Gladstone Investment Corporation

GAINI

Asset Management · Financial Services

Also trades as: 0IVR.L

Price

$25.50

-0.00 (-0.01%)

Market Cap

$673.5M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

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 a publicly traded investment company that lends money to and buys ownership stakes in small and mid-sized private businesses across the United States. It focuses on companies in industries like manufacturing, services, and consumer products, typically targeting businesses that need capital for buyouts or growth. It is part of the Gladstone Companies family of funds, managed by Gladstone Management Corporation.

The company makes money in two main ways: collecting interest on loans it makes to portfolio companies and earning returns when it sells its equity stakes. It operates entirely in the U.S. and has a market cap of roughly $0.6 billion, putting it in the smaller end of the Business Development Company (BDC) space. BDCs like Gladstone Investment are required by law to pay out most of their income as dividends, which attracts income-focused investors but also limits how much capital the company can reinvest — making the quality of its loan portfolio the key risk to watch.

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

-24.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-242.9% 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

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.3B cash & investments

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

Revenue declining

Gladstone Investment Corporation'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

Every number that matters to educated investors.

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Quality

Gross Margin

98.3%

Premium pricing power — 98.3% gross margin

Operating Margin

-5.3%

Losing money on operations — -5.3%

ROCE

-0.1%

Weak — -0.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-8.3%

Shrinking sales (-8.3% YoY)

EPS YoY

+92.6%

Earnings growing fast (+92.6% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

-62%

Weak — only -62% of profit becomes cash

FCF Margin

-96.2%

Burning cash (-96.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.52

Elevated debt (1.52)

Interest Cover

2.81x

Tight — interest eats into profit (2.8x)

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

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Valuation

P/E Ratio (TTM)

6.1x

Attractive valuation — P/E 6.1

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

P/E vs Forward

-23.1

SLOWING

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

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Dividends

Dividend Yield

5.78%

Healthy income — 5.78% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

Data not available

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