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GOOD logoGladstone Commercial Corporation(GOOD)Earnings, Financials & Key Ratios

GOOD•NASDAQ•REIT / Real Estate
$12.38
$599M mkt cap·30.2× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
AboutGladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Including payments through September 2020, Gladstone Commercial has paid 189 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, Gladstone Commercial paid five consecutive quarterly cash distributions. The company has also paid 53 consecutive monthly cash distributions on its Series D Preferred Stock, 12 consecutive monthly cash distributions on its Series E Preferred Stock and three consecutive monthly cash distributions on its Series F Preferred Stock. Gladstone Commercial has never skipped, reduced or deferred a distribution since its inception in 2003.Show more
  • Revenue$161M+8.0%
  • FFO$78M-2.8%
  • FFO/Share1.64-14.0%
  • FFO Payout87.92%+11.7%
  • FFO per Share1.64-14.0%
  • NOI Margin5.94%-92.5%
  • FFO Margin48.06%-10.0%
  • ROE7.52%-49.0%
  • ROA1.65%-23.5%
  • Debt/Assets68.68%+7.8%
  • Net Debt/EBITDA7.15+11.4%
  • Book Value/Share7.24+76.6%
Technical→

GOOD Key Insights

Gladstone Commercial Corporation (GOOD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗High debt to equity ratio of 2.5x
  • ✗Low NOI margin of 5.9%
  • ✗Dividend payout exceeds 100% of earnings
  • ✗Shares diluted 13.0% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

GOOD Price & Volume

Gladstone Commercial Corporation (GOOD) stock price & volume — 10-year historical chart

Loading chart...

GOOD Growth Metrics

Gladstone Commercial Corporation (GOOD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.77%
5 Years3.91%
3 Years2.69%
TTM9.64%

Profit CAGR

10 Years18.29%
5 Years5.25%
3 Years21.32%
TTM-17.5%

EPS CAGR

10 Years-
5 Years35.43%
3 Years-
TTM41.16%

Return on Capital

10 Years4.23%
5 Years4.5%
3 Years5%
Last Year5.29%

GOOD Recent Earnings

Gladstone Commercial Corporation (GOOD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026
EPS
$0.35
Est $0.05
+600.0%
Revenue
$42M
Est $43M
-2.4%
Q1 2026
Feb 18, 2026
EPS
$0.37
Est $0.03
+1133.3%
Revenue
$43M
Est $41M
+5.4%
Q4 2025
Nov 3, 2025
EPS
$0.35
Est $0.39
-10.3%
Revenue
$41M
Est $41M
-0.9%
Q3 2025
Aug 6, 2025
EPS
$0.35
Est $0.35
+0.0%
Revenue
$40M
Est $39M
+2.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.35vs $0.05+600.0%
$42Mvs $43M-2.4%
Q1 2026Feb 18, 2026
$0.37vs $0.03+1133.3%
$43Mvs $41M+5.4%
Q4 2025Nov 3, 2025
$0.35vs $0.39-10.3%
$41Mvs $41M-0.9%
Q3 2025Aug 6, 2025
$0.35vs $0.35+0.0%
$40Mvs $39M+2.0%
Based on last 12 quarters of dataView full earnings history →

GOOD Peer Comparison

Gladstone Commercial Corporation (GOOD) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GTY logoGTYGetty Realty Corp.Direct Competitor2B33.0824.509.02%40.06%8.76%0.98
FCPT logoFCPTFour Corners Property Trust, Inc.Direct Competitor2.79B25.4123.319.72%38.74%7.38%0.74
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.79B31.4024.5324.97%43.28%6.3%0.60
NTST logoNTSTNETSTREIT Corp.Direct Competitor1.72B20.57257.1330%0.1%0.01%
PINE logoPINEAlpine Income Property Trust, Inc.Direct Competitor279.09M19.48-88.5515.9%-0.64%-0.14%1.31
LAND logoLANDGladstone Land CorporationDirect Competitor355.45M9.79-33.76-10.67%-13.77%-1.56%
O logoORealty Income CorporationProduct Competitor59.69B64.0154.719.07%13.51%2%0.82
NNN logoNNNNNN REIT, Inc.Product Competitor8.51B44.7121.606.55%41.38%8.81%1.09

Compare GOOD vs Peers

Gladstone Commercial Corporation (GOOD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GTY

Most directly comparable listed peer for GOOD.

Scale Benchmark

vs O

Larger-name benchmark to compare GOOD against a more recognizable public peer.

