Gladstone Capital Corporation (GLAD) 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

+1674.9%

$340.24

vs $19.17 price

Levered DCF

-$104.77

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.84

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.54×	5.54×	8.42×	14.64×	4.46×	-123.5×	14.34×	13.87×
P/B	1.01×	1.09×	0.88×	0.92×	1.18×	0.98×	1.14×	1.09×
P/S	3.38×	4.36×	5.46×	8.83×	3.85×	28.38×	8.83×	9.02×
EV / EBITDA	10.33×	8.76×	15.45×	17×	7.15×	-239.79×	18.5×	25.6×
Gross margin	87.3%	81.9%	68.3%	60.7%	88.2%	-23.3%	75.1%	79.6%
Operating margin	55.5%	78.8%	64.8%	60.3%	86.4%	-23.1%	61.5%	64.8%
Net margin	40.1%	78.8%	64.8%	60.3%	86.4%	-23.1%	61.5%	64.8%
Current ratio	9.9×	1.26×	0.2×	0.05×	0.11×	0.06×	0.31×	0.07×
Debt / equity	0.83×	0.68×	0.74×	1.08×	0.74×	0.95×	0.49×	0.93×
Interest coverage	4.02×	4.36×	2.05×	1.54×	7.32×	-0.19×	2.47×	3.18×
Dividend yield	11.3%	8.2%	9.8%	9.4%	6.9%	10.9%	8.6%	8.8%
Payout ratio	95.5%	45.5%	83.0%	137.2%	30.8%	-1343.5%	123.7%	122.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	19.8%	10.4%	6.3%	26.5%	-0.8%	8.0%	7.9%
Return on invested capital	8.9%	11.8%	6.0%	3.0%	14.9%	-0.4%	4.7%	4.7%
Return on assets	6.4%	11.7%	5.9%	3.0%	14.9%	-0.4%	4.7%	4.7%
Free cash flow yield	8.9%	0.6%	-3.0%	-26.2%	-3.7%	-20.0%	3.2%	-6.9%
Earnings yield	11.9%	18.1%	11.9%	6.8%	22.4%	-0.8%	7.0%	7.2%
Enterprise value	$854.4M	$846.3M	$659.3M	$629M	$612M	$449.1M	$392.5M	$477.4M
Net debt / EBITDA	4.42×	3.34×	7.02×	9.12×	2.76×	-116.99×	5.05×	11.69×
Cash conversion cycle (days)	-59	6	-19	-19	-53	173	-3	30