Estados financieros detallados de Gladstone Investment Corporation (GAINI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Gladstone Investment Corporation registró ingresos de $71.5M en el último ejercicio fiscal, con un CAGR de 5 años del 6.1%. El beneficio neto alcanzó $184.8M, con un CAGR a 5 años del 34.2%.
Márgenes de los últimos 12 meses: margen bruto 63.5%, margen operativo 107.8%, margen neto 155.9%.
Al precio actual de $25.41, GAINI cotiza a un P/E de 3.88 y un ROE del 27.00%. La capitalización bursátil es de $671M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $52.9M | $69.4M | $105.4M | $12.0M | $53.2M | $112.2M | $48.5M | $103.2M | $89.9M | $71.5M |
| Coste de Ventas | $3.5M | $4.0M | $6.1M | $4.0M | $4.4M | $13.1M | $15.9M | $24.1M | $28.2M | $57.6M |
| Beneficio Bruto | $49.4M | $65.3M | $99.2M | $8.0M | $48.7M | $99.1M | $32.7M | $79.0M | $61.6M | $13.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $4.2M | $4.1M | $6.1M | $6.4M | $5.9M | $6.4M | $7.0M | $6.2M | $8.2M | $6.1M |
| Gastos Operativos | $4.6M | $4.6M | $17.6M | $15.2M | $6.3M | -$3.2M | -$2.9M | -$6.3M | -$3.7M | -$211.9M |
| Beneficio Operativo | $44.8M | $60.7M | $81.6M | -$7.2M | $42.5M | $102.3M | $35.5M | $85.3M | $65.3M | $225.8M |
| EBITDA | $44.8M | $61.2M | $82.1M | -$7.2M | $42.5M | $102.3M | $47.8M | $85.3M | $65.3M | $225.8M |
| Gastos por Intereses | $3.5M | $4.0M | $6.1M | $4.0M | $4.4M | $13.1M | $15.9M | $24.1M | $28.2M | $41.0M |
| Beneficio Antes de Impuestos | $44.8M | $60.7M | $81.6M | -$7.2M | $42.5M | $102.3M | $35.5M | $85.3M | $65.3M | $184.8M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $44.8M | $60.7M | $81.6M | -$7.2M | $42.5M | $102.3M | $35.5M | $85.3M | $65.3M | $184.8M |
| BPA | $1.48 | $1.88 | $2.49 | $-0.22 | $1.28 | $3.08 | $1.07 | $2.47 | $1.78 | $4.77 |
| BPA Diluido | $1.48 | $1.88 | $2.49 | $-0.22 | $1.28 | $3.08 | $1.07 | $2.47 | $1.78 | $4.77 |
| Acciones en Circulación (Diluidas) | $30.3M | $32.3M | $32.8M | $32.9M | $33.2M | $33.2M | $33.3M | $34.5M | $36.7M | $38.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $36.1M | $25.1M | $25.4M | $19.4M |
| Beneficio Bruto | $26.5M | $20.7M | $1.1M | $19.0M |
| Beneficio Operativo | $28.7M | -$6.5M | $93.0M | -$1.0M |
| EBITDA | $28.7M | -$6.5M | $93.0M | -$1.0M |
| Beneficio Neto | $28.7M | $65.9M | $82.4M | -$11.9M |
| BPA | $0.75 | $1.66 | $2.07 | $-0.30 |
| BPA Diluido | $0.75 | $1.66 | $2.07 | $-0.30 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $2.9M | $3.6M | $1.7M | $2.8M | $2.1M | $14.2M | $2.7M | $2.5M | $14.3M | $1.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $4.5M | $5.9M | $4.1M | $4.2M | $3.4M | $9.4M | $6.9M | $11.1M | $8.5M | $6.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $7.4M | $9.5M | $5.8M | $7.0M | $7.5M | $23.6M | $9.6M | $13.5M | $22.8M | $1.2M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $515.2M | $610.9M | $635.1M | $576.4M | $643.7M | $740.4M | $765.6M | $938.1M | $1.01B | $1.32B |
| Cuentas por Pagar | $578000 | $916000 | $892000 | $1.2M | $563000 | $3.0M | $3.1M | $4.2M | $6.2M | $7.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $578000 | $916000 | $892000 | $1.2M | $17.4M | $3.0M | $3.1M | $4.2M | $6.2M | $88.9M |
| Deuda a Largo | $74.8M | $112.6M | $58.1M | $54.3M | $243.6M | $261.3M | $292.6M | $398.3M | $455.7M | $564.5M |
| Pasivos Totales | $214.1M | $256.7M | $228.0M | $207.3M | $261.4M | $294.6M | $325.9M | $445.4M | $507.3M | $654.6M |
| Reservas | $7.3M | $3.7M | -$7.3M | $6.4M | -$18.5M | -$13.0M | -$5.5M | -$19.6M | -$5.3M | $181.5M |
| Patrimonio Neto | $301.1M | $354.2M | $407.1M | $369.0M | $382.4M | $445.8M | $439.7M | $492.7M | $499.1M | $668.2M |
| Deuda Total | $74.8M | $112.6M | $58.1M | $54.3M | $243.6M | $261.3M | $292.6M | $398.3M | $455.7M | $564.5M |
| Deuda Neta | $71.9M | $109.0M | $56.4M | $51.5M | $241.5M | $247.2M | $289.9M | $395.9M | $441.4M | $563.3M |
