Gladstone Investment

GAIN

Asset Management · Financial Services

Price

$16.54

-0.30 (-1.78%)

Market Cap

$658.7M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. Th

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

-9.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.2% 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

2.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$3M cash & investments

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

Revenue declining

Gladstone Investment'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

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Quality

Gross Margin

65.1%

Premium pricing power — 65.1% gross margin

Operating Margin

69.4%

Excellent — 69.4% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+21.8%

Fast-growing sales (21.8% YoY)

EPS YoY

+62.0%

Earnings growing fast (62.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

20%

Weak — only 20% of profit becomes cash

FCF Margin

23.5%

Converts sales into free cash efficiently (23.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.12

Elevated debt (1.12)

Interest Cover

1.58x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

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

P/E vs Forward

-11.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

10.15%

Healthy income — 10.15% yield

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

Dividend Growth

+0.0%

Dividend flat

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