Revenue remains highly erratic with a 70.64% year-over-year decline, while reported operating margins are distorted by investment gains that reached anomalous levels in historical periods.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 81.25M | 296.2M | 52.56M | -157.28M | 354.74M | 75.21M | 252.4M | -32.92M | 170.59M | 113.9M | -15.77M | 34.5M | 147.86M | 17.45M | 3.05M | 109.47M | 10.26M | 12.05M | 11.64M | 10.41M | 8.67M | 4.85M | 4.05M | 4.85M | 5.84M | 7.85M | 6.77M | 7M | 6.14M | 6.03M |
| Gross Margin % | 93.44% | 100% | 91.62% | 103.03% | 98.45% | 94.13% | 98.22% | 115.58% | 97.57% | 96.49% | 125.09% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -72.57% | 463.52% | 133.42% | -144.34% | 371.69% | -70.2% | 866.62% | -119.3% | 49.78% | 822.25% | -145.71% | -76.66% | 747.46% | 472.64% | -97.22% | 966.98% | -14.85% | 3.52% | 11.82% | 20.07% | 78.76% | 19.75% | -16.49% | -16.95% | -25.61% | 15.95% | -3.29% | 14.01% | 1.82% | - |
| Operating Expenses | -183.97M | 296.2M | 6.81M | 6.02M | 6.73M | 6.18M | 5.95M | 5.79M | 5.64M | 5.4M | 4.43M | 4.38M | 4.69M | 4.51M | 4.29M | 4.17M | 3.88M | 3.8M | 3.83M | 3.14M | 2.98M | 2.78M | 2.32M | 2.27M | 2.5M | 2.44M | 2.25M | 2.22M | 2.18M | 1.78M |
| OpEx % of Revenue | -211.57% | 100% | 11.87% | -3.95% | 1.87% | 7.73% | 2.32% | -20.34% | 3.23% | 4.58% | -35.17% | 12.68% | 3.17% | 25.84% | 140.8% | 3.81% | 37.82% | 31.54% | 32.9% | 30.16% | 34.37% | 57.32% | 57.28% | 46.8% | 42.81% | 31.08% | 33.23% | 31.71% | 35.5% | 29.52% |
| Selling, General & Admin | 0 | 7.99M | 6.63M | 5.82M | 6.53M | 5.98M | 5.77M | 5.61M | 5.49M | 5.25M | 4.27M | 4.22M | 4.55M | 4.34M | 3.63M | 3.5M | 3.51M | 3.44M | 3.57M | 2.93M | 2.77M | 2.52M | 2.09M | 2.06M | 2.22M | 2.23M | 2.06M | 2.06M | 2M | 1.6M |
| SG&A % of Revenue | - | 2.7% | 11.56% | -3.81% | 1.81% | 7.48% | 2.25% | -19.69% | 3.14% | 4.45% | -33.91% | 12.23% | 3.07% | 24.9% | 119.3% | 3.2% | 34.21% | 28.55% | 30.67% | 28.15% | 31.95% | 51.96% | 51.6% | 42.47% | 38.01% | 28.41% | 30.43% | 29.43% | 32.57% | 26.53% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 265.21M | 287.97M | 223.64M | -158.67M | 353.58M | 73.72M | 251.01M | -34.28M | 169.21M | 112.64M | -17.04M | 30.13M | 143.17M | 12.94M | -1.24M | 105.31M | 6.38M | 8.25M | 7.82M | 7.27M | 5.68M | 2.08M | 1.74M | 2.59M | 3.34M | 5.4M | 4.52M | 4.78M | 3.97M | 4.25M |
| Operating Margin % | 305.02% | 97.22% | 389.83% | 103.95% | 98.13% | 92.27% | 97.68% | 120.34% | 96.77% | 95.42% | 135.17% | 87.32% | 96.83% | 74.16% | -40.8% | 96.19% | 62.18% | 68.46% | 67.18% | 69.84% | 65.51% | 42.89% | 42.96% | 53.4% | 57.19% | 68.79% | 66.77% | 68.29% | 64.66% | 70.48% |
| Operating Income Growth % | -7.9% | 28.77% | 240.94% | -144.88% | 379.65% | -70.63% | 832.26% | -120.26% | 50.23% | 760.98% | -156.56% | -78.96% | 1006.45% | 1140.85% | -101.18% | 1550.56% | -22.67% | 5.5% | 7.57% | 27.99% | 173.08% | 19.54% | -32.82% | -22.46% | -38.15% | 19.47% | -5.44% | 20.4% | -6.59% | - |
