Latest Ratios: P/E Ratio 3.3x · EV/EBITDA 5.3x · ROE 31.7%. (2006–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $623M | $550M | $491M | $490M | $441M | $536M | $406M | $258M | $381M | $326M | $275M |
| Enterprise Value | $1.2B | $1.1B | $932M | $886M | $731M | $783M | $647M | $310M | $437M | $435M | $346M |
| P/E Ratio → | 3.28 | 2.98 | 7.51 | 5.76 | 12.38 | 5.24 | 9.55 | — | 4.66 | 5.37 | 6.13 |
| P/S Ratio | 20.45 | 18.05 | 7.96 | 6.20 | 13.52 | 5.40 | 8.33 | 32.23 | 3.84 | 4.99 | 5.56 |
| P/B Ratio | 0.91 | 0.82 | 0.98 | 1.00 | 1.00 | 1.20 | 1.06 | 0.70 | 0.93 | 0.92 | 0.91 |
| P/FCF | — | — | 4.31 | 5.70 | — | 6.87 | 9.06 | 7.31 | 4.07 | — | 8.42 |
| P/OCF | — | — | 4.31 | 5.70 | — | 6.87 | 9.06 | 7.31 | 4.07 | — | 8.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 36.54 | 15.12 | 11.21 | 22.39 | 7.89 | 13.28 | 38.66 | 4.40 | 6.66 | 7.01 |
| EV / EBITDA | 5.25 | 4.93 | 14.27 | 10.39 | 15.31 | 7.65 | 15.25 | — | 5.32 | 7.11 | 7.73 |
| EV / EBIT | 5.25 | 4.93 | 14.27 | 10.39 | 20.57 | 7.65 | 15.25 | — | 5.36 | 7.17 | 7.74 |
| EV / FCF | — | — | 8.18 | 10.31 | — | 10.04 | 14.45 | 8.77 | 4.67 | — | 10.63 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.4% | 19.4% | 68.6% | 76.6% | 67.3% | 88.3% | 91.6% | 66.9% | 94.2% | 94.2% | 93.3% |
| Operating Margin | 315.8% | 315.8% | 72.7% | 82.7% | 73.2% | 91.2% | 79.8% | -60.5% | 77.4% | 87.5% | 84.6% |
| Net Profit Margin | 258.5% | 258.5% | 72.7% | 82.7% | 73.2% | 91.2% | 79.8% | -60.5% | 77.4% | 87.5% | 84.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.7% | 31.7% | 13.2% | 18.3% | 8.0% | 24.7% | 11.3% | -1.9% | 21.4% | 18.5% | 15.4% |
| ROA | 15.9% | 15.9% | 6.7% | 10.0% | 4.7% | 14.8% | 7.0% | -1.2% | 13.1% | 10.8% | 8.8% |
| ROIC | 15.5% | 15.5% | 5.3% | 7.9% | 3.7% | 11.5% | 6.1% | -1.2% | 13.1% | 10.8% | 8.9% |
| ROCE | 20.2% | 20.2% | 6.8% | 10.1% | 4.7% | 15.0% | 7.1% | -1.2% | 13.1% | 10.8% | 8.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.91 | 0.81 | 0.67 | 0.59 | 0.64 | 0.15 | 0.14 | 0.32 | 0.25 |
| Debt / EBITDA | 2.50 | 2.50 | 6.98 | 4.67 | 6.13 | 2.55 | 5.74 | — | 0.71 | 1.84 | 1.67 |
| Net Debt / Equity | — | 0.84 | 0.88 | 0.80 | 0.66 | 0.55 | 0.63 | 0.14 | 0.14 | 0.31 | 0.24 |
| Net Debt / EBITDA | 2.50 | 2.50 | 6.76 | 4.64 | 6.07 | 2.42 | 5.69 | — | 0.69 | 1.78 | 1.60 |
| Debt / FCF | — | — | 3.87 | 4.60 | — | 3.17 | 5.39 | 1.46 | 0.60 | — | 2.21 |
| Interest Coverage | 5.50 | 5.50 | 2.31 | 3.54 | 2.24 | 7.82 | 9.56 | -1.83 | 13.27 | 15.04 | 12.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.01 | 0.01 | 3.69 | 3.22 | 3.11 | 7.91 | 0.43 | 5.71 | 6.50 | 10.37 | 12.82 |
| Quick Ratio | 0.01 | 0.01 | 3.69 | 3.22 | 3.11 | 7.91 | 0.43 | 5.71 | 6.50 | 10.37 | 12.82 |
| Cash Ratio | 0.01 | 0.01 | 2.32 | 0.59 | 0.87 | 4.75 | 0.12 | 2.27 | 1.91 | 3.97 | 4.96 |
| Asset Turnover | — | 0.05 | 0.09 | 0.11 | 0.06 | 0.15 | 0.08 | 0.02 | 0.17 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.4% | 10.4% | 12.4% | 15.5% | 10.7% | 7.3% | 7.6% | 13.1% | 8.0% | 8.9% | 8.3% |
| Payout Ratio | 30.9% | 30.9% | 93.3% | 89.2% | 132.4% | 38.0% | 72.7% | — | 37.4% | 47.7% | 50.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 30.5% | 33.6% | 13.3% | 17.4% | 8.1% | 19.1% | 10.5% | — | 21.5% | 18.6% | 16.3% |
| FCF Yield | — | — | 23.2% | 17.5% | — | 14.6% | 11.0% | 13.7% | 24.6% | — | 11.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.6% | 14.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.4% | 10.4% | 12.4% | 15.5% | 10.7% | 24.9% | 21.8% | 13.1% | 8.0% | 8.9% | 8.3% |
| Shares Outstanding | — | $39M | $37M | $34M | $33M | $33M | $33M | $33M | $33M | $32M | $30M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying GAIN stock.
