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Gladstone Commercial (GOODN) Financials

Gladstone Commercial logo
$22.32 -0.15 (-0.67%)
Closing price 07/2/2026 03:55 PM Eastern
Extended Trading
$22.49 +0.17 (+0.76%)
As of 07/2/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Gladstone Commercial

Annual Income Statements for Gladstone Commercial

This table shows Gladstone Commercial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -1.51 -3.70 -4.94 0.97 -4.76 3.15 -3.39 -1.53 -7.74 11 6.59
Consolidated Net Income / (Loss)		 3.60 3.96 5.94 12 9.54 15 11 11 4.92 24 19
Net Income / (Loss) Continuing Operations		 6.34 5.46 5.97 12 9.54 15 11 11 4.92 24 19
Total Pre-Tax Income 		6.34 5.46 5.97 12 9.54 15 11 11 4.92 24 19
Total Revenue		 57 61 74 83 90 115 110 159 155 164 162
Net Interest Income / (Expense)		 -28 -26 -25 -26 -28 -27 -27 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 28 26 25 26 28 27 27 0.00 0.00 0.00 0.00
Total Non-Interest Income		 85 87 99 110 118 142 137 159 155 164 162
Net Realized & Unrealized Capital Gains on Investments		 1.54 0.24 3.99 2.76 2.95 8.10 -1.15 10 7.74 15 0.37
Other Non-Interest Income		 84 86 95 107 114 133 138 149 148 149 161
Total Non-Interest Expense		 51 56 68 71 80 100 102 116 116 103 101
Net Occupancy & Equipment Expense		 5.30 5.89 7.69 11 13 26 27 27 26 25 29
Insurance Policy Acquisition Costs		 2.15 2.38 2.40 3.04 3.69 4.30 4.86 5.27 0.00 2.23 1.25
Other Operating Expenses		 7.61 7.79 8.63 9.02 10 11 11 12 13 13 13
Depreciation Expense		 35 38 43 48 52 55 59 60 58 56 58
Impairment Charge		 0.62 2.02 6.80 0.00 1.81 3.62 0.00 12 19 6.82 0.01
Nonoperating Income / (Expense), net		 - - - - - - 2.88 -32 -34 -37 -41
Preferred Stock Dividends Declared		 5.10 7.66 11 11 12 12 12 12 13 13 13
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 0.00 -0.09 0.05 -0.04 -0.02 -0.06 0.04 0.01
Basic Earnings per Share		 ($0.07) ($0.16) ($0.19) $0.03 ($0.16) $0.09 ($0.09) ($0.04) ($0.19) $0.27 $0.14
Weighted Average Basic Shares Outstanding		 21.16M 23.19M 26.36M 28.68M 30.70M 34.04M 36.54M 38.95M 39.94M 41.77M 46.54M
Diluted Earnings per Share		 ($0.07) ($0.16) ($0.19) $0.03 ($0.16) $0.09 ($0.09) ($0.04) ($0.19) $0.27 $0.14
Weighted Average Diluted Shares Outstanding		 21.16M 23.19M 26.36M 28.68M 30.70M 34.04M 36.54M 38.95M 39.94M 41.77M 46.54M
Weighted Average Basic & Diluted Shares Outstanding		 21.16M 23.19M 26.36M 28.68M 30.70M 34.04M 37.80M 39.99M 40.00M 44.19M 48.41M
Cash Dividends to Common per Share		 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.20 $1.20 $1.20

Quarterly Income Statements for Gladstone Commercial

This table shows Gladstone Commercial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1.42 1.33 0.30 -1.61 8.47 3.97 1.92 1.46 0.98 2.24 3.83
Consolidated Net Income / (Loss)		 1.79 4.55 3.53 1.60 12 7.19 5.14 4.63 4.14 5.39 6.97
Net Income / (Loss) Continuing Operations		 1.79 4.55 3.53 1.60 12 7.19 5.14 4.63 4.14 5.39 6.97
Total Pre-Tax Income 		1.79 4.55 3.53 1.60 12 7.19 5.14 4.63 4.14 5.39 6.97
Total Revenue		 41 48 36 37 50 50 38 40 41 43 44
Net Interest Income / (Expense)		 0.00 8.83 0.00 0.00 0.00 9.50 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -8.83 0.00 0.00 0.00 -9.50 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 41 39 36 37 50 41 38 40 41 43 44
Net Realized & Unrealized Capital Gains on Investments		 4.70 3.49 0.28 -0.05 10 3.37 0.00 0.38 -0.01 - 1.78
Other Non-Interest Income		 36 36 36 37 39 37 38 40 41 43 42
Total Non-Interest Expense		 30 28 23 26 29 25 24 25 26 26 25
Net Occupancy & Equipment Expense		 6.82 5.57 5.88 5.81 6.68 7.05 6.90 7.26 7.41 7.06 7.04
Insurance Policy Acquisition Costs		 0.00 - 1.17 1.00 0.75 2.34 0.64 0.00 0.00 0.61 0.60
Other Operating Expenses		 3.53 3.11 2.44 3.16 3.22 0.70 3.08 3.63 3.34 3.22 2.82
Depreciation Expense		 12 14 13 16 13 13 13 14 15 15 15
Nonoperating Income / (Expense), net		 -9.78 -16 -9.16 -9.44 -9.29 -18 -8.51 -10 -11 -12 -11
Preferred Stock Dividends Declared		 3.21 3.20 3.22 3.23 3.21 3.21 3.22 3.18 3.15 3.16 3.14
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.01 0.00 -0.01 0.04 0.01 0.00 0.00 0.00 0.00 0.00
Basic Earnings per Share		 ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10 $0.04 $0.03 $0.02 $0.05 $0.08
Weighted Average Basic Shares Outstanding		 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M 44.61M 46.22M 46.88M 46.54M 48.41M
Diluted Earnings per Share		 ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10 $0.04 $0.03 $0.02 $0.05 $0.08
Weighted Average Diluted Shares Outstanding		 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M 44.61M 46.22M 46.88M 46.54M 48.41M
Weighted Average Basic & Diluted Shares Outstanding		 39.95M 40.00M 40.05M 42.53M 43.92M 44.19M 46.28M 46.56M 48.40M 48.41M 48.41M

