Gladstone Investment Corporationde
GAIN Nasdaq Financials FY2021–FY2026
Last close · Oct 23, 2026
$14.68
0.6%
Revenue
Total sales reported in the income statement.
$99.1M
5.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$185M
182.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$585M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Gladstone Investment Corporationde does
No business description yet.
- Legal name
- GLADSTONE INVESTMENT CORPORATION\DE
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 12, 2026
- Accession · CIK
- 0001321741-26-000011
0001321741
Revenue and margins
Gladstone Investment Corporationde had $99.1M of revenue in fiscal 2026, up 5.8% on the year before.
FY21
Revenue $56.6M
FY22
Revenue $72.6M
FY23
Revenue $81.5M
FY24
Revenue $87.3M
FY25
Revenue $93.7M
FY26
Revenue $99.1M
Q2 '24
Revenue $20.3M
Q3 '24
Revenue $23.1M
Q4 '24
Revenue $23.6M
Q1 '25
Revenue $22.2M
Q2 '25
Revenue $22.6M
Q3 '25
Revenue $21.4M
Q4 '25
Revenue $27.5M
Q1 '26
Revenue $23.5M
Q2 '26
Revenue $25.3M
Q3 '26
Revenue $25.1M
Q4 '26
Revenue $25.2M
Q1 '27
Revenue $28.4M
FY21
Gross —
Operating —
Net 75.0%
FCF —
FY22
Gross —
Operating —
Net 141.0%
FCF —
FY23
Gross —
Operating —
Net 43.6%
FCF —
FY24
Gross —
Operating —
Net 97.7%
FCF —
FY25
Gross —
Operating —
Net 69.7%
FCF —
FY26
Gross —
Operating —
Net 186.5%
FCF —
Gross
Operating
Net
FCF
Q2 '24
Gross —
Operating —
Net 233.5%
FCF —
Q3 '24
Gross —
Operating —
Net 28.5%
FCF —
Q4 '24
Gross —
Operating —
Net 95.5%
FCF —
Q1 '25
Gross —
Operating —
Net −29.4%
FCF —
Q2 '25
Gross —
Operating —
Net 68.6%
FCF —
Q3 '25
Gross —
Operating —
Net 180.1%
FCF —
Q4 '25
Gross —
Operating —
Net 64.9%
FCF —
Q1 '26
Gross —
Operating —
Net 33.0%
FCF —
Q2 '26
Gross —
Operating —
Net 113.6%
FCF —
Q3 '26
Gross —
Operating —
Net 262.9%
FCF —
Q4 '26
Gross —
Operating —
Net 327.0%
FCF —
Q1 '27
Gross —
Operating —
Net −41.8%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $42.5M
FY22
Net income $102M
FY23
Net income $35.5M
FY24
Net income $85.3M
FY25
Net income $65.3M
FY26
Net income $185M
Q2 '24
Net income $47.4M
Q3 '24
Net income $6.6M
Q4 '24
Net income $22.6M
Q1 '25
Net income −$6.5M
Q2 '25
Net income $15.5M
Q3 '25
Net income $38.5M
Q4 '25
Net income $17.9M
Q1 '26
Net income $7.8M
Q2 '26
Net income $28.7M
Q3 '26
Net income $65.9M
Q4 '26
Net income $82.4M
Q1 '27
Net income −$11.9M
FY21
Diluted EPS $0.54
FY22
Diluted EPS $0.45
FY23
Diluted EPS $1.11
FY24
Diluted EPS $0.63
FY25
Diluted EPS $0.76
FY26
Diluted EPS —
Q2 '24
Diluted EPS −$0.05
Q3 '24
Diluted EPS $0.28
Q4 '24
Diluted EPS $0.15
Q1 '25
Diluted EPS $0.34
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.03
Q4 '25
Diluted EPS $0.19
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Q3 '26
Diluted EPS —
Q4 '26
Diluted EPS —
Q1 '27
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 11.1%
Return on assets —
FY22
Return on capital —
Return on equity 24.7%
Return on assets 13.8%
FY23
Return on capital —
Return on equity 8.0%
Return on assets 4.7%
FY24
Return on capital —
Return on equity 18.3%
Return on assets 10.0%
FY25
Return on capital —
Return on equity 13.2%
Return on assets 6.7%
FY26
Return on capital —
Return on equity 31.7%
Return on assets 15.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2026, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY26
Free cash flow —
FY21
Cash from operations −$29.7M
Capital spending —
FY22
Cash from operations $36.6M
Capital spending —
FY23
Cash from operations −$4.5M
Capital spending —
FY24
Cash from operations −$69.9M
Capital spending —
FY25
Cash from operations $16.3M
Capital spending —
FY26
Cash from operations −$102M
Capital spending —
Cash from operations
Capital spending
Q2 '24
Cash from operations −$60.1M
Capital spending —
Q3 '24
Cash from operations $20.9M
Capital spending —
Q4 '24
Cash from operations $5.8M
Capital spending —
Q1 '25
Cash from operations $12.3M
Capital spending —
Q2 '25
Cash from operations $63.2M
Capital spending —
Q3 '25
Cash from operations −$172M
Capital spending —
Q4 '25
Cash from operations $113M
Capital spending —
Q1 '26
Cash from operations −$50.2M
Capital spending —
Q2 '26
Cash from operations −$60.7M
Capital spending —
Q3 '26
Cash from operations −$7.6M
Capital spending —
Q4 '26
Cash from operations $16.8M
Capital spending —
Q1 '27
Cash from operations $8.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Gladstone Investment Corporationde returned $57.2M to shareholders in fiscal 2026. The diluted share count rose 5.4%.
