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Gladstone Commercial Corporation

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.

12.68 0.03 −0.24%

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Market cap: $620.0M
P/E: 48.7×
Fwd P/E: 56.2×
Dividend yield: 9.47%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.18

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	4	—	—	1	—	1	1	1	1	1	1	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.04%

Capital & Financial Ratios $m

Market Cap 619.97

Revenue 170.20

Net Income 24.76

Free Cash Flow (6.23)

Net Debt 844.67

Current Ratio 3.72

Debt/Equity 5.43

P/E ratio 48.73

Fwd P/E 56.20

P/S ratio 3.63

P/B ratio 3.93

Past 5Y EPS Growth 9.24%

This Y EPS Growth 78.57%

Next Y EPS Growth (22.67%)

Next Y revenue growth 5.93%

Next 5Y EPS Growth 21.32%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 11.55%

10-year low 10-year high

P/S against its own 10 years 16.32%

10-year low 10-year high

P/B against its own 10 years 84.79%

10-year low 10-year high

EV/Sales against its own 10 years 14.07%

10-year low 10-year high

Dividends

Payout Ratio 4.62

Annual Dividend Rate 1.20

Annual Dividend Yield 9.47%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.20	0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2025	1.20	0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2024	1.20	0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2023	1.20	0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2022	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2021	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2020	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2019	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2018	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2017	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2016	1.50	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	12	11	11	10
Receivables	41	64	48	49
Inventory	—	—	—	—
Other	—	—	—	—
	53	75	59	60

	2023	2024	2025	Q'26
Payables	14	13	11	16
ST’ Debt	—	—	—	—
Other	—	—	—	—
	14	13	11	16

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	42	44	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	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

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	12.00	19.07	16.78	17.44	7.59	17.46	15.02	10.84	11.89	10.33	Analyst estimates 2026–2028 Powerpack
	High	20.10	23.35	21.16	23.98	22.65	25.90	26.13	19.52	17.88	16.63
People
People	Employees	63	65	65	70	67	69	74	69	72	75
	Revenue/emp, $m	1.37	1.46	1.64	1.63	1.99	2.00	2.01	2.14	2.07	2.15
Income, $m
Income, $m	Revenue	86	95	107	114	133	138	149	148	149	161
	Gross margin, %	88.63	86.66	84.54	84.47	76.23	76.05	77.74	78.16	78.89	78.14
	EBT	4	6	12	10	15	11	11	5	24	19
	EBT margin, %	4.58	6.26	11.54	8.34	11.25	7.91	7.24	3.34	16.09	11.96
	Net income	4	6	12	10	15	11	11	5	24	19
	Depreciation	39	44	48	52	55	58	59	52	51	55
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
	Earnings	(0.16)	(0.19)	0.03	(0.16)	0.09	(0.12)	(0.08)	(0.19)	0.27	0.14
	Cash flow	1.70	1.72	1.88	1.91	1.88	1.89	1.76	1.50	1.35	1.88
	Capex	(2.73)	(3.69)	(1.14)	(4.17)	(2.83)	(2.60)	(2.04)	0.01	(0.06)	(4.71)
	Free cash flow	(1.03)	(1.97)	0.74	(2.26)	(0.95)	(0.71)	(0.28)	1.50	1.29	(2.84)
	Book value	9.93	9.77	8.61	6.69	6.21	5.44	5.22	3.82	4.06	3.66
	Shares, m	24	27	30	32	35	37	39	40	42	47
Valuation, ×
Valuation, ×	P/E	0.00	0.00	597.33	0.00	225.00	0.00	0.00	0.00	62.46	76.21
	P/S	5.66	5.99	4.96	6.03	4.71	6.96	4.98	3.62	4.58	3.10
	P/B	2.04	2.13	2.08	3.27	2.90	4.73	3.61	3.47	4.00	2.91
	EV/Sales	11.50	11.65	10.20	11.45	9.65	12.04	9.93	8.55	9.15	8.28
	EV/FCF	(39.98)	(20.50)	50.07	(18.35)	(38.96)	(62.49)	(133.07)	20.79	25.12	(10.04)
Cash, $m
Cash, $m	Operating cash flow	41	47	56	60	65	70	69	60	57	88
	Capex	(66)	(101)	(34)	(132)	(98)	(97)	(80)	0	(3)	(221)
	Free cash flow	(25)	(54)	22	(71)	(33)	(27)	(11)	61	54	(133)
Balance, $m
Balance, $m	Working capital	28	33	39	38	43	40	41	39	62	48
	Total debt	509	543	566	627	669	708	749	739	693	846
	Net debt	505	536	559	620	658	700	738	727	682	836
	Shareholders’ equity	240	267	254	211	216	203	206	154	171	172
Returns, %
Returns, %	ROA	(0.44)	(0.55)	0.10	(0.48)	0.29	(0.30)	(0.13)	(0.66)	1.00	0.56
	ROIC	2.58	2.06	2.74	2.57	2.38	2.50	2.17	2.23	3.41	3.72
	ROE	(1.56)	(1.95)	0.37	(2.05)	1.47	(1.62)	(0.75)	(4.30)	6.83	3.84

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	74.2×	51.4×	+1.44% (above 0%: growing)	0.00%	−13.90% (below 0%: shrinking)	70.98%	24.02%	Compare
SAFE Safehold Inc.	$856.9M	7.4×	9.3×	+22.17% (above 0%: growing)	+7.69% (above 0%: growing)	−181.89% (below 0%: shrinking)	87.18%	73.05%	Compare
JBGS JBG SMITH Properties	$822.3M	— (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.	$792.9M	154×	110×	+2.95% (above 0%: growing)	n/m	+42.29% (above 0%: growing)	74.97%	(70.45%)	Compare
CTO CTO Realty Growth, Inc.	$770.7M	15.1×	45.6×	+16.45% (above 0%: growing)	n/m	+162.11% (above 0%: growing)	74.62%	30.23%	Compare
GOOD Gladstone Commercial Corporation	$620.0M	48.7×	56.2×	+11.27% (above 0%: growing)	+266.67% (above 0%: growing)	+112.75% (above 0%: growing)	79.76%	40.36%
AHRT AH Realty Trust Inc	$580.3M	— (loss-making)	— (loss-making)	+3.60% (above 0%: growing)	n/m	+105.02% (above 0%: growing)	67.20%	18.62%	Compare
FVR FrontView REIT, Inc.	$494.3M	554×	1,309×	+2.57% (above 0%: growing)	n/m	+23.47% (above 0%: growing)	87.38%	20.53%	Compare
OLP One Liberty Properties, Inc.	$480.4M	13.8×	40.8×	+10.00% (above 0%: growing)	+82.05% (above 0%: growing)	−1.58% (below 0%: shrinking)	100.00%	84.44%	Compare
Median of peers	$781.8M	44.6×	48.5×	+3.28%	+7.69%	+32.88%	74.80%	22.28%

All 16 Reit Diversified stocks →

Gladstone Commercial Corporation (GOOD) key facts

Strength: Gladstone Commercial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $161.3 million, up 8.00% from fiscal 2024.
Gladstone Commercial Corporation (GOOD) is a Reit Diversified company in the Real Estate sector, listed on Nasdaq.
As of October 9, 2026, GOOD traded at $12.68, a market capitalization of $620.0 million.
Gladstone Commercial Corporation pays an annual dividend of $1.20 per share, a yield of 9.47%.
Return on equity was 3.84% and debt-to-equity 5.43.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.