GLADSTONE COMMERCIAL CORP (GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of March 31, 2026, Gladstone Commercial's real estate portfolio consisted of 151 properties located in 27 states, totaling approximately 17.7 million square feet. Gladstone Commercial Corporation was established on February 14, 2003 and incorporated in Maryland and is based in McLean, Virginia.
Sector: Lessors of Real Property, NEC
Industry: REIT - Diversified
Gladstone Commercial Corporation
NASDAQ:GOODReal Estate · REIT - Diversified
PrePre-market+1.58%$10.31
Close$10.15+0.49%AH$10.20+1.08%Now$10.31
Close$10.15-2.87%AH$10.20+1.08%since
Mkt Cap$493.09M
Float47.82M
O/S48.58M
Inst Own54.2%
SI9.2%
Div Yield11.82%
Dilution
Financials Summary
Revenue$161.34M
Net Income$19.29M
Total Assets$1.25B
Free Cash Flow$67.17M
Debt & Equity
Debt 63%
Equity 25%
Preferred 12%
Total Debt$856.39M
Total Equity$341.81M
Preferred Stock$170.04M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in GOOD's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.25B
Liabilities$905M
Accounts Receivable$47.92M
Accounts Payable$10.96M
Inventory$0
PP&E (Net)$6.58M
Goodwill$0
Intangible Assets$115.58M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Revenue | $161.34M | $149.39M | $147.58M | $148.98M | $137.69M | $133.15M | $114.39M | $106.8M | $94.8M | $86.37M | $83.77M | $73.76M | $61.34M | $51.27M | $43.98M | $41.93M | $42.61M | $40.91M | $32.79M | $25.95M | $13.46M | $4.31M | $316K |
| YoY Growth | 8.0% | 1.2% | -0.9% | 8.2% | 3.4% | 16.4% | 7.1% | 12.7% | 9.8% | 3.1% | 13.6% | 20.2% | 19.6% | 16.6% | 4.9% | -1.6% | 4.2% | 24.8% | 26.4% | 92.7% | 212.3% | 1263.4% | - |
| Cost of Revenue | $151.76M | $31.53M | $32.24M | $33.16M | $32.98M | $31.65M | $17.77M | $16.51M | $7.69M | $9.82M | $8.77M | $7.51M | $6.13M | $4M | $986K | $2.17M | $915K | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $9.58M | $117.86M | $115.35M | $115.82M | $104.71M | $101.5M | $96.62M | $95.34M | $87.11M | $80.48M | $78.47M | $66.25M | $55.21M | $49.68M | $42.99M | $39.76M | $41.69M | $39.93M | $32.79M | $25.95M | $13.46M | $4.31M | $316K |
| Gross Margin | 5.9% | 78.9% | 78.2% | 77.7% | 76.0% | 76.2% | 84.5% | 89.3% | 91.9% | 93.2% | 93.7% | 89.8% | 90.0% | 96.9% | 97.8% | 94.8% | 97.9% | 97.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $6.62M | $6.45M | $6.71M | $5.57M | $4.67M | $4.86M | $4.92M | $12.06M | $3.64M | $3.86M | $9.14M | $8.15M | $5.88M | $491K | $408K | $4.5M | $7.05M | $7.87M | $1.57M | $469K | $467K | $442K | $48K |
| Other | -$57M | $60.27M | $57.86M | $65.42M | $64.01M | $59.73M | $55.73M | $50.66M | $45.22M | $39.9M | $39.94M | $33.17M | $27.03M | $20.4M | $17.55M | $16.74M | $12.58M | $10.64M | $14.26M | $13.6M | $6.88M | $2.86M | $509K |
