Pricing Log in Create free account
Wednesday 4 November 2026 Export GOOD’s income statement to Excel — free account

Gladstone Commercial Corporation

GOOD Real Estate Reit Diversified

Gladstone Commercial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $161.3 million, up 8.00% from fiscal 2024.

Revenue
+3.86%
EPS
−650.0%
Free cash flow
+148.2%
Total debt
+7.24%

Quarter to September 2026, against a year earlier

10.88 0.65 −5.64%
Market cap
$562.4M
P/E
88.2×
Fwd P/E
45.7×
Dividend yield
12.2%
F-score
4/9
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

Bought, $m 0.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — 1 1 1 1 1 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 1.06%

Capital & Financial Ratios $m

Size
Market Cap 562.41
Revenue ttm 171.78
Net income ttm 18.56
Free cash flow ttm 72.11
Net debt Q (10.75)
Valuation
P/E 88.23 (above 35: high)
Forward P/E 45.70 (above 35: high)
Price / sales 3.26
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.78
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q 0.82
Growth
Revenue growth Q +3.86% (above 0%: growing)
Operating income growth Q −35.87% (below 0%: shrinking)
EPS, this year +80.36% (at or above 15%: strong)
EPS, next year A −33.66% (below 0%: weak)
Revenue, next year A +5.93%
EPS, past 5 yrs +9.24%
EPS, next 5 yrs A +11.68%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.2×, against a ten-year median of 10.4×; over the ten years it ranged from 8.0× in 2023 to 12.6× in 2017.
P/E against its own 10 years 47.86%
10-year low 10-year high
P/S against its own 10 years 3.41%
10-year low 10-year high
P/B against its own 10 years 79.89%
10-year low 10-year high
EV/Sales against its own 10 years 2.79%
10-year low 10-year high

Dividends

Yield
12.2%
Annual rate
1.40
Payout ratio
1,076.9%
Growth, 2018–26
−2.75%/yr
  1. 1.50 ’18
  2. 1.50 ’19 +0
  3. 1.50 ’20 +0
  4. 1.50 ’21 +0
  5. 1.50 ’22 +0
  6. 1.20 ’23 −20
  7. 1.20 ’24 +0
  8. 1.20 ’25 +0
  9. 1.20 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12 11 11 11
Receivables 41 64 48 —
Inventory — — — —
Other — — — —
53 75 59 —
2023 2024 2025 Q'26
Payables 14 13 11 23
ST’ Debt — — — —
Other — — — —
14 13 11 23