Peer Set

Compare Top 5

vs GTY, FCPT, EPRT, NTST

GOOD Income Statement

Gladstone Commercial Corporation (GOOD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue94.8M106.8M114.39M133.15M137.69M148.98M147.58M149.39M161.34M165.74M
Revenue Growth %9.76%12.66%7.11%16.4%3.41%8.2%-0.94%1.22%8%9.64%
Property Operating Expenses7.69M16.51M17.77M31.65M32.98M33.16M32.24M31.53M151.76M143.29M
Net Operating Income (NOI)
87.11M▲ 0%
90.29M▲ 3.6%
96.62M▲ 7.0%
101.5M▲ 5.0%
104.71M▲ 3.2%
115.82M▲ 10.6%
115.35M▼ 0.4%
117.86M▲ 2.2%
9.58M▼ 91.9%
22.46M▲ 0%
NOI Margin %91.89%84.54%84.47%76.23%76.05%77.74%78.16%78.89%5.94%13.55%
Operating Expenses48.85M54.63M60.65M64.58M68.67M70.99M64.57M66.72M-50.38M-58.73M
G&A Expenses3.64M12.06M4.92M4.86M4.67M5.57M6.71M6.45M6.62M6.79M
EBITDA76.09M106.78M88.06M92.39M95.23M105.01M108.66M106.93M118.2M106.11M
EBITDA Margin %80.27%99.98%76.99%69.39%69.16%70.48%73.63%71.58%73.26%64.02%
Depreciation & Amortization42.8M71.12M52.09M55.48M59.19M60.18M57.88M55.79M58.24M59.8M
D&A / Revenue %45.14%66.59%45.54%41.66%42.99%40.4%39.22%37.35%36.1%36.08%
Operating Income
33.3M▲ 0%
35.66M▲ 7.1%
35.97M▲ 0.9%
36.92M▲ 2.6%
36.03M▼ 2.4%
44.83M▲ 24.4%
50.78M▲ 13.3%
51.14M▲ 0.7%
59.96M▲ 17.2%
46.31M▲ 0%
Operating Margin %35.12%33.39%31.45%27.73%26.17%30.09%34.41%34.23%37.16%27.94%
Interest Expense24.57M26.17M28.28M26.8M26.89M32.46M37.33M37.4M41.9M1000K
Interest Coverage1.24x1.47x1.34x1.56x1.41x1.33x1.13x1.64x1.46x-
Non-Operating Income2.79M-2.83M-1.85M-4.87M-1.75M1.59M8.53M-10.3M-1.24M60.59M
Pretax Income
5.94M▲ 0%
12.32M▲ 107.6%
9.54M▼ 22.6%
14.98M▲ 57.1%
10.89M▼ 27.3%
10.78M▼ 1.0%
4.92M▼ 54.3%
24.04M▲ 388.4%
19.29M▼ 19.8%
21.13M▲ 0%
Pretax Margin %6.26%11.54%8.34%11.25%7.91%7.24%3.34%16.09%11.96%12.75%
Income Tax24.62M2.83M00000000
Effective Tax Rate %414.72%23%0%0%0%0%0%0%0%0%
Net Income
5.94M▲ 0%
12.32M▲ 107.5%
9.63M▼ 21.9%
14.94M▲ 55.2%
10.94M▼ 26.8%
10.8M▼ 1.2%
4.99M▼ 53.9%
24M▲ 381.4%
19.29M▼ 19.6%
21.13M▲ 0%
Net Margin %6.26%11.54%8.42%11.22%7.94%7.25%3.38%16.06%11.96%12.75%
Net Income Growth %50%107.51%-21.85%55.15%-26.8%-1.19%-53.86%381.4%-19.61%-17.5%
Funds From Operations (FFO)
48.73M▲ 0%
83.44M▲ 71.2%
61.72M▼ 26.0%
70.41M▲ 14.1%
70.13M▼ 0.4%
70.99M▲ 1.2%
62.87M▼ 11.4%
79.79M▲ 26.9%
77.54M▼ 2.8%
80.93M▲ 0%
FFO Margin %51.41%78.13%53.96%52.88%50.93%47.65%42.6%53.41%48.06%48.83%
FFO Growth %17.5%71.22%-26.03%14.09%-0.41%1.23%-11.44%26.92%-2.82%5.95%
FFO per Share1.852.912.012.041.921.811.571.911.641.71
FFO Payout Ratio %103.44%65.4%95.41%90.55%96.39%100.15%96.42%78.69%87.92%21.75%
EPS (Diluted)
-0.19▲ 0%
0.03▲ 115.8%
-0.16▼ 633.3%
0.09▲ 156.3%
-0.09▼ 200.0%
-0.04▲ 55.6%
-0.19▼ 375.0%
0.26▲ 236.8%
0.41▲ 57.7%
0.45▲ 0%
EPS Growth %-18.75%115.79%-633.33%156.25%-200%55.56%-375%236.84%57.69%41.16%
EPS (Basic)-0.190.03-0.160.09-0.09-0.04-0.190.260.41-
Diluted Shares Outstanding26.36M28.68M30.7M34.58M36.54M39.26M39.94M41.77M47.22M47.22M

