Revenue remains highly cyclical, evidenced by quarterly fluctuations ranging from $11.5 million in 2022Q4 to $123.2 million in 2024Q4, while maintaining gross margins that frequently approach 100%.
| Metric | TTM | 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 | 299.5M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 410.04M | 321.66M | 253.91M | -299.07M | 436.67M | 192.02M | 335.31M | -79.76M | 282.16M | 186.66M | 49.74M | 45.52M | 43.84M | 41.2M | 22.9M | 21.3M | 18M | 58.61M | 92.22M | 43.4M | 33.7M | 35M | 26.8M | 37.3M | 48.3M | 48.5M | 62.9M | 64.8M | 64.1M | 66.5M |
| Gross Margin % | 136.91% | 100% | 100% | 102.64% | 100% | 96.5% | 97.91% | 110.37% | 100% | 100% | 88.53% | 87.63% | 88.32% | 88.98% | 82.67% | 83.2% | 81.08% | 87.59% | 88.74% | 79.93% | 76.24% | 77.43% | 74.65% | 78.36% | 78.92% | 75.31% | 78.72% | 80.9% | 81.97% | 84.71% |
| Gross Profit Growth % | - | 26.68% | 184.9% | -168.49% | 127.41% | -42.73% | 520.42% | -128.27% | 51.16% | 275.27% | 9.27% | 3.82% | 6.41% | 79.91% | 7.51% | 18.33% | -69.29% | -36.45% | 112.5% | 28.78% | -3.71% | 30.6% | -28.15% | -22.77% | -0.41% | -22.89% | -2.93% | 1.09% | -3.61% | - |
| Operating Expenses | 8.89M | 912.11K | 827.53K | 817.3K | 969.54K | 1.03M | 1.16M | 1.19M | 1.2M | 1.24M | 88.42M | 94.1M | 263.76M | 1M | 1.6M | 1.6M | 4M | 13.19M | 17.7M | 19.8M | 5.1M | 5.2M | 5.2M | 6M | 5.7M | 5.2M | 6.2M | 6.1M | 5.4M | 4.9M |
| OpEx % of Revenue | - | 0.28% | 0.33% | -0.28% | 0.22% | 0.52% | 0.34% | -1.64% | 0.42% | 0.66% | 157.36% | 181.14% | 531.31% | 2.16% | 5.78% | 6.25% | 18.02% | 19.72% | 17.04% | 36.47% | 11.54% | 11.5% | 14.48% | 12.61% | 9.31% | 8.07% | 7.76% | 7.62% | 6.91% | 6.24% |
| Selling, General & Admin | 16.54M | 530.04K | 412.75K | 402.29K | 534.59K | 618.95K | 619.08K | 577.65K | 578.04K | 588.2K | 7.45M | 7.17M | 6.62M | 800K | 1.4M | 1.5M | 2.9M | 4.9M | 6M | 8.9M | 5.1M | 5.1M | 5.2M | 6M | 5.7M | 5.3M | 6.3M | 6.1M | 5.4M | 4.8M |
| SG&A % of Revenue | - | 0.16% | 0.16% | -0.14% | 0.12% | 0.31% | 0.18% | -0.8% | 0.2% | 0.32% | 13.26% | 13.81% | 13.33% | 1.73% | 5.05% | 5.86% | 13.06% | 7.32% | 5.77% | 16.39% | 11.54% | 11.28% | 14.48% | 12.61% | 9.31% | 8.23% | 7.88% | 7.62% | 6.91% | 6.11% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 342.46M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.3M | -73.45M | 280.96M | 185.42M | 48.73M | 44.77M | 43.03M | 40.1M | 21.3M | 19.8M | 14.1M | 53.71M | 86.22M | 34.5M | 28.6M | 29.8M | 21.6M | 31.3M | 42.6M | 43.3M | 56.6M | 58.8M | 58.7M | 61.7M |
| Operating Margin % | 114.35% | 99.72% | 99.67% | 100.28% | 99.78% | 99.48% | 99.66% | 101.64% | 99.58% | 99.34% | 86.74% | 86.19% | 86.67% | 86.61% | 76.9% | 77.34% | 63.51% | 80.28% | 82.96% | 63.53% | 64.71% | 65.93% | 60.17% | 65.76% | 69.61% | 67.24% | 70.84% | 73.41% | 75.06% | 78.6% |
| Operating Income Growth % | - | 26.74% | 186.61% | -167.06% | 120.1% | -42% | 564.66% | -126.14% | 51.52% | 280.48% | 8.85% | 4.06% | 7.3% | 88.26% | 7.58% | 40.43% | -73.75% | -37.7% | 149.94% | 20.61% | -4.03% | 37.96% | -30.99% | -26.53% | -1.62% | -23.5% | -3.74% | 0.17% | -4.86% | - |
| EBITDA | 342.46M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.29M | -73.45M | 280.96M | 185.42M | -113.19M | 247.31M | 583.8M | 289.3M | 115.6M | 305.6M | 330.5M | 53.71M | 86.22M | 738.9M | 53.6M | 523M | 913.2M | 31.33M | 42.62M | 43.25M | 696.1M | 1.57B | 1.38B | 930.6M |
| EBITDA Margin % | 114.35% | 99.72% | 99.67% | 100.28% | 99.78% | 99.48% | 99.66% | 101.64% | 99.58% | 99.34% | -201.46% | 476.09% | 1176.01% | 624.84% | 417.33% | 1193.75% | 1488.74% | 80.28% | 82.96% | 1360.76% | 121.27% | 1157.08% | 2543.73% | 65.82% | 69.65% | 67.16% | 871.21% | 1961.3% | 1758.44% | 1185.48% |
