General American Investors CoGAM -0.19%60 Return-on-Tangible-Asset is 21.86% as of Dec. 2025, which is 46% above its 10-year median of 14.97. GuruFocus rates GAM with a GF Score™ of 60/100 and a GF Value™ of $63.56 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,635 Asset Management companies, General American Investors Co ranks better than 87.65% on this metric.
The historical rank and industry rank for General American Investors Co's Return-on-Tangible-Asset or its related term are showing as below:
GAM'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -12.9 Med: 14.97 Max: 24.71
Current: 20.27
During the past 10 years, General American Investors Co's highest Return-on-Tangible-Asset was 24.71%. The lowest was -12.90%. And the median was 14.97%.
GAM's Return-on-Tangible-Asset is ranked better than 87.65% of 1635
companies
in the Asset Management industry
Industry Median: 4.13
vs GAM: 20.27
General American Investors Co (NYSE:GAM) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
General American Investors Co Return-on-Tangible-Asset Related Terms
General American Investors Co Return-on-Tangible-Asset Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
General American Investors Co Return-on-Tangible-Asset Chart
GAM vs ECAT, CET, TRIN: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, General American Investors Co's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
General American Investors Co Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, General American Investors Co's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where General American Investors Co's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Dec. 2025) net income data.
What does a Return-on-Tangible-Asset of 21.86% mean?
General American Investors Co (GAM) has a Return-on-Tangible-Asset of 21.86% as of Dec. 2025. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on General American Investors Co and its competitors. This is 46% above median its historical median of 14.97. According to the industry distribution chart, General American Investors Co ranks #202 out of 1635 companies in the Asset Management industry, placing it in the top 12.4%.
Is General American Investors Co's Return-on-Tangible-Asset too high?
General American Investors Co's current Return-on-Tangible-Asset of 21.86% is 46% above median its 10-year median of 14.97. The Asset Management industry median Return-on-Tangible-Asset is 4.13. General American Investors Co's value of 21.86% is 429.3% above this industry median. Based on the distribution chart, General American Investors Co ranks #202 out of 1635 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, General American Investors Co has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does General American Investors Co's Return-on-Tangible-Asset compare to ECAT and CET?
According to the Asset Management industry distribution chart, General American Investors Co ranks #202 out of 1635 companies for Return-on-Tangible-Asset. This places General American Investors Co in the top 12% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 4.13. General American Investors Co's value of 21.86% is 429.3% above this benchmark. While the company's 10-year median is 14.97 vs. the industry median of 4.13, General American Investors Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.13, based on 1,635 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. General American Investors Co's current Return-on-Tangible-Asset of 21.86% is 429.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on General American Investors Co and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. General American Investors Co's current Return-on-Tangible-Asset is 21.86%, which is 46% above median its own 10-year median of 14.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is General American Investors Co stock overvalued right now?
Based on GuruFocus' analysis, General American Investors Co (GAM) is currently considered Fairly Valued. The stock's GF Value™ is $63.56, compared to a current price of $64.66 — trading 1.7% above its estimated fair value. The current Return-on-Tangible-Asset is 21.86%, which is 46% above median its 10-year median of 14.97 and 429.3% above the Asset Management industry median of 4.13. General American Investors Co's overall GF Score™ is 60/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For General American Investors Co (GAM), the current Return-on-Tangible-Asset is 21.86% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is General American Investors Co (GAM) Overvalued in 2026?
Based on GuruFocus' analysis, General American Investors Co stock appears to be overvalued.
The current stock price of $64.66 is trading 1.7% above its estimated GF Value™ of $63.56.
GuruFocus considers General American Investors Co to be Fairly Valued.
Key valuation signals for GAM:
Return-on-Tangible-Asset: 21.86% (46% above median its 10-year median of 14.97)
GF Value™: $63.56 vs. price of $64.66 (1.7% above fair value)
Industry Position: 429.3% above the Asset Management median (#202 of 1635)
No single metric tells the full story. See the GAM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
General American Investors Co Business Description
General American Investors Co Inc is a closed-end, diversified management investment company. The primary investment objective of the company is long-term capital appreciation through investment in companies with above-average growth potential. It focuses on equity securities with growth potential at reasonable valuations. The company invests principally in common stocks believed by management to have growth potential.
60GF Score
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