Gladstone Capital Corp Financials

GLAD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

Financial Health Signals

Piotroski F-Score Weak

1/9

Gladstone Capital Corp passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-0.10x

For every $1 of reported earnings, Gladstone Capital Corp generates $-0.10 in operating cash flow (-$5.5M OCF vs $57.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Gladstone Capital Corp (GLAD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$57.2M

YoY-39.5%

Gladstone Capital Corp reported $57.2M in net income in fiscal year 2025. This represents a decrease of 39.5% from the prior year.

EPS (Diluted)

$2.55

YoY+20.9%

Gladstone Capital Corp earned $2.55 per diluted share (EPS) in fiscal year 2025. This represents an increase of 20.9% from the prior year.

Cash & Debt

$32.4M

YoY+1390.3%

Gladstone Capital Corp held $32.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.48

YoY+25.3%

Gladstone Capital Corp paid $2.48 per share in dividends in fiscal year 2025. This represents an increase of 25.3% from the prior year.

Shares Outstanding

23M

YoY+1.2%

Gladstone Capital Corp had 23M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

11.9%

YoY-8.2pp

Gladstone Capital Corp's ROE was 11.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GLAD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0
Net Income	$57.2M-39.5%	$94.5M+121.5%	$42.7M+114.3%	$19.9M-76.4%	$84.3M
EPS (Diluted)	$2.55+20.9%	$2.11-4.1%	$2.20+17.0%	$1.88+138.0%	$0.79

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$5.5M-26.8%	$7.4M-15.3%	$8.8M-67.4%	$27.0M+41.6%	$19.1M-19.4%	$23.6M+18.2%	$20.0M+68.3%	$11.9M
EPS (Diluted)	$0.24-27.3%	$0.33-34.0%	$0.500.0%	$0.50-12.3%	$0.57+16.3%	$0.49-10.9%	$0.55-11.3%	$0.62

GLAD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$907.6M+11.7%	$812.5M+12.9%	$719.5M+8.9%	$661.0M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$32.4M+1390.3%	$2.2M+66.3%	$1.3M-35.1%	$2.0M+137.7%	$846K
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$406.2M+21.7%	$333.7M+7.4%	$310.8M-10.0%	$345.5M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$482.0M+2.4%	$470.9M+15.2%	$408.7M+29.5%	$315.5M-0.9%	$318.4M
Retained Earnings	-$19.6M+8.5%	-$21.5M+70.5%	-$72.8M+9.1%	-$80.1M	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Total Assets	$922.8M+18.3%	$780.2M+0.4%	$776.8M-4.8%	$815.6M+0.4%	$812.5M+0.1%	$812.1M+5.9%	$766.6M+6.5%	$719.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.2M-72.5%	$15.2M+473.9%	$2.6M+52.2%	$1.7M-20.1%	$2.2M-58.9%	$5.3M+252.7%	$1.5M+14.7%	$1.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$416.3M+43.0%	$291.2M+1.5%	$287.0M-11.8%	$325.2M-2.6%	$333.7M-12.1%	$379.7M+8.9%	$348.6M+12.2%	$310.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$477.3M+0.6%	$474.5M-0.8%	$478.1M-0.5%	$480.3M+2.0%	$470.9M+9.3%	$430.8M+3.1%	$417.9M+2.3%	$408.7M
Retained Earnings	-$24.3M-20.4%	-$20.2M-21.7%	-$16.6M-15.7%	-$14.4M+33.1%	-$21.5M+57.7%	-$50.7M+20.2%	-$63.6M+12.7%	-$72.8M

GLAD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$5.5M-269.4%	$3.2M+129.8%	-$10.9M+85.8%	-$76.4M-443.3%	-$14.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$35.6M+1621.4%	-$2.3M-123.0%	$10.2M-86.9%	$77.7M+524.3%	$12.4M
Dividends Paid	$55.5M+28.6%	$43.1M+21.8%	$35.4M+29.6%	$27.3M+5.2%	$26.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Operating Cash Flow	-$33.8M-265.7%	$20.4M-56.4%	$46.8M+94.9%	$24.0M+521.3%	-$5.7M+70.2%	-$19.1M+27.0%	-$26.2M-214.4%	$22.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$5.6M+170.9%	-$7.9M+82.8%	-$45.8M-87.7%	-$24.4M-461.6%	$6.8M-70.5%	$22.9M-13.0%	$26.4M+213.4%	-$23.3M
Dividends Paid	$10.2M-8.0%	$11.1M0.0%	$11.1M-44.7%	$20.0M+84.4%	$10.8M+0.6%	$10.8M0.0%	$10.8M+0.9%	$10.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLAD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	11.9%-8.2pp	20.1%+9.6pp	10.4%+4.1pp	6.3%-20.2pp	26.5%
Return on Assets	6.3%-5.3pp	11.6%+5.7pp	5.9%+2.9pp	3.0%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.84+0.1	0.71-0.1	0.76-0.3	1.10	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	1.1%-0.4pp	1.6%-0.3pp	1.8%-3.8pp	5.6%+1.3pp	4.3%-1.1pp	5.5%+0.7pp	4.8%+1.5pp	3.3%
Return on Assets	0.6%-0.4pp	0.9%-0.2pp	1.1%-2.2pp	3.3%+0.8pp	2.5%-0.5pp	2.9%+0.3pp	2.6%+1.0pp	1.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.87+0.3	0.61+0.0	0.60-0.1	0.68-0.0	0.71-0.2	0.88+0.0	0.83+0.1	0.76
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Gladstone Capital Corp profitable?

Yes, Gladstone Capital Corp (GLAD) reported a net income of $57.2M in fiscal year 2025.

What is Gladstone Capital Corp's earnings per share (EPS)?

Gladstone Capital Corp (GLAD) reported diluted earnings per share of $2.55 for fiscal year 2025. This represents a 20.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Does Gladstone Capital Corp pay dividends?

Yes, Gladstone Capital Corp (GLAD) paid $2.48 per share in dividends during fiscal year 2025.

What is Gladstone Capital Corp's return on equity (ROE)?

Gladstone Capital Corp (GLAD) has a return on equity of 11.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Gladstone Capital Corp's operating cash flow?

Gladstone Capital Corp (GLAD) generated -$5.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Gladstone Capital Corp's total assets?

Gladstone Capital Corp (GLAD) had $907.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Gladstone Capital Corp have outstanding?

Gladstone Capital Corp (GLAD) had 23M shares outstanding as of fiscal year 2025.

What is Gladstone Capital Corp's debt-to-equity ratio?

Gladstone Capital Corp (GLAD) had a debt-to-equity ratio of 0.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gladstone Capital Corp's return on assets (ROA)?

Gladstone Capital Corp (GLAD) had a return on assets of 6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Gladstone Capital Corp's cash runway?

Based on fiscal year 2025 data, Gladstone Capital Corp (GLAD) had $32.4M in cash against an annual operating cash burn of $5.5M. This gives an estimated cash runway of approximately 71 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Gladstone Capital Corp's Piotroski F-Score?

Gladstone Capital Corp (GLAD) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Gladstone Capital Corp's earnings high quality?

Gladstone Capital Corp (GLAD) has an earnings quality ratio of -0.10x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.