| EBITDA Growth % | 88.48% | 26.74% | 186.61% | -167.06% | 120.1% | -42% | 564.66% | -126.14% | 51.52% | 263.81% | -145.77% | -57.64% | 101.8% | 150.26% | -62.17% | -7.53% | 515.29% | -37.7% | -88.33% | 1278.54% | -89.75% | -42.73% | 2814.69% | -26.49% | -1.45% | -93.79% | -55.69% | 14.25% | 47.76% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 249.2M | 94.3M | 285.8M | 316.4M | 0 | 0 | 704.4M | 25M | 493.2M | 891.6M | 0 | 0 | 0 | 639.5M | 1.51B | 1.32B | 868.9M |
| EBIT | 342.46M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.29M | 0 | 0 | 0 | -113.19M | 247.31M | 583.8M | 289.3M | 115.6M | 305.6M | 330.5M | 53.71M | 86.22M | 34.5M | 28.59M | 29.8M | 21.57M | 31.33M | 42.62M | 43.25M | 56.63M | 58.77M | 58.71M | 61.66M |
| Net Interest Income | -938 | 32.06M | 30.11M | 28.05M | 23.75M | 22.25M | 23.72M | 24.9M | 21.24M | 22.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 32.06M | 30.12M | 28.05M | 23.75M | 22.25M | 23.72M | 24.9M | 21.24M | 22.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.25K | 639 | 419 | 208 | 392 | 0 | 0 | 0 | 0 | 0 | 0 | 101.27M | 270.4M | 124.6M | 47.2M | 142.9M | 158.2M | 0 | 0 | 352.2M | 12.5M | 246.6M | 445.8M | 0 | 0 | 0 | 319.7M | 756.1M | 658.2M | 434.5M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 508.25M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.3M | -73.45M | 280.96M | 185.42M | -32.23M | 146.04M | 313.4M | 164.7M | 68.4M | 162.7M | 172.3M | 53.71M | 86.22M | 34.5M | 41.1M | 276.4M | 467.4M | -753.1M | -372.3M | -381.7M | 376.4M | 814.9M | 716.9M | 496.1M |
| Pretax Margin % | 169.7% | 99.72% | 99.67% | 100.28% | 99.78% | 99.48% | 99.66% | 101.64% | 99.58% | 99.34% | -57.36% | 281.14% | 631.31% | 355.72% | 246.93% | 635.55% | 776.13% | 80.28% | 82.96% | 63.53% | 92.99% | 611.5% | 1301.95% | -1582.14% | -608.33% | -592.7% | 471.09% | 1017.35% | 916.75% | 631.97% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.29M | 0 | 0 | 161.93M | -202.53M | -540.8M | -249.2M | -94.3M | -285.8M | -316.4M | 0 | 0 | 0 | -25M | -493.2M | -891.6M | 1.57B | 829.8M | 850M | -639.5M | -1.51B | -1.32B | -868.9M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -72.55% | 0% | 0% | -502.41% | -138.68% | -172.56% | -151.31% | -137.87% | -175.66% | -183.63% | 0% | 0% | 0% | -60.83% | -178.44% | -190.76% | -208.31% | -222.88% | -222.69% | -169.9% | -185.57% | -183.62% | -175.15% |
| Net Income | 508.25M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.3M | -73.45M | 280.96M | 185.42M | -34.11M | 144.16M | 311.52M | 413.9M | 162.7M | 448.5M | 488.7M | 53.71M | 86.22M | 34.5M | 66.1M | 769.6M | 1.36B | -2.32B | -1.2B | -1.23B | 1.02B | 2.33B | 2.03B | 1.36B |
| Net Margin % | 169.7% | 99.72% | 99.67% | 100.28% | 99.78% | 99.48% | 99.66% | 101.64% | 99.58% | 99.34% | -60.71% | 277.52% | 627.52% | 893.95% | 587.36% | 1751.95% | 2201.35% | 80.28% | 82.96% | 63.53% | 149.55% | 1702.65% | 3785.52% | -4877.94% | -1964.22% | -1912.58% | 1271.46% | 2905.24% | 2600.13% | 1738.85% |
| Net Income Growth % | 84.24% | 26.74% | 186.61% | -167.07% | 120.1% | -42% | 564.66% | -126.14% | 51.52% | 643.58% | -123.66% | -53.72% | -24.74% | 154.39% | -63.72% | -8.23% | 809.81% | -37.7% | 149.94% | -47.81% | -91.41% | -43.37% | 158.53% | -93.15% | 2.4% | -221.24% | -56.34% | 14.45% | 48.96% | - |
| Net Income (Continuing) | 508.25M | 320.75M | 253.08M | -292.2M | 435.7M | 197.96M | 341.3M | -73.45M | 280.96M | 185.42M | -34.11M | 144.16M | 311.52M | 413.9M | 162.7M | 448.5M | 488.7M | 53.71M | 86.22M | 34.5M | 28.59M | 29.8M | 21.57M | 31.33M | 42.62M | 43.25M | 56.63M | 58.18M | 58.78M | 61.82M |
| 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) | 9.71 | 6.21 | 4.78 | -5.39 | 7.97 | 3.77 | 6.36 | -1.36 | 5.17 | 3.23 | -0.58 | 2.36 | 5.01 | 6.56 | 2.53 | 6.74 | 7.09 | 0.68 | 0.84 | 0.33 | 0.61 | 6.81 | 11.50 | -18.63 | -9.07 | -9.22 | 8.11 | 19.84 | 19.22 | 14.10 |
| EPS Growth % | 90.91% | 29.92% | 188.68% | -167.63% | 111.41% | -40.72% | 567.65% | -126.31% | 60.06% | 656.9% | -124.58% | -52.89% | -23.63% | 159.29% | -62.46% | -4.94% | 942.65% | -19.05% | 154.55% | -45.9% | -91.04% | -40.78% | 161.73% | -105.4% | 1.63% | -213.69% | -59.12% | 3.23% | 36.31% | - |
