Gladstone Investment Corporation (GAIN) Key Metrics
GAIN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $648.3M
- Enterprise value
- $1.17B
- P/E (TTM)
- 3.6 10-yr median 5.7
- Forward P/E
- 41.2
- PEG ratio
- 5.41
- Price / sales
- 3.9 10-yr median 5.4
- Price / book
- 1.0 10-yr median 1.0
- EV / EBITDA
- 3.7 10-yr median 12.3
- Dividend yield
- 5.90% $0.96 a year
- Beta
- 0.74
GAIN key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsGAIN valuation Price multiples at each fiscal year-end price.
GAIN returns How much profit the business earns on the capital it uses.
GAIN per-share figures Results divided by the shares outstanding at year-end.
GAIN financial health Debt, liquidity and how easily interest is covered.
GAIN efficiency & capital use Working capital cycle and where the cash goes.
GAIN valuation history
GAIN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GAIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GAIN cash returned to shareholders
GAIN price vs earnings per share
GAIN key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $549.7M | $490.8M | $490.5M | $441.4M | $535.6M | $405.8M | $258.0M | $380.6M | $325.9M | $274.6M |
| Enterprise value | $1.11B | $932.2M | $886.3M | $988.7M | $782.8M | $647.3M | $438.7M | $437.0M | $434.9M | $346.5M |
| P/E ratio | 3.0 | 7.5 | 5.7 | 12.4 | 5.1 | 9.1 | — | 4.7 | 5.4 | 6.1 |
| Price / sales | 7.7 | 5.5 | 4.8 | 13.5 | 5.4 | 8.3 | 32.2 | 3.6 | 4.7 | 5.2 |
| Price / book | 0.8 | 1.0 | 1.0 | 1.0 | 1.2 | 1.1 | 0.7 | 0.9 | 0.9 | 0.9 |
| Price / free cash flow | — | 4.3 | 5.7 | — | 14.6 | — | 7.3 | 4.1 | — | 8.4 |
| Price / operating cash flow | — | 4.3 | 5.7 | — | 14.6 | — | 7.3 | 4.1 | — | 8.4 |
| EV / sales | 15.6 | 10.4 | 8.6 | 30.3 | 7.9 | 13.3 | 54.8 | 4.1 | 6.3 | 6.5 |
| EV / EBITDA | 4.8 | 14.3 | 10.4 | 19.2 | 17.9 | 21.0 | 145.0 | 5.3 | 7.1 | 7.7 |
| EV / free cash flow | — | 8.2 | 10.3 | — | 21.4 | — | 12.4 | 4.7 | — | 10.6 |
| Earnings yield | 33.6% | 13.3% | 17.4% | 8.1% | 19.7% | 11.0% | −6.8% | 21.4% | 18.6% | 16.3% |
| Free cash flow yield | −18.5% | 23.2% | 17.5% | −1.0% | 6.8% | −7.3% | 13.7% | 24.6% | −9.1% | 11.9% |
| Dividend yield | 10.4% | 12.4% | 15.5% | 10.7% | 7.3% | 7.6% | 13.1% | 8.0% | 8.9% | 8.3% |
| Shareholder yield (dividends + buybacks) | 10.4% | 12.4% | 15.5% | 10.7% | 24.9% | 21.8% | 13.1% | 29.5% | 8.9% | 22.8% |
| Share price at fiscal year-end | $14.20 | $13.36 | $14.23 | $13.25 | $16.13 | $12.23 | $7.85 | $11.60 | $10.10 | $9.07 |
| Per share | ||||||||||
| Revenue per share | $1.85 | $2.45 | $2.99 | $0.98 | $2.99 | $1.47 | $0.24 | $3.21 | $2.15 | $1.75 |
| Earnings per share | $4.77 | $1.78 | $2.47 | $1.07 | $3.18 | $1.35 | −$0.53 | $2.49 | $1.88 | $1.48 |
| Operating cash flow per share | −$2.62 | $3.10 | $2.49 | −$0.14 | $1.10 | −$0.90 | $1.07 | $2.85 | −$0.92 | $1.08 |
| Free cash flow per share | −$2.62 | $3.10 | $2.49 | −$0.14 | $1.10 | −$0.90 | $1.07 | $2.85 | −$0.92 | $1.08 |
| Cash per share | $0.03 | $0.39 | $0.07 | $0.08 | $0.43 | $0.06 | $0.08 | $0.05 | $0.11 | $0.09 |
| Book value per share | $17.26 | $13.59 | $14.30 | $13.20 | $13.43 | $11.53 | $11.23 | $12.41 | $10.98 | $9.95 |
| Tangible book value per share | $17.26 | $13.59 | $14.30 | $13.20 | $13.43 | $11.53 | $11.23 | $12.41 | $10.98 | $9.95 |
| Dividends per share | $1.48 | $1.66 | $2.21 | $1.41 | $1.17 | $0.93 | $1.03 | $0.93 | $0.90 | $0.75 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $14.58 | $12.41 | $11.56 | $16.51 | $7.87 | $7.34 | $5.58 | $1.77 | $3.49 | $2.47 |