Annual Cash Flow Statements for Gladstone Commercial

This table details how cash moves in and out of Gladstone Commercial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.45 -1.67 1.39 0.00 2.41 4.59 -2.90 2.81 0.14 -1.06 1.52
Net Cash From Operating Activities		 31 41 47 56 60 65 70 69 60 57 88
Net Cash From Continuing Operating Activities		 31 41 47 56 60 65 70 69 60 57 88
Net Income / (Loss) Continuing Operations		 3.60 3.96 5.94 12 9.54 15 11 11 4.92 24 19
Consolidated Net Income / (Loss)		 3.60 3.96 5.94 12 9.54 15 11 11 4.92 24 19
Provision For Loan Losses		 - - 0.00 0.00 0.15 0.06 - 0.00 0.00 0.06 0.00
Depreciation Expense		 35 38 43 48 52 55 59 60 58 56 58
Amortization Expense		 1.13 1.06 0.75 0.70 0.26 -0.34 -1.64 -0.69 -5.74 -5.15 -3.52
Non-Cash Adjustments to Reconcile Net Income		 -6.84 -2.48 -0.82 -5.59 -3.62 -7.74 -3.65 -1.04 3.38 -18 12
Changes in Operating Assets and Liabilities, net		 -1.68 1.08 -1.87 0.55 1.83 3.06 5.33 -0.04 -0.05 0.10 1.69
Net Cash From Investing Activities		 -74 -60 -100 -34 -132 -100 -95 -83 1.14 -1.73 -221
Net Cash From Continuing Investing Activities		 -74 -60 -100 -34 -132 -100 -95 -83 1.14 -1.73 -221
Purchase of Property, Leasehold Improvements and Equipment		 -9.50 -9.77 -12 -7.00 -5.28 -8.35 -9.11 -9.37 -8.19 -15 -24
Purchase of Investment Securities		 -80 -69 -124 -42 -132 -128 -100 -113 -30 -27 -208
Sale of Property, Leasehold Improvements and Equipment		 3.43 3.44 2.09 2.68 - 2.41 3.80 1.84 1.04 0.95 3.14
Sale and/or Maturity of Investments		 6.68 12 29 13 6.32 36 8.84 39 37 38 7.64
Other Investing Activities, net		 2.90 1.23 1.40 -0.61 -1.22 -1.92 1.84 -1.51 1.30 2.15 0.03
Net Cash From Financing Activities		 40 17 54 -21 74 39 22 16 -61 -56 135
Net Cash From Continuing Financing Activities		 40 17 54 -21 74 39 22 16 -61 -56 135
Net Change in Deposits		 0.04 0.02 -0.06 0.08 -0.19 -0.02 0.10 0.49 0.10 0.16 1.38
Issuance of Debt		 171 208 218 103 282 233 156 325 133 174 474
Issuance of Common Equity		 50 118 86 19 135 64 145 50 10 55 62
Repayment of Debt		 -142 -224 -195 -87 -221 -192 -119 -281 -141 -219 -323
Repurchase of Preferred Equity		 0.00 -39 0.00 0.00 -57 0.00 -88 -0.36 -0.50 -1.71 -4.50
Repurchase of Common Equity		 0.00 -0.18 -0.02 -0.03 - - 0.00 0.00 -1.00 0.00 0.00
Payment of Dividends		 -37 -42 -50 -55 -59 -64 -68 -71 -61 -63 -68
Other Financing Activities, Net		 -2.95 -4.40 -4.18 -0.68 -5.91 -1.59 -5.37 -6.43 -0.99 -2.20 -6.69
Cash Interest Paid		 29 25 22 25 26 26 23 28 33 36 39

Quarterly Cash Flow Statements for Gladstone Commercial

This table details how cash moves in and out of Gladstone Commercial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.51 -5.94 -1.22 -0.50 0.11 0.54 0.29 0.54 8.73 -8.04 -3.06
Net Cash From Operating Activities		 18 12 15 14 5.54 23 18 36 19 16 18
Net Cash From Continuing Operating Activities		 18 12 15 14 5.54 23 18 36 19 16 18
Net Income / (Loss) Continuing Operations		 1.79 4.55 3.53 1.60 12 7.20 5.14 4.64 4.14 5.38 6.97
Consolidated Net Income / (Loss)		 1.79 4.55 3.53 1.60 12 7.20 5.14 4.64 4.14 5.38 6.97
Depreciation Expense		 12 14 13 16 13 13 13 14 15 15 15
Amortization Expense		 -1.20 -1.28 -1.14 -1.57 -1.20 -1.24 -1.03 -1.04 -1.09 -0.38 -0.66
Non-Cash Adjustments to Reconcile Net Income		 1.02 -2.18 -1.53 -1.43 -12 -3.01 -0.43 -1.32 -1.65 16 -3.71
Changes in Operating Assets and Liabilities, net		 3.71 -2.95 0.84 -1.08 -6.40 6.74 0.76 19 2.23 -21 0.51
Net Cash From Investing Activities		 3.34 4.73 18 -13 2.83 -10 -75 -80 -62 -3.06 1.33
Net Cash From Continuing Investing Activities		 3.34 4.73 18 -13 2.83 -10 -76 -80 -62 -3.06 1.33
Purchase of Property, Leasehold Improvements and Equipment		 -2.56 0.34 -2.49 -3.43 -1.09 -8.10 -1.97 -6.21 -12 -4.23 -0.94
Purchase of Investment Securities		 -12 -12 -0.25 -12 -10 -5.24 -74 -80 -55 1.45 0.00
Sale of Property, Leasehold Improvements and Equipment		 0.15 0.69 0.40 0.21 0.19 0.16 0.73 0.20 1.61 0.60 0.31
Sale and/or Maturity of Investments		 18 15 19 2.43 14 2.50 0.00 4.85 2.80 - 1.96
Net Cash From Financing Activities		 -20 -23 -35 -1.44 -8.26 -12 58 45 52 -21 -22
Net Cash From Continuing Financing Activities		 -20 -23 -35 -1.44 -8.26 -12 58 45 52 -21 -22
Net Change in Deposits		 -0.11 -0.04 -0.05 0.20 0.05 -0.04 0.35 -0.10 0.24 0.89 0.00
Issuance of Debt		 68 31 20 22 27 106 85 101 78 210 19
Issuance of Common Equity		 1.01 0.45 0.19 11 40 4.52 28 11 23 -0.00 0.00
Repayment of Debt		 -73 -38 -39 -19 -57 -104 -38 -48 -29 -209 -26
Repurchase of Preferred Equity		 -0.18 -0.08 -0.06 -0.26 -1.01 -0.39 -0.58 -1.80 -1.66 -0.46 -0.39
Payment of Dividends		 -15 -15 -15 -15 -16 -16 -16 -17 -17 -18 -18
Other Financing Activities, Net		 -0.33 -0.06 -0.01 -0.23 -0.54 -1.42 -0.41 -0.34 -0.94 -5.00 3.14

