Central Securities

CET

Asset Management · Financial Services

Price

$54.77

+0.56 (+1.03%)

Market Cap

$1.62B

Exchange

New York Stock Exchange American

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Mixed

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+6.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.3M (2021) → 29.0M (2025)

Winston Score History

The full picture

Central Securities Corp. is a closed-end investment fund based in the United States. It pools money from investors and uses it to buy stocks and other securities, mostly in American companies. The fund has been operating since 1929, making it one of the oldest closed-end funds in the country.

The company makes money by earning dividends and interest from its investments, as well as by selling securities at a profit. Its largest and most well-known holding has historically been Plymouth Rock Company, a private insurance firm, which gives Central Securities an unusual concentration compared to most diversified funds. Because it is a closed-end fund, its shares trade on a stock exchange like regular stocks, and they often trade at a discount to the actual value of the underlying assets — meaning investors sometimes pay less than what the portfolio is worth. The main risk is that its heavy concentration in a few key holdings makes performance heavily dependent on those specific investments.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+57.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-47.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

41.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Central Securities grew revenue 58% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

96.3%

Premium pricing power — 96.3% gross margin

Profit after running costs

Operating Margin

73.2%

Excellent — 73.2% operating margin

Return on the money invested

ROCE

11.8%

Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+43.8%

Fast-growing sales (+43.8% YoY)

Profit growth

EPS YoY

+0.7%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

16%

Weak — only 16% of profit becomes cash

Spare cash per sale

FCF Margin

30.8%

Converts sales into free cash efficiently (30.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.4x

Attractive valuation — P/E 7.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.13%

Small dividend — 1.13% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+17.7%

Dividend growing fast (17.7% YoY)

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