Associated Capital Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Associated Capital Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	22.8	31.2	26.9	22.8	22.2	19	20.9	15.2	12.7	13.2
Operating expenses	37.2	43.5	47.3	36.3	35.5	31.5	40	26.5	29.6	31.9
Operating income	-14.3	-12.2	-20.4	-13.5	-13.3	-12.5	-19.1	-11.3	-16.9	-18.8
Interest expense	1.26	0.59	0.23	0.26	0.22	0.18	0.31	0.22	0.46	0.27
Interest income	4.72	12.7	10.5	13.4	13.2	8.68	12.1	10.7	25.3	32.5
Other non-operating income	11.7	26.6	26.7	-55.4	70.5	42.4	100	-49.2	63.8	71.5
Pre-tax income	-2.58	14.3	6.26	-68.9	57.2	29.9	81.3	-60.5	46.9	52.7
Income tax	-1.69	3.88	-2.42	-11.5	12.6	9.37	17.7	-14.9	9.14	8.31
Income from continuing operations					41.1	19.4	59.2
Net income to minority interests	-0.78	0.25	-0.15	0.72	3.52	1.06	4.43	3.39	0.28	0.1
Net income	-0.11	10.2	8.84	-58.1	39.2	18.8	59.2	-48.9	37.5	44.3
EBITDA	-14.3	-12.2	-20.4	-13.5	-13.2	-12.4	-18.7	-10.9	-16.6	-18.4
EPS, basic	0.00	0.41	0.37	-2.52	1.74	0.84	2.68	-2.22	1.72	2.08
EPS, diluted	0.00	0.41	0.37	-2.52	1.74	0.84	2.68	-2.22	1.72	2.08
Shares, basic (weighted)	24.9	24.9	23.8	23.1	22.5	22.4	22.1	0.02	21.8	21.3
Shares, diluted (weighted)	25.2	25.2	23.9	23.1	22.5	22.4	22.1	0.02	21.8	21.3
Dividend per share		0.20	0.20	0.20	0.20				0.20	2.20

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	206	314	293	398	342	39.5	319	218	317	300
Property, plant and equipment	0.02	0.06	0.04	0.08	6.63	17.5	17.2	16.9	16.5	16.2
Goodwill	3.25	3.42	3.42	3.52	3.52	3.52	3.52	3.52	3.52	3.52
Total assets	837	953	1,007	954	1,011	1,175	1,203	928	944	935
Total liabilities	79.5	74.4	42.5	38.4	63.1	66.3	65.5	27.3	30.7	37
Paid-in capital	999	1,007	1,011	1,008	1,003	999	990	999	999	999
Retained earnings	2.07	7.33	13.8	-39.9	-0.7	13.6	68.4	15.1	48.2	45.8
Treasury stock	-0.04	-41.7	-62.9	-102	-106	-114	-121	-124	-140	-152
Other comprehensive income	-1.86	1.32	6.71	0
Shareholders' equity	749	874	918	866	896	899	937	890	907	893
Minority interests	2.35	0		0	1	2.45	-1.76	0
Total equity	752	874	918	866	897	901	935	890	907	893
Total liabilities and equity	837	953	1,007	954	1,011	1,175	1,203	928	944	935
Shares outstanding	25.4	24.3	23.6	22.6	22.5	22.3	22.1	0.02	0.02

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-0.89	10.5	8.68	-57.4	42.7	19.9	63.6	-45.5	37.7	44.4
Depreciation and amortization	0.01	0.02	0.02	0.02	0.02	0.05	0.38	0.34	0.36	0.36
Stock-based compensation	4.93	2.46	5.88	0.07	0	-0.16	2.09
Deferred income tax	-6.45	-1.38	-3.17	-12.8	7.09	-0.21	8.74	-14.2	-0.91	3.25
Change in receivables	-0.95	-4.91	4.05	1.35	-5.19	2.24	-0.92	4.46	-0.9	0.57
Cash from operations	-47.4	6.59	-67.6	77	-44.3	-279	238	-70.6	145	26.9
Purchases of investments						-2.75	-8.74	-8.46	-1.49	-40.8
Sales and maturities of investments				0.13	0.93	1.65	38.7	2.33	1.26	1.19
Cash from investing	-41.7	-4.12	-18.7	4.74	-5.06	-174	65.3	0.4	5.75	11
Share buybacks	-0.04	-41.6	-21.2	-7.01	-4.14	-7.44	-7.64	-2.58	-16.3	-11.8
Dividends paid	0	-2.5	-4.77	-4.67	-4.51	-6.72	-4.42	-4.4	-4.35	-46.8
Cash from financing	9.28	106	65.4	34.7	-11.6	151	-14.4	-37.2	-25	-59.2
Net change in cash	-79.8	108	-21	116	-61	-302	289	-107	126	-21.4
Interest paid	1.43	0.3	0.23	0.26	0.2	0.18	0.31	0.22	0.46	0.27
Income taxes paid	0	2.99	2.08	-0.14	4.7	2	16.7	4.02	7.2	5.81

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2025; growth uses fiscal years. Valuation uses the share price of $33.45 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-196.3%	Operating income / revenue.
EBITDA margin	-193.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	562.3%	Pre-tax income / revenue.
Net margin	451.7%	Net income / revenue.
Operating cash flow margin	-428.5%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	-2.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-81.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-51.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	1,000.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 5y	61.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	4.0%	Total liabilities / total assets.
Interest coverage	-120x	Operating income / interest expense.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$911.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.01x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.56	Revenue / diluted weighted shares.
Operating cash flow per share	-$2.41	Cash from operations / diluted weighted shares.
Book value per share	$43.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$43.13	Tangible book value / shares outstanding.
Cash per share	$11.80	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$706.6M	Share price x shares outstanding.
Enterprise value	$457.2M	Market cap + total debt - cash - short-term investments.
P/E	13.1x	Market cap / net income. Only when net income is positive.
P/S	59.4x	Market cap / revenue.
P/B	0.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.78x	Market cap / tangible book value, when positive.
EV/Sales	38.4x	Enterprise value / revenue.
Earnings yield	7.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Associated Capital Group, Inc.'s revenue in fiscal 2024?

Associated Capital Group, Inc. reported revenue of $13.2M for fiscal 2024, 3.9% higher than the year before.

Was Associated Capital Group, Inc. profitable in fiscal 2024?

Yes. Net income was $44.3M, a net margin of 336.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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