROA)	-2.76%	17.91%	22.53%	-4.3%	28.51%	7.25%	29.84%	-12.85%	18.19%	19.88%
Net Interest Margin	0%	0.02%	0.05%	0.1%	0.08%	0.02%	0%	0.08%	0.29%	0.23%
Efficiency Ratio	-35.17%	4.58%	3.23%	-20.34%	2.32%	7.73%	1.87%	-3.95%	11.87%	100%
Equity / Assets	99.98%	99.98%	99.86%	99.98%	99.89%	99.93%	99.97%	99.73%	99.74%	99.78%
Book Value / Share	23.53	27.12	32.86	30.02	38.42	39.49	48.87	41.48	46.49	55.3
NII Growth	38.83%	509.04%	251.97%	87.11%	5.67%	-76.02%	-97.19%	16090.74%	326.08%	-4.24%
Dividend Payout	-	14.18%	9.52%	-	8.62%	36.66%	16.35%	-	13.76%	13.16%

Frequently Asked Questions

Valuation & Price

Central Securities Corp. (CET) has a price-to-earnings (P/E) ratio of 5.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Central Securities Corp. (CET) grew revenue by 416.3% over the past year. This is strong growth.

Yes, Central Securities Corp. (CET) is profitable, generating $507.0M in net income for fiscal year 2024 (97.2% net margin).

Dividend & Returns

Yes, Central Securities Corp. (CET) pays a dividend with a yield of 2.57%. This makes it attractive for income-focused investors.

Central Securities Corp. (CET) has a return on equity (ROE) of 19.9%. This is reasonable for most industries.

Industry Metrics

Central Securities Corp. (CET) has a net interest margin (NIM) of 0.2%. NIM has been under pressure due to interest rate environment.

Central Securities Corp. (CET) has an efficiency ratio of 100.0%. This is higher than peers, suggesting room for cost optimization.

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