Gladstone Investment Corporation Financial Ratios — GAIN

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Return on Common Equity (%)	8,289.06	1,129.35	-41.8	1,398.13	497.23	650.2	1,102.8	- -	- -	940.5	- -	- -	- -	- -	157.18
Return on Assets (%)	7.76	4.9	-0.37	12.33	5.04	8.79	10.78	13.1	-1.19	6.96	14.78	4.72	10.01	6.72	15.86
Return on Capital (%)	19.55	13.83	- -	50.78	21.24	47.45	61.18	97.67	- -	39.55	50.85	13.28	25.62	14.71	29.44
Return on Invested Capital (%)	4.55	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	59.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	59.74	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-42.33	249.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	90.42	93.5	138.01	98.69	85.3	90.62	92.9	82.22	-90.36	87.12	103.19	108.86	107.92	105.98	104.08
Profit Margin (%)	90.42	93.5	138.01	98.69	85.3	90.62	92.9	82.22	-90.36	87.12	103.19	108.86	107.92	105.98	104.08
Net Income to Common Margin (%)	90.42	93.5	138.01	98.69	85.3	90.62	92.9	82.22	-90.36	87.12	103.19	108.86	107.92	105.98	104.08
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	16.55	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	61.82	84.19	-1,414.37	40.99	91.35	50.72	47.67	37.4	-468.9	72.69	37.97	132.36	89.16	93.31	30.94
Sustainable Growth Rate (%)	3,164.91	178.56	-632.99	825	43.03	320.43	577.09	- -	- -	256.89	- -	- -	- -	- -	108.55

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Total Debt	152	95	67	124	100	75	113	58	54	151	261	293	398	456	564
ST Debt	76	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	76	95	67	124	100	75	113	58	54	151	261	293	398	456	564
Total Debt/EBITDA	10.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-1.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	10.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-1.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	18.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	18.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	18.89	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.11	0.72	1.1	0.73	1.28	1.42	0.6	-1.15	1.11	0.41	-1.75	-0.72	-2.08	5.32	13.72
Long-Term Debt/Equity (%)	36.68	39.37	30.2	45.31	35.87	24.84	31.79	14.27	14.71	39.59	58.62	66.54	80.85	91.31	84.47
Long-Term Debt/Capital (%)	49.89	97.22	94.82	97.22	93.94	91.09	96.82	114.39	89.45	98.3	105.22	101.91	105.15	89.48	75.67
Long-Term Debt/Total Assets (%)	23.36	24.98	20.17	25.62	19.9	14.52	18.43	9.15	9.42	23.52	35.3	38.22	42.46	45.28	42.67
Total Debt/Equity (%)	73.36	39.37	30.2	45.31	35.87	24.84	31.79	14.27	14.71	39.59	58.62	66.54	80.85	91.31	84.47
Total Debt/Capital (%)	99.77	97.22	94.82	97.22	93.94	91.09	96.82	114.39	89.45	98.3	105.22	101.91	105.15	89.48	75.67
Total Debt/Total Assets (%)	46.73	24.98	20.17	25.62	19.9	14.52	18.43	9.15	9.42	23.52	35.3	38.22	42.46	45.28	42.67
Net Debt to Equity	-7.5	-35.65	-2.06	-1.8	-1.61	-0.95	-1.03	-0.42	-0.75	-0.54	-3.18	-0.61	-0.5	-2.86	-0.17
Net Debt/Capital (%)	-25.56	-735.29	-6.92	-4.02	-4.39	-3.62	-3.23	-3.47	-4.8	-1.36	-6.06	-0.94	-0.65	-2.89	-0.16
EBITDA	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Cash Ratio	1.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	1.28	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	1.22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	-0.82	-1.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.11	0.72	1.1	0.73	1.28	1.42	0.6	-1.15	1.11	0.41	-1.75	-0.72	-2.08	5.32	13.72
Long-Term Debt/Equity (%)	36.68	39.37	30.2	45.31	35.87	24.84	31.79	14.27	14.71	39.59	58.62	66.54	80.85	91.31	84.47
Long-Term Debt/Capital (%)	49.89	97.22	94.82	97.22	93.94	91.09	96.82	114.39	89.45	98.3	105.22	101.91	105.15	89.48	75.67
Long-Term Debt/Total Assets (%)	23.36	24.98	20.17	25.62	19.9	14.52	18.43	9.15	9.42	23.52	35.3	38.22	42.46	45.28	42.67
Total Debt/Equity (%)	73.36	39.37	30.2	45.31	35.87	24.84	31.79	14.27	14.71	39.59	58.62	66.54	80.85	91.31	84.47
Total Debt/Capital (%)	99.77	97.22	94.82	97.22	93.94	91.09	96.82	114.39	89.45	98.3	105.22	101.91	105.15	89.48	75.67
Total Debt/Total Assets (%)	46.73	24.98	20.17	25.62	19.9	14.52	18.43	9.15	9.42	23.52	35.3	38.22	42.46	45.28	42.67
CFO/Total Liabilities	-41.22	-28.62	-30.6	-46.43	1.82	15.23	-11.58	41.06	17.03	-11.38	12.42	-1.38	-15.7	3.21	-15.52
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.15	0.82	1.21	0.68	0.64	0.89	0.88	1.14	0.78	1.01	1.2	0.85	0.72	0.72	0.33

