CREDIT SUISSE AG

GLDI
Country: SwitzerlandPrice: $132.41Market Cap: $582.6B

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

2 / 14

NEUTRAL / FAIL

Median fair value

$100.82

-23.9% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Dreman, Pabrai, Sleep +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedNEUTRALFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILFAIL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A-1003.4%N/AN/A-31.3%N/AN/AN/A+3.7%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Market data at 2026-11-01

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Market data at 2026-11-01

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-03-28

Score computed: 2026-11-14

Where It Passes

  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Dreman, Pabrai, Sleep +1 more object

    Free Cash Flow Proxy$1.4B
    ✓BuffettPositive and growing
    FCF Positive and Growing$37.6B
    ✓LynchPositive and growing
    Operating Cash Flow$38.0B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=7.07%, ROA=-0.89%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)15.3x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=6.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive4/6 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap6.5%
    ✓Ackman>= 4%
    Price / FCF per Share15.5x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency4/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$37.6B
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+6.45%; #1266/4519 (top 28.0%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 4✗ 31▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-3.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$1.4B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-10.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value2.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-0.89%
    ✗PiotroskiROA > 0
    ROA Change YoY-1.37% -> -0.89% (delta: +0.48%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=7.07%, ROA=-0.89%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-16.4%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-10.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=13.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-9.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-10.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-0.82%; #3378/6340 (top 53.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-10.73%; #3432/5226 (top 65.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0074; #647/5884 (top 11.0%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth4.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR2.2%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.03x -> 0.04x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2021: ROIC=unavailable; FY2022: ROIC=unavailable; FY2023: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts0% pass✗ 14▾

    Split decision: 14 FAIL · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (1/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (1/7)✗OshaughnessyFAIL (Rank #929/963 (Top 96.5%))
  • Debt & Leverage8% pass✓ 1✗ 14▾

    11 of 12 flag GLDI's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 3.41, IC: 0.8x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity3.41
    ✗Lynch< 0.33
    Cash - Long-term Debt$-4.2B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change28.42% -> 28.39%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity3.41
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels3.41
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=0.8x, D/EBITDA=8.1x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity3.41
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-3.4121; #3973/4210 (top 94.4%)
    ✗AsnessTop 30% of eligible cross-section
  • Valuation8% pass✓ 2✗ 26▾

    12 of 13 flag GLDI's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio13.0x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value2.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)15.3x
    ✗Dreman< 8x
    Price / Book Value per Share13.0x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=0.2%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=6.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=13.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share15.5x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($132.41)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-0.82%; #3378/6340 (top 53.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.0766; #4877/6449 (top 75.6%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share13.32x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-3.0%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0405; #4634/5247 (top 88.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+6.45%; #1266/4519 (top 28.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-18.02%; #3868/6202 (top 62.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation models33% pass✓ 1✗ 2▾

    Models split on GLDI at $132.41 — fair values range $12.00–$137.56

    Greenblatt fair value$12.00
    ✗Greenblatt-1003.4% margin vs $132.41
    Munger fair value$100.82
    ✗Munger-31.3% margin vs $132.41
    Ackman fair value$137.56
    ✓Ackman+3.7% margin vs $132.41

Business & financials

Financial snapshot: annual FY 2023. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Security & Commodity Brokers
Size: Mega Cap($582.6B)
Revenue: $23.6B+43.1% YoY
Net Income: $4.8B+39.2% YoY

Financial Snapshot

Operating Margin--
Return on Equity-10.7%
Debt / Equity3.41
Current Ratio--
Shares Retired0.0%

Similar Companies

OREALTY INCOME CORP
$56.1B
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Shareholder Return

Fiscal 2023

Retired 0.0% of shares last year.

Buybacks
—
Dividends
$3.6M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2023
Sources
  • 20-F · 2024-03-28
FY 2022
Sources
  • 20-F · 2024-03-28
FY 2021
Sources
  • 20-F · 2024-03-28
FY 2020
Sources
  • 20-F · 2024-03-28
FY 2019
Sources
  • 20-F · 2020-03-30
Market Cap$582.6Bcurrent$387.8Best.----$326.4Best.
Revenue$23.6B↑43%$16.5B↓35%$25.2B--$23.4B
Operating Income----------
Net Income-$4.8B↑39%-$7.9B↓675%-$1.0B--$3.2B
EPS (Diluted)----------
Gross Margin—————
Operating Margin—————
ROE-10.7%↑29%-15.2%↓686%-1.9%—6.7%
Total Debt$152.3B↓7%$163.3B----$155.9B
Shareholders' Equity$44.6B↓14%$51.9B↓1%$52.6B↓1%$53.4B↑12%$47.6B
Current Ratio—————
Debt / Equity3.41↑8%3.15——3.27
Operating Cash Flow$38.0B↑144%$15.6B↓61%$40.4B---$19.0B
Free Cash Flow$37.6B↑165%$14.2B↓64%$39.0B---$20.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

GLDI vs Peers — Financial Grading

Revenue$23.6BTop 25%
Net Income$4.8BBottom 25%
ROE-10.7%Bottom 25%
D/E3.41Bottom 25%
Op. Margin—
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
REALTY INCOME CORPO$56.1B$58.82$5.7B$1.1B2.7%0.6316.8%—2/71/93/70/3F-Score 64/10
Ventas, Inc.VTR$47.0B$88.92$5.8B$261.5M2.1%1.043.5%—2/71/92/70/3F-Score 62/10
RAYMOND JAMES FINANCIAL INCRJF$32.4B$168.64$15.9B$2.1B17.1%0.28——3/93/93/71/3F-Score 64/11
ROYAL GOLD INCRGLD$21.7B$256.89$1.0B$466.3M6.5%0.1361.9%3.124/92/94/70/3F-Score 44/11
iShares Ethereum Trust ETFETHA$19.4B$44.02—$2.3B——————————
KIMCO REALTY CORPKIM$17.0B$25.55$2.1B$584.7M5.6%0.7436.0%—3/72/94/70/3F-Score 75/10
LandBridge Co LLCLB$5.6B$73.15$199.1M$30.1M8.9%1.6559.5%4.872/93/92/70/3F-Score 63/11
Digital Turbine, Inc.APPS$927.6M$7.61$565.3M$37.7M-19.6%1.886.0%1.161/92/92/71/3F-Score 70/11