| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 4 | — | — | 1 | — | 1 | 1 | 1 | 1 | 1 | 1 |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡ |
|
| 2027 | ‡‡‡ |
|
| 2026 | 1.20 |
—
—
—
—
—
—
—
—
—
|
| 2025 | 1.20 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2024 | 1.20 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2023 | 1.20 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2022 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2021 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2020 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2019 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2018 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2017 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2016 | 1.50 |
—
—
—
—
—
—
—
—
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 11.99 | 10.96 | 10.81 | 10.36 |
| Receivables | 41.01 | 63.94 | 47.92 | 49.21 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 52.99 | 74.90 | 58.73 | 59.57 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 13.59 | 13.20 | 10.96 | 16.01 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 13.59 | 13.20 | 10.96 | 16.01 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 41.91 | 43.99 | — | — |
—
|
| ’25 | 37.50 | 39.53 | 40.84 | 43.46 |
161.34
|
| ’24 | 35.72 | 37.06 | 39.24 | 37.38 |
149.39
|
| ’23 | 36.55 | 38.66 | 36.46 | 35.91 |
147.58
|
| ’22 | 35.53 | 36.40 | 39.83 | 37.22 |
148.98
|
| ’21 | 34.68 | 33.37 | 34.33 | 35.31 |
137.69
|
| ’20 | 33.62 | 33.53 | 33.14 | 32.87 |
133.15
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 17.91 | 17.56 | — | — |
—
|
| ’25 | 17.68 | 35.85 | 18.90 | 15.72 |
88.15
|
| ’24 | 15.02 | 13.60 | 5.54 | 22.79 |
56.95
|
| ’23 | 14.92 | 15.77 | 17.80 | 11.88 |
60.37
|
| ’22 | 17.19 | 17.42 | 22.29 | 12.28 |
69.18
|
| ’21 | 16.88 | 17.52 | 19.29 | 16.43 |
70.13
|
| ’20 | 20.33 | 15.09 | 16.96 | 13.11 |
65.49
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 19.30 | 5.69 | — | — |
—
|
| ’25 | (57.26) | (44.61) | (43.37) | 12.15 |
(133.09)
|
| ’24 | 32.83 | 0.93 | 4.22 | 16.46 |
54.43
|
| ’23 | 12.96 | 10.81 | 22.99 | 13.93 |
60.68
|
| ’22 | 2.78 | (21.91) | 4.50 | 3.51 |
(11.12)
|
| ’21 | 9.47 | 7.79 | (9.09) | (34.70) |
(26.53)
|
| ’20 | (47.68) | 13.25 | 13.96 | (12.50) |
(32.96)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.08 | 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
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 15.02 | 10.84 | 11.89 | 10.33 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 26.13 | 19.52 | 17.88 | 16.63 | — | — | — |
High Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 74 | 69 | 72 | 75 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.01 | 2.14 | 2.07 | 2.15 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 148.98 | 147.58 | 149.39 | 161.34 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 77.74% | 78.16% | 78.89% | 78.14% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.78 | 4.92 | 24.04 | 19.29 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.24% | 3.34% | 16.09% | 11.96% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.78 | 4.92 | 24.04 | 19.29 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 59.47 | 52.11 | 50.65 | 54.72 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.78 | 3.66 | 3.54 | 3.44 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | (0.08) | (0.19) | 0.27 | 0.14 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.76 | 1.50 | 1.35 | 1.88 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.04) | 0.01 | (0.06) | (4.71) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.28) | 1.50 | 1.29 | (2.84) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.22 | 3.82 | 4.06 | 3.66 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.39 | 40.35 | 42.17 | 46.92 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 62.46 | 76.21 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.98 | 3.62 | 4.58 | 3.10 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.61 | 3.47 | 4.00 | 2.91 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.38 | 8.63 | 9.23 | 8.36 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (139.10) | 20.99 | 25.34 | (10.13) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 69.18 | 60.37 | 56.95 | 88.15 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (80.29) | 0.32 | (2.52) | (221.24) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (11.12) | 60.68 | 54.43 | (133.09) | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.93 | 39.40 | 61.70 | 47.77 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 816.21 | 738.86 | 693.39 | 846.43 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 804.55 | 726.88 | 682.43 | 835.62 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 205.69 | 154.27 | 171.30 | 171.89 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.13%) | (0.66%) | 1.00% | 0.56% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.03% | 2.23% | 3.41% | 3.72% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.75%) | (4.30%) | 6.83% | 3.84% | ‡‡‡‡‡ | — | — |
ROE
|
Gladstone Commercial Corporation (GOOD), a net lease REIT emphasizing industrial and office properties, boasts reliable revenue growth—up 73% from 2016 to 2024, with projections for steady 5-6% annual gains ahead. However, this masks significant per-share dilution, as shares outstanding surged 74% over the same period, eroding revenue per share by 7% from its peak and challenging shareholder value in a high-rate environment.
Profitability remains volatile despite strong gross margins (78-89%), with EBT swinging wildly and EPS forecasts dipping to just $0.06-$0.15 through 2027—barely supporting its prized monthly dividend. The balance sheet raises red flags: $693 million in debt against shrinking equity (book value per share down 59%), mediocre ROE projections at 3.6%, and vulnerability to refinancing shocks. Yet, improving free cash flow and notable insider buying ($172k in recent purchases, no sells) offer a contrarian spark amid the stock’s 32% plunge from 2022 highs.
Wall Street’s mild bullishness overlooks these leverage landmines and office exposure risks, trading at seemingly cheap multiples that scream value trap. Is GOOD a steady income play or a dilution drag waiting for rate relief? Dive into the full analysis for the dissected fundamentals and projections.
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