A Business at a Glance
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GEG is a publicly-traded alternative asset management company focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. We decided to invest in the asset management business because of our assessment of its ability to generate recurring free cash flows, its growth prospects and our Board of Directors’ (our Board) and employees’ industry expertise. GECM, our wholly-owned registered investment adviser subsidiary, is an investment adviser providing investment management services to GECC, as well as other private funds. MCRE, another wholly-owned subsidiary, provides investment management services to Monomoy UpREIT. The combined assets under management of these entities at June 30, 2025 was approximately $758.5 million.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 30M | 16M | 18M | - | - | 61M |
| Net Income | 11M | 13M | -1.4M | 28M | -15M | -7.3M |
| EPS | $-0.37 | $0.38 | $-0.05 | $0.73 | $-0.56 | $-0.28 |
| Free Cash Flow | 0 | -9.0M | -16M | -2.4M | 29M | -26M |
| ROIC | -40.6% | 13.3% | -1.6% | 30.9% | -25.2% | -9.5% |
| Gross Margin | - | 93.4% | 69.0% | - | - | - |
| Debt/Equity | 0.48 | 0.38 | 0.42 | 0.40 | 0.76 | 0.77 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -16M | -8.0M | -7.8M | -11M | -8.7M | -3.7M |
| Operating Margin | -53.0% | -49.1% | -43.9% | - | - | -6.1% |
| ROE | 20.1% | 19.4% | -2.2% | 43.4% | -44.5% | -16.8% |
| Shares Outstanding | 33M | 34M | 28M | 38M | 27M | 26M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 59M | 61M | N/A | N/A | 18M | 16M | 30M |
| Gross Margin | N/A | N/A | N/A | N/A | 69.0% | 93.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -2.2M | -3.7M | -8.7M | -11M | -7.8M | -8.0M | -16M |
| Op. Margin | -3.7% | -6.1% | N/A | N/A | -43.9% | -49.1% | -53.0% |
| Net Income | -13M | -7.3M | -15M | 28M | -1.4M | 13M | 11M |
| Net Margin | -22.0% | -12.0% | N/A | N/A | -7.8% | 79.0% | 37.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -7.7% | -9.5% | -25.2% | 30.9% | -1.6% | 13.3% | -40.6% |
| ROE | -21.3% | -16.8% | -44.5% | 43.4% | -2.2% | 19.4% | 20.1% |
| ROA | -6.6% | -4.5% | -8.9% | 20.4% | -1.0% | 8.8% | 490.5% |
| Cash Flow | |||||||
| Op. Cash Flow | 13M | -19M | 29M | -2.4M | -16M | -9.0M | -7.1M |
| Free Cash Flow | 4.4M | -26M | 29M | -2.4M | -16M | -9.0M | 0 |
| Owner Earnings | 1.9M | -29M | 26M | -6.1M | -19M | -12M | -10M |
| CapEx | 8.8M | 7.0M | 3K | 0 | 0 | 0 | 0 |
| Maint. CapEx | 11M | 8.7M | 524K | 1.2M | 1.1M | 1.2M | 1.2M |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 11M | 8.7M | 524K | 1.2M | 1.1M | 1.2M | 1.2M |
| CapEx/OCF | 66.8% | N/A | 0.0% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 2.1M | 7.2M | 7.2M |
| Buyback Yield | N/A | N/A | N/A | N/A | 4.2% | 10.6% | 11.1% |
| Stock-Based Comp | 548K | 1.8M | 2.8M | 2.6M | 2.4M | 2.0M | 2.0M |
| Debt Repayment | 768K | 1.3M | 1.4M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -33M | 9.0M | 3.3M | -34M | -22M | -4.2M | -25M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | 51M |
| Long-Term Debt | 3.9M | 33M | 26M | 26M | 26M | 26M | 26M |
| Debt/Equity | 0.13 | 0.77 | 0.76 | 0.40 | 0.42 | 0.38 | 0.48 |
| Interest Coverage | -0.5 | -0.8 | -1.6 | -1.8 | -1.8 | -1.9 | -1.9 |
| Equity | 61M | 43M | 33M | 64M | 63M | 70M | 56M |
| Total Assets | 195M | 162M | 168M | 136M | 140M | 154M | 2.3M |
| Total Liabilities | 127M | 106M | 126M | 72M | 70M | 73M | 6.3M |
