Gladstone Capital (GLAD)
Market Price (6/19/2026): $18.71 | Market Cap: $422.7 MilSector: Financials | Industry: Asset Management & Custody Banks
Gladstone Capital (GLAD)
Market Price (6/19/2026): $18.71Market Cap: $422.7 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -46% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% Expensive valuation multiplesP/SPrice/Sales ratio is 9.1x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -48% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -201%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -201% Key risksGLAD key risks include [1] significant sensitivity to interest rate volatility due to its portfolio of over 90% floating-rate debt, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -46% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.1x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -48% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -201%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -201% |
| Key risksGLAD key risks include [1] significant sensitivity to interest rate volatility due to its portfolio of over 90% floating-rate debt, Show more. |
Qualitative Assessment
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Gladstone Capital (GLAD) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Broad BDC Sector Headwinds and Private Credit Market Downturn.
The Business Development Company (BDC) sector, including Gladstone Capital, faced significant industry-wide challenges in the first quarter of 2026. This period saw a 40% year-over-year slump in BDC capital formation and retail sales, marking the sharpest contraction in the sector's history. This "private credit panic" was fueled by rising default rates, which climbed to a record 9.2% by the end of 2025 for privately monitored ratings, and a looming "$21 billion maturity wall" of debt within the BDC sector. This environment generated cautious investor sentiment and contributed to a "deteriorating" sector outlook from Fitch Ratings.
2. Decrease in Weighted Average Portfolio Yield.
Gladstone Capital experienced pressure on its investment income due to a decrease in its weighted average yield. For the quarter ended March 31, 2026, the company's weighted average yield declined to 11.8% from 12.2% in the prior quarter. This reduction was primarily driven by a decrease in the average Secured Overnight Financing Rate (SOFR). While other income components helped to offset this, the lower yield on its interest-bearing investment portfolio directly impacted potential earnings growth.
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Gladstone Capital (GLAD) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Broad BDC Sector Headwinds and Private Credit Market Downturn.
The Business Development Company (BDC) sector, including Gladstone Capital, faced significant industry-wide challenges in the first quarter of 2026. This period saw a 40% year-over-year slump in BDC capital formation and retail sales, marking the sharpest contraction in the sector's history. This "private credit panic" was fueled by rising default rates, which climbed to a record 9.2% by the end of 2025 for privately monitored ratings, and a looming "$21 billion maturity wall" of debt within the BDC sector. This environment generated cautious investor sentiment and contributed to a "deteriorating" sector outlook from Fitch Ratings.
2. Decrease in Weighted Average Portfolio Yield.
Gladstone Capital experienced pressure on its investment income due to a decrease in its weighted average yield. For the quarter ended March 31, 2026, the company's weighted average yield declined to 11.8% from 12.2% in the prior quarter. This reduction was primarily driven by a decrease in the average Secured Overnight Financing Rate (SOFR). While other income components helped to offset this, the lower yield on its interest-bearing investment portfolio directly impacted potential earnings growth.
3. Macroeconomic Uncertainty Around Interest Rates.
Despite the Federal Reserve maintaining its target federal funds rate at 3.50%-3.75% during its meetings in early 2026 following three quarter-point cuts in late 2025, the broader macroeconomic outlook regarding interest rates introduced uncertainty for BDCs. Expectations for further rate movements in 2026 remain divided, with some forecasts suggesting limited or no additional cuts, while others anticipate continued pressure on net investment income in an easing rate environment. This environment contributes to investor caution regarding future net investment income and dividend coverage for BDCs.