Annual Balance Sheets for Gladstone Commercial

This table presents Gladstone Commercial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 827 852 928 939 1,040 1,098 1,143 1,203 1,133 1,094 1,247
Cash and Due from Banks		 5.15 4.66 6.68 6.59 6.85 11 7.96 12 12 11 11
Restricted Cash		 4.21 3.03 2.40 2.49 4.64 5.06 5.22 4.34 4.15 4.12 5.78
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 668 690 744 768 849 900 959 1,001 922 892 1,031
Intangible Assets		 105 106 119 111 115 117 114 112 101 95 116
Other Assets		 45 48 56 50 63 64 57 74 95 92 84
Total Liabilities & Shareholders' Equity		 827 852 928 939 1,040 1,098 1,143 1,203 1,133 1,094 1,247
Total Liabilities		 593 541 578 599 676 723 771 827 809 753 905
Short-Term Debt		 45 39 21 50 52 53 34 23 76 1.90 37
Other Short-Term Payables		 8.25 7.97 9.63 5.23 - - 3.43 9.61 14 13 11
Long-Term Debt		 481 470 522 516 578 618 674 726 663 691 806
Other Long-Term Liabilities		 60 24 26 27 47 51 60 68 57 46 51
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 71 83 86 152 159 170 170 170 170 170
Total Equity & Noncontrolling Interests		 234 240 267 254 211 216 203 206 154 171 172
Total Preferred & Common Equity		 234 240 267 250 208 213 201 204 153 171 172
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 234 240 267 250 208 213 201 204 153 171 172
Common Stock		 419 463 535 560 571 627 671 721 730 784 842
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 0.04 -0.15 -2.13 -4.35 -1.35 12 7.76 11 3.31
Other Equity Adjustments		 -185 -224 -268 -310 -361 -409 -469 -529 -585 -624 -673
Noncontrolling Interest		 - - 0.00 4.68 2.90 2.85 1.26 1.79 0.99 0.13 0.12

Quarterly Balance Sheets for Gladstone Commercial

This table presents Gladstone Commercial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,210 1,187 1,182 1,167 1,105 1,106 1,096 1,160 1,210 1,265 1,231
Cash and Due from Banks		 14 14 16 18 10 10 11 10 12 18 7.96
Restricted Cash		 4.15 4.51 4.08 3.81 4.47 4.00 4.00 4.98 4.24 6.23 5.57
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 995 991 946 934 906 919 901 950 1,008 1,050 1,022
Intangible Assets		 113 108 104 103 98 96 98 103 114 120 113
Other Assets		 84 69 111 108 87 76 83 92 72 70 83
Total Liabilities & Shareholders' Equity		 1,210 1,187 1,182 1,167 1,105 1,106 1,096 1,160 1,210 1,265 1,231
Total Liabilities		 822 826 828 821 787 790 757 807 863 910 897
Short-Term Debt		 7.75 26 38 71 76 81 53 51 94 145 34
Other Short-Term Payables		 3.70 2.46 - 14 14 16 16 - - - 14
Long-Term Debt		 734 721 715 678 643 641 639 689 700 698 802
Other Long-Term Liabilities		 77 76 74 58 53 51 49 66 68 67 47
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 170 170 170 170 170 170 170 170 170 170 170
Total Equity & Noncontrolling Interests		 217 191 184 177 148 146 169 183 177 185 164
Total Preferred & Common Equity		 215 189 182 175 147 146 169 183 177 185 163
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 215 189 182 175 147 146 169 183 177 185 163
Common Stock		 717 726 729 729 731 742 780 812 821 842 841
Accumulated Other Comprehensive Income / (Loss)		 12 6.01 14 20 13 14 3.37 6.65 4.30 3.70 6.03
Other Equity Adjustments		 -514 -543 -561 -574 -596 -610 -615 -635 -648 -661 -684
Noncontrolling Interest		 1.94 1.64 1.52 1.46 0.94 0.11 0.13 0.14 0.13 0.13 0.12