| Shares outstanding | 38.7M | 36.7M | 34.5M | 33.3M | 33.2M | 33.2M | 32.9M | 32.8M | 32.3M | 30.3M |
| Change in shares outstanding | +5.4% | +6.6% | +3.5% | +0.3% | +0.1% | +0.9% | +0.2% | +1.7% | +6.6% | +0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 31.7% | 13.2% | 18.3% | 8.0% | 25.5% | 11.9% | −4.5% | 21.4% | 18.5% | 15.4% |
| Return on invested capital (ROIC) | 16.4% | 5.6% | 4.5% | 3.1% | 17.5% | 7.2% | 0.5% | 14.7% | 7.3% | 6.0% |
| Return on assets (ROA) | 15.9% | 6.7% | 10.0% | 4.7% | 15.2% | 7.3% | −2.9% | 13.1% | 10.8% | 8.8% |
| Return on tangible assets | 14.0% | 6.5% | 9.1% | 4.6% | 14.2% | 7.0% | −3.0% | 12.8% | 9.9% | 8.7% |
| Free cash flow margin | −142.1% | 126.8% | 83.3% | −13.8% | 36.9% | −61.0% | 441.0% | 88.8% | −42.9% | 61.6% |
| Income quality (OCF / net income) | −0.55 | 1.74 | 1.01 | −0.13 | 0.35 | −0.66 | — | 1.15 | −0.49 | 0.73 |
| Financial health | ||||||||||
| Total debt | $564.5M | $455.7M | $398.3M | $550.0M | $261.3M | $243.6M | $183.5M | $58.1M | $112.6M | $74.8M |
| Cash & short-term investments | $1.2M | $14.3M | $2.5M | $2.7M | $14.2M | $2.1M | $2.8M | $1.7M | $3.6M | $2.9M |
| Net debt | $563.3M | $441.4M | $395.9M | $547.4M | $247.2M | $241.5M | $180.7M | $56.4M | $109.0M | $71.9M |
| Debt / equity | 0.84 | 0.91 | 0.81 | 1.25 | 0.59 | 0.64 | 0.50 | 0.14 | 0.32 | 0.25 |
| Debt / assets | 0.43 | 0.45 | 0.42 | 0.72 | 0.35 | 0.38 | 0.32 | 0.09 | 0.18 | 0.15 |
| Net debt / EBITDA | 2.45 | 6.76 | 4.64 | 10.64 | 5.66 | 7.83 | 59.71 | 0.69 | 1.78 | 1.60 |
| Current ratio | 0.01 | 3.69 | 3.22 | 0.02 | 7.91 | 0.43 | 5.71 | 6.50 | 0.84 | 1.15 |
| Quick ratio | 0.01 | 3.69 | 3.22 | −0.00 | −0.10 | 0.43 | −1.46 | −2.69 | 73.09 | 116.60 |
| Interest coverage | 5.5 | 2.3 | 3.5 | 3.2 | 9.1 | 10.1 | 0.8 | 13.3 | 15.0 | 12.6 |
| Working capital | −$87.8M | $16.6M | $9.3M | −$251.7M | $20.6M | −$9.9M | $5.8M | $4.9M | −$1.3M | $691,000 |
| Invested capital | $1.23B | $940.5M | $888.6M | $987.1M | $693.0M | $623.9M | $549.7M | $463.5M | $463.2M | $373.0M |
| Tangible asset value | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M | $382.4M | $369.0M | $407.1M | $354.2M | $301.1M |
| Net current asset value | −$653.5M | −$484.5M | −$431.9M | −$320.2M | −$270.9M | −$253.8M | −$200.4M | −$222.2M | −$249.5M | −$208.9M |
| Graham number | $43.05 | $23.31 | $28.21 | $17.80 | $30.98 | $18.71 | — | $26.35 | $21.55 | $18.19 |
| Graham net-net per share | −$16.75 | −$13.25 | −$12.61 | −$9.45 | −$7.87 | −$7.74 | −$6.00 | −$6.68 | −$17.21 | −$15.41 |
| Capital allocation | ||||||||||
| Dividends paid | $57.2M | $61.0M | $76.1M | $47.0M | $38.9M | $30.9M | $33.9M | $30.5M | $28.9M | $22.7M |
| Share buybacks (net) | — | — | $0 | $0 | $94.4M | $57.5M | $0 | $81.7M | $0 | $40.0M |
| Dividend payout ratio | 30.9% | 93.3% | 89.2% | 132.4% | 36.8% | 68.9% | — | 37.4% | 47.7% | 50.7% |
| Dividends + buybacks / free cash flow | — | 53.5% | 88.5% | — | 364.0% | — | 96.1% | 119.8% | — | 192.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | — | 0.0% | 0.0% | — | 0.0% | — | 0.0% | 0.0% | — | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | — | 0.00 | — | — | — | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.6% | 9.1% | 6.0% | 21.4% | 3.3% | 7.3% | 80.2% | 5.8% | 5.9% | 7.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 39.1 | 39.6 | 31.8 | 91.6 | 23.6 | 28.3 | 189.0 | 17.2 | 27.4 | 30.9 |
| Days of inventory on hand | — | — | — | -199.7 | 122.1 | 81.7 | 203.4 | -17,962.8 | -51,151.4 | -53,351.1 |