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Stock Movement Drivers
Fundamental Drivers
The 5.3% change in GLAD stock from 2/28/2026 to 6/18/2026 was primarily driven by a 24.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.76 | 18.69 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37 | 47 | 24.4% |
| Net Income Margin (%) | 98.6% | 94.5% | -4.2% |
| P/E Multiple | 10.9 | 9.6 | -11.6% |
| Shares Outstanding (Mil) | 23 | 23 | 0.0% |
| Cumulative Contribution | 5.3% |
Market Drivers
2/28/2026 to 6/18/2026| Return | Correlation | |
|---|---|---|
| GLAD | 5.3% | |
| Market (SPY) | 9.2% | 30.9% |
| Sector (XLF) | 4.7% | 42.7% |
Fundamental Drivers
The -7.7% change in GLAD stock from 11/30/2025 to 6/18/2026 was primarily driven by a -19.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.25 | 18.69 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58 | 47 | -19.3% |
| Net Income Margin (%) | 100.8% | 94.5% | -6.3% |
| P/E Multiple | 7.8 | 9.6 | 22.8% |
| Shares Outstanding (Mil) | 22 | 23 | -0.6% |
| Cumulative Contribution | -7.7% |
Market Drivers
11/30/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| GLAD | -7.7% | |
| Market (SPY) | 9.9% | 28.7% |
| Sector (XLF) | 1.3% | 43.4% |
Fundamental Drivers
The -23.2% change in GLAD stock from 5/31/2025 to 6/18/2026 was primarily driven by a -47.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.34 | 18.69 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 47 | -47.6% |
| Net Income Margin (%) | 98.2% | 94.5% | -3.8% |
| P/E Multiple | 6.2 | 9.6 | 54.2% |
| Shares Outstanding (Mil) | 22 | 23 | -1.2% |
| Cumulative Contribution | -23.2% |
Market Drivers
5/31/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| GLAD | -23.2% | |
| Market (SPY) | 28.1% | 27.8% |
| Sector (XLF) | 6.7% | 38.7% |
Fundamental Drivers
The 31.5% change in GLAD stock from 5/31/2023 to 6/18/2026 was primarily driven by a 151.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.21 | 18.69 | 31.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 47 | 151.4% |
| Net Income Margin (%) | 92.9% | 94.5% | 1.7% |
| P/E Multiple | 7.6 | 9.6 | 27.0% |
| Shares Outstanding (Mil) | 9 | 23 | -59.5% |
| Cumulative Contribution | 31.5% |
Market Drivers
5/31/2023 to 6/18/2026| Return | Correlation | |
|---|---|---|
| GLAD | 31.5% | |
| Market (SPY) | 85.7% | 45.1% |
| Sector (XLF) | 77.0% | 50.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GLAD Return | 41% | -10% | 23% | 47% | -21% | -5% | 71% |
| Peers Return | 35% | -8% | 34% | 28% | -3% | -13% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| GLAD Win Rate | 83% | 33% | 50% | 75% | 42% | 50% | |
| Peers Win Rate | 75% | 47% | 72% | 78% | 57% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GLAD Max Drawdown | -13% | -32% | -16% | -12% | -34% | -20% | |
| Peers Max Drawdown | -9% | -27% | -14% | -12% | -24% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, MAIN, FSK, OBDC, HTGC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | GLAD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.7% | -18.8% |
| % Gain to Breakeven | 26.1% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.8% | -9.5% |
| % Gain to Breakeven | 13.4% | 10.5% |
| Time to Breakeven | 65 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.3% | -6.7% |
| % Gain to Breakeven | 16.7% | 7.1% |
| Time to Breakeven | 111 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 31.0% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.6% | -33.7% |
| % Gain to Breakeven | 135.9% | 50.9% |
| Time to Breakeven | 302 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.0% | 23.8% |
| Time to Breakeven | 62 days | 105 days |
In The Past
Gladstone Capital's stock fell -20.7% during the 2025 US Tariff Shock. Such a loss loss requires a 26.1% gain to breakeven.
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| Event | GLAD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.7% | -18.8% |
| % Gain to Breakeven | 26.1% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 31.0% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.6% | -33.7% |
| % Gain to Breakeven | 135.9% | 50.9% |
| Time to Breakeven | 302 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.0% | 23.8% |
| Time to Breakeven | 62 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.3% | -12.2% |
| % Gain to Breakeven | 64.8% | 13.9% |
| Time to Breakeven | 174 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.6% | -6.8% |
| % Gain to Breakeven | 74.3% | 7.3% |
| Time to Breakeven | 186 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.5% | -17.9% |
| % Gain to Breakeven | 39.9% | 21.8% |
| Time to Breakeven | 115 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.6% | -15.4% |
| % Gain to Breakeven | 32.6% | 18.2% |
| Time to Breakeven | 1282 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.0% | -53.4% |
| % Gain to Breakeven | 233.9% | 114.4% |
| Time to Breakeven | 1946 days | 1085 days |
In The Past
Gladstone Capital's stock fell -20.7% during the 2025 US Tariff Shock. Such a loss loss requires a 26.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Gladstone Capital (GLAD)
Gladstone Capital Corporation (GLAD) operates as a Business Development Company (BDC) primarily focused on providing capital to small and medium-sized companies within the lower middle market in the United States. Its core mission is to generate income and capital appreciation by investing in these private companies, helping them fund growth, acquisitions, recapitalizations, or debt refinancing initiatives.
The company offers a diverse range of financing solutions, predominantly through debt and equity investments. On the debt side, GLAD provides senior term loans, revolving loans, secured first and second lien term loans, senior subordinated, unitranche, junior subordinated, and mezzanine loans. In terms of equity, it makes investments in common stock, preferred stock, limited liability company interests, and warrants. These investments support various corporate strategies such as growth capital, add-on acquisitions, change of control, buy & build initiatives, and debt refinancing.
Gladstone Capital targets U.S. companies across a broad spectrum of industries, being largely industry-agnostic, though it notes an interest in sectors like business services, light manufacturing, healthcare, and media. It focuses on companies typically generating annual sales between $20 million and $150 million and EBITDA ranging from $3 million to $25 million, with individual investments generally falling between $7 million and $30 million. The fund often seeks to acquire minority stakes in these companies and aims for exits through strategic acquisitions or public market transactions.
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Here are 1-3 brief analogies for Gladstone Capital (GLAD):
- It's like a publicly traded KKR or Blackstone, but for small to medium-sized private companies.
- Think of it as a Fidelity or Vanguard fund that invests in loans and equity stakes of private American businesses instead of public stocks or bonds.
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- Debt Investments: Gladstone Capital provides various forms of debt financing to companies, including senior term loans, revolving loans, secured first and second lien term loans, senior subordinated loans, unitranche loans, junior subordinated loans, and mezzanine loans.
- Equity Investments: Gladstone Capital also offers direct equity financing through common stock, preferred stock, limited liability company interests, or warrants.
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Gladstone Capital Corporation (GLAD) operates as a business development company (BDC). Its "customers" are the small and medium-sized companies to which it provides debt and equity financing. These are typically private companies, and the provided background does not list specific names of these portfolio companies.
Instead, the company description indicates that Gladstone Capital targets:
- Small and medium-sized companies in the United States.
- Companies with sales between $20 million and $150 million and EBITDA between $3 million and $25 million.
- Companies across various industries, including business services, light and specialty manufacturing, niche industrial products and services, specialty consumer products and services, energy services, transportation and logistics, healthcare and education services, specialty chemicals, media and communications, and aerospace and defense.
Therefore, Gladstone Capital's major customers are its portfolio of numerous private small and medium-sized businesses across diverse sectors. Specific customer names are not listed in the provided background as they are private entities within GLAD's investment portfolio.
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Gladstone Management Corporation (private company)
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David Gladstone Chairman and Chief Executive Officer
Mr. Gladstone is the Founder of Gladstone Capital Corporation, serving as Chief Executive Officer and Chairman of the Board since its inception in 2003. He also founded and continues to serve as Chief Executive Officer and Chairman of the board of directors for various affiliates, including Gladstone Investment Corporation and Gladstone Land Corporation. Prior to founding the Gladstone Companies, he served as Chairman or Vice Chairman of American Capital, Ltd., a publicly-traded leveraged buyout fund and mezzanine debt finance company, from 1997 to 2001. From 1974 to 1997, Mr. Gladstone held various leadership positions, including Chairman and Chief Executive Officer, with Allied Capital Corporation and its affiliates, which were described as the largest group of publicly-traded mezzanine debt funds in the United States. He managed the growth of Allied Capital Commercial, a publicly-traded REIT, from no assets at its initial public offering to $385 million at the time it merged into Allied Capital Corporation in 1997. Mr. Gladstone also founded and was the Managing Member of The Capital Investors, LLC, a group of angel investors.
Nicole Schaltenbrand Chief Financial Officer and Treasurer
Ms. Schaltenbrand joined Gladstone in November 2015. Before joining Gladstone, she served as a senior manager of SEC reporting and accounting policy at National Rural Utilities Cooperative Finance Corporation. She also worked as a senior manager in the assurance practice of KPMG LLP. Ms. Schaltenbrand is a CPA in Virginia and a member of the AICPA and VSCPA.
Bob Marcotte President
Mr. Marcotte joined Gladstone Capital in December 2013. He has extensive experience in commercial finance and investment banking, focusing on the origination and management of middle market debt and equity investments for both private equity sponsors and owner-operators since 2002. Before joining Gladstone, Mr. Marcotte was an Executive Vice President and Co-Head of Asset Management for MCG Capital, a publicly-traded business development company, where he was responsible for investment origination, evaluation, underwriting, and portfolio management.
Michael LiCalsi Chief Administrative Officer, Co-General Counsel, and Co-Secretary
Mr. LiCalsi has served as Chief Administrative Officer since July 2025, General Counsel since October 2009, and Secretary since October 2012. He was appointed President of Gladstone Administration in July 2013. Mr. LiCalsi is a graduate of the George Mason University School of Law, where he served as Editor-in-Chief of the George Mason Law Review, and is a member of the Virginia State Bar and District of Columbia Bar.
John Sateri Managing Director
Mr. Sateri has been with The Gladstone Companies since April 2007. He currently serves as a Managing Director at the McLean, VA Headquarters and is a member of the Investment Committee that supports all Gladstone managed credit, equity, and real estate funds. He is also involved in originating debt and equity investments in privately held companies.
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Here are the key risks to Gladstone Capital (GLAD):
- Exposure to Economic Downturns and High Interest Rates: Gladstone Capital's portfolio companies, primarily in the lower middle market, are highly susceptible to economic downturns and sustained high interest rates. Such conditions can lead to increased non-accruals (defaults) on their debt investments, negatively impacting the company's net investment income and net asset value (NAV). A higher cost of debt for portfolio companies due to persistent high interest rates further exacerbates this risk.
- Challenges in Capital Deployment and Asset Growth: The company has faced difficulties in deploying capital effectively into new investments, which hinders asset growth. This limitation can prevent Gladstone Capital from offsetting potential non-accruals in its existing portfolio and achieving meaningful earnings growth, particularly in a challenging economic environment.
- Leverage, Debt Management, and Dividend Sustainability: Gladstone Capital's financial health is sensitive to its leverage levels and ability to manage its debt, including refinancing existing obligations. Increases in total liabilities and interest expenses can pressure profitability. Furthermore, the sustainability of its dividend payouts, which are crucial for attracting investors, is a concern, especially with narrowing dividend coverage and potential NAV erosion. The issuance of convertible notes also introduces a risk of shareholder dilution.
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- Growth in Net Originations and Investment Portfolio: Gladstone Capital consistently highlights a "healthy pipeline of new deals" and "attractive net originations" in the lower middle market. This continued focus on originating new debt and equity investments, particularly with private equity-sponsored companies, directly expands its earning asset base, leading to increased interest and fee income.