Annual Metrics And Ratios for Gladstone Commercial

This table displays calculated financial ratios and metrics derived from Gladstone Commercial's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 22,065,674.00 23,748,303.00 27,705,664.00 28,987,513.00 31,229,157.00 34,268,297.00 37,268,416.00 - - - 48,401,155.00
DEI Adjusted Shares Outstanding		 22,065,674.00 23,748,303.00 27,705,664.00 28,987,513.00 31,229,157.00 34,268,297.00 37,268,416.00 - - - 48,401,155.00
DEI Earnings Per Adjusted Shares Outstanding		 0.16 0.17 0.21 0.43 0.31 0.44 0.29 - - - 0.40
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.64% 6.55% 21.65% 12.37% 7.56% 27.92% -4.52% 45.03% -2.33% 5.34% -1.35%
EBITDA Growth		 60.09% 3.01% 12.43% 22.48% 1.97% 13.31% -6.50% 56.08% -10.71% 22.07% 2.94%
EBIT Growth		 300.66% -13.87% 9.27% 106.57% -22.58% 57.06% -46.62% 434.88% -8.34% 55.05% -1.30%
NOPAT Growth		 386.66% -13.87% 9.27% 106.57% -22.58% 57.06% -46.62% 434.88% -8.34% 55.05% -1.30%
Net Income Growth		 160.93% 10.07% 50.00% 107.58% -22.58% 57.06% -27.29% -1.04% -54.35% 388.42% -19.75%
EPS Growth		 88.52% -128.57% -18.75% 115.79% -633.33% 156.25% -200.00% 55.56% -375.00% 242.11% -48.15%
Operating Cash Flow Growth		 11.67% 30.72% 13.80% 18.69% 8.26% 8.80% 7.07% -1.35% -12.74% -5.66% 54.78%
Free Cash Flow Firm Growth		 64.17% -69.83% -20.82% 98.66% -8,511.28% 49.01% 35.44% 92.82% 5,643.69% -11.64% -200.90%
Invested Capital Growth		 5.41% 8.01% 8.88% 1.48% 9.56% 5.47% 3.19% 4.13% -5.49% -2.68% 14.56%
Revenue Q/Q Growth		 -4.72% -0.32% 4.09% 2.89% -5.34% 9.86% 1.82% 25.87% 14.36% 28.73% 1.51%
EBITDA Q/Q Growth		 -7.21% -1.62% -2.26% 8.04% -11.69% 17.53% -0.15% 44.50% 21.14% 54.02% 3.85%
EBIT Q/Q Growth		 -43.28% -14.93% -38.46% 47.49% -47.82% 242.59% -1.96% 271.88% 76.73% 187.80% 1.72%
NOPAT Q/Q Growth		 -36.20% -14.93% -38.46% 47.49% -17.54% 270.55% -55.77% 271.88% 76.73% 187.80% 1.72%
Net Income Q/Q Growth		 -38.22% -6.43% -38.76% 47.70% -17.65% 129.16% -30.05% -10.45% 46.88% 12.35% -8.57%
EPS Q/Q Growth		 -130.43% -77.78% -533.33% 123.08% -1,700.00% 134.62% -280.00% -300.00% 17.39% 28.57% -26.32%
Operating Cash Flow Q/Q Growth		 -8.45% 13.00% 1.51% 5.23% 4.01% -5.78% 4.97% -5.66% -0.66% 23.69% -7.42%
Free Cash Flow Firm Q/Q Growth		 48.87% -62.53% -36.82% -162.28% -59.57% 51.18% -196.78% 97.47% 80.48% 4.96% 15.76%
Invested Capital Q/Q Growth		 -1.25% 1.32% 2.88% 3.57% 6.21% 2.72% 3.30% -0.39% -2.96% 0.29% -1.08%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 74.61% 72.13% 66.66% 72.66% 68.88% 61.01% 59.74% 64.30% 58.78% 68.12% 71.14%
EBIT Margin		 11.06% 8.94% 8.03% 14.77% 10.63% 13.05% 7.29% 26.90% 25.25% 37.17% 37.30%
Profit (Net Income) Margin		 6.28% 6.48% 7.99% 14.77% 10.63% 13.05% 9.94% 6.78% 3.17% 14.69% 11.93%
Tax Burden Percent		 56.73% 72.49% 99.51% 100.00% 100.00% 100.00% 100.15% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 136.00% 25.20% 12.55% 39.53% 31.99%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.86% 0.69% 0.70% 1.37% 1.01% 1.47% 0.75% 3.88% 3.58% 5.80% 5.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.32% 0.40% 0.69% 1.37% 1.01% 1.47% 1.17% -0.51% -1.02% 0.66% 0.09%
Return on Net Nonoperating Assets (RNNOA)		 0.74% 0.76% 1.10% 2.20% 1.71% 2.59% 2.16% -1.00% -2.18% 1.43% 0.21%
Return on Equity (ROE)		 1.59% 1.45% 1.80% 3.57% 2.71% 4.06% 2.91% 2.88% 1.41% 7.22% 5.65%
Cash Return on Invested Capital (CROIC)		 -4.41% -7.01% -7.81% -0.10% -8.12% -3.85% -2.39% -0.17% 9.23% 8.51% -8.14%
Operating Return on Assets (OROA)		 0.79% 0.65% 0.67% 1.32% 0.96% 1.40% 0.71% 3.65% 3.36% 5.46% 5.15%
Return on Assets (ROA)		 0.45% 0.47% 0.67% 1.32% 0.96% 1.40% 0.97% 0.92% 0.42% 2.16% 1.65%
Return on Common Equity (ROCE)		 1.59% 1.26% 1.38% 2.67% 1.77% 2.32% 1.61% 1.56% 0.72% 3.52% 2.83%
Return on Equity Simple (ROE_SIMPLE)		 1.54% 1.65% 2.23% 4.93% 4.58% 7.03% 5.41% 5.29% 3.21% 14.04% 11.23%
Net Operating Profit after Tax (NOPAT)		 6.34 5.46 5.97 12 9.54 15 8.00 43 39 61 60
NOPAT Margin		 11.06% 8.94% 8.03% 14.77% 10.63% 13.05% 7.29% 26.90% 25.25% 37.17% 37.30%
Net Nonoperating Expense Percent (NNEP)		 0.53% 0.29% 0.01% 0.00% 0.00% 0.00% -0.42% 4.39% 4.61% 5.13% 5.34%
SG&A Expenses to Revenue		 9.24% 9.65% 10.35% 13.73% 14.03% 22.64% 24.71% 16.87% 16.65% 15.54% 17.70%
Operating Expenses to Revenue		 88.94% 91.06% 91.97% 85.23% 89.37% 86.95% 92.71% 73.10% 74.75% 62.83% 62.70%
Earnings before Interest and Taxes (EBIT)		 6.34 5.46 5.97 12 9.54 15 8.00 43 39 61 60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 43 44 50 61 62 70 66 102 91 111 115
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.68 1.08 1.28 1.32 2.22 2.15 3.81 3.00 3.16 4.14 2.91
Price to Tangible Book Value (P/TBV)		 1.24 1.93 2.30 2.38 4.99 4.79 8.83 6.63 9.26 9.32 8.88
Price to Revenue (P/Rev)		 2.79 4.25 4.59 3.94 5.15 4.00 6.99 3.85 3.12 4.33 3.09
Price to Earnings (P/E)		 0.00 0.00 0.00 337.62 0.00 145.78 0.00 0.00 0.00 63.72 75.74
Dividend Yield		 20.68% 13.71% 12.20% 13.24% 10.12% 11.22% 7.31% 9.74% 9.91% 7.44% 11.63%
Earnings Yield		 0.00% 0.00% 0.00% 0.30% 0.00% 0.69% 0.00% 0.00% 0.00% 1.57% 1.32%
Enterprise Value to Invested Capital (EV/IC)		 0.89 1.01 1.07 1.08 1.24 1.22 1.51 1.35 1.30 1.51 1.26
Enterprise Value to Revenue (EV/Rev)		 11.80 13.63 12.89 11.69 13.77 11.12 14.89 9.54 8.87 9.52 9.25
Enterprise Value to EBITDA (EV/EBITDA)		 15.81 18.90 19.34 16.09 19.98 18.22 24.92 14.84 15.09 13.97 13.01
