Great Elm Capital

GECC

Asset Management · Financial Services

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Data not available

Stability

Weak

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Great Elm Capital Corp. is a specialty finance company that lends money to small and mid-sized businesses. Instead of taking deposits like a bank, it raises money from investors and uses it to make loans and buy debt securities — mostly to companies that larger banks often avoid. It operates as a Business Development Company (BDC), a special type of investment fund regulated by the U.S. government.

Great Elm earns money primarily through interest income on the loans and debt investments it holds in its portfolio. It operates mainly in the United States and is a small player in the BDC space, with a market cap around $100 million. BDCs like Great Elm face real credit risk — if the businesses they lend to struggle or default, losses can pile up quickly, and the negative return on invested capital signals that profitability has been under pressure. The key risk going forward is rising loan defaults if economic conditions weaken.

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

-64.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-54.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

40.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$270M cash & investments

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

Revenue declining

Great Elm Capital's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Profit per sale

Gross Margin

90.5%

Premium pricing power — 90.5% gross margin

Profit after running costs

Operating Margin

82.8%

Excellent — 82.8% operating margin

Return on the money invested

ROCE

-9.6%

Weak — -9.6% 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

-157.2%

Shrinking sales (-157.2% YoY)

Profit growth

EPS YoY

-305.2%

Earnings shrinking (-305.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

2.73

Heavy debt load (2.73)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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

Dividend

Dividend Yield

21.94%

no trend

Healthy income — 21.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.9%

no trend

Dividend flat

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