Source Capital (SOR) 株式分析

企業概要

Source Capital, Inc. operates as a close-ended balanced fund that is launched and managed by First Pacific Advisors, LLC, primarily focusing on investments within the public equity markets of the United States. The company targets value stocks and maintains a diversified portfolio across various sectors to mitigate specific industry risks. It functions within the Financial Services sector, specifically the Asset Management industry, which involves the professional management of securities on behalf of investors or for institutional portfolios. With a market capitalization of $373.36M and annual revenue of $20.73M, the company represents a mid-sized entity in the asset management landscape. The absence of available employee data suggests a lean operational structure typical of close-ended funds where investment decisions are centralized. The market cap figure indicates that the company has established a significant trading volume and investor base despite its relatively modest revenue base. This valuation position reflects the market's pricing of the fund's performance relative to its book value and earnings generation capabilities. The revenue scale provides a baseline for assessing the fund's asset size and its ability to generate management fees.

財務健全性

The company reported a revenue of $20.73M over the trailing twelve months, while net income reached $59.51M, creating a substantial gap that reveals an extremely efficient cost structure with minimal operating expenses. EBITDA figures are not disclosed in the available data, which limits the ability to assess pre-interest and pre-tax cash earnings directly from that specific metric. Free cash flow is not provided, indicating that the company's cash generation metrics may be consolidated within net income or managed through other liquidity channels. The gross margin stands at an exceptional 100.0%, which is characteristic of asset management firms where the primary costs are personnel and technology rather than the cost of goods sold. An operating margin of 83.2% further demonstrates the company's ability to control overhead costs effectively relative to its revenue stream. The profit margin is reported at 287.1%, a figure that highlights the leverage of non-operating income or specific accounting treatments common in close-ended funds. Cash on hand is recorded at $288,121, while total debt is $0, resulting in a debt-to-equity ratio that is not applicable due to the lack of equity debt figures. The current ratio is 0.50, which indicates that the company's current assets are insufficient to cover its current liabilities without relying on external financing or asset liquidation. Return on Equity is 15.8%, suggesting that shareholders are receiving a robust return on their invested capital. Return on Assets is 2.7%, which provides insight into the overall efficiency of the company's asset utilization compared to its equity base.

バリュエーション評価

The trailing twelve-month P/E ratio is 6.27, while the forward P/E ratio is not available, implying that future earnings estimates are either not projected or not yet determined by analysts. The price-to-book ratio is 0.94, indicating that the market values the company at a discount relative to its book value, which is common for value-oriented closed-end funds. The price-to-sales ratio is 18.01, suggesting that the market places a premium on the company's sales relative to typical industry peers. The EV/EBITDA multiple is not available, preventing a direct comparison of enterprise value against earnings before interest, taxes, depreciation, and amortization. The 52-week high is $50.41 and the 52-week low is $39.27, placing the current trading range within a defined volatility band. The beta value is 0.53, indicating that the stock price is less volatile than the broader market and tends to move with less intensity than the S&P 500. These valuation metrics collectively suggest a conservative pricing environment where the fund trades below its net asset value per share on a market cap basis. The low beta supports the company's positioning as a defensive asset within the financial services portfolio.

Growth & Income

Revenue growth year-over-year is 13.8%, while earnings growth year-over-year is 130.7%, indicating that earnings are expanding significantly faster than revenue. This divergence suggests that the company is benefiting from non-recurring income, leverage, or significant cost efficiencies that amplify earnings relative to top-line growth. The dividend yield is 5.6%, and the payout ratio is 34.5%, which implies that the company distributes a portion of its earnings to shareholders while retaining the majority for operations. The low payout ratio relative to the high earnings growth suggests that the dividend is well-covered and potentially sustainable given the current earnings trajectory. The company does not rely on dividend growth to match earnings expansion, as evidenced by the high earnings growth rate outpacing revenue growth. The overall growth and income profile presents a hybrid characteristic with strong earnings expansion supported by a substantial current dividend yield.