Enterprise Value to EBIT (EV/EBIT)		 106.65 152.42 160.51 79.17 129.52 85.20 204.07 35.46 35.13 25.61 24.81
Enterprise Value to NOPAT (EV/NOPAT)		 106.65 152.42 160.51 79.17 129.52 85.20 204.07 35.46 35.13 25.61 24.81
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.47 20.22 20.44 17.55 20.53 19.49 23.28 21.93 22.82 27.34 16.97
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.64 17.45 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.25 1.64 1.55 1.66 1.73 1.79 1.90 1.99 2.28 2.03 2.47
Long-Term Debt to Equity		 2.06 1.51 1.49 1.52 1.59 1.65 1.81 1.93 2.04 2.03 2.36
Financial Leverage		 2.28 1.90 1.59 1.61 1.70 1.76 1.84 1.95 2.13 2.15 2.25
Leverage Ratio		 3.58 3.08 2.69 2.71 2.81 2.89 3.00 3.13 3.34 3.35 3.43
Compound Leverage Factor		 3.58 3.08 2.69 2.71 2.81 2.89 4.07 0.79 0.42 1.32 1.10
Debt to Total Capital		 69.20% 62.12% 60.77% 62.47% 63.41% 64.15% 65.49% 66.60% 69.50% 67.01% 71.15%
Short-Term Debt to Total Capital		 5.87% 4.78% 2.32% 5.53% 5.20% 5.09% 3.11% 2.07% 7.12% 0.18% 3.15%
Long-Term Debt to Total Capital		 63.32% 57.34% 58.45% 56.95% 58.22% 59.06% 62.39% 64.53% 62.37% 66.83% 68.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 8.63% 9.34% 9.96% 15.62% 15.49% 15.88% 15.28% 16.09% 16.45% 14.35%
Common Equity to Total Capital		 30.80% 29.25% 29.88% 27.56% 20.97% 20.36% 18.63% 18.13% 14.42% 16.54% 14.49%
Debt to EBITDA		 12.29 11.57 10.96 9.33 10.18 9.59 10.80 7.33 8.09 6.22 7.33
Net Debt to EBITDA		 12.07 11.39 10.78 9.18 9.99 9.36 10.60 7.17 7.92 6.09 7.19
Long-Term Debt to EBITDA		 11.24 10.68 10.54 8.51 9.35 8.83 10.29 7.10 7.26 6.20 7.01
Debt to NOPAT		 82.87 93.30 90.95 45.93 65.98 44.82 88.45 17.51 18.84 11.40 13.98
Net Debt to NOPAT		 81.40 91.89 89.43 45.19 64.77 43.75 86.80 17.14 18.43 11.15 13.71
Long-Term Debt to NOPAT		 75.84 86.11 87.48 41.87 60.57 41.26 84.26 16.97 16.91 11.37 13.37
Noncontrolling Interest Sharing Ratio		 0.00% 12.99% 23.33% 25.17% 34.89% 42.95% 44.60% 45.87% 48.98% 51.26% 49.81%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -33 -55 -67 -0.90 -77 -39 -25 -1.82 101 89 -90
Operating Cash Flow to CapEx		 518.65% 649.43% 478.52% 1,288.51% 1,139.17% 1,102.22% 1,321.89% 918.93% 843.70% 402.41% 416.85%
Free Cash Flow to Firm to Interest Expense		 -1.16 -2.14 -2.72 -0.03 -2.73 -1.47 -0.94 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 1.12 1.59 1.91 2.12 2.13 2.44 2.61 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.91 1.34 1.51 1.96 1.94 2.22 2.41 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.08 0.09 0.09 0.11 0.10 0.14 0.13 0.15 0.14
Fixed Asset Turnover		 0.09 0.09 0.10 0.11 0.11 0.13 0.12 0.16 0.16 0.18 0.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 759 820 893 906 993 1,047 1,080 1,125 1,063 1,035 1,185
Invested Capital Turnover		 0.08 0.08 0.09 0.09 0.09 0.11 0.10 0.14 0.14 0.16 0.15
Increase / (Decrease) in Invested Capital		 39 61 73 13 87 54 33 45 -62 -28 151
Enterprise Value (EV)		 676 832 958 976 1,236 1,277 1,632 1,517 1,378 1,557 1,496
Market Capitalization		 160 260 341 328 463 459 766 612 484 709 499
Book Value per Share		 $10.60 $10.10 $9.63 $8.62 $6.66 $6.22 $5.40 $5.15 $3.84 $3.90 $3.55
Tangible Book Value per Share		 $5.84 $5.66 $5.34 $4.77 $2.97 $2.80 $2.33 $2.33 $1.31 $1.73 $1.16
Total Capital		 759 820 893 906 993 1,047 1,080 1,125 1,063 1,035 1,185
Total Debt		 525 509 543 566 629 672 708 749 739 693 843
Total Long-Term Debt		 481 470 522 516 578 618 674 726 663 691 806
Net Debt		 516 502 534 557 618 656 694 733 723 678 827
Capital Expenditures (CapEx)		 6.07 6.34 9.79 4.32 5.28 5.94 5.31 7.53 7.16 14 21
Net Nonoperating Expense (NNE)		 2.74 1.50 0.03 0.00 0.00 0.00 -2.90 32 34 37 41
Net Nonoperating Obligations (NNO)		 525 509 543 566 629 672 708 749 739 693 843
Total Depreciation and Amortization (D&A)		 36 39 44 48 52 55 58 59 52 51 55
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.07) ($0.16) ($0.19) $0.03 ($0.16) $0.09 ($0.12) ($0.08) ($0.19) $0.27 $0.14
Adjusted Weighted Average Basic Shares Outstanding		 21.16M 23.19M 28.42M 29.44M 33.93M 35.73M 36.54M 38.95M 39.94M 41.77M 46.54M
Adjusted Diluted Earnings per Share		 ($0.07) ($0.16) ($0.19) $0.03 ($0.16) $0.09 ($0.12) ($0.08) ($0.19) $0.27 $0.14
Adjusted Weighted Average Diluted Shares Outstanding		 21.16M 23.19M 28.42M 29.44M 33.93M 35.73M 36.54M 38.95M 39.94M 41.77M 46.54M
Adjusted Basic & Diluted Earnings per Share		 ($0.07) ($0.16) ($0.19) $0.03 ($0.16) $0.09 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 22.55M 24.98M 26.36M 28.68M 30.70M 34.04M 37.80M 39.99M 40.00M 44.19M 48.41M
Normalized Net Operating Profit after Tax (NOPAT)		 4.87 5.23 8.94 8.63 7.95 13 5.60 38 41 47 42
Normalized NOPAT Margin		 8.50% 8.57% 12.03% 10.34% 8.85% 11.34% 5.11% 24.15% 26.37% 28.93% 26.11%
Pre Tax Income Margin		 11.06% 8.94% 8.03% 14.77% 10.63% 13.05% 9.92% 6.78% 3.17% 14.69% 11.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.23 0.21 0.24 0.47 0.34 0.56 0.30 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.23 0.21 0.24 0.47 0.34 0.56 0.30 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.01 -0.03 -0.16 0.31 0.15 0.34 0.10 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.01 -0.03 -0.16 0.31 0.15 0.34 0.10 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 1,025.33% 1,073.62% 849.05% 442.75% 617.20% 425.47% 620.39% 659.36% 1,231.61% 261.18% 353.37%
Augmented Payout Ratio		 1,025.33% 1,078.12% 849.45% 443.03% 617.20% 425.47% 620.39% 659.36% 1,251.89% 261.18% 353.37%