| Total Operating Expenses | -$50.38M | $66.72M | $64.57M | $70.99M | $68.67M | $64.58M | $60.65M | $54.63M | $48.85M | $43.76M | $41.57M | $34.22M | $26.69M | $20.89M | $20.28M | $21.24M | $19.63M | $18.49M | $15.82M | $14.07M | $7.34M | $3.3M | $557K |
| Operating Income (EBIT) | $59.96M | $51.14M | $50.78M | $44.83M | $36.03M | $36.92M | $35.97M | $35.66M | $33.3M | $33.05M | $34.05M | $59.45M | $29.29M | $26.38M | $23.41M | $18.51M | $4.39M | $21.52M | $16.97M | $11.88M | $6.12M | $1.01M | -$545K |
| Operating Margin | 37.2% | 34.2% | 34.4% | 30.1% | 26.2% | 27.7% | 31.4% | 33.4% | 35.1% | 38.3% | 40.6% | 80.6% | 47.7% | 51.4% | 53.2% | 44.2% | 10.3% | 52.6% | 51.8% | 45.8% | 45.5% | 23.4% | -172.3% |
| Interest Expense | $41.9M | $37.4M | $37.33M | $32.46M | $26.89M | $26.8M | $28.28M | $26.17M | $24.57M | $25.9M | $28.01M | $26.2M | $24.35M | $20.23M | $17.08M | $17.06M | $17.89M | $16.86M | $11.56M | $0 | $0 | $0 | $0 |
| Interest Income | $500K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $974K | $224K | $576K | $0 | $0 | $615K | $0 |
| Other Income (Expense) | -$40.66M | -$27.1M | -$45.85M | -$34.04M | -$25.14M | -$21.93M | -$26.43M | -$23.34M | -$27.36M | -$28.84M | -$29.83M | -$37.93M | -$26.99M | -$23.56M | -$5.71M | -$4.93M | -$4.4M | -$21.44M | -$16.97M | -$8.52M | -$2.19M | $615K | $545K |
| Income Before Tax (EBT) | $19.29M | $24.04M | $4.92M | $10.78M | $10.89M | $14.98M | $9.54M | $12.32M | $5.94M | $3.96M | $3.6M | -$5.9M | $1.53M | $3.76M | $5.71M | $4.93M | $0 | $0 | $0 | $3.36M | $3.6M | $1.62M | $0 |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.83M | $24.62M | $24.74M | $25.29M | $23.63M | $21.71M | $17.84M | $16.99M | $13.59M | $17.46M | $16.61M | $10.83M | $7.51M | $0 | $0 | $0 |
| Net Income | $19.29M | $24M | $4.99M | $10.8M | $10.94M | $14.94M | $9.63M | $12.32M | $5.94M | $3.96M | $3.6M | -$5.9M | -$2.87M | $3.76M | $5.71M | $4.93M | $4.6M | $4.91M | $6.14M | $4.37M | $3.6M | $1.62M | -$241K |
| Net Income Margin | 12.0% | 16.1% | 3.4% | 7.3% | 7.9% | 11.2% | 8.4% | 11.5% | 6.3% | 4.6% | 4.3% | -8.0% | -4.7% | 7.3% | 13.0% | 11.8% | 10.8% | 12.0% | 18.7% | 16.9% | 26.8% | 37.7% | -76.2% |
| Supplementary Data | |||||||||||||||||||||||
| EPS | 0.41 | 0.26 | -0.19 | -0.04 | -0.09 | 0.09 | -0.16 | 0.03 | -0.19 | -0.16 | -0.07 | -0.33 | -0.22 | 0.33 | 0.15 | 0.09 | 0.06 | 0.10 | 0.24 | 0.28 | 0.47 | 0.21 | -0.17 |
| Diluted EPS | 0.41 | 0.26 | -0.19 | -0.04 | -0.09 | 0.09 | -0.16 | 0.03 | -0.19 | -0.16 | -0.07 | -0.33 | -0.22 | 0.33 | 0.15 | 0.09 | 0.06 | 0.10 | 0.24 | 0.27 | 0.47 | 0.21 | -0.17 |
