Great Elm Group, Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in June.
Loading chart…
Third-party market data · may be delayed
~$2.1
Price-to-book vs peers
Base case. Range ~$2.1–$5.9. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Great Elm Group, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $28m, up 70.2% on a year earlier, faster than the 16.3% growth a quarter earlier. Free-cash-flow margin rose to 51.8% from -62.9% a year earlier. It passes 2 of our 3 financial-health checks. Our price-to-book vs peers value is $1.88 a share, against a share price of $2.16.
Source: 10-K filed August 26, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Great Elm Group, Inc.'s trailing-twelve-month revenue grew 70.2% year on year, with a free-cash-flow margin of 51.8%. Where it stands out: change in growth rate of +53.9pp ranks 3 of 43 asset management & custody banks companies we cover. Where it lags: net margin of -127.6% ranks 39 of 43 asset management & custody banks companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 70.2% (+53.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Great Elm Group, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$2.1 ~$2.1–$5.9 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$2.1 ~$2.1–$5.9 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Great Elm Group, Inc. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Share price | $2.33 | $2.25 | $2.15 | $2.05 | $1.80 | $2.07 | $2.18 |
| Market value | $59m | $58m | $58m | $84m | $54m | $80m | $66m |
| + Net debt (− = net cash) | −$19m | $9m | $13m | −$23m | −$13m | $4m | −$17m |
| Enterprise value | $40m | $67m | $70m | $61m | $41m | $84m | $49m |
| Multiples | |||||||
| Price / sales | 1.0x | 1.0x | 0.8x | 9.7x | 3.0x | 4.9x | 2.4x |
| Price / earnings | — | — | — | 3.0x | — | 6.2x | — |
| Price / free cash flow | 4.7x | — | 2.0x | — | — | — | 4.2x |
| EV / EBITDA | 4.7x | 13.5x | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 11, 2026, after the close.
No analyst estimates are published for Great Elm Group, Inc.: too few analysts cover it.
Last 12 months −12.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $16m | $28m | +70.2% |
| P/S multiple | 4.8x | 2.4x | −50.6% |
| Share count | 32m | 30m | +4.2% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +21.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $25m | $28m | +9.4% |
| P/S multiple | 2.2x | 2.4x | +6.9% |
| Share count | 31m | 30m | +4.0% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| GEG | −27% | −3% | −4% | −7% | +41% | −14% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| GEG | 42% | 25% | 58% | 33% | 58% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| GEG | −55% | −35% | −27% | −19% | −25% | −29% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 89% from December 4, 2015 to May 2, 2022. Getting back needed a 819% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 26, 2026 | 0.0% | +0.7% | +2.3% | +0.5% |
| May 6, 2026 | 0.0% | +1.1% | +7.3% | +11.2% |
| February 4, 2026 | +1.5% | −1.7% | −1.0% | +2.0% |
| November 12, 2025 | +0.8% | −1.6% | +2.0% | +8.2% |
| September 2, 2025 | +28.2% | −0.2% | +16.2% | +1.2% |
| July 31, 2025 | 0.0% | −2.0% | +2.8% | +13.7% |
| May 7, 2025 | +1.1% | +1.1% | 0.0% | +14.7% |
| February 5, 2025 | −0.6% | +0.8% | +5.5% | +3.3% |
| November 12, 2024 | +0.6% | −0.3% | +0.6% | +0.6% |
| August 29, 2024 | +0.6% | +1.0% | +5.1% | +7.3% |
| May 8, 2024 | 0.0% | +0.6% | −2.7% | −5.4% |
| February 13, 2024 | +7.2% | −0.5% | +10.5% | +10.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q1 | $10.1M |
