Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
GAM Holding AG is a Switzerland-based holding company specializing in active asset management, headquartered in Zurich. Founded in 1983 as Global Asset Management by Gilbert de Botton, it pioneered the open architecture model, empowering independent investment professionals to deliver tailored strategies without a uniform house style. The firm manages CHF 12.7 billion in assets across fixed income, equity, multi-asset solutions, systematic approaches, and ESG-integrated products, serving institutional clients, financial intermediaries, private investors, and wholesale channels. GAM operates in 15 countries with offices in key hubs like London, New York, Hong Kong, and Singapore, supported by 281 employees whose average industry experience exceeds 14 years. Complemented by brands like Julius Baer in the past and prior private labelling services now transferred to Carne Group, it emphasizes investment leadership, rigorous risk management, transparency, innovation, and responsible stewardship. Listed on the SIX Swiss Exchange since 2009 as part of the Swiss Performance Index, GAM focuses on niche, hard-to-access markets to generate differentiated returns, fostering diversity, inclusion, and positive societal impact through UN PRI signatory commitments. With a history of strategic acquisitions enhancing its capabilities, GAM upholds high professional standards in the global asset management industry.
The business is unprofitable at the operating level (-106.26% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 57.8% YoY. Margins deteriorated 62.4pp alongside, both lines moving the wrong way.
ROIC dropped from -55.71% to -68.21%, capital efficiency is deteriorating. Negative free cash flow of -CHF 61M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
CHF 69M
▼ -57.8% YoY
Net Income (TTM)
-CHF 74M
▲ +3.9% YoY
Op. Margin
-106.26%
▼ -62.4pp YoY
ROIC
-68.21%
▼ -12.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-CHF 61M
▲ +19.0% YoY
Op. Cash Flow (TTM)
-CHF 60M
▲ +15.9% YoY
Net Debt
-CHF 200K
Net Cash Position
Cash & Equiv.
CHF 40M
3Y CAGR: -47.1%
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