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

GLAD • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutGladstone Capital Corporation is a business development company specializing in lower middle market, growth capital, add on acquisitions, change of control, buy & build strategies, debt refinancing, debt investments in senior term loans, revolving loans, secured first and second lien term loans, senior subordinated loans, unitranche loans, junior subordinated loans, and mezzanine loans and equity investments in the form of common stock, preferred stock, limited liability company interests, or warrants. It operates as a business development company. The fund also makes private equity investments in acquisitions, buyouts and recapitalizations, and refinancing existing debts. It targets small and medium-sized companies in United States. It is industry agnostic and seeks to invest in companies engaged in the business services, light and specialty manufacturing, niche industrial products and services, specialty consumer products and services, energy services, transportation and logistics, healthcare and education services, specialty chemicals, media and communications and aerospace and defense. The fund seeks to invest between $7 million and $30 million in companies that have between $20 million and $150 million in sales and EBITDA between $3 million and $25 million. It prefers to acquire minority stakes. It seeks to exit its investments through strategic acquisitions by other industry participants or financial buyers, initial public offerings of common stock, or other capital market transactions.Show more

Net Interest Income $67M -6.0%
Total Revenue $145M +20.4%
Net Income $58M -38.7%
Return on Equity 12.1% -43.3%
Net Interest Margin 7.41% -15.8%
Efficiency Ratio 31.74% +897.0%
ROA 6.76% -45.4%
Equity / Assets 53.11% -9.9%
Book Value per Share 21.27 -3.2%
Tangible BV/Share 21.27 -3.2%
Debt/Equity 0.83 +21.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 7.4%
✓Efficient operations: 31.7% efficiency ratio
✓Well capitalized: 53.1% equity/assets
✓Good 3Y average ROE of 15.1%
✓Diversified revenue: 39.7% from non-interest income
✓Trading at only 1.0x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.27%

