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

Gladstone Commercial Corp (goodn) reported diluted earnings per share of $0.14 for fiscal year 2025. This represents a -48.1% 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.

Gladstone Commercial Corp Financials

GOODN

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

This page shows Gladstone Commercial Corp (goodn) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 goodn FY2025 2026-04-22

Cash flow rather than accounting profit supports the model, while new assets are being added through leverage-heavy financing.

FY2025 shows a sharper split between cash earnings and accounting earnings: operating cash flow rose to $88.2M while net income eased to $19.3M. Because depreciation remained heavy and interest expense absorbed 26.0% of revenue, the business behaves more like a cash-yielding asset base than a profit-rich operating company.

The dividend burden is being tested against cash generation, not net income: FY2025 dividends paid of $68.2M were far above earnings but still below operating cash flow. That creates a narrower internal funding cushion, because acquisitions or debt reduction then depend more heavily on external capital markets than on cash left after distributions.

FY2025 asset growth was financed mainly through new debt and new equity, not retained earnings; long-term debt rose to $843.5M while shares outstanding reached 48.4M. With equity essentially flat year over year, the debt-to-equity ratio climbed to 4.9x, showing expansion increased fixed financing commitments faster than the company rebuilt its own capital base.

Financial Health Signals

Financial Profile 13/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Growth

Gladstone Commercial Corp's revenue grew 8.0% year-over-year to $161.3M, a solid pace of expansion. This earns a growth score of 41/100.

Leverage

Gladstone Commercial Corp has elevated debt relative to equity (D/E of 4.91), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.

Returns

Gladstone Commercial Corp's ROE of 11.2% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 14.0% the prior year.

Piotroski F-Score Weak

3/9

Gladstone Commercial Corp passes 3 of 9 financial strength tests. 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 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

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Earnings & Revenue

Revenue

$161.3M

YoY+8.0%

5Y CAGR+3.9%

Gladstone Commercial Corp generated $161.3M in revenue in fiscal year 2025. This represents an increase of 8.0% from the prior year.

EBITDA

N/A

Net Income

$19.3M

YoY-19.6%

5Y CAGR+5.2%

10Y CAGR+18.3%

Gladstone Commercial Corp reported $19.3M in net income in fiscal year 2025. This represents a decrease of 19.6% from the prior year.

EPS (Diluted)

$0.14

YoY-48.1%

5Y CAGR+9.2%

Gladstone Commercial Corp earned $0.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$10.8M

YoY-1.3%

5Y CAGR-0.4%

10Y CAGR+7.7%

Gladstone Commercial Corp held $10.8M in cash against $843.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.20

YoY+0.0%

5Y CAGR-4.4%

10Y CAGR-2.2%

Gladstone Commercial Corp paid $1.20 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

48M

YoY+10.1%

5Y CAGR+6.5%

10Y CAGR+8.0%

Gladstone Commercial Corp had 48M shares outstanding in fiscal year 2025. This represents an increase of 10.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

11.9%

YoY-4.1pp

5Y CAGR+0.7pp

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.

Return on Equity

11.2%

YoY-2.8pp

5Y CAGR+4.2pp

10Y CAGR+9.7pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Gladstone Commercial Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

GOODN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$161.3M+8.0%	$149.4M+1.2%	$147.6M-0.9%	$149.0M+8.2%	$137.7M+3.4%	$133.2M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.0M+4.2%	$3.9M-11.1%	$4.4M+17.8%	$3.7M+15.1%	$3.2M-1.3%	$3.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$41.9M+12.1%	$37.4M+0.2%	$37.3M+15.0%	$32.5M+20.7%	$26.9M+0.3%	$26.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$19.3M-19.6%	$24.0M+381.4%	$5.0M-53.9%	$10.8M-1.2%	$10.9M-26.8%	$14.9M
EPS (Diluted)	$0.14-48.1%	$0.27+242.1%	$-0.19-375.0%	$-0.04+55.6%	$-0.09-200.0%	$0.09

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$43.5M+6.4%	$40.8M+3.3%	$39.5M+5.4%	$37.5M+0.3%	$37.4M-4.7%	$39.2M+5.9%	$37.1M+3.7%	$35.7M
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	$835K-9.2%	$920K-34.3%	$1.4M+58.2%	$885K+8.5%	$816K-15.9%	$970K-7.3%	$1.0M-0.1%	$1.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$12.0M+12.2%	$10.7M+6.4%	$10.1M+10.1%	$9.1M0.0%	$9.1M-1.8%	$9.3M-1.7%	$9.5M-0.4%	$9.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$5.4M+30.1%	$4.1M-10.7%	$4.6M-9.8%	$5.1M-28.6%	$7.2M-38.5%	$11.7M+624.8%	$1.6M-54.3%	$3.5M
EPS (Diluted)	N/A	$0.02-33.3%	$0.03-25.0%	$0.04	N/A	$0.20+600.0%	$-0.04-500.0%	$0.01

