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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.

12.68 0.03 −0.24%
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 (above 35: high)
Fwd P/E 56.20 (above 35: high)
P/S ratio 3.63
P/B ratio 3.93
Past 5Y EPS Growth 9.24%
This Y EPS Growth 78.57% (at or above 15%: strong)
Next Y EPS Growth (22.67%) (below 0%: weak)
Next Y revenue growth 5.93%
Next 5Y EPS Growth 21.32% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.6×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 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.

Source: company filings (standardised) and stockrow calculations.

Gladstone Commercial Corporation (GOOD) Latest News

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