| EBITDA | 265.4M | 288.14M | 223.85M | -158.49M | 353.97M | 73.72M | 251.02M | -34.27M | 169.21M | 112.64M | -17.03M | 30.16M | 143.22M | 12.99M | -1.2M | 105.35M | 6.48M | 8.35M | 7.92M | 7.37M | 5.78M | 94.6M | 161.15M | -137.06M | -27.72M | 106.23M | 183.47M | 78.59M | 123.27M | 93.26M |
| EBITDA Margin % | 305.23% | 97.28% | 390.21% | 103.83% | 98.24% | 92.28% | 97.69% | 120.32% | 96.78% | 95.43% | 135.09% | 87.4% | 96.86% | 74.43% | -39.28% | 96.24% | 63.16% | 69.29% | 68.04% | 70.8% | 66.67% | 1950.52% | 3979.01% | -2825.98% | -474.66% | 1353.25% | 2710.04% | 1122.71% | 2007.65% | 1546.6% |
| EBITDA Growth % | -7.89% | 28.72% | 241.24% | -144.77% | 380.14% | -70.63% | 832.37% | -120.26% | 50.22% | 761.44% | -156.47% | -78.94% | 1002.84% | 1185.21% | -101.14% | 1525.82% | -22.4% | 5.43% | 7.46% | 27.51% | -93.89% | -41.3% | 217.58% | -394.44% | -126.09% | -42.1% | 133.45% | -36.25% | 32.18% | - |
| D&A (Non-Cash Add-back) | 187.32K | 162.86K | 218.28K | 180.68K | 394.2K | 7.32K | 3.73K | 4.4K | 6.31K | 8.9K | 10.66K | 29.34K | 47.67K | 46.69K | 46.52K | 47.51K | 100K | 100K | 100K | 100K | 100K | 92.52M | 159.41M | -139.65M | -31.06M | 100.83M | 178.95M | 73.81M | 119.3M | 89.01M |
| EBIT | 265.21M | -162.86K | 223.64M | -158.67M | 353.58M | 73.72M | -3.73K | -34.28M | -6.31K | -8.9K | -17.04M | -29.34K | -47.67K | -46.69K | -46.52K | -47.51K | 124.21M | -209.96M | 54.57M | 129.75M | 99.69M | 94.6M | 161.15M | -137.06M | -27.72M | 106.23M | 183.47M | 78.59M | 123.27M | 93.26M |
| Net Interest Income | 31.89M | 3.7M | 3.86M | 905.87K | 5.59K | 199.06K | 829.96K | 785.44K | 419.77K | 119.26K | 19.58K | 14.11K | 10.79K | 0 | 0 | 4.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 31.89M | 3.7M | 3.86M | 905.87K | 5.59K | 199.06K | 829.96K | 785.44K | 419.77K | 119.26K | 19.58K | 14.11K | 10.79K | 0 | 0 | 4.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.66M | 43.58M | 42.12M | 36.47M | 31.67M | 25.1M | 24.76M | 22.87M | 13.66M | 65.92M | 43.21M | 22.91M | 30.13M | 18.15M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 265.21M | 287.97M | 223.64M | -158.67M | 353.58M | 73.72M | 251.01M | -34.28M | 169.21M | 112.64M | -17.04M | 30.13M | 143.17M | 12.94M | -1.24M | 105.31M | 116.55M | -209.96M | 54.57M | 93.28M | 68.02M | 69.5M | 136.39M | -159.93M | -41.38M | 40.31M | 140.26M | 55.68M | 93.14M | 75.11M |
| Pretax Margin % | 305.02% | 97.22% | 389.83% | 103.95% | 98.13% | 92.27% | 97.68% | 120.34% | 96.77% | 95.42% | 135.17% | 87.32% | 96.83% | 74.16% | -40.8% | 96.19% | 1135.96% | -1742.41% | 468.81% | 896.06% | 784.54% | 1432.99% | 3367.65% | -3297.53% | -708.56% | 513.5% | 2071.79% | 795.43% | 1516.94% | 1245.61% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -174.63M | 88.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 83.17% | 162.86% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 265.21M | 287.97M | 223.64M | -158.67M | 353.58M | 73.72M | 251.01M | -34.28M | 169.21M | 112.64M | -17.04M | 30.13M | 143.17M | 12.94M | -1.24M | 105.31M | 116.55M | -209.96M | 54.57M | 93.28M | 68.02M | 69.5M | 136.39M | -159.93M | -41.38M | 40.31M | 140.26M | 55.68M | 93.14M | 75.11M |