5Y77.99%

3Y63.66%

TTM-

Profit (Net Income) CAGR

10Y21.22%

5Y-

3Y42.9%

TTM-38.65%

EPS CAGR

10Y12.02%

5Y-

3Y29.51%

TTM-42.2%

ROCE

10Y Avg7.64%

5Y Avg10.66%

3Y Avg9.81%

Latest9.39%

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

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	32.32M	34M	38.1M	37.73M	36.03M	38.45M	41.02M	62.18M	71.58M	67.3M
NII Growth %	0.04%	0.05%	0.12%	-0.01%	-0.05%	0.07%	0.07%	0.52%	0.15%	-0.06%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	35.22M	37.07M	43.96M	45.77M	46.02M	49.96M	53.99M	83.03M	93.29M	87.28M
Interest Expense	2.9M	3.07M	5.86M	8.04M	9.99M	11.51M	12.97M	20.85M	21.71M	19.99M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	-1.55M
Non-Interest Income+	-14.43M	-12.65M	-15.2M	-13.45M	-37.92M	47.59M	-20.96M	-17.2M	26.97M	57.48M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	20.79M	24.42M	28.76M	32.32M	8.1M	97.55M	33.03M	65.83M	120.26M	144.76M
Revenue Growth %	0.16%	0.17%	0.18%	0.12%	-0.75%	11.04%	-0.66%	0.99%	0.83%	0.2%
Non-Interest Expense	6.53M	4.17M	4.25M	4.41M	-14K	1.74M	147K	2.31M	3.83M	45.94M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	11.37M	17.18M	18.65M	19.87M	-1.87M	84.3M	19.91M	42.67M	94.72M	80.39M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.34%	0.51%	0.09%	0.07%	-1.09%	46.01%	-0.76%	1.14%	1.22%	-0.15%
Pretax Income+	11.37M	17.18M	18.65M	19.87M	-1.87M	84.3M	19.91M	42.67M	94.72M	58.11M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	11.37M	17.18M	18.65M	19.87M	-1.87M	84.3M	19.91M	42.67M	94.72M	58.11M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.34%	0.51%	0.09%	0.07%	-1.09%	46.01%	-0.76%	1.14%	1.22%	-0.39%
Net Income (Continuing)	11.37M	17.18M	18.65M	19.87M	-1.87M	84.3M	19.91M	42.67M	94.72M	58.11M
EPS (Diluted)+	0.98	1.35	1.38	1.36	-0.12	5.07	1.16	2.29	4.34	2.52
EPS Growth %	0.21%	0.38%	0.02%	-0.01%	-1.09%	43.25%	-0.77%	0.97%	0.9%	-0.42%
EPS (Basic)	0.98	1.35	1.38	1.36	-0.12	5.07	1.16	2.29	4.34	2.56
Diluted Shares Outstanding	11.6M	12.75M	13.55M	14.63M	15.52M	16.62M	17.18M	18.66M	21.78M	22.66M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	671K	1000K	1000K	1000K	1000K
Cash & Due from Banks	6.15M	5.01M	1.97M	15.71M	2.42M	671K	2.01M	1.31M	2.17M	32.37M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	322.11M	352.37M	390.05M	402.88M	450.4M	557.61M	649.62M	704.82M	0	0
Investments Growth %	-0.12%	0.09%	0.11%	0.03%	0.12%	0.24%	0.16%	0.08%	-1%	-
Long-Term Investments	322.11M	352.37M	390.05M	402.88M	450.4M	557.61M	649.62M	704.82M	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	2.77M	3.69M	2.08M	2.04M	1.25M	2.9M	3.41M	4.34M	801.57M	864.73M
Total Current Assets	10.65M	9.8M	7.38M	21.16M	7.52M	5.98M	7.95M	10.34M	10.9M	42.86M
Total Non-Current Assets	324.89M	356.06M	392.13M	404.91M	451.65M	560.52M	653.02M	709.16M	801.57M	864.73M
Total Assets+	335.54M	365.86M	399.51M	426.07M	459.18M	566.5M	660.97M	719.5M	812.47M	907.6M
Asset Growth %	-0.12%	0.09%	0.09%	0.07%	0.08%	0.23%	0.17%	0.09%	0.13%	0.12%
Return on Assets (ROA)	0.03%	0.05%	0.05%	0.05%	-0%	0.16%	0.03%	0.06%	0.12%	0.07%
Accounts Payable	1.22M	786K	620K	1.42M	1.56M	2.29M	3.02M	3.96M	4.15M	4.33M
Total Debt+	142.6M	186.23M	220M	122.82M	221.53M	237.11M	339.41M	300.91M	324.61M	397.86M
Net Debt	136.45M	181.22M	218.03M	107.11M	219.12M	236.44M	337.4M	299.61M	322.44M	365.49M
Long-Term Debt	71.3M	93.11M	110M	55.75M	93.89M	186.61M	197.61M	253.11M	324.61M	397.86M
Short-Term Debt	71.3M	93.11M	110M	67.07M	127.65M	50.5M	141.8M	47.8M	0	0
Other Liabilities	-9.49M	-40.81M	-58.2M	52.5M	2.34M	8.66M	3.06M	5.93M	4.97M	23.38M
Total Current Liabilities	72.52M	93.9M	110.62M	68.48M	129.21M	52.79M	144.82M	51.76M	4.15M	4.33M
Total Non-Current Liabilities	61.81M	52.31M	51.8M	108.25M	96.23M	195.27M	200.66M	259.04M	329.58M	421.23M
Total Liabilities	134.33M	146.21M	162.42M	176.74M	225.43M	248.06M	345.48M	310.8M	333.73M	425.56M
Total Equity+	201.21M	219.65M	237.09M	249.33M	233.74M	318.44M	315.49M	408.69M	478.74M	482.04M
Equity Growth %	0.05%	0.09%	0.08%	0.05%	-0.06%	0.36%	-0.01%	0.3%	0.17%	0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.06%	0.08%	0.08%	0.08%	-0.01%	0.31%	0.06%	0.12%	0.21%	0.12%