Compound Annual Growth %

10y 5y 3y
Sales 6.77% 3.91% 2.69%
Cash Flow 10.84% 6.12% 8.41%
Earnings 0.00% 15.92% 0.00%
Book Value (3.03%) (4.47%) (5.81%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.35 Actual 0.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.39 0.35 Miss by 0.04
Q4 FY25 0.36 0.37 Beat by 0.01
Q1 FY26 0.35 0.35 Met by 0.00
Q2 FY26 0.35 0.38 Beat by 0.03
Q3 FY26 0.34 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.08 0.11 (0.11) — —
’25 0.04 0.03 0.02 0.05 0.14
’24 0.01 (0.04) 0.20 0.09 0.26
’23 (0.02) (0.19) (0.04) 0.03 (0.19)
’22 0.01 (0.04) (0.02) (0.03) (0.08)
’21 (0.08) (0.08) 0.04 0.00 (0.12)
’20 (0.02) (0.06) (0.01) 0.17 0.09
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 42 44 42 — —
’25 38 40 41 43 161
’24 36 37 39 37 149
’23 37 39 36 36 148
’22 36 36 40 37 149
’21 35 33 34 35 138
’20 34 34 33 33 133
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 18 18 21 — —
’25 18 36 19 16 88
’24 15 14 6 23 57
’23 15 16 18 12 60
’22 17 17 22 12 69
’21 17 18 19 16 70
’20 20 15 17 13 65
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 19 6 21 — —
’25 (57) (45) (43) 12 (133)
’24 33 1 4 16 54
’23 13 11 23 14 61
’22 3 (22) 5 4 (11)
’21 9 8 (9) (35) (27)
’20 (48) 13 14 (12) (33)
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 December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 86 95 107 114 133 138 149 148 149 161 172 +7.2% 171 176 175 +2.7%
Gross margin, % 88.63 86.66 84.54 84.47 76.23 76.05 77.74 78.16 78.89 78.14 0.00 (10.5) pt
EBT 4 6 12 10 15 11 11 5 24 19 23 +19.2%
EBT margin, % 4.58 6.26 11.54 8.34 11.25 7.91 7.24 3.34 16.09 11.96 0.00 +7.4 pt
Net income 4 6 12 10 15 11 11 5 24 19 19 +19.2%
Per share, $
Per share, $ Revenue 3.58 3.47 3.61 3.63 3.82 3.70 3.78 3.66 3.54 3.44 0.00 (0.4%)
Earnings (0.16) (0.19) 0.03 (0.16) 0.09 (0.12) (0.08) (0.19) 0.27 0.14 0.13 n/m
Cash flow 1.70 1.72 1.88 1.91 1.88 1.89 1.76 1.50 1.35 1.88 0.00 +1.1%
Capex (2.73) (3.69) (1.14) (4.17) (2.83) (2.60) (2.04) 0.01 (0.06) (4.71) (1.56) +6.2%
Free cash flow (1.03) (1.97) 0.74 (2.26) (0.95) (0.71) (0.28) 1.50 1.29 (2.84) 0.00 +11.9%
Book value 9.93 9.77 8.61 6.69 6.21 5.44 5.22 3.82 4.06 3.66 0.00 (10.5%)
Shares, m 24 27 30 32 35 37 39 40 42 47 48 +7.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 597.33 0.00 225.00 0.00 0.00 0.00 62.46 76.21 88.23 96.1
P/S 5.66 5.99 4.96 6.03 4.71 6.96 4.98 3.62 4.58 3.10 3.26 5.1
P/B 2.04 2.13 2.08 3.27 2.90 4.73 3.61 3.47 4.00 2.91 3.78 3.1
EV/Sales 11.50 11.65 10.20 11.45 9.65 12.04 9.93 8.55 9.15 8.28 8.17 10.2
EV/FCF (39.98) (20.50) 50.07 (18.35) (38.96) (62.49) (133.07) 20.79 25.12 (10.04) (333.77) (22.7)
Cash, $m
Cash, $m Operating cash flow 41 47 56 60 65 70 69 60 57 88 72 +8.8%
Capex (66) (101) (34) (132) (98) (97) (80) 0 (3) (221) (76) +14.4%
Free cash flow (25) (54) 22 (71) (33) (27) (11) 61 54 (133) 72 +20.5%
Balance, $m
Balance, $m Working capital 28 33 39 38 43 40 41 39 62 48 (23) +5.9%
Net debt 505 536 559 620 658 700 738 727 682 836 (11) +5.8%
Shareholders’ equity 240 267 254 211 216 203 206 154 171 172 148 (3.6%)
Returns, %
Returns, % ROA (0.44) (0.55) 0.10 (0.48) 0.29 (0.30) (0.13) (0.66) 1.00 0.56 0.48 +1.0 pt
ROIC 2.58 2.06 2.74 2.57 2.38 2.50 2.17 2.23 3.41 3.72 27.77 +1.1 pt
ROE (1.56) (1.95) 0.37 (2.05) 1.47 (1.62) (0.75) (4.30) 6.83 3.84 3.61 +5.4 pt
People
People Employees 63 65 65 70 67 69 74 69 72 75 — +2.0%
Revenue/emp, $m 1.37 1.46 1.64 1.63 1.99 2.00 2.01 2.14 2.07 2.15 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Gladstone Commercial Corporation vs peers in Reit Diversified (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
AAT American Assets Trust, Inc. $1.3B 56.3× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $874.5M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98% Compare
ESRT Empire State Realty Trust, Inc. $874.3M 168× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
SAFE Safehold Inc. $795.3M 6.9× 7.0× +22.17% (above 0%: growing) +7.69% (above 0%: growing) −181.89% (below 0%: shrinking) 87.18% 73.05% Compare
CTO CTO Realty Growth, Inc. $774.4M 16.7× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
AHRT AH Realty Trust Inc $633.0M — (loss-making) — (loss-making) +3.60% (above 0%: growing) n/m +105.02% (above 0%: growing) 67.20% 18.62% Compare
GOOD Gladstone Commercial Corporation $562.4M 88.2× 45.7× +3.86% (above 0%: growing) n/m +148.24% (above 0%: growing) 0.00% 22.41%
FVR FrontView REIT, Inc. $557.2M 624× 12,360× +2.57% (above 0%: growing) n/m +23.47% (above 0%: growing) 87.38% 20.53% Compare
OLP One Liberty Properties, Inc. $478.6M 14.2× 18.4× +10.00% (above 0%: growing) +82.05% (above 0%: growing) −1.58% (below 0%: shrinking) 100.00% 84.44% Compare
Median of peers $784.9M 36.5× 54.2× +3.95% +82.05% +10.94% 75.14% 22.60%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together 1.29%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 8.29%
BlackRock, Inc.50 Hudson YardsNew York, New York 6.76%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Gladstone Commercial Corporation (GOOD) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby

27 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · 24/7 Wall St.

14 Oct

Impact 3 · · Zacks

2 Oct

Impact 3 · · Zacks

29 Sep

Impact 3 ·

22 Sep

Impact 3 ·

21 Sep

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

5 Aug

Impact 3 ·
Impact 3 ·

23 May

Impact 3 ·

7 May

Impact 4 · · 24/7 Wall St.

6 May

Impact 3 · · MarketBeat
Impact 3 · · Moby

5 May

Impact 3 · · ACCESS Newswire

1 May

Impact 3 · · Zacks

28 Apr

Impact 3 ·

23 Apr

Impact 4 · · Insider Monkey

13 Apr

Impact 4 · · Zacks

11 Apr

Impact 4 · · Simply Wall St.

28 Mar

Impact 4 · · Simply Wall St.

23 Mar

Impact 4 · · ACCESS Newswire

14 Mar

Impact 4 · · Simply Wall St.
stockrow.com/GOOD · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com