Gladstone Investment Corporation (GAIN) 10-Year Financial Performance & Capital Metrics

GAIN • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutGladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector. It seeks to invest in small and mid-sized companies based in the United States. The fund prefers to make debt investments between $5 million and $30 million and equity investments between $10 million and $40 million in companies. The fund seeks to invest in companies with revenue between $20 million and $100 million. The fund invests in companies with EBITDA from $3 million to $20 million. It seeks minority equity ownership and prefers to hold a board seat in its portfolio companies. It also prefers to take majority stake in its portfolio companies. The fund typically holds the investments for seven years and exits via sale or recapitalization, initial public offering, or sale to third party.Show more

Net Interest Income $55M -4.0%
Total Revenue $90M -12.9%
Net Income $65M -23.4%
Return on Equity 13.17% -28.0%
Net Interest Margin 5.5% -10.5%
Efficiency Ratio -4.1% +32.4%
ROA 6.72% -32.9%
Equity / Assets 49.59% -5.6%
Book Value per Share 13.59 -5.0%
Tangible BV/Share 13.59 -5.0%
Debt/Equity 0.91 +12.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.5%
✓Efficient operations: -4.1% efficiency ratio
✓Well capitalized: 49.6% equity/assets
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.15%

5Y49.68%

3Y-7.13%

TTM-

Profit (Net Income) CAGR

10Y2.66%

5Y-

3Y-13.89%

TTM170.06%

EPS CAGR

10Y-0.55%

5Y-

3Y-16.7%

TTM65.09%

ROCE

10Y Avg8.02%

5Y Avg8.72%

3Y Avg7.18%

Latest6.75%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Net Interest Income+	42.24M	42.61M	44.77M	43.48M	45.6M	42.72M	46.57M	44.4M	57.67M	55.37M
NII Growth %	0.27%	0.01%	0.05%	-0.03%	0.05%	-0.06%	0.09%	-0.05%	0.3%	-0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	46.4M	46.15M	48.8M	49.63M	49.55M	47.16M	59.65M	60.28M	81.79M	83.61M
Interest Expense	4.15M	3.54M	4.03M	6.15M	3.96M	4.44M	13.08M	15.88M	24.12M	28.25M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	-13.11M	6.79M	20.56M	55.75M	-37.59M	6M	52.58M	-11.74M	21.38M	6.27M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	33.29M	52.94M	69.36M	105.38M	11.96M	53.17M	112.23M	48.53M	103.17M	89.88M
Revenue Growth %	-0.39%	0.59%	0.31%	0.52%	-0.89%	3.44%	1.11%	-0.57%	1.13%	-0.13%
Non-Interest Expense	4.28M	4.63M	4.64M	17.64M	15.24M	6.27M	-3.17M	-2.89M	-6.26M	-3.69M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	24.85M	44.76M	60.69M	81.59M	-7.23M	42.45M	102.32M	35.55M	85.31M	65.32M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.51%	0.8%	0.36%	0.34%	-1.09%	6.87%	1.41%	-0.65%	1.4%	-0.23%
Pretax Income+	24.85M	44.76M	60.69M	81.59M	-7.23M	42.45M	102.32M	35.55M	85.31M	65.32M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	24.85M	44.76M	60.69M	81.59M	-7.23M	42.45M	102.32M	35.55M	85.31M	65.32M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.51%	0.8%	0.36%	0.34%	-1.09%	6.87%	1.41%	-0.65%	1.4%	-0.23%
