Latest Ratios: P/E Ratio 5.4x · EV/EBITDA 7.0x · 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 | $1.0B | $981M | $933M | — | — | — | — | — | — | — | — |
| Enterprise Value | $1.6B | $1.5B | $1.4B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 5.38 | 5.31 | 14.27 | — | — | — | — | — | — | — | — |
| P/S Ratio | 14.29 | 13.72 | 10.38 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.49 | 1.47 | 1.87 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | 8.19 | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 8.19 | — | — | — | — | — | — | — | — |
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 | — | 21.60 | 15.29 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 7.02 | 6.84 | 21.04 | — | — | — | — | — | — | — | — |
| EV / EBIT | 7.02 | 6.84 | 21.04 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 12.06 | — | — | — | — | — | — | — | — |
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 | 25.3% | 25.3% | 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 | 8.23 | 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 | 8.16 | 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 | 0.00 | 0.00 | 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 | 5.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 30.9% | 30.9% | 93.3% | 89.2% | 132.4% | 38.0% | — | — | 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 | 18.6% | 18.8% | 7.0% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 12.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $39M | $37M | $34M | $33M | $33M | $33M | $33M | $33M | $32M | $30M |
Lumpy Exit-Driven Revenue
According to recent market data, GAINI trades at a P/E of 5.36, which appears to discount the volatility of its equity-heavy portfolio compared to peers like Capital Southwest, suggesting investors are wary of the sustainability of supplemental dividends in a cooling lower middle market M&A environment.
The divergence between the current P/E and the forward P/E of 62.95 indicates that the market anticipates a significant contraction in earnings as the current cycle of realized gains subsides. This valuation gap warrants investigation into whether the current price adequately captures the embedded value of the equity portfolio or if it is merely reflecting a temporary peak in exit-driven income.
Based on reported figures, GAINI's ROE has fluctuated significantly, reaching 13.0% in 2026Q4, which highlights the firm's reliance on successful portfolio exits to drive returns rather than consistent, compounding interest income from its debt investments compared to more traditional, yield-focused BDC peers.
The inconsistency in ROIC, which dipped into negative territory in 2026Q3, suggests that the firm's ability to generate returns is highly sensitive to the fair-value adjustments of its underlying assets. Investors should monitor whether management can maintain these returns without the benefit of outsized, non-recurring capital gains.
As reported in financial statements, GAINI maintains a Debt/Equity ratio of 0.84 as of 2026Q4, which is notably lower than many BDC peers, suggesting a defensive posture that may provide flexibility for new acquisitions but also limits the potential for yield enhancement through aggressive balance sheet utilization.
While the current leverage profile appears healthy, the low interest coverage ratio of 8.77 in the most recent quarter suggests that the firm's ability to service debt is highly dependent on the timing of cash inflows from portfolio companies. This warrants further investigation into whether this conservative stance is a strategic choice or a byproduct of recent liquidity events.
Based on an analysis of the business model, the most commonly misapplied metric for GAINI is the dividend yield, which obscures the fact that a significant portion of payouts is derived from volatile realized gains rather than stable, recurring net investment income from the debt portfolio.
Investors should instead focus on Core Net Investment Income (Core NII) to assess the true sustainability of the monthly distribution. Relying on the headline yield may lead to an overestimation of the firm's ability to maintain payouts during periods of low M&A activity or portfolio valuation compression.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GAINI stock.
Gladstone Investment Corporation's current P/E ratio is 5.4x. The historical average is 9.8x. This places it at the 50th percentile of its historical range.
Gladstone Investment Corporation's current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Gladstone Investment Corporation'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 Corporation is trading at a P/E of 5.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gladstone Investment Corporation's current dividend yield is 5.76% with a payout ratio of 30.9%.
Gladstone Investment Corporation has 19.4% gross margin and 315.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gladstone Investment Corporation's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.