| Net Margin % | 305.02% | 97.22% | 389.83% | 103.95% | 98.13% | 92.27% | 97.68% | 120.34% | 96.77% | 95.42% | 135.17% | 87.32% | 96.83% | 74.16% | -40.8% | 96.19% | 1135.96% | -1742.41% | 468.81% | 896.06% | 784.54% | 1432.99% | 3367.65% | -3297.53% | -708.56% | 513.5% | 2071.79% | 795.43% | 1516.94% | 1245.61% |
| Net Income Growth % | -7.9% | 28.77% | 240.94% | -144.88% | 379.65% | -70.63% | 832.26% | -120.26% | 50.23% | 760.98% | -156.56% | -78.96% | 1006.45% | 1140.85% | -101.18% | -9.65% | 155.51% | -484.75% | -41.5% | 37.14% | -2.13% | -49.04% | 185.28% | -286.49% | -202.65% | -71.26% | 151.9% | -40.22% | 24% | - |
| Net Income (Continuing) | 265.21M | 287.97M | 223.64M | -158.67M | 353.58M | 73.72M | 251.01M | -34.28M | 169.21M | 112.64M | -17.04M | 30.13M | 143.17M | 12.94M | -1.24M | 105.31M | 116.55M | -209.96M | 54.57M | 93.28M | 68.02M | 69.5M | 136.39M | -159.93M | -41.38M | 40.31M | 140.26M | 55.68M | 93.14M | 75.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.15 | 10.14 | 7.88 | -5.81 | 12.97 | 2.81 | 9.70 | -1.34 | 6.73 | 4.53 | -0.69 | 1.15 | 5.95 | 0.51 | -0.05 | 4.62 | 5.16 | -9.40 | 2.55 | 4.48 | 3.28 | 3.47 | 6.93 | -8.27 | -2.19 | 2.23 | 8.32 | 3.74 | 6.56 | 5.20 |
| EPS Growth % | -9.76% | 28.68% | 235.63% | -144.8% | 361.57% | -71.03% | 823.88% | -119.91% | 48.57% | 756.52% | -160% | -80.67% | 1066.67% | 1044.44% | -101.17% | -10.47% | 154.89% | -468.63% | -43.08% | 36.59% | -5.48% | -49.93% | 183.8% | -277.63% | -198.21% | -73.2% | 122.46% | -42.99% | 26.15% | - |
| EPS (Basic) | 9.15 | 10.14 | 7.88 | -5.81 | 13.47 | 2.81 | 9.70 | -1.34 | 6.73 | 4.53 | -0.69 | 1.15 | 5.95 | 0.51 | -0.05 | 4.62 | 5.16 | -9.40 | 2.55 | 4.48 | 3.28 | 3.47 | 6.93 | -8.27 | -2.19 | 2.23 | 8.32 | 3.74 | 6.56 | 5.20 |
| Diluted Shares Outstanding | 28.99M | 28.39M | 28.39M | 27.31M | 27.27M | 26.24M | 25.89M | 25.5M | 25.14M | 24.88M | 24.77M | 26.2M | 24.06M | 25.37M | 23.01M | 22.78M | 22.59M | 22.33M | 21.39M | 20.82M | 20.76M | 20.02M | 19.69M | 19.34M | 18.91M | 18.1M | 16.85M | 14.87M | 14.19M | 14.44M |
| Basic Shares Outstanding | 28.99M | 28.39M | 28.39M | 27.31M | 26.25M | 26.24M | 25.89M | 25.5M | 25.14M | 24.88M | 24.77M | 26.2M | 24.06M | 25.37M | 23.01M | 22.78M | 22.59M | 22.33M | 21.39M | 20.82M | 20.76M | 20.02M | 19.69M | 19.34M | 18.91M | 18.1M | 16.85M | 14.87M | 14.19M | 14.44M |
| Dividend Payout Ratio | 17.47% | 13.16% | 13.76% | - | 16.35% | 36.66% | 8.62% | - | 9.52% | 14.18% | - | 85.2% | 39.42% | 82.63% | - | 12.87% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Private asset valuation opacity
As reported in financial statements, CET's revenue trajectory remains highly erratic, characterized by a -70.64% year-over-year decline that reflects the inherent volatility of realized capital gains rather than a fundamental erosion of the fund's underlying investment income streams or its long-term asset management strategy.
