Great Elm Capital Corp. 8.50% Notes DUE 2029 (GECCI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+132.4%

$58.42

vs $25.14 price

Levered DCF

-$15.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	17.32×	70.06×	7.41×
P/B	20.94×	16.2×	2.46×
P/S	10.01×	7.87×	5.79×
EV / EBITDA	7.64×	6.89×	15.08×
Gross margin	93.5%	94.2%	75.9%
Operating margin	88.3%	89.9%	60.4%
Net margin	57.7%	40.6%	60.4%
Current ratio	0×	0×	1.2×
Debt / equity	0×	0×	1.42×
Interest coverage	1.49×	1.9×	2.5×
Dividend yield	0.2%	0.3%	4.4%
Payout ratio	3.8%	5.0%	42.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	120.7%	83.5%	25.7%
Return on invested capital	-51.3%	-3391.0%	10.3%
Return on assets	18.6%	26.0%	10.3%
Free cash flow yield	-0.9%	-33.3%	6.3%
Earnings yield	5.8%	5.2%	10.4%
Enterprise value	$310.5M	$248.3M	$382.1M
Net debt / EBITDA	0×	0×	5.5×
Cash conversion cycle (days)	0	0	-114