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Gladstone Commercial Corporation - REIT (GOOD) Financials

GOOD
Trailing 12 months to June 30, 2026
Revenue $170.2M +10.8% YoY
Net Income $24.8M -13.5% YoY
EPS (Diluted) $0.26 -29.7% YoY
Operating Cash Flow $70.1M -14.4% YoY
Market Cap $615.3M as of Oct 9, 2026
Price / Sales 3.6x on $170.2M revenue, trailing 12 months to June 30, 2026
Price / Earnings 24.9x on $24.8M net income, trailing 12 months to June 30, 2026
Price / Book 3.9x on $157.4M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GOOD SEC filings page.

Gladstone Commercial Corporation - REIT (GOOD) reported $170.2M in revenue over the twelve months to Jun 30, 2026, up 10.8% from the prior twelve months. 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).

Rhea AI GOOD FY2025

The business generates operating cash, but 2025 expansion increased leverage faster than the equity base.

Operating cash flow reached $88.2M in FY2025 while net income fell to $19.3M from FY2024; with depreciation at $58.2M, the divergence indicates reported earnings are materially shaped by noncash expense, so net income understates cash produced by the asset base.

Assets expanded from $1.1B in FY2024 to $1.2B in FY2025, showing a larger capital base. Long-term debt climbed from $693M to $843M over the same span. Debt-to-equity also rose from 4.1x to 4.9x, indicating leverage increased faster than the equity base.

The investing outflow of $221M was paired with a financing inflow of $135M in FY2025, indicating that capital deployment relied partly on external financing. Operating cash flow exceeded dividends paid, $88.2M versus $68.2M, reversing the relationship seen in FY2024. Because free cash flow is not reported, that comparison cannot establish how much remained after reinvestment.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 43 / 100
Financial Health Score 43/100
Scored as: REITs peer group

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 Corporation - REIT'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.

FFO Margin
72

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Gladstone Commercial Corporation - REIT scores 72/100 on it among other REITs.

FFO Growth
76

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Gladstone Commercial Corporation - REIT scores 76/100 on it among other REITs.

Leverage
0

Not available for Gladstone Commercial Corporation - REIT, and counted as zero in the overall score.

Interest Cov.
0

Not available for Gladstone Commercial Corporation - REIT, and counted as zero in the overall score.

AFFO Margin
74

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Gladstone Commercial Corporation - REIT scores 74/100 on it among other REITs.

Dividend Cov.
33

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Gladstone Commercial Corporation - REIT scores 33/100 on it among other REITs.

Piotroski F-Score Partial
3/7

Gladstone Commercial Corporation - REIT 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.

Earnings Quality Cash-Backed
4.57x

For every $1 of reported earnings, Gladstone Commercial Corporation - REIT 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

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Earnings & Revenue

Revenue
$44.0M
YoY+11.3%
QoQ+5.0%
5Y CAGR+5.7%

Gladstone Commercial Corporation - REIT generated $44.0M in revenue in Q2 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is up 5.0%.

Net Income
$8.3M
YoY+78.4%
QoQ+18.6%
5Y CAGR+30.5%
10Y CAGR+25.1%

Gladstone Commercial Corporation - REIT reported $8.3M in net income in Q2 2026. This represents an increase of 78.4% from the same quarter a year earlier. Against the prior quarter it is up 18.6%.

EPS (Diluted)
$0.11
QoQ+37.5%

Gladstone Commercial Corporation - REIT earned $0.11 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 37.5%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$10.4M
YoY-11.1%
QoQ+30.1%
5Y CAGR-6.7%
10Y CAGR+10.0%

Gladstone Commercial Corporation - REIT held $10.4M in cash against $852.0M in long-term debt as of Q2 2026.