The revenue profile is heavily dependent on the timing of portfolio turnover and realized gains, which obscures the underlying stability of dividend income. Investors should interpret these fluctuations as a function of market cycles rather than operational performance, as the fund's top line is essentially a byproduct of its investment activity.
Based on the provided income statement data, CET's reported operating margins, which reached an anomalous 305.02% in certain periods, appear to be accounting artifacts resulting from the inclusion of investment gains within operating income, necessitating a focus on net investment income for a true performance assessment.
The conflation of realized gains with operating income renders standard margin analysis misleading for this entity. A more accurate view of earnings quality requires stripping out market-driven appreciation to isolate the recurring income generated by the portfolio, which is the only sustainable source of value for shareholders.
According to recent SEC filings, CET maintains a remarkably lean cost structure, with SG&A expenses often remaining negligible, which underscores the efficiency of its internal management model compared to the fee-heavy structures typically employed by externally managed closed-end fund peers in the asset management industry.
The fund's ability to operate with minimal overhead is a structural advantage that preserves net asset value for shareholders. However, the extreme sensitivity of these margins to portfolio performance suggests that any sustained downturn in the equity market could disproportionately impact the fund's net profitability.
As indicated by the reported cash and equivalents of only $49,910, CET faces potential liquidity constraints that warrant further investigation, particularly given the fund's significant concentration in private holdings like The Plymouth Rock Company which lack the daily liquidity of standard publicly traded equity investments.
The lack of a substantial cash buffer suggests that the fund may be forced to liquidate positions at inopportune times to meet operational or distribution requirements. This structural illiquidity, combined with the opacity of private asset valuations, creates a risk profile that may not be fully captured by traditional market-based valuation metrics.
Quick answers to the most common questions about buying CET stock.
Central Securities Corp. (CET) is profitable, generating $265.2M in net income for the fiscal year ending 2025 with a net profit margin of 305.0%.
Central Securities Corp. (CET) reported an operating income of $265.2M, resulting in an operating profit margin of 305.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Central Securities Corp. (CET) generated $81.2M in gross profit for the year, representing a gross profit margin of 93.4%. This demonstrates the company's core pricing power and production efficiency.