| FY24 Q2 | $11.1M |
| FY24 Q3 | $11.9M |
| FY24 Q4 | $17.8M |
| FY25 Q1 | $18.5M |
| FY25 Q2 | $19.2M |
| FY25 Q3 | $19.6M |
| FY25 Q4 | $16.3M |
| FY26 Q1 | $23.1M |
| FY26 Q2 | $22.6M |
| FY26 Q3 | $22.8M |
| FY26 Q4 | $27.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | -85.6% |
| FY24 Q2 | -80.0% |
| FY24 Q3 | -70.5% |
| FY24 Q4 | -29.7% |
| FY25 Q1 | 83.1% |
| FY25 Q2 | 73.7% |
| FY25 Q3 | 64.3% |
| FY25 Q4 | -8.5% |
| FY26 Q1 | 24.8% |
| FY26 Q2 | 17.8% |
| FY26 Q3 | 16.3% |
| FY26 Q4 | 70.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q1 | -105.9% |
| FY24 Q2 | -96.0% |
| FY24 Q3 | -80.5% |
| FY24 Q4 | -43.9% |
| FY25 Q1 | -45.3% |
| FY25 Q2 | -39.9% |
| FY25 Q3 | -42.6% |
| FY25 Q4 | -49.0% |
| FY26 Q1 | -42.1% |
| FY26 Q2 | -53.0% |
| FY26 Q3 | -58.7% |
| FY26 Q4 | -50.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q1 | -115.3% |
| FY24 Q2 | -224.0% |
| FY24 Q3 | -161.0% |
| FY24 Q4 | -93.4% |
| FY25 Q1 | -88.1% |
| FY25 Q2 | -34.2% |
| FY25 Q3 | -47.8% |
| FY25 Q4 | -62.9% |
| FY26 Q1 | -3.1% |
| FY26 Q2 | 6.2% |
| FY26 Q3 | 37.8% |
| FY26 Q4 | 51.8% |
| Fiscal year | 2020 Jun 2020 | 2021 Jun 2021 | 2022 Jun 2022 | 2023 Jun 2023 | 2024 Jun 2024 | 2025 Jun 2025 | 2026 Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 59 | 61 | 68 | 9 | 18 | 16 | 28 |
| Gross profit | — | — | — | — | 12 | 15 | 15 |
| EBITDA | 9 | 5 | −8 | −10 | −7 | −7 | −13 |
| Operating income | −2 | −4 | −9 | −11 | −8 | −8 | −14 |
| Net income | −13 | −7 | −15 | 28 | −1 | 13 | −35 |
| Diluted EPS | −$0.51 | −$0.28 | −$0.56 | $0.73 | −$0.05 | $0.38 | −$1.17 |
| Growth (year on year) | |||||||
| Revenue | — | +3.2% | +11.7% | −87.3% | +105.9% | −8.5% | +70.2% |
| EBITDA | — | −42.7% | −266.6% | — | — | — | — |
| Net income | — | — | — | — | −105.0% | — | −375.0% |
| Diluted EPS | — | — | — | — | −106.8% | — | −407.9% |
| Margins | |||||||
| Gross margin | — | — | — | — | 69.0% | 93.4% | 52.3% |
| EBITDA margin | 14.6% | 8.1% | −12.1% | −116.1% | −37.7% | −41.4% | −45.8% |
| Operating margin | −3.7% | −6.1% | −12.9% | −129.4% | −43.9% | −49.0% | −50.4% |
| Net margin | −22.0% | −12.0% | −21.9% | 320.1% | −7.8% | 79.0% | −127.6% |
| Free-cash-flow margin | 21.2% | −31.7% | 43.1% | −28.0% | −87.2% | −55.2% | 56.4% |
| Cash flow | |||||||
| Cash from operations | 13 | −19 | 29 | −2 | −16 | −9 | 16 |
| Capital spending | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 13 | −19 | 29 | −2 | −16 | −9 | 16 |
| Stock-based pay | 1 | 2 | 3 | 3 | 2 | 2 | 2 |
| Free cash flow after stock pay | 12 | −21 | 26 | −5 | −18 | −11 | 13 |
| Balance sheet | |||||||
| Cash | 41 | 24 | 22 | 60 | 48 | 31 | 53 |
| Total debt | 21 | 33 | 35 | 37 | 35 | 35 | 36 |
| Net debt (negative = net cash) | −19 | 9 | 13 | −23 | −13 | 4 | −17 |
| Diluted shares | 25m | 26m | 27m | 41m | 30m | 39m | 30m |
| Returned to shareholders | |||||||
| Buybacks | — | — | — | — | 2 | 7 | 7 |
| Total returned | — | — | — | — | 2 | 7 | 7 |
| Quarter | 2025 Q1 Sept 2024 | 2025 Q2 Dec 2024 | 2025 Q3 Mar 2025 | 2025 Q4 Jun 2025 | 2026 Q1 Sept 2025 | 2026 Q2 Dec 2025 | 2026 Q3 Mar 2026 | 2026 Q4 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4 | 4 | 3 | 6 | 11 | 3 | 3 | 11 |
| Gross profit | 3 | 3 | — | — | 4 | 3 | — | — |
| EBITDA | −2 | −2 | −2 | −1 | −3 | −4 | −4 | −2 |
| Operating income | −2 | −2 | −3 | −1 | −4 | −4 | −4 | −2 |
| Net income | 3 | 1 | −4 | 14 | −7 | −16 | −14 | 1 |
| Diluted EPS | $0.08 | $0.04 | −$0.17 | $0.40 | −$0.24 | −$0.50 | −$0.45 | $0.03 |
| Growth (year on year) | ||||||||
| Revenue | +20.6% | +24.4% | +15.1% | −37.1% | +170.2% | −14.1% | +6.5% | +88.3% |
