GAM - General American Investors Company, Inc.
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| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||
| Revenue | 163.9 | 251.7 | 89.7 | (164.7) | 108.0 | 89.0 | 309.9 | (59.1) | 184.5 | 97.7 | 61.7 | 23.3 | 19.3 | 22.7 |
| Cost of Revenue | 13.9 | 13.2 | 13.6 | 10.7 | 13.0 | 10.3 | 11.3 | 10.6 | 11.0 | 10.8 | 11.1 | 0 | 0 | 0 |
| Gross Profit | 150.0 | 251.7 | 76.1 | (175.4) | 299.4 | 82.3 | 298.6 | (69.7) | 173.5 | 87.0 | 50.6 | 23.3 | 19.3 | 22.7 |
| Operating Expenses | ||||||||||||||
| R&D Expenses | 0 | 8.9 | 9.4 | 7.1 | 9.0 | 6.8 | 7.5 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 5.5 | 5.5 | 15.0 | 12.4 | 14.6 | 11.9 | 12.6 | 12.2 | 13.4 | 12.9 | 13.6 | 13.4 | 13.9 | 15.6 |
| Other Expenses | (195.3) | (8.2) | (18.2) | (14.1) | (17.8) | (13.4) | (7.1) | 0.4 | 0.4 | 0.4 | (79.0) | 0 | 0 | 0 |
| Operating Expenses | (189.8) | 6.2 | 6.2 | 5.5 | 5.8 | 5.3 | 13.0 | 12.6 | 13.8 | 13.3 | 79.0 | 60.5 | 298.7 | 129.0 |
| Operating Income | ||||||||||||||
| Operating Income | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 9.7 | 5.2 | 7.0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 24.3 | 6.6 | 8.4 | 2.3 | 0.0 | 0.5 | 2.5 | 1.5 | 1.3 | 0.2 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||||||||
| EBITDA | 339.9 | 245.6 | 273.4 | 48.0 | 293.6 | 77.0 | 296.9 | 0 | 0 | 84.4 | (28.4) | 83.8 | 318.0 | 151.7 |
| EBIT | 339.8 | (0.2) | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 0 | 0 | (28.4) | 83.8 | 318.0 | 151.7 |
| Income Before Tax | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 83.8 | 318.0 | 151.7 |
| Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.2) | 0 | 0 | 0 | 74.1 | 312.7 | 144.7 |
| Net Income | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 72.5 | 306.7 | 140.4 |
| Per Share Data | ||||||||||||||
| EPS (Basic) | 20.46 | 10.11 | 16.93 | -11.80 | 16.80 | 3.76 | 12.02 | -2.39 | 6.20 | 3.42 | -1.00 | 2.35 | 10.24 | 4.80 |
| EPS (Diluted) | 20.46 | 10.81 | 16.93 | -11.80 | 16.80 | 3.76 | 16.29 | -2.39 | 6.20 | 3.42 | -1.00 | 2.35 | 10.24 | 4.80 |
| Shares Outstanding | 16.1 | 24.3 | 15.3 | 16.0 | 16.8 | 17.5 | 24.7 | 30.0 | 25.7 | 21.4 | 28.3 | 30.9 | 29.9 | 29.2 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||
| Cash & Cash Equivalents | 0.4 | 0.1 | 0.1 | 0.2 | (4.0) | 0 | (5.0) | 3.4 | 0 | 0 | 3.8 | 0.0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 2.6 | 11.7 | 5.8 | 3.8 | 1.6 | 1.1 | 5.2 | 5.1 | 8.8 | 6.2 | 2.2 | 6.7 | 1.5 | 1.6 |
| Inventory | 0 | 0 | 0 | (1.3) | 1.6 | 0 | 5.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | (2.6) | 0 | (3.6) | (2.1) | (5.3) | 0 | (3.7) | 0 | 0 | 0 | 3.8 | 0 | 0.2 | 1.9 |
| Total Current Assets | 0.4 | 11.8 | 5.9 | 4.0 | (2.4) | 4.5 | 5.2 | 10.5 | 9.9 | 6.7 | 7.0 | 7.9 | 3.1 | 3.5 |
| Non-Current Assets | ||||||||||||||
| Property, Plant & Equipment | 1.8 | 2.4 | 3.0 | 3.5 | 4.0 | 0 | 5.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.5 | 0.9 | 1.0 | 1,233.8 | 1,477.7 | 0 | 1,277.1 | 2.2 | 3.0 | 3.7 | 1,268.9 | 1,424.6 | 1,422.6 | 1,168.8 |
| Other Non-Current Assets | 1,768.6 | 1,549.5 | 1,434.5 | (1,237.3) | (4.0) | 1,302.4 | (5.0) | 1,095.5 | 1,263.6 | 1,217.6 | 2.0 | 2.6 | 5.6 | (1,168.8) |
| Total Non-Current Assets | 1,772.9 | 1,552.9 | 1,438.5 | 1,237.3 | 1,477.7 | 1,302.4 | 1,277.1 | 1,097.7 | 1,266.6 | 1,221.3 | 1,270.9 | 1,427.2 | 1,428.2 | 1,168.8 |
| Total Assets | 1,773.4 | 1,564.6 | 1,444.4 | 1,252.5 | 1,496.8 | 1,306.9 | 1,294.9 | 1,108.3 | 1,276.4 | 1,228.0 | 1,277.8 | 1,435.1 | 1,431.4 | 1,173.3 |
| Current Liabilities | ||||||||||||||
| Account Payables | 0.3 | 0.4 | 1.6 | 1.8 | 2.9 | 8.0 | 1.7 | 2.2 | 3.3 | 2.8 | 5.4 | 3.6 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | (10.7) | 0 | (0.6) | 0 | 0 | 0 | 2.1 | 0.4 | 0.2 | 20.8 |