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Accounts Receivable Turnover	20.36	24.2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	17.93	15.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Market Capitalization	167	177	219	197	212	275	326	381	258	406	536	441	490	491	- -
- Cash & Cash Equivalents	92	86	5	5	4	3	4	2	3	2	14	3	2	14	1
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	152	95	67	124	100	75	113	58	54	151	261	293	398	456	564
Enterprise Value	228	186	281	316	308	346	435	437	310	555	783	731	886	932	563
Total Capital	152	98	70	127	107	82	116	51	61	154	248	287	379	509	746
Total Debt/Capital (%)	99.77	97.22	94.82	97.22	93.94	91.09	96.82	114.39	89.45	98.3	105.22	101.91	105.15	89.48	75.67
Total Debt / EV	0.67	0.51	0.24	0.39	0.32	0.22	0.26	0.13	0.18	0.27	0.33	0.4	0.45	0.49	1
EV/Sales	9.37	10.05	- -	6.22	10.57	7.01	6.66	4.4	38.66	11.39	7.89	22.39	11.21	15.12	3.17
EV/EBITDA	15.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	15.69	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	75.48	10.63	- -	4.67	8.77	- -	21.39	- -	- -	57.16	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	75.48	10.63	- -	4.67	8.77	- -	21.39	- -	- -	57.16	- -
Diluted Market Cap	167	177	219	197	212	275	326	381	258	406	536	441	490	491	- -
Diluted Enterprise Value	228	186	281	316	308	346	435	437	310	555	783	731	886	932	563
EV per Share	10.31	7.68	10.62	11.86	10.18	11.45	13.48	13.32	9.42	16.73	23.57	21.95	25.72	25.38	- -
TTM Sales	24	18	-1	51	29	49	65	99	8	49	99	33	79	62	178
TTM EBITDA	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-48	-40	-34	-98	4	33	-30	94	35	-30	37	-5	-70	16	-102
TTM Free Cash Flow to Firm	-48	-40	-34	-98	4	33	-30	94	35	-30	37	-5	-70	16	-102