GOODN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.2B+13.9%	$1.1B-3.5%	$1.1B-5.8%	$1.2B+5.2%	$1.1B+4.1%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$10.8M-1.3%	$11.0M-8.6%	$12.0M+2.8%	$11.7M+46.5%	$8.0M-27.8%	$11.0M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$905.0M+20.2%	$753.0M-6.9%	$809.2M-2.1%	$826.9M+7.3%	$770.5M+6.6%	$722.6M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$171.8M+0.3%	$171.2M+11.7%	$153.3M-24.8%	$203.9M+1.5%	$200.9M-5.8%	$213.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.2B-1.4%	$1.3B+4.5%	$1.2B+4.3%	$1.2B+6.0%	$1.1B-0.2%	$1.1B-0.8%	$1.1B0.0%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$10.8M-41.3%	$18.4M+57.8%	$11.7M+12.3%	$10.4M-5.2%	$11.0M+4.0%	$10.5M+1.1%	$10.4M-0.3%	$10.5M
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	$905.0M-0.5%	$910.0M+5.5%	$862.6M+6.9%	$807.0M+7.2%	$753.0M-0.6%	$757.2M-4.1%	$789.7M+0.4%	$786.9M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$843.5M0.0%	$843.3M+6.2%	$794.4M+7.2%	$740.7M+6.8%	$693.4M+0.1%	$692.6M-4.1%	$722.5M+0.4%	$719.4M
Total Equity	$171.8M-7.1%	$184.8M+4.3%	$177.2M-3.3%	$183.2M+7.0%	$171.2M+1.3%	$168.9M+15.9%	$145.7M-1.1%	$147.3M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GOODN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$88.2M+54.8%	$57.0M-5.7%	$60.4M-12.7%	$69.2M-1.4%	$70.1M+7.1%	$65.5M
Capital Expenditures	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
Investing Cash Flow	-$221.4M-12718.6%	-$1.7M-251.8%	$1.1M+101.4%	-$82.5M+12.9%	-$94.8M+5.5%	-$100.3M
Financing Cash Flow	$134.7M+339.4%	-$56.3M+8.3%	-$61.4M-480.0%	$16.1M-25.8%	$21.8M-44.7%	$39.4M
Dividends Paid	$68.2M+8.6%	$62.8M+3.6%	$60.6M-14.7%	$71.1M+5.2%	$67.6M+6.0%	$63.8M
Share Buybacks	$0	$0-100.0%	$998K	$0	N/A	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$15.7M-16.8%	$18.9M-47.3%	$35.8M+102.7%	$17.7M-22.4%	$22.8M+311.3%	$5.5M-59.3%	$13.6M-9.5%	$15.0M
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	-$3.1M+95.1%	-$62.5M+22.1%	-$80.2M-6.0%	-$75.6M-629.8%	-$10.4M-466.1%	$2.8M+122.4%	-$12.7M-168.6%	$18.5M
Financing Cash Flow	-$20.7M-139.6%	$52.3M+16.6%	$44.9M-23.0%	$58.2M+590.4%	-$11.9M-43.8%	-$8.3M-473.2%	-$1.4M+95.8%	-$34.7M
Dividends Paid	$17.6M+2.6%	$17.1M+1.2%	$16.9M+2.8%	$16.5M+1.3%	$16.3M+1.4%	$16.1M+5.1%	$15.3M+0.6%	$15.2M
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A

GOODN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	11.9%-4.1pp	16.1%+12.7pp	3.4%-3.9pp	7.2%-0.7pp	7.9%-3.3pp	11.2%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.91+0.9	4.05-0.8	4.82+1.1	3.67+0.2	3.52+0.4	3.14
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	12.4%+2.3pp	10.1%-1.6pp	11.7%-2.0pp	13.7%-5.5pp	19.2%-10.5pp	29.8%+25.4pp	4.3%-5.5pp	9.9%
Return on Equity	3.1%+0.9pp	2.2%-0.4pp	2.6%-0.2pp	2.8%-1.4pp	4.2%-2.7pp	6.9%+5.8pp	1.1%-1.3pp	2.4%
Return on Assets	0.4%+0.1pp	0.3%-0.1pp	0.4%-0.1pp	0.4%-0.2pp	0.7%-0.4pp	1.1%+0.9pp	0.1%-0.2pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.91+0.3	4.56+0.1	4.48+0.4	4.040.0	4.05-0.0	4.10-0.9	4.96+0.1	4.88
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

What is Gladstone Commercial Corp's annual revenue?

Gladstone Commercial Corp (goodn) 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 (goodn) revenue grew by 8% year-over-year, from $149.4M to $161.3M in fiscal year 2025.

Is Gladstone Commercial Corp profitable?

Yes, Gladstone Commercial Corp (goodn) 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 (goodn) 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 (goodn) 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 (goodn) paid $1.20 per share in dividends during fiscal year 2025.

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

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

How many shares does Gladstone Commercial Corp have outstanding?

Gladstone Commercial Corp (goodn) had 48M shares outstanding as of fiscal year 2025.

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

Gladstone Commercial Corp (goodn) 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 (goodn) 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 (goodn) has a Piotroski F-Score of 3 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 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 (goodn) 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 (goodn) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.