GLAD

MKT CAP:$414M

Gladstone Capital Corporation

Market Cap

$414M

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

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$18.74-$1.95 (-9.42%)

Apr 21, 2026

Company Details

Gladstone 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, re...

CEO

Nicole Schaltenbrand

IPO Date

Aug 2, 2002

Website

www.gladstonecapital.com

Key Metrics TTM

Revenue

$89M

-3.9% YoY

Net Income

$65M

EPS (Diluted)

$2.87

Free Cash Flow

$75M

Revenue / Share

$3.14

Gross Margin

76.1%

Operating Margin

72.6%

Net Margin

72.6%

FCF Margin

84.6%

P/S

4.6x

P/E

6.4x

Earnings Reports

Q2 2026

May 5, 2026

PENDING

Q1 2026

Feb 4, 2026

$13MEPS $0.19

FY 2025

Nov 17, 2025

$145M+20.4%EPS $2.55

Q3 2025

Aug 4, 2025

$12M-53.2%EPS $0.33

FY 2024

Nov 13, 2024

$120M+82.7%EPS $4.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$21M	$18M	$18M
Q4 21	$36M	$33M	$33M
Q1 22	$14M	$11M	$12M
Q2 22	$12M	$9M	$8M
Q3 22	-$3M	-$6M	-$6M
Q4 22	$9M	$5M	$5M
Q1 23	$11M	$7M	$6M
Q2 23	$18M	$13M	$12M
Q3 23	$17M	$11M	$12M
Q4 23	$20M	$14M	$13M
Q1 24	$25M	$20M	$20M
Q2 24	$31M	$25M	$24M
Q3 24	$26M	$20M	$19M
Q4 24	$39M	$33M	$32M
Q3 25	$12M	$8M	$8M
Q1 26	$13M	$7M	$6M

Valuation

Quarter	P/S	P/E
Q3 21	5.6x	6.7x
Q4 21	4.2x	4.9x
Q1 22	4.3x	4.9x
Q2 22	4.9x	5.8x
Q3 22	6.8x	8.7x
Q4 22	12.5x	20.8x
Q1 23	13.9x	30.6x
Q2 23	11.8x	24.1x
Q3 23	7.5x	11.9x
Q4 23	6.3x	9.7x
Q1 24	5.2x	7.3x
Q2 24	4.5x	6.0x
Q3 24	4.1x	5.5x
Q4 24	3.4x	4.4x
Q3 25	3.9x	5.0x
Q1 26	4.6x	6.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$12M	$12M
Q4 21	-$21M	-$21M
Q1 22	-$6M	-$6M
Q2 22	$43M	$43M
Q3 22	-$56M	-$56M
Q4 22	-$58M	-$58M
Q1 23	$35M	$35M
Q2 23	-$47M	-$47M
Q3 23	-$21M	-$21M
Q4 23	$23M	$23M
Q1 24	-$26M	-$26M
Q2 24	-$19M	-$19M
Q3 24	$54M	$54M
Q4 24	-$6M	-$6M
Q3 25	$12M	$12M
Q1 26	$15M	$15M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+22.3%	+35.5%
Q4 21	+172.3%	+16.7%
Q1 22	-6.7%	-25.9%
Q2 22	-48.9%	+36.7%
Q3 22	-113.3%	-18.3%
Q4 22	-75.4%	+5.8%
Q1 23	-22.4%	+132.0%
Q2 23	+41.8%	+36.6%
Q3 23	+698.4%	+85.8%
Q4 23	+122.9%	+78.3%
Q1 24	+122.6%	-9.0%
Q2 24	+74.6%	+26.5%
Q3 24	+52.3%	+32.0%
Q4 24	+93.2%	-3.6%
Q3 25	-51.7%	-12.6%
Q1 26	-59.2%	-6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$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%
Q3 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$2M
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$4M
Q3 24	$4M
Q4 24	$3M
Q3 25	$3M
Q1 26	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1M	$0	$1M
Q3 22	$856.0K	$0	$856.0K
Q4 22	$2M	$0	$2M
Q1 23	$6M	$0	$6M
Q2 23	$9M	$0	$9M
Q3 23	$2M	$0	$2M
Q4 23	$1M	$0	$1M
Q1 24	$1M	$0	$1M
Q2 24	$5M	$0	$5M
Q3 24	$1M	$0	$1M
Q4 24	$2M	$0	$2M
Q1 25	$2M	$0	$2M
Q2 25	$3M	$0	$3M
Q3 25	$15M	$0	$15M
Q4 25	$32M	$0	$32M
Q1 26	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	17M	+3.1%	+8.2%
Q4 21	17M	+1.6%	+9.6%
Q1 22	17M	-0.0%	+6.9%
Q2 22	17M	+0.0%	+4.7%
Q3 22	17M	0.0%	+1.6%
Q4 22	17M	+0.6%	+0.5%
Q1 23	18M	+2.1%	+2.6%
Q2 23	18M	+4.0%	+6.7%
Q3 23	19M	+2.9%	+9.8%
Q4 23	20M	+5.6%	+15.3%
Q1 24	22M	+9.3%	+23.6%
Q2 24	22M	0.0%	+18.9%
Q3 24	22M	+0.0%	+15.5%
Q4 24	22M	+0.1%	+9.4%
Q3 25	22M	+2.6%	+2.6%
Q1 26	28M	+27.0%	+30.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$313.7K	68
Q4 21	$527.2K	69
Q1 22	$210.1K	69
Q2 22	$180.0K	69
Q3 22	-$41.2K	69
Q4 22	$126.1K	71
Q1 23	$158.5K	71
Q2 23	$248.0K	71
Q3 23	$239.5K	71
Q4 23	$273.4K	73
Q1 24	$343.3K	73
Q2 24	$421.3K	73
Q3 24	$354.9K	73
Q4 24	$528.1K	73
Q3 25	$165.9K	73
Q1 26	$172.1K	73

Revenue / Employee