Quality
Return on equity
27.6% Computed
From the FY2026 filing
ValueScreener company report
Gladstone Investment Corporation (GAIN)
NASDAQ / Financial Services / Asset Management
Share price
15.14 USD Market dataClose of Oct 14, 2026Market capitalisation
602.9M USD Market dataClose of Oct 14, 2026- Market data
- Oct 14, 2026
- Filed accounts
- FY2026, filed May 12, 2026
- Ratios computed
- Oct 14, 2026
- Filed years
- 6, FY2021 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
n/a Computed
From the FY2026 filing
Why n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Valuation
Price to earnings
3.17x Computed
FY2026 accounts, priced at the latest close
Cash generation
Dividend yield
6.3% Computed
FY2026 accounts, priced at the latest close
Revenue and net income, as filed
- Named tests met
- 4 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it cheap
Price to earnings is 3.17x at the close of 2026-10-14 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.
Today, against the Asset Management industry (50 companies), 3.17x sits at the 0th percentile; the middle half of that group runs from 10.90x to 57.94x.
- Is it good
Return on equity was 27.6% in FY2026, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.
Today, against the Asset Management industry (59 companies), 27.6% sits at the 88th percentile; the middle half of that group runs from 2.6% to 15.4%.
- Year by year against peers
- Whether Gladstone Investment Corporation's return on equity stayed above the median of the Asset Management industry, year by year. (FY2024 to FY2026, 3 fiscal years of Gladstone Investment Corporation with a comparable figure)
- The direction
- Which way Gladstone Investment Corporation's return on equity has moved, and how steadily. (FY2022 to FY2026, 5 filed years of Gladstone Investment Corporation)
- What could explain it
- What in Gladstone Investment Corporation's filed statements could explain the movements. (2 readings drawn from the statement lines Gladstone Investment Corporation filed)
- What to check next
- What to check next on Gladstone Investment Corporation, and where in its filings. (2 questions for Gladstone Investment Corporation)
- In one paragraph
- One paragraph on Gladstone Investment Corporation's returns, cash, balance sheet and price. (3 of sixteen figures read for Gladstone Investment Corporation)
These are GAIN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research GAINPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2026 annual report: 10-K, filed May 12, 2026, accession 0001321741-26-000011.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Return on equity | 27.6% ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Return on capital employed, pre-taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Return on assets | 14.0% ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Gross marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Operating marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Net marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Current ratioWhy n/aOur archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Quick ratioWhy n/aOur archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Interest coverageWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Altman Z-scoreWhy n/mAltman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials. | n/m ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Net debtWhy n/aThe FY2026 balance sheet carries no net debt we could read. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
The balance sheet, line by line
Financial health
What Gladstone Investment Corporation owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 12, 2026, 0001321741-26-000011).
| Total assets | 1.32B FiledFY2026 10-K, filed May 12, 2026 |
|---|---|
| Total liabilities | 654.6M FiledFY2026 10-K, filed May 12, 2026 |
| Shareholders' equity | 668.2M FiledFY2026 10-K, filed May 12, 2026 |
| Cash | 2.4M FiledFY2026 10-K, filed May 12, 2026 |
| Total debt | n/a FiledFY2026 10-K, filed May 12, 2026 |
| Net debt | n/a |
| Current ratio | n/a |
| Debt to equity | n/a |
- Debt to equity: FY2026: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Current ratio: FY2026: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
- Interest cover: FY2026: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
| Price to earnings | 3.17x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| P/E on trailing twelve months | 3.55x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 0.88x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Price to salesWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Enterprise value to EBITWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Enterprise value to EBITDAWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Price to earnings over growth | 0.06 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Diluted earnings per share | 4.77 USD FiledFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Graham number | 43.04 USD ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
We publish no fair value or price target of our own. Value GAIN on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Gladstone Investment Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 15.14 USD |
|---|---|