| Net income | −4.9% | — | — | — | −366.4% | <−999% | — | −92.2% |
| Diluted EPS | 0.0% | — | — | — | −400.0% | <−999% | — | −92.5% |
| Margins | ||||||||
| Gross margin | 84.1% | 86.9% | — | — | 37.4% | 99.5% | — | — |
| EBITDA margin | −43.2% | −48.3% | −68.4% | −20.4% | −31.4% | −130.2% | −107.0% | −16.6% |
| Operating margin | −50.0% | −56.4% | −79.6% | −26.3% | −34.5% | −140.6% | −116.1% | −19.7% |
| Net margin | 66.1% | 33.5% | −140.1% | 242.0% | −65.2% | −523.2% | −401.5% | 10.1% |
| Free-cash-flow margin | −145.0% | −115.3% | −41.9% | 38.7% | 35.4% | −62.8% | 170.5% | 75.1% |
| Cash flow | ||||||||
| Cash from operations | −6 | −4 | −1 | 2 | 4 | −2 | 6 | 8 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −6 | −4 | −1 | 2 | 4 | −2 | 6 | 8 |
| Stock-based pay | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Free cash flow after stock pay | −6 | −4 | −2 | 2 | 3 | −2 | 5 | 7 |
| Last 12 months unless stated | GEG | NAKA | TONX | VALU | HNNA | DFDV | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $28m | $28m | $30m | $33m | $33m | $15m | $858m |
| Revenue growth, last 12 months | 70.2% | >999% | 592.3% | −5.5% | −6.9% | 328.6% | 17.2% |
| Revenue growth, 3-year average | 3.0% | — | 163.9% | −5.9% | 11.2% | 94.4% | 10.2% |
| Revenue growth, latest quarter | 88.3% | >999% | 607.4% | −6.4% | 4.2% | 66.9% | 14.4% |
| Gross margin | — | — | 83.1% | — | — | 97.8% | 80.2% |
| Operating margin | −50.4% | <−999% | −115.6% | 10.8% | 33.4% | −866.5% | 25.8% |
| Operating margin, 3-year average | −47.8% | −664.9% | <−999% | 16.5% | 32.7% | −233.9% | 18.8% |
| Net margin | −127.6% | <−999% | −532.8% | 60.3% | 24.8% | <−999% | 15.2% |
| Cash from operations / revenue | 56.4% | −169.5% | −94.7% | 53.9% | 31.5% | −198.9% | 26.4% |
| Free-cash-flow margin | 51.8% | −169.5% | −94.8% | 55.6% | 30.5% | −198.9% | 21.9% |
| Free-cash-flow margin, 3-year average | −34.8% | −140.9% | <−999% | 53.5% | 32.2% | −149.5% | 17.6% |
| Stock pay / revenue | 8.2% | 20.2% | 78.4% | — | 3.7% | 20.6% | 3.7% |
| Change in share count | 19.8% | 937.0% | >999% | −0.3% | 0.2% | — | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 70.2% | 17.2% | 6 of 43 |
| Change in growth rate Growth | +53.9pp | +1.0pp | 3 of 43 |
| Operating margin Profitability | -50.4% | 23.7% | 23 of 27 |
| Net margin Profitability | -127.6% | 15.2% | 39 of 43 |
| Stock pay as % of revenue Cash generation | 8.2% | 4.3% | 26 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate | $21.7M | 78.1% | ▲ 262.2% |
| Credit | $6.1M | 21.9% | ▼ 41.2% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate | $21.7M | 78.1% | ▲ 262.2% |
| Credit | $6.1M | 21.9% | ▼ 41.2% |
From Great Elm Group, Inc.'s 10-K filed August 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Northern Right Capital Management, L.P. | $9.3M | 4.2M | 68.3% | 0.0% |
| Vanguard Capital Management LLC | $1.2M | 533K | 8.6% | ▼ 0.1% |
| Renaissance Technologies LLC | $1.1M | 526K | 8.5% | ▼ 3.9% |
| Blackrock, Inc. | $736,119 | 338K | 5.4% | ▲ 1.1% |
| Geode Capital Management, LLC | $390,553 | 179K | 2.9% | ▲ 29.0% |
| Vanguard Fiduciary Trust Co | $195,692 | 90K | 1.4% | ▲ 0.7% |
| State Street Corp | $180,759 | 83K | 1.3% | 0.0% |
| Bridgeway Capital Management, LLC | $90,568 | 42K | 0.7% | 0.0% |
| Morgan Stanley | $87,207 | 40K | 0.6% | ▼ 13.3% |
| Citadel Advisors LLC | $79,853 | 37K | 0.6% | ▲ 18.5% |
| Northern Trust Corp | $66,985 | 31K | 0.5% | ▲ 2.7% |
| Millennium Management LLC | $47,284 | 22K | 0.3% | ▼ 32.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Great Elm Group, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
