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GAM

General American Investors Company, Inc.

GAM

General American Investors Company, Inc. • NYSE
$58.74 ▲ 1.24% (+0.72)
Market Cap $1.37 B
52w High $64.40
52w Low $41.80
Dividend Yield 6.65%
P/E 6.61
Volume 5.28K
Outstanding Shares 23.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $6.279M $5.127M $75.192M 1.197K% $3.11 $0
Q1-2025 $6.279M ▼ $5.127M ▼ $75.192M ▲ 1.197K% ▲ $3.11 ▲ $0 ▼
Q4-2024 $7.544M $5.746M $25.713M 340.864% $0.98 $3.857M
Q3-2024 $7.544M ▲ $5.746M ▼ $25.713M ▼ 340.864% ▼ $0.98 ▼ $3.857M ▼
Q2-2024 $7.322M $5.872M $71.308M 973.835% $2.82 $71.308M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $0 ▼ $1.693B $17.732M ▲ $1.675B ▼
Q1-2025 $1.046M ▲ $1.693B ▲ $17.547M ▼ $1.675B ▲
Q4-2024 $69.6K ▼ $1.565B $18.59M ▲ $1.546B ▼
Q3-2024 $1.015M ▼ $1.565B ▼ $18.405M ▲ $1.546B ▼
Q2-2024 $64.711M $1.61B $18.131M $1.592B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $75.192M $0 $0 $0 $0 $0
Q1-2025 $75.192M ▲ $0 $0 $0 $0 $0
Q4-2024 $25.713M $0 $0 $0 $0 $0
Q3-2024 $25.713M ▼ $0 $0 $0 $0 $0
Q2-2024 $71.308M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement GAM’s results look like a classic long‑term equity fund: highly volatile from year to year, but generally positive over the five‑year span. Profits were strong in the years when markets were favorable, sharply negative in the tough year in between, and then recovered again more recently. Because this is an investment company, what shows up as “revenue” and “earnings” is mainly market gains and losses on its portfolio, not traditional business sales. The pattern suggests a portfolio that is meaningfully exposed to equity market swings but capable of bouncing back when conditions improve.

Balance Sheet

Balance Sheet The balance sheet is simple and conservative. Assets have trended upward over time, and almost all of that is supported by shareholders’ equity, with essentially no financial debt. That means the company is not relying on borrowing to boost returns, which reduces balance‑sheet risk but also limits leverage‑driven upside. The lack of reported cash just reflects that most capital is invested rather than sitting idle. Overall, the structure looks clean and straightforward for a closed‑end fund.

Cash Flow

Cash Flow Reported cash‑flow figures appear to be missing or rounded out, which is common in summarized data for investment funds. In practice, GAM’s cash flows are driven by dividends, interest, and realized gains from its portfolio, offset by operating costs and shareholder distributions. With no visible debt burden and a liquid securities portfolio, the main cash‑flow considerations are the timing of portfolio trades and distributions, rather than funding day‑to‑day operations. There is no obvious sign of cash strain from the data provided, but the lack of detail limits visibility.

Competitive Edge

Competitive Edge GAM’s edge comes from time, discipline, and structure rather than flashy technology. It has operated for nearly a century, building a reputation around fundamental, bottom‑up stock picking and a patient, low‑turnover style. The closed‑end structure allows it to hold a concentrated, high‑conviction portfolio without worrying about daily investor inflows and outflows. Its long history, experienced team, and consistent process help it stand out in a crowded asset‑management field, although it competes against many larger and more heavily marketed funds. The persistent gap between its share price and underlying portfolio value is both a challenge and, at times, a source of opportunity for shareholders.

Innovation and R&D

Innovation and R&D Innovation at GAM is more about process than technology. The firm leans on deep, fundamental research into individual companies and industries, adjusting its thinking as themes like artificial intelligence, energy transition, and healthcare evolve. It does not appear to rely on proprietary trading algorithms or advanced in‑house tech platforms; instead, its “R&D” is the ongoing analytical work of its investment team. The main risk is that this traditional, research‑driven approach must keep pace with faster‑moving, data‑heavy competitors, but its long record suggests it has been able to adapt its analysis while keeping its core philosophy intact.

Summary

GAM looks like a classic, conservatively structured closed‑end equity fund with a long, value‑oriented history. Financial results are lumpy, rising and falling with equity markets, but the longer‑term trend shows the ability to recover from down years. The balance sheet is clean, with assets largely funded by equity and little to no reliance on debt. Cash‑flow details are limited, but the business model is straightforward: manage a concentrated portfolio, cover costs, and return capital through distributions and buybacks. Its main strengths are its seasoned investment approach, long track record, and disciplined, low‑turnover style. Key uncertainties revolve around market volatility, the ongoing discount between share price and portfolio value, and the need to keep its traditional research model competitive in an industry that is steadily becoming more technology‑driven.

NEWS

November 5, 2025 · 4:25 PM UTC

General American Investors Company Declares Year-End Dividends and Distributions on Common and Preferred Stock

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