FY21
Dividends $30.9M
Buybacks —
FY22
Dividends $38.9M
Buybacks —
FY23
Dividends $47.1M
Buybacks —
FY24
Dividends $76.1M
Buybacks —
FY25
Dividends $61.0M
Buybacks —
FY26
Dividends $57.2M
Buybacks —
Dividends
Buybacks
Q2 '24
Dividends $12.2M
Buybacks —
Q3 '24
Dividends $43.1M
Buybacks —
Q4 '24
Dividends $8.7M
Buybacks —
Q1 '25
Dividends $8.8M
Buybacks —
Q2 '25
Dividends $8.8M
Buybacks —
Q3 '25
Dividends $49.8M
Buybacks —
Q4 '25
Dividends −$6.4M
Buybacks —
Q1 '26
Dividends $28.8M
Buybacks —
Q2 '26
Dividends $9.3M
Buybacks —
Q3 '26
Dividends $9.5M
Buybacks —
Q4 '26
Dividends $9.6M
Buybacks —
Q1 '27
Dividends $9.6M
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.04B
FY26
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Gladstone Investment Corporationde can carry it.
FY21
Cash $2.4M
Debt —
FY22
Cash $14.2M
Debt $261M
FY23
Cash $2.7M
Debt $293M
FY24
Cash $2.5M
Debt $398M
FY25
Cash $14.3M
Debt $456M
FY26
Cash $2.4M
Debt $564M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $14.2M | $2.7M | $2.5M | $14.3M | $2.4M |
| Debt incl. finance leases | $261M | $293M | $398M | $456M | $564M |
| Debt / equity | 0.6x | 0.7x | 0.8x | 0.9x | 0.8x |
| Total assets | $740M | $766M | $938M | $1.0B | $1.3B |
| Total liabilities | $295M | $326M | $445M | $507M | $655M |
| Shareholders' equity | $446M | $440M | $493M | $499M | $668M |
| Net debt (− = net cash) | $247M | $290M | $396M | $441M | $562M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 2 / 7 | 2 / 7 | 2 / 7 | 3 / 7 |
| Accruals ratio | — | 8.9% | 5.3% | 18.2% | 5.0% | 24.6% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $56.6M | $72.6M | $81.5M | $87.3M | $93.7M | $99.1M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | $42.5M | $102M | $35.5M | $85.3M | $65.3M | $185M |
| Diluted EPS | $0.54 | $0.45 | $1.11 | $0.63 | $0.76 | — |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B |
| Cash flow | ||||||
| Cash from operations | −$29.7M | $36.6M | −$4.5M | −$69.9M | $16.3M | −$102M |
| Dividends paid | $30.9M | $38.9M | $47.1M | $76.1M | $61.0M | $57.2M |
| Dividends and buybacks | $30.9M | $38.9M | $47.1M | $76.1M | $61.0M | $57.2M |
| Balance sheet | ||||||
| Cash and short-term investments | $2.4M | $14.2M | $2.7M | $2.5M | $14.3M | $2.4M |
| Total debt | — | $261M | $293M | $398M | $456M | $564M |
| Total assets | — | $740M | $766M | $938M | $1.0B | $1.3B |
| Total liabilities | — | $295M | $326M | $445M | $507M | $655M |
| Shareholders' equity | $382M | $446M | $440M | $493M | $499M | $668M |
| Margins | ||||||
| Net margin | 75.0% | 141.0% | 43.6% | 97.7% | 69.7% | 186.5% |
| Returns | ||||||
| Return on equity | 11.1% | 24.7% | 8.0% | 18.3% | 13.2% | 31.7% |
| Return on assets | — | 13.8% | 4.7% | 10.0% | 6.7% | 15.9% |
| Return on tangible equity | 11.1% | 22.9% | 8.1% | 17.3% | 13.1% | 27.6% |
| Growth | ||||||
| Revenue growth | — | 28.1% | 12.4% | 7.1% | 7.3% | 5.8% |
| Net income growth | — | 141.0% | −65.3% | 140.0% | −23.4% | 182.8% |
| EPS growth | — | −16.7% | 146.7% | −43.2% | 20.6% | — |
| Share count change | — | 0.1% | 0.3% | 3.5% | 6.6% | 5.4% |
| Financial health | ||||||
| Debt / equity | — | 0.6x | 0.7x | 0.8x | 0.9x | 0.8x |
| Quality scores | ||||||
| Piotroski F-score | — | — | 2.0 | 2.0 | 2.0 | 3.0 |
| Accruals ratio | — | 8.9% | 5.3% | 18.2% | 5.0% | 24.6% |
Source: SEC EDGAR XBRL filings (CIK 0001321741). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.