Gladstone Commercial Corp Financials
Gladstone Commercial Corp (GOOD) reported $161.3M in revenue for fiscal year 2025, up 8.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cash generation outruns accounting profit because a depreciation-heavy, leveraged asset base helps fund growth and shareholder payouts.
In FY2025, operating cash flow of$88.2M was more than four times net income of$19.3M , so the reported profit line understated the cash produced by the asset base. At the same time, heavy investment was paired with new financing, which means the business is still expanding from external capital even when internal cash generation improves.
The share count increased from 44.0M to 48.4M in FY2025, so per-share earnings fell harder than total profit did. That suggests part of the capital raise was done through equity issuance, which supports growth but makes each owner's slice of the earnings stream smaller.
The cash payout load was much easier to carry in FY2025: dividends paid of
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Gladstone Commercial Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Gladstone Commercial Corp, and counted as zero in the overall score.
Not available for Gladstone Commercial Corp, and counted as zero in the overall score.
Gladstone Commercial Corp passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Gladstone Commercial Corp generates $4.57 in operating cash flow ($88.2M OCF vs $19.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Gladstone Commercial Corp generated $161.3M in revenue in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Gladstone Commercial Corp reported $19.3M in net income in fiscal year 2025. This represents a decrease of 19.6% from the prior year.
Gladstone Commercial Corp earned $0.14 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Gladstone Commercial Corp held $10.8M in cash against $843.5M in long-term debt as of fiscal year 2025.
Gladstone Commercial Corp paid $1.20 per share in dividends in fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Gladstone Commercial Corp's net profit margin was 11.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.1 percentage points from the prior year.
Gladstone Commercial Corp's ROE was 11.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Gladstone Commercial Corp repurchased no shares in fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
GOOD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $170.2M | $161.3M+8.0% | $149.4M+1.2% | $147.6M-0.9% | $149.0M+8.2% | $137.7M+3.4% | $133.2M+16.4% | $114.4M+7.1% | $106.8M+12.7% | $94.8M+9.8% | $86.4M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $3.9M | $4.0M+4.2% | $3.9M-11.1% | $4.4M+17.8% | $3.7M+15.1% | $3.2M-1.3% | $3.3M+0.7% | $3.2M+37.2% | $2.4M-0.3% | $2.4M-0.9% | $2.4M-12.1% | $2.7M+1.0% | $2.7M+62.5% | $1.7M+3.8% | $1.6M+6.5% | $1.5M |
| Interest Expense | $45.6M | $41.9M+12.1% | $37.4M+0.2% | $37.3M+15.0% | $32.5M+20.7% | $26.9M+0.3% | $26.8M-5.2% | $28.3M+8.1% | $26.2M+6.5% | $24.6M-5.1% | $25.9M-7.5% | $28.0M+6.9% | $26.2M+7.6% | $24.4M+20.4% | $20.2M+18.4% | $17.1M |
| Net Income | $24.8M | $19.3M-19.6% | $24.0M+381.4% | $5.0M-53.9% | $10.8M-1.2% | $10.9M-26.8% | $14.9M+55.2% | $9.6M-21.9% | $12.3M+107.5% | $5.9M+50.0% | $4.0M+10.1% | $3.6M+160.9% | -$5.9M-486.5% | $1.5M-59.4% | $3.8M-34.2% | $5.7M |
| EPS (Diluted) | — | $0.14 | $0.27+242.1% | -$0.19-375.0% | -$0.04+55.6% | -$0.09-200.0% | $0.09+156.3% | -$0.16-633.3% | $0.03+115.8% | -$0.19-18.8% | -$0.16-128.6% | -$0.07+88.5% | -$0.61-177.3% | -$0.22-450.0% | -$0.04-126.7% | $0.15 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, Income Tax.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GOOD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+13.9% | $1.1B-3.5% | $1.1B-5.8% | $1.2B+5.2% | $1.1B+4.1% | $1.1B+5.6% | $1.0B+10.7% | $938.8M+1.1% | $928.5M+9.0% | $851.7M+3.0% | $827.2M+5.0% | $787.8M+14.1% | $690.5M+22.3% | $564.8M+24.6% | $453.1M |
| Cash & Equivalents | $10.8M-1.3% | $11.0M-8.6% | $12.0M+2.8% | $11.7M+46.5% | $8.0M-27.8% | $11.0M+60.8% | $6.8M+3.9% | $6.6M-1.4% | $6.7M+43.5% | $4.7M-9.6% | $5.2M-40.1% | $8.6M+0.6% | $8.5M+54.1% | $5.5M+66.6% | $3.3M |
| Total Liabilities | $905.0M+20.2% | $753.0M-6.9% | $809.2M-2.1% | $826.9M+7.3% | $770.5M+6.6% | $722.6M+6.8% | $676.3M+13.0% | $598.8M+3.6% | $578.2M+6.9% | $541.1M-8.8% | $593.3M+4.1% | $570.1M+12.4% | $507.4M+14.7% | $442.4M+39.2% | $317.8M |
| Long-Term Debt | $843.5M+21.6% | $693.4M-6.2% | $738.9M-1.4% | $749.2M+5.9% | $707.5M+5.7% | $669.3M+6.8% | $626.6M+10.7% | $566.1M+4.3% | $542.6M+6.5% | $509.4M | N/A | $502.6M+12.4% | $447.0M+16.4% | $384.2M+26.4% | $304.1M |
| Total Equity | $171.8M+0.3% | $171.2M+11.7% | $153.3M-24.8% | $203.9M+1.5% | $200.9M-5.8% | $213.2M+2.4% | $208.1M-16.7% | $249.7M-6.4% | $266.8M+11.2% | $239.9M+2.6% | $233.9M+7.4% | $217.7M+18.9% | $183.1M+49.7% | $122.4M-9.6% | $135.3M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Retained Earnings.
