Detailed financial statements for Great Elm Capital Corp. 8.50% Notes DUE 2029 (GECCI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Great Elm Capital Corp. functions as a business development company (BDC) with a core emphasis on delivering loan and mezzanine funding to mid-sized businesses. The firm primarily allocates capital to debt instruments issued by these middle-market entities. It strategically seeks investment opportunities within specific industries, such as media, commercial services and supplies, healthcare, telecommunication services, and communications equipment.
Analysis Summary
Trailing-twelve-month margins: gross margin 187.3%, operating margin 227.1%, net margin 253.2%.
At the current price of $25.02, GECCI has negative trailing earnings (P/E not meaningful) and an ROE of -32.53%. Market capitalisation stands at $350M.
Balance sheet quality for GECCI: current ratio of 0.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$2.8M represents -16% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $41.9M | $31.5M | $31.0M |
| Cost of Revenue | $10.1M | $1.8M | $2.0M |
| Gross Profit | $31.8M | $29.7M | $29.0M |
| Research & Development | 0 | 0 | 0 |
| Selling, General & Admin | $4.6M | $1.4M | $1.6M |
| Operating Expenses | $6.5M | $1.4M | $1.6M |
| Operating Income | $25.3M | $28.3M | $27.4M |
| EBITDA | $25.3M | $36.0M | $40.6M |
| Interest Expense | $10.1M | $14.9M | $18.4M |
| Pre-tax Income | $25.6M | $12.8M | $17.9M |
| Income Tax | $287000 | 0 | 0 |
| Net Income | $25.3M | $12.8M | $17.9M |
| EPS | $3.33 | $0.36 | $1.45 |
| EPS (Diluted) | $3.33 | $0.36 | $1.45 |
| Shares Outstanding (Diluted) | $9.8M | $9.8M | $12.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $7.6M | $7.5M | $6.7M | $6.2M |
| Gross Profit | $7.0M | $6.9M | $6.2M | $5.6M |
| Operating Income | $6.5M | $6.6M | $5.7M | $5.1M |
| EBITDA | $38.0M | -$11.6M | $13.4M | $5.1M |
| Net Income | $2.7M | $4.6M | $5.1M | $4.6M |
| EPS | $0.22 | $0.37 | $0.36 | $0.46 |
| EPS (Diluted) | $0.22 | $0.37 | $0.36 | $0.46 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $953000 | 0 | 0 |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $4.0M | 0 | 0 |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $4.9M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Total Assets | $246.8M | $49.2M | $96.5M |
| Accounts Payable | $4.1M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 |
| Total Current Liabilities | $4.1M | $836000 | $53.3M |
| Long-term Debt | $140.2M | 0 | 0 |
| Total Liabilities | $148.1M | $33.9M | $81.6M |
| Retained Earnings | -$185.1M | 0 | 0 |
| Total Equity | $98.7M | $15.3M | $14.8M |
| Total Debt | $140.2M | 0 | 0 |
| Net Debt | $139.3M | 0 | 0 |
| Working Capital | $817000 | -$836000 | -$53.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 0 | 0 | 0 | $1.7M |
| Total Assets | $420.0M | $96.5M | $282.8M | $280.0M |
| Total Liabilities | $280.0M | $81.6M | $175.3M | $169.6M |
| Total Equity | $140.1M | $14.8M | $107.5M | $110.4M |
| Total Debt | $200.2M | 0 | $169.1M | $150.9M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income | $25.3M | $12.8M | $17.9M |
| Depreciation & Amortization | 0 | $8.3M | $40.6M |
| Stock-based Compensation | 0 | 0 | 0 |
| Change in Working Capital | $6.2M | 0 | 0 |
| Operating Cash Flow | $15.4M | -$82.7M | -$2.8M |
| Capital Expenditure | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 |
| Dividends Paid | -$10.6M | -$637000 | -$682000 |
| Free Cash Flow | $15.4M | -$82.7M | -$2.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$25.2M | $18.6M | $23.5M | $13.2M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$25.2M | $18.6M | $23.5M | $13.2M |
| Dividends Paid | -$4.4M | $4.2M | -$264000 | -$7.4M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth (YoY) | -24.8% | -1.7% | |
| Net Income Growth (YoY) | -49.5% | +39.8% | |
| EPS Growth (YoY) | -89.2% | +302.8% | |
| Shares Change (YoY) | +0.0% | +25.6% | |
| FCF Growth (YoY) | -637.3% | +96.6% | |
| Gross Margin | 75.9% | 94.2% | 93.5% |
| Operating Margin | 60.4% | 89.9% | 88.3% |
| EBITDA Margin | 60.4% | 114.2% | 131.1% |
| Net Margin | 60.4% | 40.6% | 57.7% |
| FCF Margin | 36.7% | -262.1% | -9.1% |
| Effective Tax Rate | 1.1% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| FCF Per Share | $1.56 | $-8.40 | $-0.23 |
| Dividends Per Share | $1.08 | $0.06 | $0.06 |
| Shares Outstanding (Basic) | $9.8M | $9.8M | $12.4M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -32.53% |
| Return on Invested Capital | -12.58% |
| Return on Assets | -13.68% |
| Gross Margin | 187.29% |
| Operating Margin | 227.10% |
| Net Margin | 253.22% |
Financial Health
| Debt / Equity | 1.47 |
| Current Ratio | 1.46 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| P/E | 7.41 | 70.06 | 17.32 |
| P/B | 2.46 | 16.20 | 20.94 |
| P/S | 5.79 | 7.87 | 10.01 |
| Gross Margin | 75.9% | 94.2% | 93.5% |
| Operating Margin | 60.4% | 89.9% | 88.3% |
| Net Margin | 60.4% | 40.6% | 57.7% |
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Explore sector: Financial Services · Asset Management
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