Net Income (Continuing)	24.85M	44.76M	60.69M	81.59M	-7.23M	42.45M	102.32M	35.55M	85.31M	65.32M
EPS (Diluted)+	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78
EPS Growth %	-0.56%	0.8%	0.27%	0.32%	-1.09%	6.82%	1.41%	-0.65%	1.31%	-0.28%
EPS (Basic)	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78
Diluted Shares Outstanding	30.27M	30.27M	32.27M	32.81M	32.87M	33.18M	33.21M	33.31M	34.47M	36.74M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	4.48M	2.87M	3.64M	1.7M	2.78M	2.06M	14.19M	2.68M	2.46M	14.3M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	10M	16.04M	12.46M	13.31M	26.16M	633.83M	0	0	0	0
Investments Growth %	-0.52%	0.6%	-0.22%	0.07%	0.97%	23.23%	-1%	-	-	-
Long-Term Investments	10M	16.04M	12.46M	13.31M	26.16M	633.83M	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	484.17M	491.74M	588.95M	616M	543.24M	2.37M	716.77M	756.02M	924.57M	983.63M
Total Current Assets	8.91M	7.41M	9.49M	5.79M	6.98M	7.53M	23.64M	9.62M	13.51M	22.77M
Total Non-Current Assets	494.17M	507.78M	601.4M	629.3M	569.4M	636.2M	716.77M	756.02M	924.57M	983.63M
Total Assets+	503.07M	515.2M	610.9M	635.1M	576.38M	643.73M	740.41M	765.64M	938.08M	1.01B
Asset Growth %	0.04%	0.02%	0.19%	0.04%	-0.09%	0.12%	0.15%	0.03%	0.23%	0.07%
Return on Assets (ROA)	0.05%	0.09%	0.11%	0.13%	-0.01%	0.07%	0.15%	0.05%	0.1%	0.07%
Accounts Payable	1.05M	578K	916K	892K	1.22M	563K	2.99M	3.1M	4.2M	6.17M
Total Debt+	100.1M	74.8M	112.6M	58.1M	54.3M	243.59M	261.35M	292.61M	398.35M	455.71M
Net Debt	95.61M	71.93M	108.96M	56.39M	51.52M	241.53M	247.16M	289.92M	395.88M	441.41M
Long-Term Debt	100.1M	74.8M	112.6M	58.1M	54.3M	243.59M	261.35M	292.61M	398.35M	455.71M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	122.9M	138.74M	143.19M	169M	151.83M	384K	30.25M	30.2M	42.83M	45.44M
Total Current Liabilities	1.05M	578K	916K	892K	1.22M	17.39M	2.99M	3.1M	4.2M	6.17M
Total Non-Current Liabilities	223M	213.53M	255.78M	227.1M	206.12M	243.97M	291.59M	322.81M	441.18M	501.15M
Total Liabilities	224.05M	214.11M	256.7M	227.99M	207.35M	261.37M	294.58M	325.9M	445.37M	507.32M
Total Equity+	279.02M	301.08M	354.2M	407.11M	369.03M	382.36M	445.83M	439.74M	492.71M	499.08M
Equity Growth %	0.02%	0.08%	0.18%	0.15%	-0.09%	0.04%	0.17%	-0.01%	0.12%	0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.15%	0.19%	0.21%	-0.02%	0.11%	0.25%	0.08%	0.18%	0.13%
Book Value per Share	9.22	9.95	10.98	12.41	11.23	11.53	13.43	13.20	14.30	13.59
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	30K	30K	33K	33K	33K	33K	33K	34K	37K	37K
Additional Paid-in Capital	311.61M	310.33M	330.66M	366.42M	401.02M	400.8M	397.95M	401.8M	444.71M	445.51M
Retained Earnings	6.43M	7.28M	3.66M	-7.34M	6.37M	-18.46M	-12.99M	-5.53M	-19.56M	-5.33M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	4.08M	32.6M	-29.73M	93.61M	35.31M	44.81M	77.94M	-4.5M	85.99M	113.92M
Operating CF Growth %	1.04%	6.99%	-1.91%	4.15%	-0.62%	0.27%	0.74%	-1.06%	20.09%	0.32%
Net Income	24.85M	44.76M	60.69M	81.59M	-7.23M	42.45M	102.32M	35.55M	85.31M	65.32M
