Latest Ratios: P/E Ratio 26.7x · EV/EBITDA 10.4x · ROE 7.5%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $491M | $504M | $678M | $529M | $726M | $942M | $622M | $671M | $514M | $555M | $466M |
| Enterprise Value | $1.3B | $1.3B | $1.4B | $1.3B | $1.5B | $1.6B | $1.3B | $1.3B | $1.1B | $1.1B | $971M |
| P/E Ratio → | 26.74 | 26.02 | 62.46 | — | — | — | 200.00 | — | 597.33 | — | — |
| P/S Ratio | 2.86 | 3.12 | 4.54 | 3.58 | 4.87 | 6.84 | 4.67 | 5.87 | 4.81 | 5.86 | 5.40 |
| P/B Ratio | 1.40 | 1.47 | 3.96 | 3.43 | 3.53 | 4.65 | 2.88 | 3.18 | 2.02 | 0.70 | 0.63 |
| P/FCF | 5.89 | 7.50 | 15.36 | 9.85 | 11.65 | 14.54 | 10.53 | 11.15 | 22.01 | — | — |
| P/OCF | 5.57 | 5.72 | 11.91 | 8.76 | 10.50 | 13.43 | 9.50 | 11.15 | 9.24 | 11.85 | 11.33 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.36 | 9.14 | 8.54 | 9.86 | 11.96 | 9.66 | 11.34 | 10.05 | 11.51 | 11.24 |
| EV / EBITDA | 10.36 | 11.41 | 12.76 | 11.60 | 13.99 | 17.29 | 13.92 | 14.72 | 12.89 | 14.34 | 13.76 |
| EV / EBIT | 22.30 | 22.05 | 22.21 | 29.84 | 33.98 | 43.58 | 30.77 | 34.28 | 27.88 | 35.76 | 32.52 |
| EV / FCF | — | 20.09 | 30.91 | 23.48 | 23.56 | 25.42 | 21.74 | 21.54 | 45.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.9% | 5.9% | 78.9% | 78.2% | 77.7% | 76.0% | 76.2% | 84.5% | 89.3% | 91.9% | 93.2% |
| Operating Margin | 37.2% | 37.2% | 34.2% | 34.4% | 30.1% | 26.2% | 27.7% | 31.4% | 33.4% | 35.1% | 38.3% |
| Net Profit Margin | 12.0% | 12.0% | 16.1% | 3.4% | 7.3% | 7.9% | 11.2% | 8.4% | 11.5% | 6.3% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | 14.7% | 2.8% | 5.3% | 5.2% | 7.0% | 4.1% | 2.4% | 0.8% | 0.8% |
| ROA | 1.6% | 1.6% | 2.2% | 0.4% | 0.9% | 1.0% | 1.4% | 1.0% | 1.3% | 0.7% | 0.5% |
| ROIC | 4.4% | 4.4% | 4.4% | 4.2% | 3.6% | 3.0% | 3.2% | 3.3% | 2.5% | 1.9% | 2.5% |
| ROCE | 5.3% | 5.3% | 4.9% | 4.8% | 4.1% | 3.4% | 3.7% | 3.9% | 4.0% | 3.9% | 4.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.50 | 2.50 | 4.07 | 4.82 | 3.67 | 3.52 | 3.12 | 3.00 | 2.22 | 0.69 | 0.69 |
| Debt / EBITDA | 7.24 | 7.24 | 6.52 | 6.85 | 7.19 | 7.49 | 7.30 | 7.18 | 6.80 | 7.13 | 7.22 |
| Net Debt / Equity | — | 2.47 | 4.01 | 4.74 | 3.61 | 3.48 | 3.07 | 2.96 | 2.20 | 0.68 | 0.69 |
| Net Debt / EBITDA | 7.15 | 7.15 | 6.42 | 6.74 | 7.07 | 7.40 | 7.18 | 7.10 | 6.72 | 7.04 | 7.15 |
| Debt / FCF | — | 12.59 | 15.55 | 13.63 | 11.91 | 10.88 | 11.22 | 10.39 | 23.97 | — | — |
| Interest Coverage | 1.46 | 1.46 | 1.64 | 1.13 | 1.33 | 1.41 | 1.56 | 1.34 | 1.47 | 1.24 | 1.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.63 | 1.63 | 1.10 | 0.43 | 0.37 | 0.29 | 0.41 | 0.29 | 0.98 | 2.00 | 1.12 |
| Quick Ratio | 1.63 | 1.63 | 0.99 | 0.20 | 0.33 | 0.29 | 0.41 | 0.29 | 1.00 | 2.02 | 1.12 |
| Cash Ratio | 0.30 | 0.30 | 0.28 | 0.10 | 0.15 | 0.11 | 0.14 | 0.09 | 0.12 | 0.22 | 0.10 |
| Asset Turnover | — | 0.13 | 0.14 | 0.13 | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.10 | 0.10 |
| Inventory Turnover | — | — | 7.27 | 1.17 | 10.07 | — | — | — | — | — | — |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 14.2% | 13.5% | 9.3% | 11.5% | 9.8% | 7.1% | 10.2% | 8.8% | 10.6% | 9.1% | 9.1% |