- Expansion of Average Earning Assets: A key driver of Gladstone Capital's revenue is the growth in its average earning assets. An increase in the total value of its interest-bearing investments directly translates to higher interest income, a primary component of its total investment income. Management has reported growth in average earning assets in recent periods.
- Consistent Fee Income from Deal Flow and Prepayments: Beyond interest income, Gladstone Capital generates revenue through various fees, including those from new deal originations and prepayments from existing portfolio companies. The ability to generate and efficiently redeploy capital from these prepayment events into new, potentially higher-yielding investments can provide a recurring boost to revenue.
- Strategic Focus on Lower Middle Market and Specialty Financing: The company's specialization in providing debt and equity investments to lower middle market companies, including senior and junior subordinated loans, unitranche loans, and mezzanine loans, allows it to target a specific market segment. This niche focus, coupled with investments in growth-oriented businesses and sponsor-backed deals, is expected to drive consistent deal flow and maintain attractive portfolio yields.
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Share Repurchases
- Gladstone Capital Corporation's board of directors authorized a share repurchase program for up to $7,500,000 of its common stock.
- The repurchases are intended to be implemented through open market transactions or privately negotiated transactions.
- The repurchase program does not obligate the company to acquire any particular amount of stock, with timing, prices, and sizes dependent on market conditions.
Share Issuance
- In December 2025, Gladstone Capital issued $150 million of 5.875% convertible notes due 2030.
- In September 2025, the company priced a registered public offering of $130.0 million aggregate principal amount of 5.875% convertible notes due 2030, an offering that was upsized from $110.0 million.
- As of the first quarter of fiscal year 2026, Gladstone Capital Corporation had 23 million shares outstanding.
Outbound Investments
- For the fiscal year ended September 30, 2025, Gladstone Capital invested $310.7 million in 15 new portfolio companies and an additional $86.1 million in existing companies.
- In the fourth quarter of fiscal year 2025, the company invested $107 million in five new portfolio companies and $20 million in existing portfolio companies.
- Gladstone Capital typically invests between $8 million and $40 million in debt and equity, primarily secured first and second lien term loans, in lower middle market companies. As of Q1 2026, Gladstone Capital's investments had a fair value of $902.9 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.76 |
| Mkt Cap | 3.7 |
| Rev LTM | 439 |
| Op Inc LTM | - |
| FCF LTM | -129 |
| FCF 3Y Avg | -4 |
| CFO LTM | -129 |
| CFO 3Y Avg | -4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -26.1% |
| Rev Chg 3Y Avg | 29.7% |
| Rev Chg Q | -48.2% |
| QoQ Delta Rev Chg LTM | -10.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -90.6% |
| CFO/Rev 3Y Avg | -42.9% |
| FCF/Rev LTM | -90.6% |
| FCF/Rev 3Y Avg | -42.9% |
Price Behavior
| Market Price | $18.69 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 08/02/2002 | |
| Distance from 52W High | -30.2% | |
| 50 Days | 200 Days | |
| DMA Price | $18.92 | $19.17 |
| DMA Trend | down | up |
| Distance from DMA | -1.2% | -2.5% |
| 3M | 1YR | |
| Volatility | 30.4% | 25.7% |
| Downside Capture | 54.39 | 81.76 |
| Upside Capture | 50.05 | 27.82 |
| Correlation (SPY) | 29.8% | 27.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.36 | 0.50 | 0.72 | 0.66 | 0.62 | 0.68 |
| Up Beta | -0.21 | 0.53 | 0.33 | 0.34 | 0.64 | 0.65 |
| Down Beta | 1.78 | 1.41 | 1.53 | 1.30 | 0.81 | 0.93 |
