Stock fact sheet · data as of
Central Securities Corp. (CET): fair value, margin of safety and Wheel Score
Ticker symbol CET · Financial Services · Asset Management · United States · Value Income
Is CET undervalued?
CET has a margin of safety of 62%: the stock closed at 56.70 on 5 Nov 2026 against a GLS average fair value of 150.52. 5 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: DCF gives 4.80 while GLS Growth gives 450.15. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, CET is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 82, growth score 43, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for CET
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 4.80 | -92% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 101.37 | +79% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 420.59 | +642% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 183.82 | +224% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 450.15 | +694% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 24.05 | -58% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 47.61 | -16% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 40.61 | -28% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 81.70 | +44% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 1.86 | -97% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - CET passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are high - ROIC 14.8%, ROE 14.8%, ROA 14.8% - with debt at 0.00 times equity and a free-cash-flow yield of 2.1%.
The dividend yield is high at 4.87% (payout ratio 22%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 2/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 14.8% |
|---|---|---|---|
| GLS Moat | 6.0 / 10 | ROE | 14.8% |
| Debt / equity | 0.00 | ROA | 14.8% |
| Free-cash-flow yield | 2.1% | Payout ratio | 22% |
| Institutions | 2 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 34: No options
CET has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (34 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 28k shares a day on a market cap of $1.7B, with a beta of 0.75 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 62% below fair value | |
| Premium | Weak | no option data | |
| Moat | Good | moat 6.0/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.75, $1.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CET in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Central Securities Corp. by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| GAB The Gabelli Equity Trust Inc. | 5.33 | 30.11 | +82% | 32No options | $1.7B |
| ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 14.51 | 63.02 | +77% | 25No options | $1.7B |
| TSLX Sixth Street Specialty Lending, Inc. | 17.81 | 17.66 | -1% | 32Weak | $1.7B |
| FCTFX Fidelity California Municipal Income | 12.01 | 12.59 | +5% | 14No options | $1.7B |
| CDHAX Calvert International Responsible Idx A | 43.21 | 40.69 | -6% | 16No options | $1.7B |
| BDJ BlackRock Enhanced Equity Dividend Trust | 9.73 | 41.81 | +77% | 32No options | $1.7B |
| PDO Pimco Dynamic Income Opportunities Fund | 12.06 | 13.40 | +10% | 17No options | $1.7B |
| GLPIX Goldman Sachs MLP Energy Infrastructure Fund | 40.91 | - | - | 14No options | $1.7B |
| CLM Cornerstone Strategic Value Fund, Inc. | 6.11 | 29.57 | +79% | 25No options | $1.7B |
| PTOAX PIMCO StocksPLUS Absolute Return Fund Class A | 13.00 | 6.80 | -91% | 10No options | $1.7B |
| RQI Cohen & Steers Quality Income Realty Fund, Inc. | 12.01 | 23.89 | +50% | 24No options | $1.6B |
| TRIN Trinity Capital Inc. | 17.94 | 40.05 | +55% | 49Weak | $1.6B |
⚖ Compare CET with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CET
Is CET undervalued right now?
By the GLS models, yes: at 56.70 the stock is 62% below the average fair value of 150.52 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CET and what does it mean?
CET has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for CET?
150.52 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Central Securities Corp. report earnings next?
No upcoming earnings date is recorded for CET in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CET have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CET, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.