| Days payables outstanding | 43.7 | 67.0 | 55.2 | -40.2 | 18.1 | 16.7 | 25.4 | 53.7 | 67.6 | 84.1 |
| Cash conversion cycle (days) | -4.7 | -27.3 | -23.3 | -68.0 | 127.6 | 93.4 | 367.1 | -17,999.2 | -51,191.6 | -53,404.3 |
| Receivables turnover | 9.35 | 9.21 | 11.47 | 3.99 | 15.47 | 12.88 | 1.93 | 21.18 | 13.34 | 11.80 |
| Payables turnover | 8.35 | 5.45 | 6.62 | −9.08 | 20.15 | 21.92 | 14.39 | 6.80 | 5.40 | 4.34 |
| Inventory turnover | — | — | — | −1.83 | 2.99 | 4.47 | 1.79 | — | — | — |
| Asset turnover | 0.06 | 0.09 | 0.12 | 0.04 | 0.14 | 0.08 | 0.01 | 0.17 | 0.12 | 0.10 |
| Average receivables | $7.6M | $9.8M | $9.0M | $8.2M | $6.4M | $3.8M | $4.1M | $5.0M | $5.2M | $4.5M |
| Average payables | $6.9M | $5.2M | $3.6M | $3.0M | $1.8M | $892,500 | $1.1M | $904,000 | $747,000 | $816,000 |
| Average inventory | — | — | — | $15.1M | $12.0M | $4.4M | $8.5M | −$302.5M | −$565.3M | −$517.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from GAIN's annual financial statements (latest annual report filed May 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GAIN valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Gladstone Investment traded at 3.0 times earnings, against a 10-year median of 5.7. Based on the latest twelve months, the trailing P/E is 3.6 and the forward P/E is 41.2. Gladstone Investment earned a return on equity of 31.7% and a return on invested capital of 16.4% in fiscal 2026. It ended the year with $564.5 million of debt and $1.2 million in cash and short-term investments, net debt of $563.3 million. It returned $57.2 million to shareholders: $57.2 million in dividends and $0 in share buybacks. The share count rose 27.9% from 30.3M to 38.7M over 9 years.
See the GAIN income statement, the GAIN chart for price history, or the GAIN stock overview for the latest quote and news.
GAIN key metrics FAQ
What is Gladstone Investment's P/E ratio?
Gladstone Investment's trailing P/E ratio is 3.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 41.2. At the end of fiscal 2026 it was 3.0, compared with a 10-year median of 5.7.
What is Gladstone Investment's EV/EBITDA?
Gladstone Investment's enterprise value was 4.8 times EBITDA at the end of fiscal 2026 (enterprise value $1.1 billion, EBITDA $229.7 million); the current EV/EBITDA is 3.7.
What is Gladstone Investment's return on equity?
Gladstone Investment's return on equity (ROE) was 31.7% in fiscal 2026: net income of $184.8 million on average shareholders' equity of $583.7 million.
What is Gladstone Investment's ROIC?
Gladstone Investment's return on invested capital was 16.4% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Gladstone Investment have?
Gladstone Investment had total debt of $564.5 million at the end of fiscal 2026, a debt-to-equity ratio of 0.84 and $563.3 million of net debt (2.45 times EBITDA).
What is Gladstone Investment's dividend yield?
Gladstone Investment's forward dividend yield is 5.90%. Gladstone Investment paid $57.2 million in dividends in fiscal 2026 ($1.48 per share), a payout ratio of 30.9%.
What is Gladstone Investment's free cash flow yield?
Gladstone Investment generated -$101.6 million of free cash flow in fiscal 2026, a free cash flow yield of −18.5% on its market value at year-end ($549.7 million).
What is Gladstone Investment's current ratio?
Gladstone Investment's current ratio was 0.01 at the end of fiscal 2026: current assets were 0.01 times current liabilities.