GAM Holding AG

GAM.SW

Asset Management · Financial Services

Price

CHF 0.08

+0.00 (+2.04%)

Market Cap

CHF 88.6M

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+588.0% over 4y

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

Diluted shares outstanding: 156.1M (2021) → 1.07B (2025)

Winston Score History

The full picture

GAM Holding AG is a Swiss investment management company. It manages money on behalf of clients like pension funds, insurance companies, and wealthy individuals. The firm runs a range of investment funds, including fixed income, equity, and alternative strategies, and is headquartered in Zurich, Switzerland.

GAM earns money by charging fees based on the assets it manages, plus some performance-based fees when funds beat their targets. It operates mainly across Europe, with additional presence in the UK, Americas, and Asia. The company has faced serious challenges in recent years, including a major fund suspension scandal in 2018 that damaged its reputation and led to significant client withdrawals, shrinking its assets under management considerably. With negative operating margins and a very small market cap, the central risk GAM faces is whether it can stabilize outflows, cut costs fast enough, and rebuild client trust before its financial runway runs out.

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

+30.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+40.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 10M/ year

↓ Declining (-29% vs prior year)

13.7% of revenue

2.0x the sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

76.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 months

CHF 27M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

GAM Holding AG grew revenue 30% 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

56.1%

Premium pricing power — 56.1% gross margin

Profit after running costs

Operating Margin

-68.7%

Losing money on operations — -68.7%

Return on the money invested

ROCE

-67.9%

Weak — -67.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-49.0%

Shrinking sales (-49.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

—

Data not available

Spare cash per sale

FCF Margin

-90.2%

Burning cash (-90.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

5.27

Heavy debt load (5.27)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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