Gladstone Commercial Corporation Financial Ratios — GOODO

Profitability (USD)

	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	1.32	0.74	0.24	-0.8	0.45	0.47	0.67	1.32	0.97	1.4	0.98	0.92	0.43	2.15	1.65
Return on Capital (%)	10.04	9.23	8.3	- -	9.15	9.54	10.89	14.38	14.2	15.37	14.73	18.3	21.88	52.46	48.77
Return on Invested Capital (%)	5.58	5.78	5.15	- -	4.52	4.35	4.27	4.38	4.32	4.26	3.99	4.78	5.46	5.79	6.18
Gross Margin (%)	94.05	94.04	91.26	89.82	89.53	88.63	86.66	84.54	84.47	76.23	76.05	77.74	78.16	78.89	78.14
EBITDA Margin (%)	85.4	86.12	84.96	82.56	82.03	81.4	80.27	77.98	76.99	69.39	69.16	70.48	73.63	71.58	72.34
Operating Margin (%)	53.22	53.29	47.74	43.42	39.9	37.97	35.12	33.39	31.45	27.73	26.17	30.09	34.41	34.23	36.22
Incremental Operating Margin (%)	238.87	53.72	19.5	22.06	13.96	-24.17	5.98	19.7	4.06	5.06	-19.49	77.84	-426.06	20.07	61.1
Pretax Margin (%)	12.99	7.34	2.49	-8	4.29	4.58	6.26	11.54	8.34	11.25	7.91	7.24	3.34	16.09	11.96
Profit Margin (%)	12.99	7.34	2.49	-8	4.29	4.58	6.26	11.54	8.42	11.22	7.94	7.25	3.38	16.06	11.95
Net Income to Common Margin (%)	3.68	-0.65	-4.18	-13.55	-0.59	-3.11	-4.17	1.78	-1.04	2.98	-0.4	-0.74	-4.95	7.74	4.33
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	957.78	-4,975.9	-773.12	-262.8	-6,581.73	-1,334.16	-1,024.99	2,309.05	-3,513.52	1,300.42	-8,863.19	-5,173.86	-650.89	432.47	798.31
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	304	384	447	503	525	509	543	566	632	674	713	755	744	697	850
ST Debt	19	25	24	43	45	39	21	50	52	53	34	23	76	2	37
LT Debt	285	359	423	459	481	470	522	516	581	621	679	731	668	696	813
Total Debt/EBITDA	8.1	8.7	8.58	8.25	7.65	7.24	7.13	6.8	7.18	7.3	7.49	7.19	6.85	6.52	7.28
Net Debt/EBITDA	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.72	7.04	7.12	7.35	7.02	6.69	6.38	7.13
Total Debt/EBIT	12.99	14.06	15.26	15.69	15.72	15.53	16.3	15.87	17.58	18.27	19.79	16.83	14.65	13.64	14.55
Net Debt/EBIT	12.85	13.86	14.97	15.42	15.56	15.39	16.1	15.69	17.23	17.81	19.41	16.45	14.32	13.34	14.25
EBITDA to Interest Expense	2.2	2.18	2.14	2.32	2.45	2.71	3.1	3.18	3.11	3.45	3.54	3.24	2.91	2.86	2.78
EBITDA-CapEx/Interest Expense	-0.41	2.18	2.14	2.32	2.45	2.71	3.1	3.18	3.11	3.45	3.54	3.24	2.91	2.86	2.78
EBIT to Interest Expense	1.37	1.35	1.2	1.22	1.19	1.27	1.36	1.36	1.27	1.38	1.34	1.38	1.36	1.37	1.39
Interest Expense	17	20	24	26	28	26	25	26	28	27	27	32	37	37	42
Common Equity/Total Assets	-16.73	-16.41	-16.69	-19.26	-22.37	-26.25	-28.87	-33.03	-34.72	-37.25	-40.97	-43.99	-51.59	-57.01	-53.98
Long-Term Debt/Equity (%)	210.88	293.54	230.75	211.01	205.56	196	195.62	202.81	275.24	287.48	335.45	355.51	433.15	406.04	472.9
Long-Term Debt/Capital (%)	125.03	123.22	127.38	130.89	141.27	164.49	190.06	197.96	211.69	231.54	276.43	321.8	417.09	943.6	458.6
Long-Term Debt/Total Assets (%)	62.97	63.6	61.2	58.3	58.12	55.2	56.21	54.96	55.88	56.57	59.43	60.81	58.95	63.56	65.19
Total Debt/Equity (%)	224.7	313.97	244.07	230.9	224.62	212.36	203.38	222.49	299.68	312.16	352.01	366.81	482.25	407.15	494.64
Total Debt/Capital (%)	133.22	131.8	134.73	143.23	154.37	178.21	197.61	217.17	230.48	251.42	290.08	332.03	464.37	946.18	479.69
Total Debt/Total Assets (%)	67.1	68.02	64.73	63.8	63.51	59.81	58.44	60.3	60.84	61.42	62.36	62.74	65.64	63.73	68.19
Net Debt to Equity	222.24	309.43	239.4	226.95	222.42	210.41	200.88	219.9	293.67	304.43	345.36	358.57	471.18	398.38	484.41
Net Debt/Capital (%)	133.71	132.42	135.65	144.32	155.21	179.51	200.04	220.21	231.64	255.69	294.12	342.11	490.4	1,087.43	500.27
EBITDA	38	44	52	61	69	70	76	83	88	92	95	105	109	107	117
EBITDA-CapEx	-7	44	52	61	69	70	76	83	88	92	95	105	109	107	117
Operating Income (Loss)	23	27	29	32	33	33	33	36	36	37	36	45	51	51	58

