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Gladstone Investment Corporation

GAINI
38
Asset Management · Financial Services
Also trades as: 0IVR.L GBP 0.15 (-0.39%)
Price
$25.28
+0.10 (+0.40%)
Market Cap
$667.7M
Exchange
NASDAQ
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Good
10/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Weak
1/15
Dividends
Exceptional
5/5

38 of 100 counted points = Winston Score 38.

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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 Corporation is a publicly traded investment company that lends money to and buys ownership stakes in small and mid-sized private businesses across the United States. It focuses on companies in industries like manufacturing, services, and consumer products, typically targeting businesses that need capital for buyouts or growth. It is part of the Gladstone Companies family of funds, managed by Gladstone Management Corporation.

The company makes money in two main ways: collecting interest on loans it makes to portfolio companies and earning returns when it sells its equity stakes. It operates entirely in the U.S. and has a market cap of roughly $0.6 billion, putting it in the smaller end of the Business Development Company (BDC) space. BDCs like Gladstone Investment are required by law to pay out most of their income as dividends, which attracts income-focused investors but also limits how much capital the company can reinvest — making the quality of its loan portfolio the key risk to watch.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-24.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-242.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Gladstone Investment Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

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
7.0%
Weak — 7.0% 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
1.52
Elevated debt (1.52)
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)
3.6x
Attractive valuation — P/E 3.6

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

Cheaper or dearer next year
P/E vs Forward
-11.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
7.79%
Healthy income — 7.79% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+14.3%
Dividend growing fast (14.3% YoY)
Payout Ratio
40%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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