Revenue volatility remains pronounced, with quarterly figures fluctuating between $11.3M and $42.1M, while gross margins have swung wildly from -33.8% to 84.8% due to exit-dependent performance.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Net Interest Income | 54.83M | 55.37M | 57.67M | 44.4M | 46.57M | 42.72M | 45.6M | 43.48M | 44.77M | 42.61M | 42.24M | 33.15M | 28.39M | 23.67M | 18.82M | 15.03M | 17.83M | 19.9M | 20.16M | 16.65M | 0 |
| NII Growth % | -0.97% | -4% | 29.9% | -4.66% | 9% | -6.3% | 4.85% | -2.86% | 5.06% | 0.86% | 27.45% | 16.77% | 19.91% | 25.78% | 25.2% | -15.71% | -10.37% | -1.31% | 21.1% | - | - |
| Net Interest Margin % | 4.14% | 5.5% | 6.15% | 5.8% | 6.29% | 6.64% | 7.91% | 6.85% | 7.33% | 8.27% | 8.4% | 6.86% | 8.58% | 6.23% | 5.79% | 6.23% | 6% | 6.09% | 5.72% | 5.14% | 0% |
| Interest Income | 95.85M | 83.61M | 81.79M | 60.28M | 59.65M | 47.16M | 49.55M | 49.63M | 48.8M | 46.15M | 46.4M | 36.69M | 30.46M | 24.8M | 19.59M | 15.72M | 19.82M | 25.25M | 27.89M | 17.26M | 0 |
| Interest Expense | 41.02M | 28.25M | 24.12M | 15.88M | 13.08M | 4.44M | 3.96M | 6.15M | 4.03M | 3.54M | 4.15M | 3.54M | 2.08M | 1.13M | 768K | 690K | 1.98M | 5.35M | 7.73M | 608K | 0 |
| Loan Loss Provision | 16.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | -24.37M | 6.27M | 21.38M | -11.74M | 52.58M | 6M | -37.59M | 55.75M | 20.56M | 6.79M | -13.11M | 17.74M | -29.35M | -5.19M | 5.47M | 3.68M | -25.77M | -30.97M | -20.81M | -7.86M | 0 |
| Non-Interest Income % | -34.09% | 6.97% | 20.72% | -24.2% | 46.85% | 11.29% | -314.19% | 52.9% | 29.64% | 12.82% | -39.36% | 32.59% | -2639.21% | -26.48% | 21.84% | 18.98% | 432.72% | 540.88% | -293.76% | -83.55% | - |
| Total Revenue | 71.48M | 89.88M | 103.17M | 48.53M | 112.23M | 53.17M | 11.96M | 105.38M | 69.36M | 52.94M | 33.29M | 54.42M | 1.11M | 19.61M | 25.06M | 19.4M | -5.96M | -5.73M | 7.08M | 9.4M | 0 |
| Revenue Growth % | -20.47% | -12.88% | 112.58% | -56.76% | 111.08% | 344.4% | -88.65% | 51.93% | 31.03% | 59% | -38.83% | 4794.06% | -94.33% | -21.76% | 29.15% | 425.79% | -4.02% | -180.83% | -24.65% | - | - |
| Non-Interest Expense | -211.92M | -3.69M | -6.26M | -2.89M | -3.17M | 6.27M | 15.24M | 17.64M | 4.64M | 4.63M | 4.28M | 669K | 366K | 1.2M | 2.33M | 2.27M | 3.13M | 374K | 292K | 1.52M | -6.05M |
| Efficiency Ratio | -296.47% | -4.1% | -6.06% | -5.96% | -2.82% | 11.8% | 127.38% | 16.74% | 6.69% | 8.75% | 12.87% | 1.23% | 32.91% | 6.13% | 9.28% | 11.72% | -52.57% | -6.53% | 4.12% | 16.21% | - |
| Operating Income | 225.77M | 65.32M | 85.31M | 35.55M | 102.32M | 42.45M | -7.23M | 81.59M | 60.69M | 44.76M | 24.85M | 50.21M | -1.33M | 17.28M | 21.97M | 16.44M | -11.07M | -11.45M | -941K | 7.27M | 6.05M |
| Operating Margin % | 315.85% | 72.67% | 82.68% | 73.24% | 91.17% | 79.85% | -60.46% | 77.43% | 87.49% | 84.56% | 74.65% | 92.27% | -119.51% | 88.13% | 87.65% | 84.72% | 185.88% | 199.95% | -13.28% | 77.32% | - |
| Operating Income Growth % | 245.65% | -23.43% | 139.98% | -65.26% | 141% | 686.87% | -108.87% | 34.44% | 35.57% | 80.1% | -50.5% | 3878.33% | -107.69% | -21.34% | 33.62% | 248.49% | 3.3% | -1116.68% | -112.95% | 20.06% | - |
| Pretax Income | 184.75M | 65.32M | 85.31M | 35.55M | 102.32M | 42.45M | -7.23M | 81.59M | 60.69M | 44.76M | 24.85M | 50.21M | -1.33M | 17.28M | 21.97M | 16.44M | -11.07M | -11.45M | -941K | 7.27M | 6.05M |
| Pretax Margin % | 258.46% | 72.67% | 82.68% | 73.24% | 91.17% | 79.85% | -60.46% | 77.43% | 87.49% | 84.56% | 74.65% | 92.27% | -119.51% | 88.13% | 87.65% | 84.72% | 185.88% | 199.95% | -13.28% | 77.32% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 184.75M | 65.32M | 85.31M | 35.55M | 102.32M | 42.45M | -7.23M | 81.59M | 60.69M | 44.76M | 24.85M | 50.21M | -1.33M | 17.28M | 21.97M | 16.44M | -11.07M | -11.45M | -941K | 7.27M | 6.05M |
| Net Margin % | 258.46% | 72.67% | 82.68% | 73.24% | 91.17% | 79.85% | -60.46% | 77.43% | 87.49% | 84.56% | 74.65% | 92.27% | -119.51% | 88.13% | 87.65% | 84.72% | 185.88% | 199.95% | -13.28% | 77.32% | - |
| Net Income Growth % | 182.85% | -23.43% | 139.98% | -65.26% | 141% | 686.87% | -108.87% | 34.44% | 35.57% | 80.1% | -50.5% | 3878.33% | -107.69% | -21.34% | 33.62% | 248.49% | 3.3% | -1116.68% | -112.95% | 20.06% | - |
| Net Income (Continuing) | 184.75M | 65.32M | 85.31M | 35.55M | 102.32M | 42.45M | -7.23M | 81.59M | 60.69M | 44.76M | 24.85M | 50.21M | -1.33M | 17.28M | 21.97M | 16.44M | -11.07M | -11.45M | -941K | 7.27M | 6.05M |