Liquidity (USD)

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	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.13	0.15	0.25	0.14	0.08	0.08	0.14	0.09	0.09	0.14	0.11	0.15	0.1	0.28	0.16
Current Ratio	0.38	0.44	0.65	0.47	0.38	0.4	0.59	0.26	0.29	0.41	0.29	0.37	0.43	1.1	0.48
Quick Ratio	0.13	0.15	0.25	0.23	0.17	0.08	0.14	0.09	0.09	0.14	0.11	0.15	0.1	0.75	0.16
CFO/Avg Current Liab	1.34	0.76	0.56	0.59	0.51	0.66	0.87	0.93	0.79	0.81	0.92	0.94	0.61	0.71	1.62
Common Equity/Total Assets	-16.73	-16.41	-16.69	-19.26	-22.37	-26.25	-28.87	-33.03	-34.72	-37.25	-40.97	-43.99	-51.59	-57.01	-53.98
Long-Term Debt/Equity (%)	210.88	293.54	230.75	211.01	205.56	196	195.62	202.81	275.24	287.48	335.45	355.51	433.15	406.04	472.9
Long-Term Debt/Capital (%)	125.03	123.22	127.38	130.89	141.27	164.49	190.06	197.96	211.69	231.54	276.43	321.8	417.09	943.6	458.6
Long-Term Debt/Total Assets (%)	62.97	63.6	61.2	58.3	58.12	55.2	56.21	54.96	55.88	56.57	59.43	60.81	58.95	63.56	65.19
Total Debt/Equity (%)	224.7	313.97	244.07	230.9	224.62	212.36	203.38	222.49	299.68	312.16	352.01	366.81	482.25	407.15	494.64
Total Debt/Capital (%)	133.22	131.8	134.73	143.23	154.37	178.21	197.61	217.17	230.48	251.42	290.08	332.03	464.37	946.18	479.69
Total Debt/Total Assets (%)	67.1	68.02	64.73	63.8	63.51	59.81	58.44	60.3	60.84	61.42	62.36	62.74	65.64	63.73	68.19
CFO/Total Liabilities	6.18	5.29	3.92	4.95	5.31	6.73	7.08	8.12	7.27	7.43	7.45	6.94	6.16	6.17	8.2
CFO/CapEx	0.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.01	-0.02	-0.03	-0.1	-0.16	-0.22	-0.24	-0.33	-0.37	-0.38	-0.45	-0.46	-0.57	-0.55	-0.56

Working Capital (USD)