Quarterly Metrics And Ratios for Gladstone Commercial

This table displays calculated financial ratios and metrics derived from Gladstone Commercial's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 44,192,741.00 46,282,863.00 46,559,482.00 48,401,155.00 48,406,993.00
DEI Adjusted Shares Outstanding		 - - - - - - 44,192,741.00 46,282,863.00 46,559,482.00 48,401,155.00 48,406,993.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.12 0.10 0.09 0.11 0.14
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.86% -21.17% -3.31% -3.13% 20.39% 4.18% 4.16% 7.84% -17.60% 5.11% 16.51%
EBITDA Growth		 20.93% -33.67% -4.56% 30.85% 45.06% 14.11% 3.97% 9.77% -12.54% 14.05% 26.00%
EBIT Growth		 368.35% -43.44% 14.04% 145.76% 81.53% 25.78% 7.52% 33.77% -29.50% 4.41% 35.23%
NOPAT Growth		 368.35% -43.44% 14.04% 251.08% 81.53% 25.78% 7.52% 33.77% -29.50% 4.41% 35.23%
Net Income Growth		 -35.70% 52.72% 11.34% 134.87% 554.07% 58.05% 45.66% 189.63% -64.70% -25.14% 35.75%
EPS Growth		 -300.00% 0.00% 0.00% 78.95% 600.00% 150.00% 300.00% 175.00% -90.00% -50.00% 100.00%
Operating Cash Flow Growth		 -20.14% -3.27% 0.70% -13.74% -68.88% 91.84% 17.71% 163.53% 241.12% -31.01% 1.28%
Free Cash Flow Firm Growth		 155.93% 1,001.27% 595.74% 481.64% 87.25% -34.40% -151.47% -210.55% -278.71% -398.05% -34.03%
Invested Capital Growth		 -2.99% -5.49% -6.37% -6.24% -5.83% -2.68% 5.44% 9.95% 16.14% 14.56% 6.94%
Revenue Q/Q Growth		 7.73% 17.17% 13.28% 38.06% 33.89% 1.40% -9.31% 6.42% 2.31% 6.44% 0.53%
EBITDA Q/Q Growth		 17.33% 42.41% 96.90% 62.58% 30.08% 12.02% -8.40% 8.17% 3.64% 11.05% 1.19%
EBIT Q/Q Growth		 157.69% 73.61% 178.09% 216.07% 90.34% 20.30% -16.68% 8.22% 0.31% 15.44% 7.91%
NOPAT Q/Q Growth		 268.13% 73.61% 178.09% 216.07% 90.34% 20.30% -16.68% 8.22% 0.31% 15.44% 7.91%
Net Income Q/Q Growth		 139.06% 153.96% -22.52% -54.62% 632.56% -38.63% -28.60% -9.77% -10.73% 30.17% 29.47%
EPS Q/Q Growth		 78.95% 200.00% -75.00% -500.00% 600.00% -50.00% -60.00% -25.00% -33.33% 150.00% 60.00%
Operating Cash Flow Q/Q Growth		 12.89% -33.27% 26.48% -9.45% -59.27% 311.32% -22.39% 102.71% -47.28% -16.81% 13.93%
Free Cash Flow Firm Q/Q Growth		 229.13% 80.56% 29.21% 8.21% 5.96% -36.74% -195.61% -106.76% -71.28% 11.97% 57.01%
Invested Capital Q/Q Growth		 -1.07% -2.96% -2.40% 0.07% -0.64% 0.29% 5.74% 4.35% 4.95% -1.08% -1.30%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 55.52% 67.48% 58.48% 68.87% 66.90% 73.91% 68.96% 70.10% 71.01% 74.09% 74.58%
EBIT Margin		 28.12% 41.66% 13.03% 29.82% 42.39% 50.30% 36.38% 36.99% 36.27% 39.34% 42.23%
Profit (Net Income) Margin		 4.35% 9.44% 13.15% 4.32% 23.65% 14.32% 13.70% 11.61% 10.13% 12.39% 15.96%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 15.48% 22.65% 100.97% 14.50% 55.79% 28.46% 37.65% 31.39% 27.93% 31.50% 37.79%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 3.43% 5.91% 1.46% 3.30% 5.07% 7.85% 5.65% 5.70% 5.18% 5.73% 6.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.12% 3.83% 1.46% 2.02% 3.78% 5.32% 4.48% 4.37% 3.79% 4.21% 4.81%
Return on Net Nonoperating Assets (RNNOA)		 4.30% 8.13% 3.16% 4.46% 7.94% 11.45% 9.74% 9.99% 8.39% 9.46% 11.03%
Return on Equity (ROE)		 7.74% 14.05% 4.61% 7.75% 13.01% 19.29% 15.39% 15.69% 13.57% 15.19% 17.30%
Cash Return on Invested Capital (CROIC)		 5.03% 9.23% 7.06% 7.53% 7.99% 8.51% 0.52% -3.47% -9.62% -8.14% -0.95%
Operating Return on Assets (OROA)		 3.21% 5.54% 1.36% 3.10% 4.76% 7.39% 5.31% 5.37% 4.89% 5.43% 5.93%
Return on Assets (ROA)		 0.50% 1.25% 1.38% 0.45% 2.66% 2.10% 2.00% 1.69% 1.37% 1.71% 2.24%
Return on Common Equity (ROCE)		 4.12% 7.17% 2.28% 3.80% 6.53% 9.40% 7.57% 7.64% 6.92% 7.62% 8.73%
Return on Equity Simple (ROE_SIMPLE)		 1.91% 0.00% 3.58% 7.87% 12.67% 0.00% 14.00% 16.19% 11.42% 0.00% 12.92%
Net Operating Profit after Tax (NOPAT)		 12 20 3.49 11 21 25 14 15 15 17 18
NOPAT Margin		 28.12% 41.66% 13.03% 29.82% 42.39% 50.30% 36.38% 36.99% 36.27% 39.34% 42.23%
Net Nonoperating Expense Percent (NNEP)		 1.31% 2.09% 0.00% 1.28% 1.29% 2.52% 1.17% 1.34% 1.39% 1.52% 1.46%
SG&A Expenses to Revenue		 16.57% 11.55% 21.95% 15.69% 13.48% 14.02% 18.40% 18.19% 18.15% 16.24% 16.10%
Operating Expenses to Revenue		 71.88% 58.34% 86.97% 70.18% 57.61% 49.70% 63.62% 63.01% 63.73% 60.66% 57.77%
Earnings before Interest and Taxes (EBIT)		 12 20 3.49 11 21 25 14 15 15 17 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 23 33 16 25 33 37 26 28 29 32 33
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.52 3.16 3.62 3.87 4.06 4.14 3.25 3.72 3.08 2.91 3.36
Price to Tangible Book Value (P/TBV)		 6.09 9.26 10.75 11.33 9.65 9.32 7.40 10.46 8.82 8.88 10.78
Price to Revenue (P/Rev)		 3.25 3.12 4.45 4.75 5.40 4.33 3.60 3.92 3.57 3.09 3.27
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 80.94 63.72 46.81 41.66 68.34 75.74 64.51
Dividend Yield		 11.53% 9.91% 8.98% 8.53% 7.43% 7.44% 8.90% 8.44% 9.83% 11.63% 10.58%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 1.24% 1.57% 2.14% 2.40% 1.46% 1.32% 1.55%
Enterprise Value to Invested Capital (EV/IC)		 1.22 1.30 1.36 1.39 1.49 1.51 1.36 1.41 1.30 1.26 1.32
Enterprise Value to Revenue (EV/Rev)		 9.87 8.87 11.75 12.15 12.08 9.52 9.02 9.56 9.78 9.25 9.18
