Latest Ratios: P/E Ratio 5.3x · 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 → | 5.34 | 5.31 | 14.27 | — | — | — | — | — | — | — | — |
| P/S Ratio | 33.30 | 32.20 | 15.14 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.48 | 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 | — | 50.70 | 22.30 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 6.99 | 6.84 | 21.04 | — | — | — | — | — | — | — | — |
| EV / EBIT | 6.99 | 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 | 45.5% | 45.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 741.2% | 741.2% | 106.0% | 107.9% | 108.9% | 103.2% | 87.1% | -90.4% | 82.2% | 92.9% | 90.6% |
| Net Profit Margin | 606.5% | 606.5% | 106.0% | 107.9% | 108.9% | 103.2% | 87.1% | -90.4% | 82.2% | 92.9% | 90.6% |
| 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 | — | 0.02 | 0.06 | 0.08 | 0.04 | 0.13 | 0.08 | 0.01 | 0.16 | 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% | 5.8% | 6.5% | — | — | — | — | — | — | — | — |
| 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 | 18.7% | 18.8% | 7.0% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 12.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.8% | 5.8% | 6.5% | — | — | — | — | — | — | — | — |
| 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 GAINI stock.
Gladstone Investment Corporation's current P/E ratio is 5.3x. 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 5.3x. 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 5.80% with a payout ratio of 30.9%.
Gladstone Investment Corporation has 45.5% gross margin and 741.2% 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.
Key Metrics
Top Statement Risk
Mark-to-market earnings volatility
Metrics are mathematically derived from official filings.
P/B Premium Contrasts with Peer Discounts
GAINI trades at a P/B of 1.48, a substantial premium to the peer median of 0.65, which, according to the peer data, suggests the market prices in a significant NAV accretion premium for its equity-driven buyout model.
The current P/B of 1.48, derived from a Tangible Book Value of $16.24 per share, represents a stark divergence from the peer group, where the median P/B is approximately 0.65. This premium implies the market is pricing GAINI as a growth-oriented private equity franchise rather than a standard lending BDC. However, the forward P/E of 62.78, based on the same data, indicates an expectation of dramatically lower future earnings, creating a potential contradiction in the valuation multiples that warrants investigation into the sustainability of recent net income figures.
ROE Volatility Driven by Non-Recurring Gains
GAINI's ROE has swung from -1.8% in 2027Q1 to 13.0% in 2026Q4, a pattern that appears to be driven by mark-to-market swings in its equity portfolio rather than consistent operational performance.
The DuPont decomposition reveals that the primary driver of ROE volatility is the non-interest income component, which includes realized and unrealized gains on equity holdings. For instance, the massive ROE of 13.0% in 2026Q4 coincided with a fee income percentage of 9.6%, while the negative ROE in 2027Q1 came with a -40.0% fee component, indicating these swings are largely outside the core net interest margin. The leverage component (Equity/Total Assets) has remained relatively stable between 0.45 and 0.53, suggesting the equity multiplier is not the source of this earnings volatility.
NIM Compression Erodes Core Spread Income
The net interest margin has compressed from 1.6% in 2024Q4 to just 0.9% in 2027Q1, based on the provided ratio data, suggesting a structural narrowing of the spread between asset yields and funding costs.
This 44% decline in NIM over nine quarters indicates a significant headwind for GAINI's core lending business, potentially driven by a mix of lower-yielding asset deployment and higher borrowing costs. Compounding this pressure is the extremely volatile efficiency ratio, which has swung from negative values to over 174%, reflecting the challenge of applying traditional bank metrics to a company whose operating expenses are likely dominated by variable performance fees and non-cash investment gains.
P/E Ratio Misleads on Earnings Quality
The reported P/E of 5.36 is highly misleading for GAINI because net income is dominated by non-cash mark-to-market gains, as evidenced by the net margin exceeding 600% and the net income being poorly correlated with operating cash flow.
Investors applying a standard P/E multiple to GAINI are likely misinterpreting the company's valuation. The extremely low P/E suggests the stock is cheap, but this is a function of volatile, non-recurring earnings from the equity portfolio, not sustainable core profitability. The more appropriate metrics for a BDC are P/B and P/TBV, which anchor valuation to the underlying asset value, or P/E based on Core Net Investment Income (NII), which strips out realized and unrealized gains to measure the sustainable cash earnings available to cover distributions.