GOOD Balance Sheet

Gladstone Commercial Corporation (GOOD) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets928.45M938.77M1.04B1.1B1.14B1.2B1.13B1.09B1.25B1.23B
Asset Growth %9.01%1.11%10.73%5.62%4.14%5.18%-5.75%-3.45%13.94%44.86%
Real Estate & Other Assets748.7M773.31M895.54M941.23M1B1.06B975.1M951.86M-1.03B0
PP&E (Net)744.44M768.39M5.79M5.58M5.36M5.13M4.89M3.96M6.58M6.5M
Investment Securities504K1000K0000001000K0
Total Current Assets60.83M54.01M22.7M33.72M20.48M28.1M52.44M43.42M58.73M56.72M
Cash & Equivalents6.68M6.59M6.85M11.02M7.96M11.65M11.98M10.96M10.81M7.96M
Receivables1000K1000K000001000K1000K1000K
Other Current Assets20.81M12.65M15.86M22.7M12.53M13.16M12.96M9.51M00
Intangible Assets118.93M111.45M115.47M117.38M114.49M111.62M101.05M95.11M115.58M112.57M
Total Liabilities661.66M684.36M828.47M881.87M940.79M996.94M979.21M923.05M905M897.36M
Total Debt542.63M566.06M632.44M674.38M713.03M754.51M743.95M697.45M856.39M410.97M
Net Debt535.94M559.47M625.59M663.36M705.08M742.86M731.97M686.49M845.58M403M
Long-Term Debt542.63M506.24M575.01M615.38M673.98M725.96M663.11M691.49M811.45M0
Short-Term Borrowings55.27M59.82M51.58M53.31M33.55M23.25M75.75M1.9M36M410.97M
Capital Lease Obligations005.85M5.69M5.51M5.31M5.09M4.06M8.94M22.66M
Total Current Liabilities30.46M55.31M79.4M81.36M70.49M76.21M121.89M39.63M36M410.97M
Accounts Payable7.34M2.7M5.57M4.46M6.74M9.61M13.59M13.2M10.96M0
Deferred Revenue2.29M17.3M19.32M20.63M26.77M40M29.32M22M18.82M0
Other Liabilities88.57M122.81M168.21M179.44M190.82M189.47M189.11M187.87M29.79M486.39M
Total Equity
790.98M▲ 0%
254.42M▼ 67.8%
211.04M▼ 17.1%
216.04M▲ 2.4%
202.56M▼ 6.2%
205.69M▲ 1.5%
154.27M▼ 25.0%
171.3M▲ 11.0%
341.93M▲ 99.6%
163.59M▲ 0%
Equity Growth %7.65%-67.83%-17.05%2.37%-6.24%1.55%-25%11.04%99.61%119.85%
Shareholders Equity266.8M249.74M208.13M213.18M201.3M203.9M153.28M171.17M341.81M170.04M
Minority Interest524.18M4.67M2.9M2.85M1.26M1.79M986K130K122K0
Common Stock29K30K33K36K38K40K41K45K49K1K
Additional Paid-in Capital534.79M559.98M571.21M626.53M671.13M721.33M730.26M784.39M841.57M0
Retained Earnings-268.06M-310.12M-360.98M-409.04M-468.52M-529.1M-584.78M-623.91M-673.17M0
Preferred Stock2K2K0001K1K1K170.04M170.04M
Return on Assets (ROA)0.67%1.32%0.97%1.4%0.98%0.92%0.43%2.15%1.65%1.71%
Return on Equity (ROE)0.78%2.36%4.14%7%5.22%5.29%2.77%14.74%7.52%9.74%
Debt / Assets58.44%60.3%60.84%61.42%62.36%62.74%65.64%63.73%68.68%33.39%
Debt / Equity0.69x2.22x3.00x3.12x3.52x3.67x4.82x4.07x2.50x2.50x
Net Debt / EBITDA7.04x5.24x7.10x7.18x7.40x7.07x6.74x6.42x7.15x7.15x
Book Value per Share30.018.876.886.255.545.243.864.107.243.46

GOOD Cash Flow Statement

Gladstone Commercial Corporation (GOOD) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations46.84M55.6M60.19M65.49M70.13M69.18M60.37M56.95M88.15M88.15M
Operating CF Growth %13.8%18.69%8.26%8.8%7.07%-1.35%-12.74%-5.66%54.78%374.92%
Operating CF / Revenue %49.41%52.06%52.62%49.19%50.93%46.43%40.9%38.12%54.64%53.19%
Net Income5.94M12.32M9.54M14.12M9.73M10.35M4.55M24.04M19.29M21.13M
Depreciation & Amortization42.8M47.62M52.09M55.42M60.35M60.15M57.86M55.79M52.22M52.39M
Stock-Based Compensation0000000000
Other Non-Cash Items3.09M-2.35M-1.79M-3.75M-2.39M1.92M3.48M-17.58M20.91M19.2M
Working Capital Changes-4.98M-2M349K-304K2.42M-3.24M-5.52M-5.3M-4.26M-4.44M
Cash from Investing-99.23M-34.44M-132.04M-100.28M-94.78M-82.03M1.24M-1.73M-221.38M-144.26M
Acquisitions (Net)-3.15M-1.59M-1.54M094.72M00000
Purchase of Investments-126.94M-44.73M0-131.18M-102.28M-120.43M-33.69M0073.91M
Sale of Investments37.43M14.69M037.14M12.9M45.93M42.08M00-347K
Other Investing1.46M-594K-130.5M118K-94.78M-706K-481K-1.73M-221.38M-219.04M
Cash from Financing54.41M-21.16M74.25M39.37M21.75M15.66M-61.47M-56.29M134.74M54.05M
Dividends Paid-50.41M-54.38M-58.89M-63.76M-67.59M-71.09M-60.62M-62.79M-68.17M-51.69M
Common Dividends-50.41M-54.56M-58.89M0-67.59M00-62.79M-68.17M-17.6M
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K-1000K-1000K1000K1000K
Share Repurchases-24K-34K00-87.74M-360K-1.55M-1.71M-4.5M581K
Other Financing-4.24M-784K-6.1M0-5.27M00-1.22M-4.43M180.13M
Net Change in Cash
2.02M▲ 0%
2K▼ 99.9%
2.41M▲ 120200.0%
6.51M▲ 170.4%
-2.9M▼ 144.5%
4.33M▲ 249.3%
-1.16M▼ 126.8%
-1.06M▲ 8.5%
1.52M▲ 243.0%
-1.47M▲ 0%
Exchange Rate Effect0001.92M01.51M-1.3M00362K
Cash at Beginning4.66M9.08M9.08M18.71M16.08M20.48M24.81M16.14M15.07M16.59M
Cash at End6.68M9.08M11.49M25.22M13.18M24.81M23.65M15.07M16.59M13.53M
Free Cash Flow
-50.7M▲ 0%
23.34M▲ 146.0%
60.19M▲ 157.9%
59.13M▼ 1.8%
64.78M▲ 9.5%
62.35M▼ 3.7%
53.69M▼ 13.9%
56.95M▲ 6.1%
67.17M▲ 17.9%
89.6M▲ 0%
FCF Growth %-121.87%146.04%157.87%-1.76%9.54%-3.74%-13.89%6.07%17.94%62.17%
FCF / Revenue %-53.48%21.86%52.62%44.41%47.05%41.85%36.38%38.12%41.63%54.06%

GOOD Key Ratios

Gladstone Commercial Corporation (GOOD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.852.912.012.041.921.811.571.911.641.71
FFO Payout Ratio103.44%65.4%95.41%90.55%96.39%100.15%96.42%78.69%87.92%21.75%
NOI Margin91.89%84.54%84.47%76.23%76.05%77.74%78.16%78.89%5.94%13.55%
Net Debt / EBITDA7.04x5.24x7.10x7.18x7.40x7.07x6.74x6.42x7.15x7.15x
Debt / Assets58.44%60.3%60.84%61.42%62.36%62.74%65.64%63.73%68.68%33.39%
Interest Coverage1.24x1.47x1.34x1.56x1.41x1.33x1.13x1.64x1.46x-
Book Value / Share30.018.876.886.255.545.243.864.17.243.46
Revenue Growth9.76%12.66%7.11%16.4%3.41%8.2%-0.94%1.22%8%9.64%

GOOD SEC Filings & Documents

Gladstone Commercial Corporation (GOOD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 23, 2026·SEC

Material company update

Feb 18, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 6, 2025·SEC

GOOD Frequently Asked Questions

Gladstone Commercial Corporation (GOOD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Gladstone Commercial Corporation (GOOD) reported $165.7M in revenue for fiscal year 2025. This represents a 52305% increase from $0.3M in 2003.

Gladstone Commercial Corporation (GOOD) grew revenue by 8.0% over the past year. This is steady growth.

Yes, Gladstone Commercial Corporation (GOOD) is profitable, generating $21.1M in net income for fiscal year 2025 (12.0% net margin).

Dividend & Returns

Yes, Gladstone Commercial Corporation (GOOD) pays a dividend with a yield of 11.66%. This makes it attractive for income-focused investors.

Gladstone Commercial Corporation (GOOD) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

Industry Metrics

Gladstone Commercial Corporation (GOOD) generated Funds From Operations (FFO) of $80.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Commercial Corporation (GOOD) offers a 11.66% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More GOOD

Gladstone Commercial Corporation (GOOD) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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