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CET

Central Securities Corp.

CET

Central Securities Corp. • NYSE
$50.02 ▲ 0.37% (+0.18)
Market Cap $1.45 B
52w High $52.44
52w Low $40.24
Dividend Yield 2.70%
P/E 6.7
Volume 17.62K
Outstanding Shares 28.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $48.902M ▲ $0 ▲ $104.483M ▼ 213.655% ▼ $3.61 ▼ $104.574M ▼
Q4-2024 $31.255M ▼ $-81.316M ▼ $109.569M ▼ 350.562% ▼ $3.79 ▼ $109.688M ▼
Q2-2024 $42.474M ▲ $138.425M ▲ $178.406M ▲ 420.04% ▼ $6.28 ▲ $178.45M ▲
Q4-2023 $24.178M ▼ $-92.728M ▼ $114.543M ▲ 473.752% ▲ $4.03 ▲ $114.58M ▲
Q2-2023 $33.189M $-78.345M $109.093M 328.698% $3.9 $109.274M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $118.588K ▼ $1.671B ▲ $4.382M ▲ $1.666B ▲
Q4-2024 $90.88M ▼ $1.573B ▲ $3.401M ▼ $1.57B ▲
Q2-2024 $93.875M ▲ $1.497B ▲ $4.478M ▲ $1.493B ▲
Q4-2023 $82.433M ▲ $1.323B ▲ $3.16M ▲ $1.32B ▲
Q2-2023 $76.425K $1.24B $2.983M $1.236B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $104.483M ▼ $16.339M ▲ $-112.708K ▼ $-8.164M ▲ $-149.365K ▲ $16.339M ▲
Q4-2024 $109.569M ▼ $2.697M ▼ $26.53M ▲ $-32.222M ▼ $-165.272K ▲ $2.682M ▼
Q2-2024 $178.406M ▲ $11.285M ▲ $5.834M ▲ $-5.678M ▲ $-462.414K ▼ $11.272M ▲
Q4-2023 $114.543M ▲ $6.93M ▼ $-7.344M ▼ $-30.602M ▼ $819.214K ▲ $5.729M ▼
Q2-2023 $109.093M $9.002M $22.675M $-6.005M $-564.852K $9.002M

Five-Year Company Overview

Income Statement

Income Statement Earnings are clearly driven by investment performance, so results swing from year to year. There was a notable loss a few years ago, followed by a strong recovery and solid profitability more recently. In good years, profits are high relative to the size of the business, reflecting the leveraged effect of investment gains on a relatively fixed cost base. The pattern is typical of a concentrated, value‑oriented investment fund: lumpy results, strong upside when markets and core holdings do well, and visible downside when they do not.

Balance Sheet

Balance Sheet The balance sheet looks clean and conservative. Assets and shareholder equity have been trending upward over the period, and the company reports essentially no financial debt. The absence of a separate cash balance likely reflects that capital is largely invested in securities rather than sitting idle. Overall, CET appears to be operating with an unleveraged, equity‑funded structure, which reduces balance‑sheet risk but keeps performance tightly tied to the value of the investment portfolio.

Cash Flow

Cash Flow Cash generation is modest but steady and consistently positive. Operating cash flow and free cash flow move closely together, since the business has virtually no spending on physical assets. This is typical for an investment company: most of the economic value is in the portfolio itself, not in buildings or equipment. The stable cash flow profile supports ongoing operations and distributions, while most of the volatility shows up in reported earnings and net asset value rather than in day‑to‑day cash needs.

Competitive Edge

Competitive Edge CET competes not through breadth of products or technology, but through a long history, a focused value‑investing philosophy, and the structural advantages of a closed‑end fund. Its stable capital base allows management to take a genuinely long‑term view, unconstrained by investor redemptions. A concentrated portfolio lets the team dig deeply into a smaller set of holdings, which can be a strength when their research is right but also increases exposure to a few key names. The fund’s simplicity, consistency, and long track record are its main competitive assets, while reliance on a traditional, non‑tech‑driven approach and on specific managers are the main strategic vulnerabilities.

Innovation and R&D

Innovation and R&D CET is not an innovation‑driven, technology‑heavy manager. It relies on traditional, fundamentals‑based research rather than proprietary algorithms or advanced data science. Its “moat” comes from discipline, experience, and structure: a stable pool of capital, a value‑oriented, sometimes contrarian mindset, and deep work on a limited set of investments. This approach can work well over long periods but may appear less exciting compared with firms pushing new quantitative or tech platforms. Any evolution is likely to be gradual and focused on refining research rather than launching new products or technologies.

Summary

Central Securities Corp. is a traditional, concentrated value investor housed in a conservative closed‑end fund structure. Financial results are inherently volatile, reflecting investment gains and losses, but the balance sheet is simple and unleveraged, and cash flows are steady enough to support ongoing operations and distributions. The firm’s strengths lie in its long‑term focus, disciplined philosophy, and structural freedom from redemption pressure; its main risks stem from concentration in a relatively small number of holdings, the cyclical nature of markets, and dependence on human judgment rather than technological or product innovation.

NEWS

November 20, 2025 · 1:00 AM UTC

BNP Paribas : CET1 RATIO TARGET RAISED TO 13% BY 2027 - ECB authorisation for €1.15 billion share buyback program

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November 10, 2025 · 4:05 PM UTC

Central Securities Corporation Releases Report to Stockholders

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November 6, 2025 · 11:30 AM UTC

Zealand Pharma conference call on November 13 at 2pm CET (8am ET) to present third quarter 2025 financial results

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November 4, 2025 · 4:05 PM UTC

Central Securities Corporation Declares Year-End Distribution

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October 30, 2025 · 4:00 AM UTC

International Petroleum Corporation to release Third Quarter 2025 Financial and Operational Results on November 4, 2025

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