Book Value per Share	17.35	17.23	17.49	17.04	15.06	19.16	18.37	21.90	21.98	21.27
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	23K	26K	29K	30K	32K	34K	35K	44K	44K	45K
Additional Paid-in Capital	327.68M	348.25M	343.08M	358.11M	367.13M	392.49M	395.54M	481.48M	492.31M	501.63M
Retained Earnings	4.28M	-139K	-219K	136K	-39K	149K	-500K	4.74M	6.14M	5.2M
Accumulated OCI	-130.77M	-59.18M	-37.42M	-25.74M	-43.9M	11.1M	-6.44M	-17.45M	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	7.85M	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	60.02M	-12.88M	-17.8M	9.26M	-46.09M	-14.06M	-76.4M	-10.86M	3.24M	43.63M
Operating CF Growth %	1.81%	-1.21%	-0.38%	1.52%	-5.98%	0.69%	-4.43%	0.86%	1.3%	12.46%
Net Income	11.37M	17.18M	18.65M	19.87M	-1.87M	84.3M	19.91M	42.67M	94.51M	58.11M
Depreciation & Amortization	15.26M	-357K	0	-11.49M	0	-54.47M	17.09M	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	28.52M	-28.5M	-38.2M	-1.18M	-46.63M	-48M	-108.76M	-55.2M	-91.44M	-12.38M
Working Capital Changes	4.88M	-1.2M	1.75M	2.05M	2.42M	4.11M	-4.64M	1.67M	179K	-2.11M
Cash from Investing+	-58.59M	-103.85M	0	-134.39M	0	-165.99M	-259.05M	0	0	-49.12M
Purchase of Investments	-80.02M	-112.09M	0	-147.07M	0	-181.84M	-274.9M	0	0	-401.71M
Sale/Maturity of Investments	1000K	1000K	0	1000K	0	1000K	1000K	0	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-57.68M	11.74M	14.53M	4.49M	32.81M	12.44M	77.66M	10.15M	-2.34M	35.55M
Dividends Paid	-19.49M	-21.43M	-22.8M	-24.58M	-25.16M	-25.97M	-27.32M	-35.41M	-43.14M	-55.48M
Share Repurchases	-572K	0	0	0	0	0	0	0	0	0
Stock Issued	19.66M	23.7M	21.99M	17.25M	11.66M	26.85M	4.53M	87.39M	11M	20.98M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Other Financing	-1.28M	-2.97M	-23.65M	-2.58M	-1.85M	-3.44M	-2.04M	-4.83M	-840K	0
Net Change in Cash+	2.34M	-1.14M	-3.27M	13.74M	-13.28M	-1.62M	1.26M	-706K	903K	30.07M
Exchange Rate Effect	1000K	1000K	0	1000K	0	1000K	1000K	0	0	0
Cash at Beginning	3.81M	6.15M	5.27M	2M	15.75M	2.47M	846K	2.11M	1.4M	2.3M
Cash at End	6.15M	5.01M	2M	15.75M	2.47M	846K	2.11M	1.4M	2.3M	32.37M
Interest Paid	0	0	5.79M	0	9.65M	0	0	20.41M	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	60.02M	-12.88M	-17.8M	9.26M	-46.09M	-14.06M	-76.4M	-10.86M	3.24M	43.63M
FCF Growth %	1.81%	-1.21%	-0.38%	1.52%	-5.98%	0.69%	-4.43%	0.86%	1.3%	12.46%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	5.79%	8.16%	8.17%	8.17%	-0.78%	30.53%	6.28%	11.78%	21.35%	12.1%
Return on Assets (ROA)	3.17%	4.9%	4.87%	4.81%	-0.42%	16.44%	3.24%	6.18%	12.37%	6.76%
Net Interest Margin	9.63%	9.29%	9.54%	8.86%	7.85%	6.79%	6.21%	8.64%	8.81%	7.41%
Efficiency Ratio	31.39%	17.06%	14.79%	13.65%	-0.17%	1.78%	0.45%	3.52%	3.18%	31.74%
Equity / Assets	59.97%	60.04%	59.35%	58.52%	50.9%	56.21%	47.73%	56.8%	58.92%	53.11%
Book Value / Share	17.35	17.23	17.49	17.04	15.06	19.16	18.37	21.9	21.98	21.27
NII Growth	4.03%	5.2%	12.06%	-0.97%	-4.51%	6.71%	6.7%	51.58%	15.11%	-5.99%
Dividend Payout	171.43%	124.76%	122.27%	123.71%	-	30.81%	137.2%	82.98%	45.55%	95.47%

Frequently Asked Questions

Valuation & Price

Gladstone Capital Corporation (GLAD) has a price-to-earnings (P/E) ratio of 8.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Gladstone Capital Corporation (GLAD) grew revenue by 20.4% over the past year. This is strong growth.

Yes, Gladstone Capital Corporation (GLAD) is profitable, generating $58.1M in net income for fiscal year 2025 (40.1% net margin).

Dividend & Returns

Yes, Gladstone Capital Corporation (GLAD) pays a dividend with a yield of 11.53%. This makes it attractive for income-focused investors.

Gladstone Capital Corporation (GLAD) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

Industry Metrics

Gladstone Capital Corporation (GLAD) has a net interest margin (NIM) of 7.4%. This indicates healthy earnings from lending activities.

Gladstone Capital Corporation (GLAD) has an efficiency ratio of 31.7%. This is excellent, indicating strong cost control.

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