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Gladstone Capital Corporation

GLAD Financial Asset Management

Gladstone Capital Corporation’s revenue for fiscal 2025 (year ended September 2025) was $89.1 million, down 7.76% from fiscal 2024.

Revenue
+13.1%
EPS
+78.8%
Free cash flow
−280.7%

Quarter to June 2026, against a year earlier

19.36 0.03 +0.16%
Market cap
$436.7M
P/E
9.0×
Fwd P/E
9.6×
Dividend yield
9.31%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.15%

Capital & Financial Ratios $m

Size
Market Cap 436.72
Revenue ttm 98.93
Net income ttm 48.15
Free cash flow ttm (150.76)
Net debt Q (2.35)
Valuation
P/E 9.04
Forward P/E 9.62
Price / sales 4.42
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.90
Financial health
Current ratio Q 0.03
Debt / equity Q 0.00
Interest coverage Q 2.70
Growth
Revenue growth Q +13.10% (above 0%: growing)
Operating income growth Q −2.56% (below 0%: shrinking)
EPS, this year −1.29% (below 0%: weak)
EPS, next year A +0.80%
Revenue, next year A +12.99% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +5.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 49.34%
10-year low 10-year high
P/S against its own 10 years 10.67%
10-year low 10-year high
P/B against its own 10 years 10.19%
10-year low 10-year high

Dividends

Yield
9.31%
Annual rate
1.80
Payout ratio
91.7%
Growth, 2018–26
+0.87%/yr
  1. 1.68 ’18
  2. 1.68 ’19 +0
  3. 1.59 ’20 −5
  4. 1.56 ’21 −2
  5. 1.62 ’22 +4
  6. 1.92 ’23 +19
  7. 1.98 ’24 +3
  8. 1.94 ’25 −2
  9. 1.80 ’26 −7
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1 2 32 2
Receivables 6 6 6 6
Inventory — — — —
Other 3 3 5 3
10 11 43 11
2023 2024 2025 Q'26
Payables 4 4 4 5
ST’ Debt — — — —
Other 4 4 4 4
261 263 406 439