Depreciation & Amortization	0	75K	500K	500K	-51.08M	0	0	12.22M	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-19.43M	-13.08M	-96.23M	-21.59M	110.82M	8.35M	-34.73M	-54.54M	-8.99M	43.25M
Working Capital Changes	-1.34M	847K	5.32M	33.12M	-17.19M	-6M	10.35M	2.27M	9.68M	5.35M
Cash from Investing+	0	0	0	0	-89.18M	-74.54M	-41.34M	-98.22M	-155.92M	-97.62M
Purchase of Investments	0	0	0	0	-145.45M	-95.27M	-92.74M	-133.76M	-183.92M	-221.22M
Sale/Maturity of Investments	0	0	0	0	-1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	145.45M	0	0	0	0	0
Cash from Financing+	-4.52M	-34.09M	29.6M	-93.98M	-34.85M	28.07M	-24.5M	-6.74M	69.91M	-4.37M
Dividends Paid	-22.7M	-22.7M	-28.93M	-30.52M	-33.92M	-30.86M	-38.85M	-47.05M	-76.06M	-60.95M
Share Repurchases	0	0	0	0	0	-57.5M	-94.37M	0	0	0
Stock Issued	3.66M	0	22.48M	1.87M	3.13M	21.02M	0	5.49M	43.9M	2M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-1.93M	-3.59M	-1.26M	-4.43M	-56K	0	0	-385K	0	0
Net Change in Cash+	-440K	-1.49M	-132K	-362K	455K	-1.66M	12.1M	-11.25M	-28K	11.93M
Exchange Rate Effect	0	0	0	0	1000K	1	0	1000K	0	0
Cash at Beginning	4.92M	5.59M	4.1M	3.97M	3.6M	4.06M	2.4M	14.49M	3.25M	3.22M
Cash at End	4.48M	4.1M	3.97M	3.6M	4.06M	2.4M	14.49M	3.25M	3.22M	15.15M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	4.08M	32.6M	-29.73M	93.61M	35.31M	44.81M	77.94M	-4.5M	85.99M	113.92M
FCF Growth %	1.04%	6.99%	-1.91%	4.15%	-0.62%	0.27%	0.74%	-1.06%	20.09%	0.32%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9%	15.43%	18.52%	21.43%	-1.86%	11.3%	24.71%	8.03%	18.3%	13.17%
Return on Assets (ROA)	5.04%	8.79%	10.78%	13.1%	-1.19%	6.96%	14.78%	4.72%	10.01%	6.72%
Net Interest Margin	8.4%	8.27%	7.33%	6.85%	7.91%	6.64%	6.29%	5.8%	6.15%	5.5%
Efficiency Ratio	12.87%	8.75%	6.69%	16.74%	127.38%	11.8%	-2.82%	-5.96%	-6.06%	-4.1%
Equity / Assets	55.46%	58.44%	57.98%	64.1%	64.03%	59.4%	60.21%	57.43%	52.52%	49.59%
Book Value / Share	9.22	9.95	10.98	12.41	11.23	11.53	13.43	13.2	14.3	13.59
NII Growth	27.45%	0.86%	5.06%	-2.86%	4.85%	-6.3%	9%	-4.66%	29.9%	-4%
Dividend Payout	91.35%	50.72%	47.67%	37.4%	-	-	-	132.36%	-	-

Frequently Asked Questions

Valuation & Price

Gladstone Investment Corporation (GAIN) has a price-to-earnings (P/E) ratio of 8.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Gladstone Investment Corporation (GAIN) saw revenue decline by 12.9% over the past year.

Yes, Gladstone Investment Corporation (GAIN) is profitable, generating $102.9M in net income for fiscal year 2025 (72.7% net margin).

Dividend & Returns

Yes, Gladstone Investment Corporation (GAIN) pays a dividend with a yield of 11.70%. This makes it attractive for income-focused investors.

Gladstone Investment Corporation (GAIN) has a return on equity (ROE) of 13.2%. This is reasonable for most industries.

Industry Metrics

Gladstone Investment Corporation (GAIN) has a net interest margin (NIM) of 5.5%. This indicates healthy earnings from lending activities.

Gladstone Investment Corporation (GAIN) has an efficiency ratio of -4.1%. This is excellent, indicating strong cost control.

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