| EPS (Basic) | - | 6.07 | 4.78 | -5.39 | 7.97 | 3.77 | 6.36 | -1.36 | 5.17 | 3.23 | -0.58 | 2.36 | 5.01 | 6.56 | 2.53 | 6.74 | 7.09 | 0.68 | 0.84 | 0.33 | 0.61 | 6.81 | 11.50 | -18.63 | -9.07 | -9.22 | 8.11 | 19.84 | 19.22 | 14.10 |
| Diluted Shares Outstanding | 52.33M | 51.65M | 52.95M | 54.25M | 54.67M | 52.47M | 53.64M | 54.01M | 54.34M | 57.41M | 58.86M | 61.04M | 62.14M | 63.1M | 64.3M | 66.5M | 68.9M | 79.18M | 103.04M | 105.38M | 108M | 113M | 118.2M | 124.6M | 132.5M | 133.6M | 125.2M | 117.3M | 105.8M | 96.8M |
| Basic Shares Outstanding | 52.98M | 52.84M | 52.95M | 54.25M | 54.67M | 52.47M | 53.64M | 53.85M | 54.34M | 56.76M | 58.86M | 61.04M | 62.14M | 63.1M | 64.3M | 66.5M | 68.9M | 79.18M | 103.04M | 105.38M | 108M | 113M | 118.2M | 124.6M | 132.5M | 133.6M | 125.2M | 117.3M | 105.8M | 96.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV Discount Volatility
As indicated by the historical income statement data, TY's revenue trajectory is highly erratic, reflecting a reliance on market-driven capital gains rather than organic business expansion, with quarterly revenue figures fluctuating significantly from $11.5 million in 2022Q4 to $123.2 million in 2024Q4.
The revenue volatility underscores the fund's sensitivity to S&P 500 performance, as realized gains constitute the primary growth driver. Investors should interpret these swings as a reflection of portfolio turnover and market conditions rather than a sustainable trend in the fund's underlying asset management business.
Based on reported financial statements, TY maintains high gross margins that frequently approach 100%, a characteristic typical of closed-end funds where investment income is generated without the burden of variable production costs or traditional cost of goods sold.
While the gross margin appears robust, the operating margin is heavily influenced by non-operating items and market-linked gains, which can distort the perception of operational efficiency. The stability of these margins is largely contingent upon the management fee structure remaining fixed relative to the fund's net assets.
According to the provided income statement data, TY's net income exhibits extreme variance, ranging from $24.7 million to $170.9 million, which suggests that reported earnings are heavily impacted by unrealized and realized investment gains rather than recurring net investment income.
The significant disparity between net income and operating income in certain periods warrants caution, as it indicates that bottom-line results are susceptible to market volatility. Analysts should focus on the sustainability of distributions rather than the headline net income, which may not accurately reflect the fund's long-term earning power.
As reported in recent filings, the persistent discount to NAV suggests that the market may be discounting the value of the fund's active management, potentially indicating that investors view the current distribution policy as unsustainable or the management fees as excessive relative to passive alternatives.
The inability of the fund to trade at or near its net asset value implies a lack of investor confidence in the manager's ability to generate alpha. This discount represents a structural risk that could limit capital appreciation for shareholders regardless of the underlying portfolio's performance.
Quick answers to the most common questions about buying TY stock.
Tri-Continental Corporation (TY) is profitable, generating $320.7M in net income for the fiscal year ending 2024 with a net profit margin of 99.7%.
Tri-Continental Corporation (TY) reported an operating income of $320.7M, resulting in an operating profit margin of 99.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Tri-Continental Corporation (TY) generated $321.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.