Shares Outstanding
48M
QoQ0.0%
5Y CAGR+5.7%
10Y CAGR+7.9%

Gladstone Commercial Corporation - REIT had 48M shares outstanding in Q2 2026. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin
18.8%
YoY+7.1pp
QoQ+2.2pp
5Y change+12.3pp

Gladstone Commercial Corporation - REIT's net profit margin was 18.8% in Q2 2026, showing the share of revenue converted to profit. This is up 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.

Return on Equity
5.3%
YoY+2.6pp
QoQ+1.0pp
5Y change+4.2pp
10Y change+4.9pp

Gladstone Commercial Corporation - REIT's ROE was 5.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

GOOD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GOOD quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$44.0M+11.3%$41.9M+11.8%$43.5M+16.3%$40.8M+4.1%$39.5M+6.7%$37.5M+5.0%$37.4M+4.1%$39.2M+7.6%
SG&A Expenses$1.2M-15.6%$1.0M+13.7%$835K+2.3%$920K-5.2%$1.4M+33.8%$885K-15.5%$816K-11.9%$970K-25.7%
Interest Expense$11.4M+13.3%$11.5M+25.3%$12.0M+31.5%$10.7M+15.1%$10.1M+6.3%$9.1M-3.8%$9.1M-3.7%$9.3M-6.4%
Net Income$8.3M+78.4%$7.0M+35.7%$5.4M-25.1%$4.1M-64.6%$4.6M+187.6%$5.1M+45.7%$7.2M+58.4%$11.7M+552.7%
EPS (Basic)$0.11+266.7%$0.08+100.0%$0.05-50.0%$0.02-90.0%$0.03+175.0%$0.04+300.0%$0.10+150.0%$0.20+600.0%
EPS (Diluted)$0.11$0.08+100.0%$0.05-50.0%$0.02$0.03+175.0%$0.04$0.10$0.20+600.0%
Diluted Shares (Avg)48M48M+8.5%N/A47M46M+14.7%45MN/A43M+7.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.

GOOD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GOOD quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$1.2B+2.7%$1.2B+6.1%$1.2B+13.9%$1.3B+15.4%$1.2B+9.4%$1.2B+5.0%$1.1B-3.5%$1.1B-6.1%
Cash & Equivalents$10.4M-11.1%$8.0M-23.3%$10.8M-1.3%$18.4M+74.7%$11.7M+11.9%$10.4M-0.7%$11.0M-8.6%$10.5M-42.3%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$915.4M+6.1%$897.4M+11.2%$905.0M+20.2%$910.0M+20.2%$862.6M+9.2%$807.0M+2.6%$753.0M-6.9%$757.2M-7.7%
Long-Term Debt$852.0M+7.3%$836.4M+12.9%$843.5M+21.6%$843.3M+21.7%$794.4M+9.9%$740.7M+3.0%$693.4M-6.2%$692.6M-7.5%
Total Equity$157.4M-11.2%$163.5M-10.8%$171.8M+0.3%$184.8M+9.4%$177.2M+21.6%$183.2M+24.4%$171.2M+11.7%$168.9M-3.5%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GOOD quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$17.6M-51.0%$17.9M+1.3%$15.7M-31.0%$18.9M+241.1%$35.8M+163.5%$17.7M+17.7%$22.8M+91.8%$5.5M-68.9%
Depreciation & Amortization$15.0M+5.0%$14.8M+11.7%$15.5M+18.2%$15.3M+14.4%$14.2M-11.0%$13.2M-0.6%$13.1M-4.6%$13.3M+6.9%
Investing Cash Flow-$12.3M+84.6%$1.3M+101.8%-$3.1M+70.5%-$62.8M-2320.0%-$80.0M-531.9%-$75.5M-508.6%-$10.4M-319.3%$2.8M-15.1%
Financing Cash Flow-$3.0M-106.7%-$22.3M-138.4%-$20.7M-74.3%$52.7M+737.8%$44.7M+3201.6%$58.1M+267.3%-$11.9M+47.3%-$8.3M+57.9%
Dividends Paid$17.6M+3.8%$17.6M+6.7%$17.6M+8.1%$17.1M+6.8%$16.9M+10.9%$16.5M+8.6%$16.3M+7.2%$16.1M+5.8%
Share BuybacksN/AN/AN/AN/AN/AN/A$0$0