Enterprise Value to EBITDA (EV/EBITDA)		 17.78 15.09 25.14 23.23 21.21 13.97 13.23 13.98 14.06 13.01 12.66
Enterprise Value to EBIT (EV/EBIT)		 60.40 35.13 273.71 123.31 72.64 25.61 24.04 24.54 26.27 24.81 23.68
Enterprise Value to NOPAT (EV/NOPAT)		 60.40 35.13 273.71 123.31 72.64 25.61 24.04 24.54 26.27 24.81 23.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.06 22.82 23.30 24.73 33.33 27.34 25.02 19.63 16.36 16.97 17.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 23.95 13.64 18.61 17.85 18.05 17.45 267.72 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.16 2.28 2.26 2.29 2.04 2.03 2.10 2.29 2.38 2.47 2.51
Long-Term Debt to Equity		 1.96 2.04 2.02 2.03 1.89 2.03 1.95 2.02 1.97 2.36 2.40
Financial Leverage		 2.03 2.13 2.16 2.20 2.10 2.15 2.17 2.29 2.21 2.25 2.30
Leverage Ratio		 3.24 3.34 3.38 3.42 3.30 3.35 3.37 3.49 3.40 3.43 3.48
Compound Leverage Factor		 0.50 0.76 3.41 0.50 1.84 0.95 1.27 1.10 0.95 1.08 1.32
Debt to Total Capital		 68.36% 69.50% 69.33% 69.58% 67.13% 67.01% 67.70% 69.58% 70.37% 71.15% 71.48%
Short-Term Debt to Total Capital		 6.48% 7.12% 7.32% 7.81% 5.16% 0.18% 4.69% 8.27% 12.13% 3.15% 2.93%
Long-Term Debt to Total Capital		 61.89% 62.37% 62.01% 61.77% 61.97% 66.83% 63.01% 61.31% 58.24% 68.00% 68.56%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 15.65% 16.09% 16.48% 16.39% 16.49% 16.45% 15.55% 14.90% 14.20% 14.35% 14.54%
Common Equity to Total Capital		 15.98% 14.42% 14.20% 14.03% 16.37% 16.54% 16.75% 15.52% 15.42% 14.49% 13.97%
Debt to EBITDA		 9.94 8.09 12.83 11.64 9.57 6.22 6.57 6.91 7.61 7.33 6.87
Net Debt to EBITDA		 9.64 7.92 12.57 11.41 9.37 6.09 6.43 6.77 7.39 7.19 6.76
Long-Term Debt to EBITDA		 9.00 7.26 11.48 10.33 8.84 6.20 6.12 6.09 6.30 7.01 6.59
Debt to NOPAT		 33.75 18.84 139.74 61.79 32.78 11.40 11.94 12.13 14.22 13.98 12.84
Net Debt to NOPAT		 32.76 18.43 136.84 60.55 32.09 11.15 11.69 11.89 13.81 13.71 12.64
Long-Term Debt to NOPAT		 30.56 16.91 124.98 54.85 30.26 11.37 11.11 10.69 11.77 13.37 12.32
Noncontrolling Interest Sharing Ratio		 46.81% 48.98% 50.47% 51.03% 49.83% 51.26% 50.79% 51.31% 49.04% 49.81% 49.54%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 45 82 74 80 85 54 -43 -89 -152 -134 -57
Operating Cash Flow to CapEx		 737.10% 0.00% 719.49% 422.32% 612.15% 287.03% 1,427.28% 596.77% 184.08% 432.49% 2,825.08%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 7.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 1.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 1.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.11 0.13 0.10 0.10 0.11 0.15 0.15 0.15 0.13 0.14 0.14
Fixed Asset Turnover		 0.14 0.16 0.13 0.13 0.14 0.18 0.18 0.17 0.16 0.17 0.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,096 1,063 1,038 1,038 1,032 1,035 1,094 1,142 1,198 1,185 1,170
Invested Capital Turnover		 0.12 0.14 0.11 0.11 0.12 0.16 0.16 0.15 0.14 0.15 0.15
Increase / (Decrease) in Invested Capital		 -34 -62 -71 -69 -64 -28 56 103 167 151 76
Enterprise Value (EV)		 1,340 1,378 1,409 1,442 1,535 1,557 1,492 1,607 1,557 1,496 1,542
Market Capitalization		 442 484 534 564 686 709 596 658 569 499 549
Book Value per Share		 $4.39 $3.84 $3.68 $3.64 $3.97 $3.90 $4.15 $3.83 $3.97 $3.55 $3.38
Tangible Book Value per Share		 $1.82 $1.31 $1.24 $1.24 $1.67 $1.73 $1.82 $1.36 $1.39 $1.16 $1.05
Total Capital		 1,096 1,063 1,038 1,038 1,032 1,035 1,094 1,142 1,198 1,185 1,170
Total Debt		 749 739 719 723 693 693 741 794 843 843 836
Total Long-Term Debt		 678 663 643 641 639 691 689 700 698 806 802
Net Debt		 727 723 704 708 678 678 725 778 819 827 823
Capital Expenditures (CapEx)		 2.42 -1.03 2.09 3.22 0.91 7.94 1.24 6.01 10 3.64 0.63
Net Nonoperating Expense (NNE)		 9.78 16 -0.03 9.44 9.29 18 8.51 10 11 12 11
Net Nonoperating Obligations (NNO)		 749 739 719 723 693 693 741 794 843 843 836
Total Depreciation and Amortization (D&A)		 11 12 12 14 12 12 12 13 14 15 14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10 $0.04 $0.03 $0.02 $0.05 $0.08
Adjusted Weighted Average Basic Shares Outstanding		 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M 44.61M 46.22M 46.88M 46.54M 48.41M
Adjusted Diluted Earnings per Share		 ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10 $0.04 $0.03 $0.02 $0.05 $0.08
Adjusted Weighted Average Diluted Shares Outstanding		 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M 44.61M 46.22M 46.88M 46.54M 48.41M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 39.95M 40.00M 40.05M 42.53M 43.92M 44.19M 46.28M 46.56M 48.40M 48.41M 48.41M
Normalized Net Operating Profit after Tax (NOPAT)		 13 18 2.79 7.73 18 19 9.55 10 10 12 13
Normalized NOPAT Margin		 31.17% 37.46% 10.41% 20.88% 36.10% 37.69% 25.47% 25.91% 25.39% 27.54% 29.56%
Pre Tax Income Margin		 4.35% 9.44% 13.15% 4.32% 23.65% 14.32% 13.70% 11.61% 10.13% 12.39% 15.96%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 1,895.40% 1,231.61% 1,149.16% 530.16% 288.29% 261.18% 249.88% 229.25% 316.82% 353.37% 327.90%
Augmented Payout Ratio		 1,925.19% 1,251.89% 1,149.16% 530.16% 288.29% 261.18% 249.88% 229.25% 316.82% 353.37% 327.90%