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Price/Free Cash Flow	-3.43	-4.45	-6.51	-2.02	52.05	8.42	-10.96	4.07	7.31	-13.65	14.63	-98	-7.01	30.09	- -
EV/EBIT	15.69	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	228	186	281	316	308	346	435	437	310	555	783	731	886	932	563
Low Price	6.06	6.59	6.8	6.72	6.4	6.65	8.9	8.7	6.43	6.75	12.27	11.4	12.14	12.46	11.42
EV/Sales	9.37	10.05	- -	6.22	10.57	7.01	6.66	4.4	38.66	11.39	7.89	22.39	11.21	15.12	3.17
EV/EBITDA	15.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	7.61	10.23	- -	3.93	8.55	6.13	5.37	4.66	- -	9.56	5.23	12.42	5.75	7.51	- -
Price/Earnings Average	7.4	10.34	-149.08	3.97	9.12	5.51	5.28	4.46	-55.6	7.96	4.88	13.14	5.47	7.68	- -
Price/Earnings High	8.54	11.3	-169.33	4.46	10.05	6.33	6.11	4.93	-69.69	9.96	5.57	15.79	6.04	8.35	- -
Price/Earnings Low	6.09	9.23	-135.47	3.57	7.79	4.5	4.73	3.5	-29.21	5.27	3.98	10.68	4.91	7.01	- -
Price/Book Value	487.31	65.08	60.12	55.73	32.91	37.54	88.25	-52.06	40.29	154.57	-41.32	-80.35	-25.12	9.16	- -
Price/Book Value Average	473.8	65.74	54.4	56.35	35.1	33.74	86.76	-49.73	62.81	128.72	-38.51	-85.07	-23.92	9.36	- -
Price/Book Value High	547.18	71.85	61.79	63.18	38.68	38.74	100.48	-55.02	78.74	161.02	-43.93	-102.19	-26.41	10.18	- -
Price/Book Value Low	390.1	58.67	49.43	50.61	30.01	27.53	77.77	-39.05	33	85.31	-31.43	-69.13	-21.43	8.54	- -
Price/Tangible Book Value	0.81	0.73	0.99	0.72	0.76	0.91	0.92	0.93	0.7	1.06	1.2	1	1	0.98	- -
Price/Tangible Book Value Average	0.78	0.74	0.9	0.73	0.81	0.82	0.9	0.89	1.09	0.88	1.12	1.06	0.95	1	- -
Price/Tangible Book Value High	0.91	0.81	1.02	0.82	0.89	0.94	1.05	0.99	1.37	1.11	1.28	1.28	1.05	1.09	- -
Price/Tangible Book Value Low	0.65	0.66	0.82	0.66	0.69	0.67	0.81	0.7	0.57	0.59	0.91	0.86	0.85	0.92	- -
Price/Sales	6.88	9.57	-227.37	3.88	7.29	5.56	4.99	3.84	32.23	8.33	5.4	13.52	6.2	7.96	- -
Price/Sales Average	6.69	9.66	-205.74	3.92	7.78	5	4.9	3.66	50.24	6.93	5.03	14.31	5.91	8.14	- -
Price/Sales High	7.73	10.56	-233.69	4.4	8.57	5.74	5.68	4.05	62.97	8.67	5.74	17.19	6.52	8.85	- -
Price/Sales Low	5.51	8.63	-186.95	3.52	6.65	4.08	4.4	2.88	26.4	4.6	4.11	11.63	5.29	7.43	- -
Price/Cash Flow	-3.43	-4.45	-6.51	-2.02	52.05	8.42	-10.96	4.07	7.31	-13.65	14.63	-98	-7.01	30.09	- -
Price/Cash Flow Average	-3.34	-4.49	-5.89	-2.05	55.52	7.57	-10.78	3.88	11.39	-11.36	13.64	-103.74	-6.68	30.75	- -
Price/Cash Flow High	-3.86	-4.91	-6.7	-2.29	61.17	8.69	-12.48	4.3	14.28	-14.22	15.56	-124.62	-7.37	33.45	- -
Price/Cash Flow Low	-2.75	-4.01	-5.36	-1.84	47.46	6.17	-9.66	3.05	5.99	-7.53	11.13	-84.31	-5.98	28.07	- -
Price/Free Cash Flow Average	-3.34	-4.49	-5.89	-2.05	55.52	7.57	-10.78	3.88	11.39	-11.36	13.64	-103.74	-6.68	30.75	- -
Price/Free Cash Flow High	-3.86	-4.91	-6.7	-2.29	61.17	8.69	-12.48	4.3	14.28	-14.22	15.56	-124.62	-7.37	33.45	- -
Price/Free Cash Flow Low	-2.75	-4.01	-5.36	-1.84	47.46	6.17	-9.66	3.05	5.99	-7.53	11.13	-84.31	-5.98	28.07	- -
EV/Sales Average	9.18	10.15	- -	6.26	11.06	6.45	6.57	4.23	56.67	10	7.53	23.19	10.92	15.3	3.17
EV/Sales High	10.22	11.05	- -	6.74	11.85	7.19	7.35	4.62	69.41	11.74	8.24	26.07	11.53	16.01	3.17
EV/Sales Low	8	9.11	- -	5.86	9.93	5.53	6.06	3.44	32.83	7.66	6.6	20.51	10.3	14.59	3.17
EV/EBITDA Average	15.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	17.11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	13.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	15.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	17.1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	13.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	7.57	7.31	8.27	7.4	7.02	9.07	10.1	11.6	7.85	12.23	16.13	13.25	14.23	13.36	14.2
High Price	8.5	8.07	8.5	8.39	8.25	9.36	11.5	12.26	15.34	12.74	17.15	16.85	14.96	14.85	15.34
Enterprise Value Average	223	188	260	319	322	319	429	420	454	487	746	757	863	943	563
Enterprise Value High	248	204	287	343	345	355	480	459	556	572	817	851	912	987	563
Enterprise Value Low	194	168	242	298	289	273	396	342	263	373	655	670	814	899	563

