SOR

MKT CAP:$378M

Source Capital, Inc.

Market Cap

$378M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$46.63+$0.15 (+0.32%)

Apr 21, 2026

Company Details

Source Capital, Inc. is a close-ended balanced fund launched and managed by First Pacific Advisors, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating across dive...

CEO

James Richard Atwood

IPO Date

Mar 17, 1980

Website

www.fpafunds.com/sourcecapitalfund.asp

Key Metrics TTM

Revenue

$66M

+69.0% YoY

Net Income

$84M

EPS (Diluted)

$10.18

Free Cash Flow

$0

Revenue / Share

$7.97

Gross Margin

107.5%

Operating Margin

110.2%

Net Margin

127.4%

FCF Margin

0.0%

P/S

5.8x

P/E

4.5x

Earnings Reports

FY 2025

Dec 30, 2025

$47M+17.4%EPS $7.24

Q4 2025

Dec 30, 2025

$27M+55.1%EPS $3.57

Q2 2025

Jun 30, 2025

$5M-71.6%EPS $1.83

FY 2024

Dec 31, 2024

$40M+31.3%EPS $4.78

Q4 2024

Dec 31, 2024

$18M-4.8%EPS $1.55

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 14	$3M	$394.4K	$205.9K
Q2 15	$3M	$900.2K	$662.2K
Q4 15	$2M	-$26.1K	-$489.7K
Q2 16	$3M	$2M	$2M
Q4 16	$4M	$2M	$2M
Q2 17	$4M	$3M	$2M
Q4 17	$4M	$2M	$2M
Q2 18	$4M	$4M	$2M
Q2 19	$2M	$312.2K	$44M
Q4 22	$6M	$5M	$10M
Q2 23	$12M	$11M	$30M
Q4 23	$19M	$17M	$24M
Q2 24	$16M	$30M	$26M
Q4 24	$18M	$10M	$8M
Q2 25	$5M	$5M	$4M
Q4 25	$27M	$26M	$34M

Valuation

Quarter	P/S	P/E
Q4 14	30.2x	1.5x
Q2 15	29.7x	2.0x
Q4 15	30.3x	6.0x
Q2 16	31.0x	18.8x
Q4 16	29.0x	—
Q2 17	27.9x	24.9x
Q4 17	25.3x	4.9x
Q2 18	24.1x	5.2x
Q2 19	27.5x	4.2x
Q4 22	23.3x	4.9x
Q2 23	15.5x	4.6x
Q4 23	9.7x	3.5x
Q2 24	7.1x	4.2x
Q4 24	5.9x	4.1x
Q2 25	6.7x	4.9x
Q4 25	5.8x	4.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 14	$45M	$45M
Q4 14	$47M	$47M
Q2 15	$7M	$7M
Q4 15	-$36M	-$36M
Q2 16	$2M	$2M
Q4 16	$26M	$26M
Q2 17	$23M	$23M
Q4 17	$25M	$25M
Q2 18	-$2M	-$2M
Q2 19	$44M	$44M
Q4 22	$0	$0
Q2 23	$0	$0
Q4 23	$0	$0
Q2 24	$0	$0
Q4 24	$0	$0
Q2 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 15	+6.4%	+17.6%
Q4 15	-9.4%	+17.8%
Q2 16	-7.1%	-30.2%
Q4 16	+30.7%	-32.1%
Q2 17	+14.4%	-38.3%
Q4 17	+57.8%	-40.2%
Q2 18	+20.5%	-5.3%
Q2 19	-52.5%	-2511.6%
Q4 22	+61.6%	-301.0%
Q2 23	+212.8%	-1131.1%
Q4 23	+344.7%	-376.7%
Q2 24	+819.5%	+75.2%
Q4 24	+174.2%	+365.2%
Q2 25	-62.4%	+104.6%
Q4 25	+47.6%	-27.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 14	$0	0.0%
Q4 14	$0	0.0%
Q2 15	$0	0.0%
Q4 15	$0	0.0%
Q2 16	$0	0.0%
Q4 16	$0	0.0%
Q2 17	$0	0.0%
Q4 17	$0	0.0%
Q2 18	$0	0.0%
Q2 19	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 14	$3M	—
Q2 15	$3M	—
Q4 15	$3M	—
Q2 16	$2M	—
Q4 16	$2M	—
Q2 17	$2M	—
Q4 17	$2M	—
Q2 18	$2M	—
Q2 19	$2M	—
Q4 22	$2M	—
Q2 23	$2M	—
Q4 23	$2M	$12.0K
Q2 24	$2M	$4.9K
Q4 24	$2M	$11.2K
Q2 25	$824.3K	$1.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$418	$0	$418
Q4 18	$261	$0	$261
Q2 19	$298	$0	$298
Q4 19	$86.6K	$0	$86.6K
Q2 20	$3M	$0	$3M
Q4 20	$235.7K	$0	$235.7K
Q2 21	$97.8K	$0	$97.8K
Q4 21	$224.1K	$0	$224.1K
Q2 22	$119.0K	$0	$119.0K
Q4 22	$1M	$0	$1M
Q2 23	$47.4K	$0	$47.4K
Q4 23	$351.9K	$0	$351.9K
Q2 24	$35.6K	$0	$35.6K
Q4 24	$3.7K	$0	$3.7K
Q2 25	$525	$0	$525
Q4 25	$288.1K	$78M	$79M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 14	9M	0.0%	—
Q2 15	9M	0.0%	0.0%
Q4 15	9M	0.0%	0.0%
Q2 16	9M	0.0%	0.0%
Q4 16	9M	-0.3%	-0.3%
Q2 17	9M	-0.0%	-0.4%
Q4 17	9M	-0.1%	-0.5%
Q2 18	9M	-0.0%	-0.5%
Q2 19	9M	-1.0%	-1.1%
Q4 22	8M	-2.5%	-3.6%
Q2 23	8M	-0.5%	-3.9%
Q4 23	8M	-0.6%	-4.5%
Q2 24	8M	-0.3%	-3.8%
Q4 24	8M	0.0%	-1.4%
Q2 25	8M	+0.3%	-0.6%
Q4 25	8M	+0.1%	+0.1%

Shares Outstanding