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. In the quarter to June 2026, revenue grew 11.3%, EPS grew 266.7%, free cash flow grew 112.8% and total debt rose 7.24%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Gladstone Commercial Corporation (GOOD) Piotroski F-score
Gladstone Commercial Corporation's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (4.00) |
| FY2024 | 8 | 4.00 |
| FY2023 | 4 | (1.00) |
| FY2022 | 5 | 3.00 |
| FY2021 | 2 | (5.00) |
| FY2020 | 7 | 4.00 |
| FY2019 | 3 | (4.00) |
| FY2018 | 7 | 4.00 |
| FY2017 | 3 | 0.00 |
| FY2016 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.56% | 1.00% | Pass | 1 |
| Positive operating cash flow | 88.15m | 56.95m | Pass | 1 |
| Rising return on assets | 0.56% | 1.00% | Fail | 0 |
| Cash flow above net income | 81.56m | 45.83m | Pass | 1 |
| Falling long-term leverage | 0.72 | 0.62 | Fail | 0 |
| Rising current ratio | 5.36 | 5.67 | Fail | 0 |
| No new shares issued | 46,924,900 | 42,165,100 | Fail | 0 |
| Rising gross margin | 78.14% | 78.89% | Fail | 0 |
| Rising asset turnover | 0.14 | 0.13 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CTO CTO Realty Growth, Inc. compare | 6 |
| FVR FrontView REIT, Inc. compare | 6 |
| OLP One Liberty Properties, Inc. compare | 4 |
| GOOD Gladstone Commercial Corporation | 4 |
| SAFE Safehold Inc. compare | 4 |
| AAT American Assets Trust, Inc. compare | 4 |
| JBGS JBG SMITH Properties compare | 4 |
| AHRT AH Realty Trust Inc compare | 3 |
| ESRT Empire State Realty Trust, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover