Gladstone Investment Corporation 4.875% Notes due 2028

GAINZ

Asset Management · Financial Services

Price

$24.32

+0.12 (+0.50%)

Market Cap

$658.3M

Exchange

NASDAQ Global Select

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+16.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 33.2M (2022) → 38.7M (2026)

Winston Score History

The full picture

Gladstone Investment operates as a publicly listed business development company (BDC) with the primary objective of funding businesses through both equity participation and secured debt instruments.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

98.3%

Premium pricing power — 98.3% gross margin

Profit after running costs

Operating Margin

-5.3%

Losing money on operations — -5.3%

Return on the money invested

ROCE

9.4%

Below par — 9.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-8.3%

Shrinking sales (-8.3% YoY)

Profit growth

EPS YoY

+92.6%

Earnings growing fast (+92.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-62%

Weak — only -62% of profit becomes cash

Spare cash per sale

FCF Margin

-96.2%

Burning cash (-96.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.88

Moderate — manageable debt (0.88)

Covers its interest

Interest Cover

2.81x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

3.9x

Attractive valuation — P/E 3.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-14.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.01%

Healthy income — 5.01% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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