| Payout Ratio | 353.4% | 353.4% | 261.6% | 1216.0% | 658.0% | 613.7% | 426.8% | 611.6% | 442.9% | 849.0% | 1073.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.8% | 1.6% | — | — | — | 0.5% | — | 0.2% | — | — |
| FCF Yield | 17.0% | 13.3% | 6.5% | 10.2% | 8.6% | 6.9% | 9.5% | 9.0% | 4.5% | — | — |
| Buyback Yield | 0.9% | 0.9% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% |
| Total Shareholder Yield | 15.1% | 14.4% | 9.5% | 11.8% | 9.8% | 7.1% | 10.2% | 8.8% | 10.6% | 9.1% | 17.4% |
| Shares Outstanding | — | $47M | $42M | $40M | $39M | $37M | $35M | $31M | $29M | $26M | $23M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying GOOD stock.
Gladstone Commercial Corporation's current P/E ratio is 26.7x. The historical average is 69.3x. This places it at the 13th percentile of its historical range.
Gladstone Commercial Corporation's current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Gladstone Commercial Corporation's return on equity (ROE) is 7.5%. The historical average is 3.4%.
Based on historical data, Gladstone Commercial Corporation is trading at a P/E of 26.7x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gladstone Commercial Corporation's current dividend yield is 14.23% with a payout ratio of 353.4%.
Gladstone Commercial Corporation has 5.9% gross margin and 37.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gladstone Commercial Corporation's Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage and FFO payout strain
Metrics are mathematically derived from official filings.
Discount Multiple Masks Thin Distributable Earnings
Based on GOOD's reported figures, the stock trades near $10.15 with a P/B of 1.40 and a 14.2% dividend yield, while the P/FFO multiple has compressed to roughly 6.5x in 2026Q3 as quarterly FFO fell to $0.27 per share. The compression reflects earnings deterioration more than cheapness alone. Because FFO has dropped sharply, the low multiple may signal a market skeptical that the current distribution is sustainable rather than an undervalued entry point. Investors should monitor whether FFO recovers toward the $0.41 to $0.48 range seen earlier in 2025 and 2026, since the implied cap rate and P/FFO multiple both hinge on that recovery. The reported P/E of 24.76 is distorted by real estate depreciation and should not be read as a meaningful valuation anchor for this REIT.
The 2026Q3 P/FFO of 6.50 sits well below the 3.25 to 4.11 range recorded across most prior quarters, which in itself reflects the sharp FFO decline rather than a re-rating of the asset base. Peers such as EPRT and FCPT trade near 21x on reported earnings, but REIT-appropriate comparison requires P/FFO and implied cap rates, which are not supplied for the peer group in this dataset, limiting direct valuation comparison. The high dividend yield and low multiple together warrant scrutiny of whether the market is pricing in a dividend reset rather than offering value.