| Total Current Liabilities | 0.3 | 0.4 | 1.6 | 1.8 | 2.9 | 8.0 | 1.7 | 2.2 | 3.3 | 2.8 | 14.2 | 10.9 | 6.9 | 22.5 |
| Non-Current Liabilities | ||||||||||||||
| Long-Term Debt | 1.8 | 2.4 | 3.0 | 3.5 | 4.0 | 4.5 | 5.0 | 5.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 5.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 15.1 | 15.8 | 16.7 | 205.9 | 17.0 | 16.3 | (14.4) | 13.7 | 12.5 | 12.6 | 19.7 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 16.9 | 18.2 | 19.7 | 209.5 | 21.0 | 20.8 | 5.0 | 19.2 | 12.5 | 12.6 | 19.7 | 0 | 0 | 0 |
| Total Liabilities | 17.2 | 18.6 | 21.3 | 211.3 | 23.9 | 28.8 | 23.1 | 21.4 | 15.8 | 15.4 | 19.7 | 10.9 | 6.9 | 22.5 |
| Stockholders' Equity | ||||||||||||||
| Common Stock | 24.0 | 23.5 | 23.7 | 24.0 | 24.4 | 24.7 | 24.8 | 26.0 | 26.5 | 27.2 | 28.3 | 30.9 | 29.9 | 29.2 |
| Retained Earnings | 1,170.9 | 992.9 | 859.9 | 657.6 | 880.9 | 675.9 | 670.1 | 442.4 | (2.6) | (2.2) | (0.1) | 606.2 | 636.8 | 391.5 |
| Accumulated Other Comprehensive Income | 0 | 4.8 | 1.5 | 0.2 | 1.2 | 0 | (4.4) | 0 | 0 | 0 | 528.8 | (5.8) | (1.8) | 0 |
| Total Stockholders' Equity | 1,756.1 | 1,546.0 | 1,423.1 | 1,231.5 | 1,472.9 | 1,278.1 | 1,271.8 | 1,086.9 | 1,260.6 | 1,212.7 | 1,258.1 | 1,418.2 | 1,419.8 | 1,145.8 |
| Total Liabilities & Equity | 1,773.4 | 1,564.6 | 1,444.4 | 1,252.5 | 1,496.8 | 1,306.9 | 1,294.9 | 1,108.3 | 1,276.4 | 1,228.0 | 1,277.8 | 1,429.1 | 1,426.7 | 0 |
| Debt Metrics | ||||||||||||||
| Total Debt | 1.8 | 2.4 | 3.0 | 3.5 | 4.0 | 4.5 | 5.0 | 5.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 1.4 | 2.3 | 2.9 | 3.3 | 8.1 | 4.5 | 10.0 | 2.0 | 0 | 0 | (3.8) | (0.0) | 0 | 0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||
| Net Income | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 83.8 | 318.0 | 151.7 |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | (339.8) | (245.5) | (273.4) | 177.3 | (293.6) | (77.0) | (296.9) | 71.7 | (170.7) | (84.4) | 28.4 | (83.8) | (318.0) | (151.7) |
| Operating Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Activities | ||||||||||||||
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Activities | ||||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Position | ||||||||||||||
| Net Change in Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 0 | 0 | 0 | 0 | 0 | 3.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at End | 0 | 0 | 0 | 0 | 0 | 0 | 3.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||
| Revenue | 163.9 | 251.7 | 89.7 | (164.7) | 108.0 | 89.0 | 309.9 | (59.1) | 184.5 | 97.7 | 61.7 | 23.3 | 19.3 | 22.7 |
| Gross Profit | 150.0 | 251.7 | 76.1 | (175.4) | 299.4 | 82.3 | 298.6 | (69.7) | 173.5 | 87.0 | 50.6 | 23.3 | 19.3 | 22.7 |
| Operating Income | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 9.7 | 5.2 | 7.0 |
| Net Income | 339.8 | 245.5 | 273.4 | (177.3) | 293.6 | 77.0 | 296.9 | (71.7) | 170.7 | 84.4 | (28.4) | 72.5 | 306.7 | 140.4 |
| EPS (Diluted) | 20.46 | 10.81 | 16.93 | -11.80 | 16.80 | 3.76 | 16.29 | -2.39 | 6.20 | 3.42 | -1.00 | 2.35 | 10.24 | 4.80 |
| Balance Sheet | ||||||||||||||
| Cash & Equivalents | 0.4 | 0.1 | 0.1 | 0.2 | (4.0) | 0 | (5.0) | 3.4 | 0 | 0 | 3.8 | 0.0 | 0 | 0 |
| Total Assets | 1,773.4 | 1,564.6 | 1,444.4 | 1,252.5 | 1,496.8 | 1,306.9 | 1,294.9 | 1,108.3 | 1,276.4 | 1,228.0 | 1,277.8 | 1,435.1 | 1,431.4 | 1,173.3 |
| Total Debt | 1.8 | 2.4 | 3.0 | 3.5 | 4.0 | 4.5 | 5.0 | 5.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | 1,756.1 | 1,546.0 | 1,423.1 | 1,231.5 | 1,472.9 | 1,278.1 | 1,271.8 | 1,086.9 | 1,260.6 | 1,212.7 | 1,258.1 | 1,418.2 | 1,419.8 | 1,145.8 |
| Cash Flow | ||||||||||||||
| Operating Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |