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Gladstone Investment Corporation (GAIN) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Gladstone Investment Corporation $31.60, price $15.64, upside +102.1%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · US · ISIN US3765461070

GI Gladstone Investment Corporation logo Broad data Sep 23, 2026

Gladstone Investment Corporation

GAIN · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $31.60 · Strongly undervalued (+102%)
!Quality 42/100
!Mixed Growth (revenue 3y −3.2 %/yr)
✓Highly profitable · 159.0% net margin (TTM)
!Low debt · negative free cash flow
·6.14% dividend yield
✓Ranks above peers (9/14)
!Moderate moat 60/100
!The models disagree: range $23.20 to $126.40
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$16.78 $7.41 Fair Value $31.60 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $7.41 – $16.78 · fair‑value band $23.20 – $126.40 · the $15.64 price screens below the $31.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

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 …

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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. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector. It seeks to invest in small and mid-sized companies based in the United States. The fund prefers to make debt investments between $5 million and $30 million and equity investments between $10 million and $40 million in companies. The fund invests in companies with EBITDA from $4 million to $15 million. It seeks minority equity ownership and prefers to hold a board seat in its portfolio companies. It also prefers to take majority stake in its portfolio companies. The fund typically holds the investments for seven years and exits via sale or recapitalization, initial public offering, or sale to third party.

Stock analysis

Gladstone Investment Corporation (GAIN) currently trades at $15.64, while our model-based Fair Value estimate is $31.60, implying the stock looks roughly 50.5% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $162.38 per share, and 7 of the 8 models we run sit above the $15.64 price.

Bear case: the Asset-Based group reads lowest at $11.24, and 1 of the 8 models stay below the price. Evidence for this calculation is high.

Scenario range: $23.20 (bear) to $126.40 (bull), the price of $15.64 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.

Gladstone Investment Corporation reported revenue of $71.5M in FY2026 versus $99.1M in FY2022, a compound −7.9%/yr. Reported net income was $185M in FY2026, compounding +15.0%/yr from FY2022.

Key figures

Market cap $605M · P/E ratio 3.6 · P/S ratio 9.40 · EPS (TTM) $4.26 · Dividend yield 6.1% · Net margin 159% · Return on equity 29.2% · Return on assets (EBIT) 11.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 102%, GAIN screens cheaper than that median.

Fair Value models

Bear $23.20 Fair Value $31.60 Bull $126.40
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then ($1.60 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM $11.15 $20.10 $27.66 64
DDM Multi-Stage $11.15 $18.36 $21.47 63
P/E Multiple $45.23 $60.31 $75.39 63
All 8 models by family
Earnings-Based
Graham-Dodd $31.55 $220.01 $308.76 59
Lynch FV $113.67 $162.38 $211.10 57
Dividend Discount
Gordon GGM $11.15 $20.10 $27.66 64
DDM Multi-Stage $11.15 $18.36 $21.47 63
Multiples
P/E Multiple $45.23 $60.31 $75.39 63
P/B Multiple $17.62 $23.49 $29.37 55
Asset-Based
NCAV (Graham) $8.39 $11.24 $16.78 54
Economic Profit
Residual Income $27.25 $37.10 $197.89 59

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Quality Score breakdown

Overall quality 42/100

Of which business quality 43 · Market factors (momentum, volatility) 67

Profitability 56
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 42
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 28
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.1%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+28.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.4%
Dividend (yield on the price)6.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.16% vs 12%, picking up
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.38% → 316%
2026 sits 168% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside +102% · Top 25%
Profitability
Return on equity (TTM) 29% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 159% · Top 25%
Operating margin (TTM) 94% · Top 25%
Growth and dividend
Revenue growth 20% · Above median
Dividend yield (TTM) 6.1% · Above median
Balance sheet
Debt / equity 0.44× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 3.6× · Cheapest 25%
P/B 0.91× · Pricier than median
P/S (TTM) 5.83× · Pricier than median
EV/EBITDA 4.0× · Cheapest 25%
PEG 5.41× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 54
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)100 · sector 22
HEALTH (low debt)78 · sector 95
DIVIDEND (yield)100 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $98.44 $19.97 −80%
Apollo Global Management, Inc APO $124.15 $229.64 +85%
State Street Corporation STT $180.25 $138.33 −23%
Ameriprise Financial, Inc AMP $512.37 $579.51 +13%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $159.39 $312.27 +96%
T. Rowe Price Group TROW $104.17 $208.34 +100%

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Cite: Fair Value Calculator (2026). "Gladstone Investment Corporation Fair Value". https://www.fairvalue-calculator.com/stock/GAIN

Frequently asked questions

Is Gladstone Investment Corporation (GAIN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $31.60 versus a price of $15.64, about +102% upside (undervalued).
What is the fair value of GAIN?
Our model-based fair value for Gladstone Investment Corporation is $31.60 (as of Sep 23, 2026), built from audited fundamentals. The current price: $15.64.
What is the quality score of GAIN?
Gladstone Investment Corporation has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gladstone Investment Corporation (GAIN)?
Our model-based price target is the fair value of $31.60 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario $23.20, optimistic scenario $126.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Gladstone Investment Corporation stock forecast for 2026?
Our models put fair value at $31.60, about +102% upside versus a price of $15.64 (undervalued). Cautious scenario $23.20, optimistic scenario $126.40. The calculation is refreshed regularly with new filings.
What is the revenue of Gladstone Investment Corporation (GAIN)?
Gladstone Investment Corporation reported trailing-twelve-month revenue of about $104M (latest available figure, as of Sep 23, 2026).
Does Gladstone Investment Corporation pay a dividend?
Gladstone Investment Corporation currently shows a dividend yield of about 6.14% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Gladstone Investment Corporation (GAIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gladstone Investment Corporation it is $31.60 per share (as of Sep 23, 2026), against a price of $15.64. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Gladstone Investment Corporation stock overvalued or undervalued in 2026?
As of Sep 23, 2026, GAIN trades below its calculated fair value: price $15.64, fair value $31.60, a gap of about +102% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GAIN?
No. The price is what the market pays today ($15.64); the fair value is what the company's own numbers justify ($31.60). For Gladstone Investment Corporation the two are $15.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gladstone Investment Corporation worth?
The market values Gladstone Investment Corporation at about $605M (market capitalisation, as of Sep 23, 2026). Per share that is $15.64; our models calculate a fair value of $31.60 per share.
What do the bullish and bearish scenarios say about GAIN?
Our models span a range for Gladstone Investment Corporation: cautious scenario $23.20, base $31.60, optimistic $126.40 per share (as of Sep 23, 2026, price $15.64). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GAIN?
Gladstone Investment Corporation trades at a price-to-earnings ratio of 3.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $31.60 is built from several models across several years. Other multiples: PEG 5.4, P/B 0.9, P/S 5.8, EV/EBITDA 4.0.
What is the PEG ratio of GAIN?
The PEG ratio of Gladstone Investment Corporation is 5.41 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gladstone Investment Corporation (GAIN)?
Balance-sheet figures for Gladstone Investment Corporation (as of Sep 23, 2026): return on equity 29.2%, debt of 0.44 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is GAIN from its 52-week high?
Gladstone Investment Corporation trades at $15.64, about 7% below its 52-week high of $16.78 and 26% above the low of $12.43 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $31.60 is for.
Which stocks are comparable to Gladstone Investment Corporation?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gladstone Investment Corporation stock attractive at the current price?
The data as of Sep 23, 2026: price $15.64, calculated fair value $31.60 (+102%), Quality Score 42/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GAIN calculated?
We run Gladstone Investment Corporation through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $31.60, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Gladstone Investment Corporation currently trades 102 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gladstone Investment Corporation (GAIN)?
The closing price on Sep 23, 2026 was $15.64. Our model-based fair value is $31.60, about +102% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gladstone Investment Corporation right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($23.20). The market is more pessimistic than our downside scenario. The model range is unusually wide ($23.20 to $126.40). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Gladstone Investment Corporation

How large is the market capitalisation of Gladstone Investment Corporation (GAIN)?
The market capitalisation of Gladstone Investment Corporation is $605M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gladstone Investment Corporation (GAIN)?
The price-to-sales ratio of Gladstone Investment Corporation is 9.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gladstone Investment Corporation (GAIN)?
Earnings per share at Gladstone Investment Corporation are $4.26 (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gladstone Investment Corporation (GAIN)?
The dividend yield of Gladstone Investment Corporation is 6.1% (payout 22.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gladstone Investment Corporation (GAIN)?
The net margin of Gladstone Investment Corporation is 159% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gladstone Investment Corporation (GAIN)?
The return on equity (ROE) of Gladstone Investment Corporation is 29.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gladstone Investment Corporation (GAIN)?
On an EBIT basis the return on assets of Gladstone Investment Corporation is 11.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gladstone Investment Corporation (GAIN)?
The operating margin of Gladstone Investment Corporation is 94.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gladstone Investment Corporation (GAIN)?
Revenue at Gladstone Investment Corporation is growing +20.4% versus a year earlier (3y avg +29.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gladstone Investment Corporation (GAIN)?
Earnings per share at Gladstone Investment Corporation are growing +327% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gladstone Investment Corporation (GAIN) generate?
The free cash flow of Gladstone Investment Corporation is −$102M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gladstone Investment Corporation (GAIN) carry?
The net debt of Gladstone Investment Corporation is $563M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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