NOI Margins Hold While FFO Erodes
As reported in financial statements, GOOD's NOI margin held between 77% and 80% through most quarters, yet FFO per share fell from $0.58 in 2024Q3 to $0.27 in 2026Q3, a 31.1% year-over-year decline. This divergence suggests property-level efficiency is intact while distributable earnings are being compressed elsewhere. Investors should monitor whether the gap reflects financing costs, G&A, or one-time items rather than operating deterioration.
The 2025Q4 NOI margin of -188.3% and the 2026Q3 reading of 41.9% indicate that the reported NOI series contains material volatility that the stable 77% to 80% band does not capture. FFO growth was positive in several 2025 quarters, including 2025Q2 at 7.2% and 2026Q2 at 23.0%, so the recent weakness appears episodic rather than a continuous trend, though the 2026Q3 decline is significant. Without disclosure of the drivers of the negative quarter, it is not possible to determine whether these movements are organic or reflect acquisition timing and dilution.
Dividend Coverage Breaks Down in Latest Quarter
Based on reported figures, GOOD's FFO payout ratio reached 131.6% in 2026Q3, exceeding 100% for the first time in the ten quarters shown, while the AFFO payout ratio implied by quarterly dividends of roughly $17.6M against AFFO of $9.4M suggests the distribution was not covered from recurring cash earnings that quarter. This points to a meaningful dividend safety concern. The 14.2% yield may be pricing in a reduction risk that the reported coverage history supports.
Across 2024 and early 2025, FFO payout ratios generally ran between 64% and 90%, leaving a moderate cushion that has since been eliminated by the 2026Q3 FFO decline. The AFFO payout history shows several quarters where AFFO covered the dividend, but the 2026Q3 shortfall means retained cash flow is currently negative on a quarterly basis. Investors should monitor whether management addresses the distribution through cash retention, asset sales, or a reset, though the data provided does not disclose such plans.
Debt Expansion Outpaces Equity and Earnings
According to recent SEC filings, GOOD's debt-to-equity ratio rose from roughly 4.1x in 2024 to 2.72x in 2026Q3, but the reported equity rebound coincides with a sharp decline in FFO, and interest coverage fell to 0.82x in the latest quarter. This combination suggests leverage remains elevated relative to current earnings capacity. Debt-to-gross-assets is the more appropriate REIT metric and is not supplied here, which limits precise leverage assessment.
Total debt climbed from roughly $696.8M in 2024Q3 to $864.9M in 2026Q3 while interest coverage moved between 1.17x and 2.26x before dropping below 1.0x in the latest quarter, indicating that operating earnings no longer comfortably cover interest expense. The reported D/E swings from 5.45 to 2.72 are partly driven by equity fluctuations rather than debt reduction, so the apparent improvement may not reflect genuine deleveraging. Maturity profile and fixed-rate exposure are not disclosed in the supplied data, so refinancing risk cannot be assessed directly from these figures.
Reported D/E Misleads on REIT Leverage
Based on reported figures, the debt-to-equity ratio is the metric most commonly misapplied to GOOD, since book equity is depressed by cumulative depreciation and the reported D/E of 2.72x does not reflect leverage against gross real estate value. Debt-to-gross-assets, which uses undepreciated property cost, would present a more accurate picture of asset coverage. Investors should monitor that metric rather than relying on book D/E.
Standard D/E inflates apparent leverage for a REIT with aged assets because accumulated depreciation erodes the equity denominator, while the debt numerator remains at full face value. The swing in reported D/E from 4.98 to 2.72 across the ten quarters may therefore reflect accounting movements in equity rather than changes in true leverage. Using FFO-based coverage or debt-to-gross-assets with a maturity schedule would better isolate the refinancing and earnings-capacity risks that this dataset raises.