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Shares Outstanding	22	26	26	30	30	30	33	33	33	33	33	34	37	37	40
Diluted Weighted Avg Shares	22	24	26	27	30	30	32	33	33	33	33	33	34	37	- -
Basic Weighted Avg Shares	22	24	26	27	30	30	32	33	33	33	33	33	34	37	- -
Revenue per Share	1.1	0.76	-0.04	1.91	0.96	1.63	2.02	3.02	0.24	1.47	2.99	0.98	2.29	1.68	- -
EBITDA per Share	0.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	0.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.99	0.71	-0.05	1.88	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78	- -
Basic EPS from Cont Ops	0.99	0.71	-0.05	1.88	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78	- -
Diluted EPS, GAAP	0.99	0.71	-0.05	1.88	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78	- -
Diluted EPS from Cont Ops	0.99	0.71	-0.05	1.88	0.82	1.48	1.88	2.49	-0.22	1.28	3.08	1.07	2.47	1.78	- -
Dividend per Share	0.61	0.6	0.71	0.77	0.75	0.75	0.9	0.93	1.03	0.93	1.17	1.41	2.21	1.66	- -
Cash Flow per Share	-2.2	-1.64	-1.27	-3.66	0.13	1.08	-0.92	2.85	1.07	-0.9	1.1	-0.14	-2.03	0.44	- -
Free Cash Flow per Basic Share	-2.2	-1.64	-1.27	-3.66	0.13	1.08	-0.92	2.85	1.07	-0.9	1.1	-0.14	-2.03	0.44	- -
Cash & Equivalents per Share	4.15	3.55	0.17	0.18	0.15	0.09	0.11	0.05	0.08	0.06	0.43	0.08	0.07	0.39	- -
Book Value per Share	0.02	0.11	0.14	0.13	0.21	0.24	0.11	-0.22	0.19	0.08	-0.39	-0.16	-0.57	1.46	- -
Tangible Book Value per Share	9.38	9.96	8.34	10.25	9.22	9.95	10.98	12.41	11.23	11.53	13.43	13.2	14.3	13.59	- -

Gladstone Investment Corporation

Profitability (USD)

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Per Share Data Items (USD)