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	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.14	2.09	1.98	4.78
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.12	174.3	184.26	76.41
Accounts Payable Turnover	2.67	0.92	1.52	1.41	1.2	1.6	1.91	3.29	4.29	6.31	5.89	4.46	4.87	0.62	3.42
Accounts Payable Turnover Days	136.51	398.51	240.77	258.69	305.34	228.22	190.91	111	85.02	57.84	61.95	81.81	75	584.04	106.6
Cash Conversion Cycle	-136.51	-398.51	-240.77	-258.69	-305.34	-228.22	-190.91	-111	-85.02	-57.84	-61.95	-63.69	99.3	-399.78	-30.19
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-18.12	-174.3	-184.26	-76.41
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	27	4	10
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	27	4	10
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	3	6	9	9	5	5	7	7	7	11	8	12	12	11	11
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	5	3	3	1	2	1	- -	- -
+ Total Debt	304	384	447	503	525	509	543	566	632	674	713	755	744	697	850
Enterprise Value	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840
Total Capital	228	291	332	351	340	286	275	261	274	268	246	227	160	74	177
Total Debt/Capital (%)	133.22	131.8	134.73	143.23	154.37	178.21	197.61	217.17	230.48	251.42	290.08	332.03	464.37	946.18	479.69
Total Debt / EV	1.01	1.01	1.02	1.02	1.01	1.01	1.01	1	1.01	1.01	1.01	1.01	1.02	1.02	1.01
EV/Sales	6.84	7.39	7.15	6.7	6.21	5.84	5.65	5.28	5.49	5	5.13	5	4.97	4.6	5.2
EV/EBITDA	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.77	7.14	7.21	7.42	7.09	6.75	6.42	7.19
EV/EBIT	12.85	13.86	14.97	15.43	15.56	15.39	16.1	15.82	17.47	18.05	19.6	16.61	14.43	13.43	14.37
EV/Cash Flow to Firm	8.19	8.68	9.91	9.08	8.74	7.53	7.5	6.9	7.1	7.22	7.28	7.33	7.5	7.28	6.45
EV/Free Cash Flow to Firm	3.7	8.68	9.91	9.08	8.74	7.53	7.5	6.9	7.1	7.22	7.28	7.33	7.5	7.28	6.45
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	44	51	61	74	84	86	95	107	114	133	138	149	148	149	161
TTM EBITDA	38	44	52	61	69	70	76	83	88	92	95	105	109	107	117
TTM Operating Income	23	27	29	32	33	33	33	36	36	37	36	45	51	51	58
TTM Cash Flow to Firm	37	44	44	54	60	67	71	82	88	92	97	102	98	94	130
TTM Free Cash Flow to Firm	81	44	44	54	60	67	71	82	88	92	97	102	98	94	130

Multiples (USD)

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	2011 Y	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	12.85	13.86	14.97	15.43	15.56	15.39	16.1	15.82	17.47	18.05	19.6	16.61	14.43	13.43	14.37
Enterprise Value	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.28	17.02	14.88	18.8	18.3
EV/Sales	6.84	7.39	7.15	6.7	6.21	5.84	5.65	5.28	5.49	5	5.13	5	4.97	4.6	5.2
EV/EBITDA	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.77	7.14	7.21	7.42	7.09	6.75	6.42	7.19
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	6.84	7.39	7.15	6.7	6.21	5.84	5.65	5.28	5.49	5	5.13	5	4.97	4.6	5.2
EV/Sales High	6.84	7.39	7.15	6.7	6.21	5.84	5.65	5.28	5.49	5	5.13	5	4.97	4.6	5.2
EV/Sales Low	6.84	7.39	7.15	6.7	6.21	5.84	5.65	5.28	5.49	5	5.13	5	4.97	4.6	5.2
EV/EBITDA Average	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.77	7.14	7.21	7.42	7.09	6.75	6.42	7.19
EV/EBITDA High	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.77	7.14	7.21	7.42	7.09	6.75	6.42	7.19
EV/EBITDA Low	8.01	8.58	8.41	8.11	7.57	7.18	7.04	6.77	7.14	7.21	7.42	7.09	6.75	6.42	7.19
EV/EBIT Average	12.85	13.86	14.97	15.43	15.56	15.39	16.1	15.82	17.47	18.05	19.6	16.61	14.43	13.43	14.37
EV/EBIT High	12.85	13.86	14.97	15.43	15.56	15.39	16.1	15.82	17.47	18.05	19.6	16.61	14.43	13.43	14.37
EV/EBIT Low	12.85	13.86	14.97	15.43	15.56	15.39	16.1	15.82	17.47	18.05	19.6	16.61	14.43	13.43	14.37
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.79	19.7	19.44	20.5	20.72
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.99	26.72	22.73	22.42	21.37
Enterprise Value Average	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840
Enterprise Value High	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840
Enterprise Value Low	301	379	438	494	520	505	536	564	628	666	706	745	733	687	840

Shares Outstanding	11	11	16	20	22	25	28	29	33	35	37	40	40	44	48
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Gladstone Commercial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)