| Intangibles | 50M | 51M | N/A | N/A | N/A | 440K | 440K |
| Retained Earnings | -3.3B | -3.3B | -3.3B | -3.3B | -3.3B | -3.2B | -3.2B |
| Working Capital | 32M | 56M | 65M | 116M | 119M | 128M | 128M |
| Current Assets | 61M | 89M | 84M | 123M | 128M | 138M | 138M |
| Current Liabilities | 29M | 33M | 20M | 7.4M | 8.4M | 9.6M | 9.6M |
| Per Share Data | |||||||
| EPS | -0.51 | -0.28 | -0.56 | 0.73 | -0.05 | 0.38 | -0.37 |
| Owner EPS | 0.08 | -1.13 | 0.98 | -0.16 | -0.69 | -0.36 | -0.31 |
| Book Value | 2.39 | 1.66 | 1.26 | 1.68 | 2.26 | 2.07 | 1.70 |
| Cash Flow/Share | 0.52 | -0.73 | 1.10 | -0.06 | -0.56 | -0.27 | 0.38 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 25.4M | 26.0M | 26.6M | 38.0M | 27.8M | 33.9M | 32.7M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | 2.7 | N/A | 5.3 | -5.4 |
| P/FCF | 14.2 | N/A | 2.0 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.0 | 1.4 | 1.7 | 1.2 | 0.8 | 1.0 | 1.2 |
| Price/Sales | 1.3 | 1.1 | N/A | N/A | 3.0 | 3.9 | 2.2 |
| FCF Yield | 7.1% | -42.3% | 50.0% | -3.1% | -31.1% | -13.1% | N/A |
| Market Cap | 62M | 61M | 59M | 76M | 50M | 69M | 65M |
| Avg. Price | 3.03 | 2.57 | 2.07 | 2.09 | 1.94 | 1.88 | 2.00 |
| Year-End Price | 2.45 | 2.36 | 2.20 | 2.00 | 1.80 | 2.02 | 2.00 |
Great Elm Group, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Great Elm Group, Inc. trades at 5.3x trailing earnings, compared to its 15-year median P/E of 4.0x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 1.6% with a gross margin of 81.2%. Total shareholder yield (buybacks) is 11.1%. At current prices, the estimated annualized return to fair value is +9.8%.
Great Elm Group, Inc. (GEG) has a current P/E ratio of 5.3, compared to its historical median P/E of 4.0. The stock is currently considered Fair based on its historical valuation range.
Great Elm Group, Inc. (GEG) has a 5-year average return on invested capital (ROIC) of 1.6%. This is below average and may indicate limited pricing power.
Great Elm Group, Inc. (GEG) has a market capitalization of $65M. It is classified as a small-cap stock.
Great Elm Group, Inc. (GEG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.05%.
Based on historical P/E analysis, Great Elm Group, Inc. (GEG) appears fair. The current P/E of 5.3 is 31% above its historical median of 4.0. The estimated fair value CAGR (P/E method) is -7.3%.
Great Elm Group, Inc. (GEG) operates in the Services-Prepackaged Software industry, within the Technology sector.
Great Elm Group, Inc. (GEG) reported annual revenue of $16 million in its most recent fiscal year, based on SEC EDGAR filings.
Great Elm Group, Inc. (GEG) has a net profit margin of 79.0%. This is a strong margin indicating high profitability.
Great Elm Group, Inc. (GEG) generated $-9 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Great Elm Group, Inc. (GEG) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
Great Elm Group, Inc. (GEG) reported earnings per share (EPS) of $0.38 in its most recent fiscal year.
Great Elm Group, Inc. (GEG) has a return on equity (ROE) of 19.4%. This indicates the company generates strong returns for shareholders.
Great Elm Group, Inc. (GEG) has a 5-year average gross margin of 81.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Great Elm Group, Inc. (GEG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Great Elm Group, Inc. (GEG) has a book value per share of $2.07, based on its most recent annual SEC filing.