| EPS (Diluted) | 4.77 | 1.78 | 2.47 | 1.07 | 3.08 | 1.28 | -0.22 | 2.49 | 1.88 | 1.48 | 0.82 | 1.88 | -0.05 | 0.71 | 0.99 | 0.74 | -0.50 | -0.53 | -0.06 | 0.44 | 0.37 |
| EPS Growth % | 167.98% | -27.94% | 130.84% | -65.26% | 140.63% | 681.82% | -108.84% | 32.45% | 27.03% | 80.49% | -56.38% | 3845.02% | -107.07% | -28.28% | 33.78% | 248% | 5.66% | -833.1% | -112.91% | 18.92% | - |
| EPS (Basic) | 4.77 | 1.78 | 2.47 | 1.07 | 3.08 | 1.28 | -0.22 | 2.49 | 1.88 | 1.48 | 0.82 | 1.88 | -0.05 | 0.71 | 0.99 | 0.74 | -0.50 | -0.53 | -0.06 | 0.44 | 0.37 |
| Diluted Shares Outstanding | 38.71M | 36.74M | 34.47M | 33.31M | 33.21M | 33.18M | 32.87M | 32.81M | 32.27M | 30.27M | 30.27M | 26.67M | 26.48M | 24.19M | 22.08M | 22.08M | 22.08M | 21.55M | 16.56M | 16.56M | 16.39M |
Lumpy Exit-Dependent Revenue
As indicated by the quarterly income statement data, GAIN's revenue exhibits significant fluctuations, with figures ranging from $11.3M to $42.1M over the last ten quarters, underscoring a business model that relies heavily on the timing of portfolio company exits rather than consistent, recurring interest-based cash flows.
The lack of a stable revenue trajectory suggests that investors should view top-line performance as a function of M&A activity rather than operational growth. This inherent lumpiness makes year-over-year comparisons difficult and implies that revenue durability is tied more to the health of the lower middle market exit environment than to internal management initiatives.
Based on reported financial statements, GAIN's gross margin has fluctuated wildly between -33.8% and 84.8% over the observed period, a trend that highlights the extreme sensitivity of the firm's profitability to unrealized valuation adjustments and the timing of successful equity realizations within its investment portfolio.
The wide variance in margins suggests that traditional operating metrics may be less meaningful for this BDC than for standard industrial peers. Investors should monitor whether these margin swings represent genuine value creation or merely accounting volatility, as the reliance on non-cash valuation changes can obscure the actual cash-generating capacity of the underlying assets.
According to recent SEC filings, GAIN's net income frequently diverges from operational cash flow, with net margins reaching as high as 91.5% in 2025Q3, which appears to be driven by non-operating gains rather than the core interest-earning activities typical of a traditional lending institution.
The disconnect between net income and operational performance warrants further investigation into the composition of these gains, specifically the extent to which they are derived from unrealized appreciation. Such reliance on paper gains may indicate that reported EPS is an unreliable indicator of the company's ability to sustain its dividend distributions over the long term.
Analysis of the provided data suggests that GAIN's reliance on equity-upside realization creates a significant risk profile, as evidenced by the sharp revenue contraction and margin compression observed in periods where exit activity stalled, potentially leaving the firm vulnerable to broader macroeconomic downturns in the LMM sector.
Short-term observers might focus on the firm's inability to maintain consistent profitability during periods of low exit velocity, which could signal a lack of defensive depth in the portfolio. If the current market environment limits the ability to exit positions at favorable multiples, the firm may face pressure to sustain its dividend, potentially forcing suboptimal capital allocation decisions.
Quick answers to the most common questions about buying GAIN stock.
Gladstone Investment Corporation (GAIN) is profitable, generating $184.8M in net income for the fiscal year ending 2026 with a net profit margin of 258.5%.
Gladstone Investment Corporation (GAIN) reported an operating income of $225.8M, resulting in an operating profit margin of 315.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Gladstone Investment Corporation (GAIN) generated $13.9M in gross profit for the year, representing a gross profit margin of 19.4%. This demonstrates the company's core pricing power and production efficiency.