Gladstone Commercial Corporation (GOOD) 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

+451.3%

$63.84

vs $11.58 price

Levered DCF

$31.37

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.31

Distress zone

Rating

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	26.02×	62.46×	-69.68×	-462.5×	-286.33×	200×	-136.63×	597.33×
P/B	1.47×	3.96×	3.45×	3.56×	4.68×	2.92×	3.22×	2.06×
P/S	3.12×	4.54×	3.58×	4.87×	6.84×	4.67×	5.87×	4.81×
EV / EBITDA	11.29×	11.64×	12.59×	14.2×	16.98×	13.22×	14.42×	12.46×
Gross margin	5.9%	78.9%	78.2%	77.7%	76.0%	76.2%	84.5%	89.3%
Operating margin	37.2%	34.2%	34.4%	30.1%	26.2%	27.7%	31.4%	33.4%
Net margin	12.0%	16.1%	3.4%	7.3%	7.9%	11.2%	8.4%	11.5%
Current ratio	1.63×	1.1×	0.43×	0.37×	0.29×	0.41×	0.29×	0.98×
Debt / equity	2.51×	4.07×	4.85×	3.7×	3.54×	3.16×	3.04×	2.27×
Interest coverage	1.43×	1.37×	1.36×	1.38×	1.34×	1.38×	1.27×	1.36×
Dividend yield	13.5%	9.3%	11.5%	9.8%	7.1%	10.2%	8.8%	10.6%
Payout ratio	353.4%	261.6%	1216.0%	658.0%	613.7%	426.8%	611.6%	441.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	14.0%	3.3%	5.3%	5.4%	7.0%	4.6%	4.9%
Return on invested capital	33.1%	4.8%	4.7%	3.9%	3.3%	3.5%	3.6%	2.9%
Return on assets	1.5%	2.2%	0.4%	0.9%	1.0%	1.4%	0.9%	1.3%
Free cash flow yield	13.3%	6.5%	10.2%	8.6%	6.9%	9.5%	9.0%	4.5%
Earnings yield	3.8%	3.5%	0.9%	1.5%	1.2%	2.4%	1.4%	2.4%
Enterprise value	$1.3B	$1.4B	$1.3B	$1.5B	$1.6B	$1.3B	$1.3B	$1.1B
Net debt / EBITDA	7.08×	5.86×	7.31×	7.18×	7.27×	6.82×	6.96×	6.5×
Cash conversion cycle (days)	82	-57	157	-69	-75	-51	-114	35