Compound Annual Growth %

10y 5y 3y
Sales 8.88% 13.19% 12.17%
Cash Flow 0.00% 0.00% 0.00%
Earnings 21.02% 0.00% 42.14%
Book Value 9.67% 15.58% 15.18%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.49 Actual 0.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.51 0.52 Beat by 0.01
Q1 FY26 0.48 0.50 Beat by 0.02
Q2 FY26 0.49 0.52 Beat by 0.03
Q3 FY26 0.49 0.49 Met by 0.00
Q4 FY26 0.48 — Reports 16 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.21 0.63 0.49 — —
’25 1.21 0.39 0.33 0.63 2.55
’24 0.92 1.09 0.88 1.46 4.34
’23 0.32 0.33 0.64 0.66 2.28
’22 0.70 0.48 (0.32) 0.30 1.16
’21 0.76 1.30 1.06 1.96 5.08
’20 0.04 (1.78) 0.96 0.66 (0.12)
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 25 26 24 — —
’25 22 22 22 24 89
’24 23 24 26 24 97
’23 19 21 23 24 86
’22 16 17 14 16 63
’21 13 13 14 14 54
’20 12 11 12 13 48
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (34) 17 (37) — —
’25 24 47 20 (97) (5)
’24 (26) (19) 54 (6) 3
’23 35 (47) (21) 23 (11)
’22 (6) 43 (56) (58) (76)
’21 12 (17) 12 (21) (14)
’20 (24) 4 (34) 9 (46)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (34) 17 (37) — —
’25 24 47 20 (97) (5)
’24 (26) (19) 54 (6) 3
’23 35 (47) (21) 23 (11)
’22 (6) 43 (56) (58) (76)
’21 12 (17) 12 (21) (14)
’20 (24) 4 (34) 9 (46)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 39 39 46 50 48 54 63 86 97 89 99 +9.6% 101 110 — +11.2%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 19 21 23 25 25 26 32 41 46 45 46 +9.8%
EBT margin, % 49.82 54.63 50.65 49.13 52.47 48.56 51.11 47.46 47.67 50.72 46.04 +0.9 pt
Net income 11 17 19 20 (2) 84 20 43 95 57 48 +19.7%
Per share, $
Per share, $ Revenue 3.37 3.08 3.36 3.42 3.09 3.24 3.68 4.63 4.44 3.99 4.38 +1.9%
Earnings 0.98 1.34 1.38 1.36 (0.12) 5.08 1.16 2.28 4.34 2.56 2.14 +11.3%
Cash flow 5.17 (1.02) (1.31) 0.63 (2.97) (0.85) (4.45) (0.58) 0.15 (0.25) (6.67) n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 5.17 (1.02) (1.31) 0.63 (2.97) (0.85) (4.45) (0.58) 0.15 (0.25) (6.67) n/m
Book value 17.34 17.23 17.50 17.04 15.06 19.16 18.37 21.90 21.62 21.56 21.50 +2.4%
Shares, m 12 13 14 15 16 17 17 19 22 22 23 +7.6%
Valuation, ×
Valuation, × P/E 15.06 14.21 13.29 14.34 0.00 4.45 14.64 9.55 5.53 8.54 9.04 10.0
P/S 4.82 6.19 5.69 5.70 4.80 6.98 4.62 4.10 5.42 5.49 4.42 5.4
P/B 0.94 1.11 1.09 1.14 0.98 1.18 0.92 0.87 1.11 1.01 0.90 1.0
EV/Sales 6.48 8.43 8.06 6.73 7.41 7.90 6.83 4.63 6.13 5.43 — 6.8
EV/FCF 4.22 (25.38) (20.64) 36.38 (7.71) (30.24) (5.65) (36.88) 182.76 (88.19) — 0.9
Cash, $m
Cash, $m Operating cash flow 60 (13) (18) 9 (46) (14) (76) (11) 3 (5) (151) n/m
Capex — — — — — — — — — — — —
Free cash flow 60 (13) (18) 9 (46) (14) (76) (11) 3 (5) (151) n/m
Balance, $m
Balance, $m Working capital 8 8 5 (38) (90) (185) (195) (251) (252) (363) (427) n/m
Net debt 65 88 108 51 125 50 140 46 68 (32) (2) n/m
Shareholders’ equity 201 220 237 249 234 318 315 409 471 482 486 +10.2%
Returns, %
Returns, % ROA 3.17 4.90 4.87 4.81 (0.42) 16.44 3.24 6.18 12.34 6.65 5.50 +3.5 pt
ROIC 4.58 4.36 4.18 5.11 4.38 4.44 4.43 5.63 5.34 6.28 5.89 +1.7 pt
ROE 5.79 8.16 8.17 8.17 (0.78) 30.53 6.28 11.78 21.49 12.00 10.03 +6.2 pt
People
People Employees 61 65 67 70 68 69 71 73 73 73 — +2.0%
Revenue/emp, $m 0.64 0.60 0.68 0.71 0.71 0.78 0.89 1.18 1.32 1.22 — +7.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Gladstone Capital Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GAIN Gladstone Investment Corporation $594.9M 3.6× 41.5× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
NCDL Nuveen Churchill Direct Lending Corp. $585.9M 13.8× 11.0× −14.54% (below 0%: shrinking) −22.61% (below 0%: shrinking) +70.77% (above 0%: growing) 100.00% 78.80% Compare
VINP Vinci Compass Investments Ltd. $563.4M 11.8× 14.6× +30.12% (above 0%: growing) −26.32% (below 0%: shrinking) +17.98% (above 0%: growing) 100.00% 27.59% Compare
NOAH Noah Holdings Ltd. $466.3M 5.6× 4.5× +3.97% (above 0%: growing) +38.89% (above 0%: growing) +214.30% (above 0%: growing) 100.00% 34.81% Compare
GLAD Gladstone Capital Corporation $436.7M 9.0× 9.6× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30%
ALTI AlTi Global, Inc. $371.1M — (loss-making) 23.3× +10.78% (above 0%: growing) n/m +84.23% (above 0%: growing) 100.00% (18.70%) Compare
TCPC BLACKROCK TCP CAPITAL CORP. $358.3M — (loss-making) — (loss-making) −22.23% (below 0%: shrinking) n/m +181.35% (above 0%: growing) 100.00% 82.80% Compare
CCAP Crescent Capital BDC, Inc. $348.2M — (loss-making) 45.6× −15.51% (below 0%: shrinking) n/m −72.97% (below 0%: shrinking) 59.08% 37.45% Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33% Compare
Median of peers $418.7M 8.7× 14.6× −5.28% −22.61% +100.15% 100.00% 36.13%

All 121 Asset Management stocks →

Gladstone Capital Corporation (GLAD) Latest News

28 Oct

Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · 24/7 Wall St.

21 Sep

Impact 3 · · GuruFocus.com

5 Aug

Impact 4 · · MarketBeat transcript
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4 Aug

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12 May

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7 May

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6 May

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14 Apr

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13 Apr

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23 Mar

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17 Feb

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5 Feb

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4 Feb

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2 Dec

Impact 4 · · Zacks

18 Nov

Impact 4 · · GuruFocus.com transcript
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13 Nov

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7 Oct

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stockrow.com/GLAD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com