Gladstone Investment Corp.'s current P/E ratio is 3.3x. The historical average is 10.9x. This places it at the 6th percentile of its historical range.
Gladstone Investment Corp.'s current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Gladstone Investment Corp.'s return on equity (ROE) is 31.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.0%.
Based on historical data, Gladstone Investment Corp. is trading at a P/E of 3.3x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gladstone Investment Corp.'s current dividend yield is 9.44% with a payout ratio of 30.9%.
Gladstone Investment Corp. has 19.4% gross margin and 315.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gladstone Investment Corp.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Lumpy exit-driven earnings
Metrics are mathematically derived from official filings.
Premium Priced for Equity Upside
GAIN trades at 0.98x book value, a discount to peers like HTGC (1.50x) and CSWC (1.61x), yet its P/E of 3.53x reflects earnings inflated by unrealized gains, per reported figures.
The market appears to price GAIN as a hybrid lender-owner, with a P/B near parity suggesting limited premium for its control-oriented strategy. However, the trailing P/E of 3.53x is misleading because it incorporates volatile unrealized gains; the forward P/E of 41.53x implies the market expects a sharp normalization in earnings, likely to net investment income levels. This wide gap between trailing and forward multiples underscores the market's skepticism about the sustainability of recent exit-driven profits.
ROE Driven by Exit Gains, Not NIM
ROE swung from -1.3% in 2025Q1 to 13.0% in 2026Q4, with NIM compressing from 1.6% to 1.0% over the same period, indicating profitability is increasingly reliant on non-interest income, as per quarterly data.
The DuPont decomposition reveals that GAIN's ROE is not driven by net interest margin, which has contracted by 37.5% since 2025Q3, but by fee income and realized gains from equity exits. In 2026Q4, fee income contributed 37.2% of revenue, and net margin exceeded 250% due to unrealized appreciation. This suggests that the quality of earnings is low, as it is non-recurring and subject to market conditions. Investors should monitor the sustainability of these gains, as a slowdown in exits could compress ROE to mid-single digits.
NIM Compression and Erratic Efficiency
Net interest margin fell from 1.6% in 2025Q3 to 1.0% in 2026Q4, while the efficiency ratio swung from -6.7% to 108.4% in 2026Q3, reflecting volatile non-interest income and cost control challenges, as reported.
The NIM decline suggests rising funding costs or lower asset yields, which is concerning for a BDC that relies on spread income. The efficiency ratio's extreme volatility—from negative to over 100%—indicates that operating expenses are not well matched with revenue, likely due to incentive fees tied to realized gains. This makes cost structure unpredictable and complicates assessment of operating leverage. The negative efficiency ratios in some quarters are an artifact of high non-interest income, not genuine cost efficiency.
Thin Equity Cushion Limits Flexibility
Equity/assets declined from 0.53 in 2025Q2 to 0.50 by 2027Q1, while cash dropped to $1.13M, suggesting limited capital headroom for new investments, based on balance sheet data.
GAIN's leverage is modest compared to peers (D/E of 0.84% vs. peers above 1.0), but the equity cushion is thinning as assets grow. The minimal cash position and low debt/equity ratio may indicate that GAIN is conservatively positioned, but it also limits the ability to deploy capital without raising new equity or debt. Given the regulatory requirement for BDCs to maintain at least 150% asset coverage, GAIN appears to have room, but the low cash buffer warrants monitoring for potential dilutive issuances.
Credit Quality Volatile, Reserves Uncertain
Provision for loan losses swung from a $13.7M charge in 2026Q4 to a $9.9M benefit in 2027Q1, indicating significant credit volatility, while non-accrual data is unavailable, per financial statements.
The large swings in provisions suggest that credit quality is unstable, possibly reflecting specific portfolio company stress. The absence of non-accrual data limits a full assessment, but the provision volatility implies that reserves may not be consistently adequate. Investors should monitor the trend in non-accruals and charge-offs, as a rising trend could pressure net investment income and dividend coverage.
P/E Misleads on BDC Earnings
The most misapplied ratio for GAIN is P/E, as trailing earnings include unrealized gains, making the multiple appear artificially low; investors should use P/B and NII-based P/E instead, as per industry practice.
GAIN's trailing P/E of 3.53x is a classic trap: it is based on net income that includes large unrealized appreciation, which is non-cash and may reverse. The forward P/E of 41.53x better reflects the market's expectation of normalized earnings, but even that is based on estimates that may not capture the lumpy nature of exits. For BDCs, the appropriate valuation metric is P/B relative to NAV, and for earnings, one should use net investment income (NII) per share, which excludes unrealized gains. Using P/E without adjustment can lead to severe mispricing.