GAIN

MKT CAP:$647M

Gladstone Investment Corporation

Market Cap

$647M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$15.87+$1.93 (+13.85%)

Apr 21, 2026

Company Details

Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and sen...

CEO

David A. R. Dullum

IPO Date

Jun 23, 2005

Website

www.gladstoneinvestment.com

Key Metrics TTM

Revenue

$126M

+38.2% YoY

Net Income

$101M

EPS (Diluted)

$2.71

Free Cash Flow

$118M

Revenue / Share

$3.27

Gross Margin

75.0%

Operating Margin

79.9%

Net Margin

79.9%

FCF Margin

94.2%

P/S

5.1x

P/E

6.4x

Earnings Reports

Q3 2026

May 12, 2026

PENDING

Q2 2026

Nov 4, 2025

$36M+65.0%EPS $0.75

FY 2025

May 13, 2025

$90M-12.9%EPS $1.78

Q4 2025

May 13, 2025

$26M-9.2%EPS $0.49

Q3 2025

Feb 12, 2025

$42M+271.8%EPS $1.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$32M	$29M	$28M
Q3 22	$11M	$7M	$10M
Q4 22	$20M	$16M	$17M
Q1 23	$16M	$12M	$12M
Q2 23	$6M	$2M	$3M
Q3 23	$19M	$15M	$16M
Q4 23	$8M	$4M	$5M
Q1 24	$12M	$7M	$9M
Q2 24	$51M	$45M	$47M
Q3 24	$11M	$5M	$7M
Q4 24	$28M	$22M	$23M
Q1 25	$186.0K	-$6M	-$7M
Q2 25	$22M	$15M	$15M
Q3 25	$42M	$36M	$38M
Q4 25	$26M	$17M	$18M
Q2 26	$36M	$26M	$29M

Valuation

Quarter	P/S	P/E
Q2 22	5.2x	5.8x
Q3 22	5.6x	6.1x
Q4 22	5.8x	6.3x
Q1 23	8.3x	9.6x
Q2 23	12.4x	15.4x
Q3 23	10.7x	13.6x
Q4 23	13.3x	18.2x
Q1 24	14.3x	20.0x
Q2 24	7.2x	8.5x
Q3 24	7.8x	9.6x
Q4 24	6.3x	7.6x
Q1 25	7.1x	9.2x
Q2 25	10.5x	17.0x
Q3 25	7.0x	9.2x
Q4 25	7.2x	9.9x
Q2 26	5.1x	6.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$21M	-$21M
Q3 22	$46M	$46M
Q4 22	$994.0K	$994.0K
Q1 23	$21M	$21M
Q2 23	$23M	$23M
Q3 23	$25M	$25M
Q4 23	$9M	$9M
Q1 24	-$36M	-$36M
Q2 24	-$60M	-$60M
Q3 24	$21M	$21M
Q4 24	$6M	$6M
Q1 25	$10M	$10M
Q2 25	$63M	$63M
Q3 25	$10M	$10M
Q4 25	$37M	$37M
Q2 26	$9M	$9M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+256.6%	+59.9%
Q3 22	-39.6%	-85.4%
Q4 22	-17.1%	-7.4%
Q1 23	-68.8%	+24.3%
Q2 23	-80.6%	-15.6%
Q3 23	+77.4%	+796.9%
Q4 23	-60.6%	+2.9%
Q1 24	-21.0%	-0.9%
Q2 24	+730.9%	+23.3%
Q3 24	-40.4%	+47.5%
Q4 24	+265.6%	+86.2%
Q1 25	-98.5%	+88.4%
Q2 25	-57.2%	+68.4%
Q3 25	+271.8%	-24.4%
Q4 25	-9.2%	+36.5%
Q2 26	+19315.6%	+10.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 22	$2M
Q3 22	$1M
Q4 22	$1M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$1M
Q1 24	$1M
Q2 24	$1M
Q3 24	$2M
Q4 24	$1M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M
Q2 26	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$14M	$0	$14M
Q1 23	$44M	$0	$44M
Q2 23	$3M	$0	$3M
Q3 23	$2M	$0	$2M
Q4 23	$3M	$0	$3M
Q1 24	$37M	$0	$37M
Q2 24	$2M	$0	$2M
Q3 24	$3M	$0	$3M
Q4 24	$2M	$0	$2M
Q1 25	$2M	$0	$2M
Q2 25	$2M	$0	$2M
Q3 25	$2M	$0	$2M
Q4 25	$3M	$0	$3M
Q1 26	$3M	$0	$3M
Q2 26	$210.0K	$0	$210.0K
Q3 26	$1M	$0	$1M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	33M	0.0%	0.0%
Q3 22	33M	0.0%	0.0%
Q4 22	33M	0.0%	+0.0%
Q1 23	33M	0.0%	0.0%
Q2 23	33M	+0.0%	+0.0%
Q3 23	33M	+0.3%	+0.3%
Q4 23	33M	-0.0%	+0.3%
Q1 24	34M	+0.8%	+1.2%
Q2 24	34M	+0.7%	+1.8%
Q3 24	34M	+1.6%	+3.1%
Q4 24	36M	+3.6%	+6.8%
Q1 25	37M	+3.1%	+9.2%
Q2 25	37M	0.0%	+8.5%
Q3 25	37M	+0.1%	+6.9%
Q4 25	37M	+0.0%	+3.3%
Q2 26	38M	+4.7%	+4.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$474.4K	67
Q3 22	$159.8K	67
Q4 22	$285.6K	69
Q1 23	$226.5K	69
Q2 23	$89.2K	69
Q3 23	$275.2K	69
Q4 23	$104.8K	74
Q1 24	$166.9K	74
Q2 24	$691.3K	74
Q3 24	$152.9K	74
Q4 24	$405.0K	70
Q1 25	$2.7K	70
Q2 25	$312.6K	70
Q3 25	$601.0K	70
Q4 25	$347.9K	74
Q2 26	$488.0K	74

Revenue / Employee