| Up Capture | -23% | 58% | 68% | 39% | 22% | 25% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 26 | 37 | 66 | 126 | 411 |
| Down Capture | -194% | -17% | 63% | 76% | 86% | 81% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 14 | 24 | 54 | 120 | 323 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLAD | |
|---|---|---|---|---|
| GLAD | -23.1% | 25.7% | -1.06 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 38.6% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 27.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 2.4% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -3.3% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 27.0% |
| Bitcoin (BTCUSD) | -38.3% | 42.4% | -1.02 | 25.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLAD | |
|---|---|---|---|---|
| GLAD | 4.2% | 23.7% | 0.14 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 54.4% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 50.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 6.8% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 14.5% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 45.9% |
| Bitcoin (BTCUSD) | 11.6% | 54.2% | 0.41 | 23.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLAD | |
|---|---|---|---|---|
| GLAD | 12.2% | 30.0% | 0.44 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 55.1% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 50.2% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 19.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 50.8% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 4.1% | 0.1% | 0.7% |
| 2/4/2026 | -5.7% | -7.9% | -10.5% |
| 11/17/2025 | 5.8% | 9.4% | 11.0% |
| 8/4/2025 | -0.7% | 1.0% | -2.8% |
| 5/6/2025 | -0.2% | 4.8% | 5.6% |
| 2/11/2025 | 0.5% | 4.7% | -5.4% |
| 11/13/2024 | -0.5% | 2.5% | 10.9% |
| 8/7/2024 | 1.3% | 1.8% | 1.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 13 |
| # Negative | 10 | 6 | 10 |
| Median Positive | 3.8% | 2.5% | 4.4% |
| Median Negative | -0.6% | -2.2% | -2.7% |
| Max Positive | 5.8% | 9.4% | 11.0% |
| Max Negative | -5.7% | -7.9% | -10.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 4.1% | 0.1% | 0.7% |
| 2/4/2026 | -5.7% | -7.9% | -10.5% |
| 11/17/2025 | 5.8% | 9.4% | 11.0% |
| 8/4/2025 | -0.7% | 1.0% | -2.8% |
| 5/6/2025 | -0.2% | 4.8% | 5.6% |
| 2/11/2025 | 0.5% | 4.7% | -5.4% |
| 11/13/2024 | -0.5% | 2.5% | 10.9% |
| 8/7/2024 | 1.3% | 1.8% | 1.9% |
| 5/1/2024 | -2.4% | 1.1% | 3.7% |
| 2/5/2024 | -4.7% | -1.7% | -0.6% |
| 11/13/2023 | 1.6% | 1.3% | 6.3% |
| 5/2/2023 | -0.5% | -0.5% | 0.9% |
| 2/6/2023 | 4.7% | 2.9% | -2.6% |
| 11/14/2022 | 4.8% | 3.3% | -1.5% |
| 7/27/2022 | -3.0% | -3.5% | -5.2% |
| 5/3/2022 | 5.0% | -1.6% | -2.2% |
| 2/2/2022 | 2.4% | 3.3% | -1.2% |
| 11/15/2021 | 4.6% | 0.6% | -3.1% |
| 8/3/2021 | -0.5% | 1.5% | 1.8% |
| 5/4/2021 | -0.1% | -2.8% | 6.8% |
| 2/3/2021 | 1.6% | 4.2% | 3.1% |
| 11/10/2020 | 3.8% | 6.6% | 8.7% |
| 7/29/2020 | 1.1% | 2.1% | 4.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 13 |
| # Negative | 10 | 6 | 10 |
| Median Positive | 3.8% | 2.5% | 4.4% |
| Median Negative | -0.6% | -2.2% | -2.7% |
| Max Positive | 5.8% | 9.4% | 11.0% |
| Max Negative | -5.7% | -7.9% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/17/2025 | 10-K |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-K |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| 06/30/2022 | 07/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/17/2025 | 10-K |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-K |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-K |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/03/2021 | 10-Q |
| 09/30/2020 | 11/10/2020 | 10-K |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 11/13/2019 | 10-K |
| 06/30/2019 | 08/05/2019 | 10-Q |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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