GOOD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $70.1M | $88.2M+54.8% | $57.0M-5.7% | $60.4M-12.7% | $69.2M-1.4% | $70.1M+7.1% | $65.5M+8.8% | $60.2M+8.3% | $55.6M+18.7% | $46.8M+13.8% | $41.2M+30.7% | $31.5M+11.7% | $28.2M+41.8% | $19.9M-15.0% | $23.4M+19.1% | $19.7M |
| Investing Cash Flow | -$76.9M | -$221.4M-12718.6% | -$1.7M-251.8% | $1.1M+101.4% | -$82.5M+12.9% | -$94.8M+5.5% | -$100.3M+24.1% | -$132.0M-283.4% | -$34.4M+65.5% | -$99.9M-66.9% | -$59.8M+19.6% | -$74.5M+42.9% | -$130.4M+4.8% | -$137.1M-49.0% | -$92.0M-100.0% | -$46.0M |
| Financing Cash Flow | $6.7M | $134.7M+339.4% | -$56.3M+8.3% | -$61.4M-480.0% | $16.1M-25.8% | $21.8M-44.7% | $39.4M-47.0% | $74.2M+450.9% | -$21.2M-138.9% | $54.4M+219.7% | $17.0M-57.0% | $39.5M-61.3% | $102.3M-14.9% | $120.2M+69.7% | $70.8M+213.1% | $22.6M |
| Dividends Paid | $69.9M | $68.2M+8.6% | $62.8M+3.6% | $60.6M-14.7% | $71.1M+5.2% | $67.6M+6.0% | $63.8M+8.3% | $58.9M+7.9% | $54.6M+8.2% | $50.4M+18.6% | $42.5M+15.3% | $36.9M+21.4% | $30.4M+26.8% | $23.9M+16.1% | $20.6M+5.1% | $19.6M |
| Share Buybacks | N/A | $0 | $0-100.0% | $998K | $0 | N/A | $0 | $0-100.0% | $34K+41.7% | $24K-86.5% | $178K | $0 | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GOOD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 11.9%-4.1pp | 16.1%+12.7pp | 3.4%-3.9pp | 7.2%-0.7pp | 7.9%-3.3pp | 11.2%+2.8pp | 8.4%-3.1pp | 11.5%+5.3pp | 6.3%+1.7pp | 4.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 11.2%-2.8pp | 14.0%+10.8pp | 3.3%-2.0pp | 5.3%-0.1pp | 5.4%-1.6pp | 7.0%+2.4pp | 4.6%-0.3pp | 4.9%+2.7pp | 2.2%+0.6pp | 1.7%+0.1pp | 1.5%+4.3pp | -2.7%-3.5pp | 0.8%-2.2pp | 3.1%-1.1pp | 4.2% |
| Return on Assets | 1.6%-0.6pp | 2.2%+1.7pp | 0.4%-0.5pp | 0.9%-0.1pp | 1.0%-0.4pp | 1.4%+0.4pp | 0.9%-0.4pp | 1.3%+0.7pp | 0.6%+0.2pp | 0.5%0.0pp | 0.4%+1.2pp | -0.8%-1.0pp | 0.2%-0.5pp | 0.7%-0.6pp | 1.3% |
| Debt-to-Equity | 4.91+0.9x | 4.05-0.8x | 4.82+1.1x | 3.67+0.2x | 3.52+0.4x | 3.14+0.1x | 3.01+0.7x | 2.27+0.2x | 2.03-0.1x | 2.12-0.4x | 2.54+0.2x | 2.31-0.1x | 2.44-0.7x | 3.14+0.9x | 2.25 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where Gladstone Commercial Corp Ranks
Frequently Asked Questions
What is Gladstone Commercial Corp's annual revenue?
Gladstone Commercial Corp (GOOD) reported $161.3M in total revenue for fiscal year 2025. This represents a 8.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Gladstone Commercial Corp's revenue growing?
Gladstone Commercial Corp (GOOD) revenue grew by 8.0% year-over-year, from $149.4M to $161.3M in fiscal year 2025.
Is Gladstone Commercial Corp profitable?
Yes, Gladstone Commercial Corp (GOOD) reported a net income of $19.3M in fiscal year 2025, with a net profit margin of 11.9%.
How much debt does Gladstone Commercial Corp have?
As of fiscal year 2025, Gladstone Commercial Corp (GOOD) had $10.8M in cash and equivalents against $843.5M in long-term debt.
What is Gladstone Commercial Corp's net profit margin?
Gladstone Commercial Corp (GOOD) had a net profit margin of 11.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Gladstone Commercial Corp pay dividends?
Yes, Gladstone Commercial Corp (GOOD) paid $1.20 per share in dividends during fiscal year 2025.
What is Gladstone Commercial Corp's return on equity (ROE)?
Gladstone Commercial Corp (GOOD) has a return on equity of 11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Gladstone Commercial Corp's operating cash flow?
Gladstone Commercial Corp (GOOD) generated $88.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Gladstone Commercial Corp's total assets?
Gladstone Commercial Corp (GOOD) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Gladstone Commercial Corp's debt-to-equity ratio?
Gladstone Commercial Corp (GOOD) had a debt-to-equity ratio of 4.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Gladstone Commercial Corp's return on assets (ROA)?
Gladstone Commercial Corp (GOOD) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Gladstone Commercial Corp's Piotroski F-Score?
Gladstone Commercial Corp (GOOD) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Gladstone Commercial Corp's earnings high quality?
Gladstone Commercial Corp (GOOD) has an earnings quality ratio of 4.57x, considered cash-backed (high quality). 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.
How financially healthy is Gladstone Commercial Corp?
Gladstone Commercial Corp (GOOD) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.