Financials Breakdown Chart

Key Financial Trends

Gladstone Commercial (NASDAQ: GOOD) has shown a mixed but generally stabilizing trend over the last four years, with operating cash flow remaining positive, revenue holding relatively steady, and leverage staying high. The company’s latest quarter (Q1 2026) shows improved profitability versus the prior quarter and stronger liquidity, but the balance sheet still carries substantial debt and a relatively thin common equity cushion.

  • Operating cash flow remains solid: In Q1 2026, GOOD generated $17.9 million in operating cash flow, up from $15.7 million in Q4 2025 and above most quarters in 2024-2025.
  • Revenue has been fairly stable: Quarterly total revenue has generally ranged from the high $30 millions to low $40 millions over the past four years, suggesting a fairly consistent core business.
  • Q1 2026 profit improved: Net income attributable to common shareholders rose to $3.8 million in Q1 2026 from $2.2 million in Q4 2025 and $1.0 million in Q3 2025.
  • Liquidity improved in Q1 2026: Cash and restricted cash totaled about $13.5 million, up from $6.0 million at year-end 2025, aided by operating and financing activity.
  • Shareholders’ equity has grown over the last year: Total common equity increased to $163.5 million in Q1 2026 from $148.3 million in Q1 2025.
  • Depreciation remains a large non-cash item: This is typical for a real estate company, and it helps boost reported operating cash flow relative to accounting earnings.
  • Dividend burden remains meaningful: Preferred stock dividends continue to absorb a sizable portion of earnings each quarter, reducing income available to common shareholders.
  • Quarterly results can swing with non-operating items: GOOD’s pre-tax income has been influenced by nonoperating expenses and investment gains/losses, making bottom-line volatility a recurring feature.
  • Debt levels remain high: Q1 2026 total debt was about $836.4 million, including $34.3 million of short-term debt and $802.1 million of long-term debt.
  • Leverage is still elevated relative to equity: Total liabilities of $897.4 million versus total equity of only $163.6 million indicates a heavily levered balance sheet.

Longer-term trend: Since 2023, GOOD has generally maintained positive quarterly operating cash flow and recurring profitability, but the path has not been linear. The company saw softer earnings and weaker operating cash flow in parts of 2024 and early 2025, then improved again in late 2025 and Q1 2026. Balance sheet strength has also improved in terms of equity growth, but debt remains the main risk factor.

Bottom line: Gladstone Commercial looks operationally steady and cash-generative, but investors should weigh that against the company’s high leverage and dependence on financing activity. The recent quarter was a step in the right direction, but the balance sheet still leaves limited room for error.

07/05/26 09:21 AM ETAI Generated. May Contain Errors.

Gladstone Commercial Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Gladstone Commercial's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Gladstone Commercial's net income appears to be on an upward trend, with a most recent value of $19.29 million in 2025, rising from $3.60 million in 2015. The previous period was $24.04 million in 2024.

Over the last 10 years, Gladstone Commercial's total revenue changed from $57.30 million in 2015 to $161.70 million in 2025, a change of 182.2%.

Gladstone Commercial's total liabilities were at $905 million at the end of 2025, a 20.2% increase from 2024, and a 52.5% increase since 2015.

In the past 10 years, Gladstone Commercial's cash and equivalents has ranged from $4.66 million in 2016 to $11.99 million in 2023, and is currently $10.81 million as of their latest financial filing in 2025.

Over the last 10 years, Gladstone Commercial's book value per share changed from 10.60 in 2015 to 3.55 in 2025, a change of -66.5%.


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Financial statements for NASDAQ:GOODN last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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