Gladstone Investment Corp (GAIN) reported strong adjusted NII growth in its Q1 2027 earnings call. Strong adjusted NII growth indicates improved earnings performance with moderate effects on future results.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.23 |
—
—
—
—
—
—
—
—
—
|
| 2025 | 1.19 |
—
—
—
—
—
—
—
—
—
—
—
—
—
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| 2024 | 1.66 |
—
—
—
—
—
—
—
—
—
—
—
—
—
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| 2023 | 1.96 |
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—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
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| 2022 | 0.92 |
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—
—
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2021 | 0.89 |
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2020 | 0.84 |
—
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2019 | 1.03 |
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
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| 2018 | 0.80 |
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
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| 2017 | 0.77 |
—
—
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2016 | 0.75 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 3.22 | 15.15 | 2.39 | 3.59 |
| Receivables | 11.05 | 8.47 | 8.86 | 10.53 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 14.27 | 23.63 | 11.24 | 14.13 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 42.80 | 45.88 | 82.53 | 78.16 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 444.61 | 506.46 | 653.40 | 654.23 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 28.36 | — | — | — |
—
|
| ’26 | 23.54 | 25.28 | 25.06 | 25.19 |
99.08
|
| ’25 | 22.18 | 22.57 | 21.37 | 27.55 |
93.66
|
| ’24 | 20.30 | 20.28 | 23.08 | 23.65 |
87.31
|
| ’23 | 19.30 | 20.80 | 21.59 | 19.86 |
81.54
|
| ’22 | 18.03 | 18.54 | 16.74 | 19.25 |
72.55
|
| ’21 | 10.71 | 11.84 | 17.37 | 16.71 |
56.63
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 8.06 | — | — | — |
—
|
| ’26 | (50.18) | (60.66) | (7.59) | 16.82 |
(101.61)
|
| ’25 | 12.32 | 63.16 | (171.86) | 112.68 |
16.31
|
| ’24 | (36.45) | (60.14) | 20.87 | 5.78 |
(69.94)
|
| ’23 | 41.31 | (50.76) | (3.96) | 8.90 |
(4.50)
|
| ’22 | 14.42 | (20.70) | 45.58 | (2.69) |
36.60
|
| ’21 | (5.13) | (54.25) | 26.82 | 2.83 |
(29.73)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 8.06 | — | — | — |
—
|
| ’26 | (50.18) | (60.66) | (7.59) | 16.82 |
(101.61)
|
| ’25 | 12.32 | 63.16 | (171.86) | 112.68 |
16.31
|
| ’24 | (36.45) | (60.14) | 20.87 | 5.78 |
(69.94)
|
| ’23 | 41.31 | (50.76) | (3.96) | 8.90 |
(4.50)
|
| ’22 | 14.42 | (20.70) | 45.58 | (2.69) |
36.60
|
| ’21 | (5.13) | (54.25) | 26.82 | 2.83 |
(29.73)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | (0.30) | — | — | — |
—
|
| ’26 | 0.21 | 0.75 | 1.66 | 2.07 |
4.77
|
| ’25 | (0.18) | 0.42 | 1.05 | 0.49 |
1.78
|
| ’24 | 0.26 | 1.40 | 0.19 | 0.63 |
2.47
|
| ’23 | 0.36 | 0.34 | 0.47 | 0.14 |
1.07
|
| ’22 | 1.42 | 0.85 | 0.31 | 0.50 |
3.08
|
| ’21 | 0.00 | 0.20 | 0.46 | 0.62 |
1.28
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 11.40 | 12.11 | 12.46 | 11.42 | 13.11 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.12 | 14.92 | 14.96 | 15.34 | 17.14 | — | — | — |
High Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 69 | 74 | 70 | 74 | 78 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.05 | 1.10 | 1.25 | 1.27 | 1.27 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 72.55 | 81.54 | 87.31 | 93.66 | 99.08 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.19% | 67.62% | 65.88% | 65.57% | 60.97% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 102.32 | 35.55 | 85.31 | 65.32 | 184.75 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 141.02% | 43.59% | 97.71% | 69.74% | 186.47% | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 102.32 | 35.55 | 85.31 | 65.32 | 184.75 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (73.10) | 14.00 | (30.97) | 28.81 | (212.22) | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.19 | 2.45 | 2.53 | 2.55 | 2.56 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 3.08 | 1.07 | 2.47 | 1.78 | 4.77 | ‡‡‡‡‡ | ‡‡‡‡ | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.10 | (0.14) | (2.03) | 0.44 | (2.62) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.10 | (0.14) | (2.03) | 0.44 | (2.62) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.43 | 13.20 | 14.30 | 13.59 | 17.26 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.21 | 33.31 | 34.47 | 36.74 | 38.71 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 5.24 | 10.11 | 5.66 | 7.51 | 3.03 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.38 | 5.41 | 5.54 | 5.24 | 5.55 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.20 | 1.00 | 0.98 | 0.98 | 0.82 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.85 | 9.02 | 10.25 | 9.51 | 9.71 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.52 | (163.37) | (12.80) | 54.60 | (9.47) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.60 | (4.50) | (69.94) | 16.31 | (101.61) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.60 | (4.50) | (69.94) | 16.31 | (101.61) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (270.31) | (315.15) | (430.34) | (482.84) | (642.15) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 266.44 | 292.61 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 251.95 | 289.36 | (3.22) | (15.15) | (2.38) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 445.83 | 439.74 | 492.71 | 499.08 | 668.23 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.78% | 4.72% | 10.01% | 6.72% | 15.86% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.50% | 3.53% | 3.98% | 5.37% | 1.51% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.71% | 8.03% | 18.30% | 13.17% | 31.65% | — | — | — |
ROE
|
Gladstone Investment Corporation (GAIN), a business development company focused on debt and equity in lower middle-market firms, has delivered steady revenue growth at a 6% CAGR over the past decade, reaching $87 million in 2024, fueled by floating-rate loans that thrived amid Fed rate hikes. Operational efficiency shines through with revenue per employee doubling to $1.25 million and a robust balance sheet featuring expanded shareholders’ equity to $493 million and net debt flipping negative, underscoring prudent deleveraging and a solid book value floor of $14.30 per share.
Yet profitability remains volatile, swinging from losses in 2020 to peaks in 2022 and 2024, driven by mark-to-market fluctuations and macro shocks—ROE hit 24.7% at its best but dipped to 8% amid downturns. Trading at a discounted trailing P/E of 5.7x and PB near 1x, GAIN offers attractive yield (8-10%) for income seekers, with analysts projecting 7% revenue growth through 2027 but lumpy net income and modest 4-7% price upside.
Investors should weigh downside risks from potential rate cuts eroding net investment income, credit pressures in leveraged portfolio holdings, and erratic free cash flows, echoing 2020 vulnerabilities. While control investments provide an edge over peers, steady monitoring of portfolio quality and Q1 2025 results is essential for this defensive high-yielder.
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