| Capital Circulante | $6.8M | $8.6M | $4.9M | $5.8M | -$9.9M | $20.6M | $6.5M | $9.3M | $16.6M | -$87.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $210000 | $1.4M | $1.2M | $3.6M |
| Activos Totales | $1.14B | $1.24B | $1.32B | $1.30B |
| Pasivos Totales | $608.6M | $641.2M | $654.6M | $656.2M |
| Patrimonio Neto | $535.8M | $595.4M | $668.2M | $646.8M |
| Deuda Total | $555.0M | $571.8M | $564.5M | $570.8M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | $44.8M | $60.7M | $81.6M | -$7.2M | $42.5M | $102.3M | $35.5M | $85.3M | $65.3M | $184.8M |
| Amortizaciones | $75000 | $500000 | $500000 | -$51.1M | 0 | 0 | $12.2M | 0 | 0 | $3.9M |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $847000 | $5.3M | $33.1M | -$17.2M | -$6.0M | $10.4M | $2.3M | $9.7M | $5.4M | $38.6M |
| Flujo de Caja Operativo | $32.6M | -$29.7M | $93.6M | $35.3M | $44.8M | $77.9M | -$4.5M | $86.0M | $113.9M | -$101.6M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$57.5M | -$94.4M | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$22.7M | -$28.9M | -$30.5M | -$33.9M | -$30.9M | -$38.9M | -$47.0M | -$76.1M | -$61.0M | -$57.2M |
| Flujo de Caja Libre | $32.6M | -$29.7M | $93.6M | $35.3M | $44.8M | $77.9M | -$4.5M | $86.0M | $113.9M | -$101.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $8.9M | -$135.7M | $16.8M | $8.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $8.9M | -$135.7M | $16.8M | $8.1M |
| Dividendos Pagados | -$9.3M | -$38.1M | -$9.6M | -$9.6M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +31.0% | +51.9% | -88.6% | +344.4% | +111.1% | -56.8% | +112.6% | -12.9% | -20.5% |
| Crecimiento Beneficio Neto (anual) | | +35.6% | +34.4% | -108.9% | +686.9% | +141.0% | -65.3% | +140.0% | -23.4% | +182.8% |
| Crecimiento BPA (anual) | | +27.0% | +32.4% | -108.8% | +681.8% | +140.6% | -65.3% | +130.8% | -27.9% | +168.0% |
| Cambio en Acciones (anual) | | +6.6% | +1.7% | +0.2% | +0.9% | +0.1% | +0.3% | +3.5% | +6.6% | +5.4% |
| Crecimiento FCF (anual) | | -191.2% | +414.9% | -62.3% | +26.9% | +73.9% | -105.8% | +2009.1% | +32.5% | -189.2% |
| Margen Bruto | 93.3% | 94.2% | 94.2% | 66.9% | 91.6% | 88.3% | 67.3% | 76.6% | 68.6% | 19.4% |
| Margen Operativo | 84.6% | 87.5% | 77.4% | -60.5% | 79.8% | 91.2% | 73.2% | 82.7% | 72.7% | 315.8% |
| Margen EBITDA | 84.7% | 88.2% | 77.9% | -60.5% | 79.8% | 91.2% | 98.4% | 82.7% | 72.7% | 315.8% |
| Margen Neto | 84.6% | 87.5% | 77.4% | -60.5% | 79.8% | 91.2% | 73.2% | 82.7% | 72.7% | 258.5% |
| Margen FCF | 61.6% | -42.9% | 88.8% | 295.1% | 84.3% | 69.4% | -9.3% | 83.3% | 126.8% | -142.1% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $1.08 | $-0.92 | $2.85 | $1.07 | $1.35 | $2.35 | $-0.14 | $2.49 | $3.10 | $-2.62 |
| Dividendo por Acción | $0.75 | $0.90 | $0.93 | $1.03 | $0.93 | $1.17 | $1.41 | $2.21 | $1.66 | $1.48 |
| Acciones en Circulación (Básicas) | $30.3M | $32.3M | $32.8M | $32.9M | $33.2M | $33.2M | $33.3M | $34.5M | $36.7M | $38.7M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 27.00% |
| Rentabilidad sobre capital invertido | 9.36% |
| Rentabilidad sobre activos | 12.67% |
| Margen bruto | 63.51% |
| Margen operativo | 107.81% |
| Margen neto | 155.95% |
Salud financiera
| Deuda / Patrimonio | 0.88 |
| Ratio corriente | 0.26 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 6.13 | 5.37 | 4.74 | -35.68 | 9.55 | 5.24 | 12.38 | 5.68 | 7.51 | 2.98 |
| P/VC | 0.91 | 0.92 | 0.95 | 0.70 | 1.06 | 1.20 | 1.00 | 0.98 | 0.98 | 0.82 |
| P/V | 5.19 | 4.70 | 3.67 | 21.56 | 7.63 | 4.77 | 9.09 | 4.69 | 5.46 | 7.69 |
| Margen Bruto | 93.3% | 94.2% | 94.2% | 66.9% | 91.6% | 88.3% | 67.3% | 76.6% | 68.6% | 19.4% |
| Margen Operativo | 84.6% | 87.5% | 77.4% | -60.5% | 79.8% | 91.2% | 73.2% | 82.7% | 72.7% | 315.8% |
| Margen Neto | 84.6% | 87.5% | 77.4% | -60.5% | 79.8% | 91.2% | 73.2% | 82.7% | 72.7% | 258.5% |