| Market capitalisation | 602.9M USD |
| Enterprise value to EBITDA | n/m |
| Graham number | 43.04 USD |
| Diluted earnings per share, FY2026 | 4.77 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Feb 1, 2023: low 3.09x, median 18.03x, high 23.38x, latest 3.55x. 929 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like Gladstone Investment Corporation
- Vinci Compass Investments Ltd. (VINP)Market cap 609.5M USD
- Nuveen Churchill Direct Lending Corp. (NCDL)Market cap 596.1M USD
- MSC Income Fund, Inc. (MSIF)Market cap 562.3M USD
- SLR Investment Corp. (SLRC)Market cap 672.1M USD
- Noah Holdings Limited (NOAH)Market cap 545.3M USD
Same industry (Asset Management) and size band (Small, 300M to 2B), nearest in market value. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Free cash flow yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Free cash flowWhy n/aThe FY2026 filing carries no free cash flow we could read. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Free cash flow marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Dividend yield | 6.3% ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Payout ratio | 30.9% ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| 3.17x | FY2026 | Oct 14, 2026 | |
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| 0.88x | FY2026 | Oct 14, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 14, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2026 | Oct 14, 2026 | |
| n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from. | |||
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2026 | May 12, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| 6.3% | FY2026 | Oct 14, 2026 | |
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2026 | May 12, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2026 | May 12, 2026 | |
| n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | |||
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/a | FY2026 | Oct 14, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaMarket capitalisation / revenue As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| 0.06 | FY2026 | Oct 14, 2026 | |
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 14, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2026 | May 12, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
| n/m | FY2026 | May 12, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itIncome statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tabForm10-KFiledMay 12, 2026PeriodFY2026Accession0001321741-26-000011What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001321741-26-000011, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2026, the newest full year on file. 6 filed fiscal years on record, FY2021 to FY2026, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
6 filed fiscal years, FY2021 to FY2026, read from the annual reports Gladstone Investment Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2026 | n/a | n/a | 184.8M | 4.77 | n/a | n/a | 27.6% | 10-K, May 12, 20260001321741-26-000011 |
| FY2025 | n/a | n/a | 65.3M | 0.76 | n/a | n/a | 13.1% | 10-K, May 13, 20250001321741-25-000010 |
| FY2024 | n/a | n/a | 85.3M | 0.63 | n/a | n/a | 17.3% | 10-K, May 8, 20240001321741-24-000009 |
| FY2023 | n/a | n/a | 35.5M | 1.11 | n/a | n/a | 8.1% | 10-K, May 10, 20230001321741-23-000011 |
| FY2022 | n/a | n/a | 102.3M | 0.45 | n/a | n/a | 22.9% | 10-K, May 10, 20230001321741-23-000011 |
| FY2021 | n/a | n/a | 42.5M | 0.54 | n/a | n/a | n/a | 10-K, May 10, 20230001321741-23-000011 |
- Revenue: Fewer than two filed years carry revenue.
- Earnings, compound annual growth FY2021 to FY2026: 34.2%
- Earnings per share, compound annual growth FY2021 to FY2026: 54.6%
- Free cash flow: Fewer than two filed years carry free cash flow.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
Piotroski F-scoreWhy n/m2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name. | n/m ComputedFY2026 10-K, filed May 12, 2026, 0001321741-26-000011 |
| Named tests met | 4 of 30 Computed |
| Beta | 0.66 ComputedClose of Oct 14, 2026 |
The named tests
Of 30 tests value investors published: 4 met, 4 not met, 22 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- P/E times P/B (Benjamin Graham); Owner earnings yield; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
- Does not
- Large cap, low P/E; Dividends and buybacks; Near the 52-week low; High return on tangibles
- Not measured
- Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(20)
- Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
- Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Positive Earnings Streak: We hold 4 profitable filed years in a row; the test needs 10.
- Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
- EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
- Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Interest Coverage: No operating income line is filed for this year.
- Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
- ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
- P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 20 figures could not be read on this company, among them Current Ratio, Debt to Equity, Positive Earnings Streak. Each blank in the table above names the rest, with its reason. 22 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.