Gladstone Investment Corp. (GAIN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1.1%

$15.44

vs $15.27 price

Levered DCF

-$4.95

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.04

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	2.98×	7.51×	5.68×	12.38×	5.24×	9.55×	-35.68×	4.74×
P/B	0.82×	0.98×	0.98×	1×	1.2×	1.06×	0.7×	0.95×
P/S	7.69×	5.46×	4.69×	9.09×	4.77×	7.63×	21.56×	3.67×
EV / EBITDA	4.85×	14.27×	10.31×	15.31×	7.65×	15.25×	-53.9×	5.4×
Gross margin	19.4%	68.6%	76.6%	67.3%	88.3%	91.6%	66.9%	94.2%
Operating margin	315.8%	72.7%	82.7%	73.2%	91.2%	79.8%	-60.5%	77.4%
Net margin	258.5%	72.7%	82.7%	73.2%	91.2%	79.8%	-60.5%	77.4%
Current ratio	0.01×	3.69×	3.22×	3.11×	7.91×	0.43×	5.71×	6.5×
Debt / equity	0.84×	0.91×	0.81×	0.67×	0.59×	0.64×	0.15×	0.14×
Interest coverage	5.5×	2.31×	3.54×	2.24×	7.82×	9.56×	-1.83×	13.27×
Dividend yield	10.4%	12.4%	15.7%	10.7%	7.3%	7.6%	13.1%	7.9%
Payout ratio	30.9%	93.3%	89.2%	132.4%	38.0%	72.7%	-468.9%	37.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.6%	13.1%	17.3%	8.1%	22.9%	11.1%	-2.0%	20.0%
Return on invested capital	18.3%	6.5%	9.1%	4.7%	13.9%	6.8%	-1.3%	12.9%
Return on assets	14.0%	6.5%	9.1%	4.6%	13.8%	6.6%	-1.3%	12.8%
Free cash flow yield	-18.5%	23.2%	17.8%	-1.0%	14.6%	11.0%	13.7%	24.2%
Earnings yield	33.6%	13.3%	17.6%	8.1%	19.1%	10.5%	-2.8%	21.1%
Enterprise value	$1.1B	$932.2M	$879.5M	$731.3M	$782.8M	$647.3M	$309.5M	$443.5M
Net debt / EBITDA	2.45×	6.76×	4.64×	6.07×	2.42×	5.69×	-8.97×	0.69×
Cash conversion cycle (days)	-14	-45	-24	-19	-53	-23	15	-39