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

GOOD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GOOD quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin18.8%+7.1pp16.6%+2.9pp12.4%-6.8pp10.1%-19.6pp11.7%+7.4pp13.7%+3.8pp19.2%+6.6pp29.8%+24.8pp
Return on Equity5.3%+2.6pp4.3%+1.5pp3.1%-1.1pp2.2%-4.7pp2.6%+1.5pp2.8%+0.4pp4.2%+1.2pp6.9%+5.9pp
Return on Assets0.7%+0.3pp0.6%+0.1pp0.4%-0.2pp0.3%-0.7pp0.4%+0.2pp0.4%+0.1pp0.7%+0.3pp1.1%+0.9pp
Debt-to-Equity5.41+0.9x5.12+1.1x4.91+0.9x4.56+0.5x4.48-0.5x4.04-0.8x4.05-0.8x4.10-0.2x
Asset Turnover0.040.0x0.030.0x0.030.0x0.030.0x0.030.0x0.030.0x0.030.0x0.040.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Gladstone Commercial Corporation - REIT GOOD FY2025 $161.3M $19.3M 11.9% $615.3M 43/100
CTO Realty Growth, Inc. CTO FY2025 $149.5M $2.6M 1.7% $770.7M 55/100
One Liberty Properties, Inc. OLP FY2025 N/A $25.5M N/A $482.0M —
Armada Hoffler Properties, Inc. AHH FY2026 $209.9M $3.9M 1.9% $501.0M 48/100
Safehold Inc. SAFE FY2025 $385.6M $114.5M 29.7% $856.9M 45/100
Global Net Lease, Inc. GNL FY2025 $495.3M -$225.5M -45.5% $1.8B 13/100

Frequently Asked Questions

What is Gladstone Commercial Corporation - REIT's annual revenue?

Gladstone Commercial Corporation - REIT (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 Corporation - REIT's revenue growing?

Gladstone Commercial Corporation - REIT (GOOD) revenue grew by 8.0% year-over-year, from $149.4M to $161.3M in fiscal year 2025.

Is Gladstone Commercial Corporation - REIT profitable?

Yes, Gladstone Commercial Corporation - REIT (GOOD) reported a net income of $19.3M in fiscal year 2025, with a net profit margin of 11.9%.

Gladstone Commercial Corporation - REIT (GOOD) reported diluted earnings per share of $0.14 for fiscal year 2025. 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.

As of fiscal year 2025, Gladstone Commercial Corporation - REIT (GOOD) had $10.8M in cash and equivalents against $843.5M in long-term debt.

Gladstone Commercial Corporation - REIT (GOOD) had a net profit margin of 11.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Gladstone Commercial Corporation - REIT (GOOD) paid $1.20 per share in dividends during fiscal year 2025.

Gladstone Commercial Corporation - REIT (GOOD) has a return on equity of 11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Gladstone Commercial Corporation - REIT (GOOD) generated $88.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Gladstone Commercial Corporation - REIT (GOOD) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Gladstone Commercial Corporation - REIT (GOOD) had 48M shares outstanding as of fiscal year 2025.

Gladstone Commercial Corporation - REIT (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.

Gladstone Commercial Corporation - REIT (GOOD) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Gladstone Commercial Corporation - REIT (GOOD) trades at 24.9x earnings, its market capitalization divided by net income of $24.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $615.3M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Gladstone Commercial Corporation - REIT (GOOD) trades at 3.6x sales, its market capitalization divided by revenue of $170.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $615.3M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Gladstone Commercial Corporation - REIT (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.

Gladstone Commercial Corporation - REIT (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.

Gladstone Commercial Corporation - REIT (GOOD) scores 43 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.

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