| Weighted Average OS | 47.22M | 41.77M | 39.94M | 39.26M | 36.54M | 34.58M | 30.70M | 28.68M | 26.00M | 23.19M | 21.83M | 17.77M | 13.45M | 10.95M | 10.24M | 8.58M | 8.56M | 8.56M | 8.56M | 7.83M | 7.67M | 7.65M | 1.45M |
| EBITDA | $119.47M | $117.23M | $100.14M | $103.42M | $96.97M | $97.26M | $89.91M | $86.12M | $73.3M | $67.38M | $66.9M | $49.16M | $48.7M | $40.82M | $36.94M | $35.26M | $35.24M | $34.15M | $27.5M | $20.23M | $10.42M | $1.98M | -$235K |
| EBITDA Margin | 74.0% | 78.5% | 67.8% | 69.4% | 70.4% | 73.0% | 78.6% | 80.6% | 77.3% | 78.0% | 79.9% | 66.7% | 79.4% | 79.6% | 84.0% | 84.1% | 82.7% | 83.5% | 83.9% | 78.0% | 77.4% | 46.0% | -74.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Assets | |||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash and Cash Equivalents | $10.81M | $10.96M | $11.98M | $11.65M | $7.96M | $11.02M | $6.85M | $6.59M | $6.68M | $4.66M | $5.15M | $8.6M | $8.55M | $5.55M | $3.33M | $7.06M | $3.1M | $4.5M | $1.36M | $36.01M | $1.74M | $29.15M | $99.08M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $10.81M | $10.96M | $11.98M | $11.65M | $7.96M | $11.02M | $6.85M | $6.59M | $6.68M | $4.66M | $5.15M | $8.6M | $8.55M | $5.55M | $3.33M | $7.06M | $3.1M | $4.5M | $1.36M | $36.01M | $1.74M | $29.15M | $99.08M |
| Accounts Receivable | $47.92M | $18.62M | $0 | $0 | $0 | $0 | $0 | $34.77M | $33.33M | $29.73M | $5.9M | $5.6M | $18.91M | $15.12M | $0 | $0 | $0 | $109K | $5.25M | $3.65M | $2.89M | $11.39M | $0 |
| Inventory | $0 | $4.34M | $27.5M | $3.29M | $0 | $0 | $0 | -$1.07M | -$820K | -$101K | $27.44M | $21.73M | -$22K | $0 | $2.47M | $2.29M | $7.49M | $15M | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $9.51M | $12.96M | $13.16M | $12.53M | $22.7M | $15.86M | $12.65M | $20.81M | $19.4M | $12.82M | $14.64M | $13.7M | $10.53M | $4.09M | $2.62M | $12.38M | $16.44M | $7.56M | $252.69M | $188.47M | $61.81M | $5.63M |
| Total Current Assets | $58.73M | $43.42M | $52.44M | $28.1M | $20.48M | $33.72M | $22.7M | $54.01M | $60.83M | $53.78M | $51.31M | $50.57M | $41.16M | $31.2M | $22.29M | $22.34M | $22.05M | $21.76M | $349.91M | $292.35M | $193.1M | $102.35M | $104.7M |
| Long-Term Assets | |||||||||||||||||||||||
| Property, Plant & Equipment Net | $6.58M | $3.96M | $4.89M | $5.13M | $5.36M | $5.58M | $5.79M | $768.39M | $744.44M | $690.09M | $668.13M | $630.43M | $561.11M | $468.02M | $388.74M | $357.36M | $356.64M | $365.8M | $324.76M | $235.12M | $161.63M | $60.47M | $5.44M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $115.58M | $95.11M | $101.05M | $111.62M | $114.49M | $117.38M | $115.47M | $111.45M | $118.93M | $105.55M | $104.91M | $98.81M | $79.63M | $57.25M | $37.67M | $26.75M | $28.18M | $31.53M | $28.99M | $23.42M | $13.95M | $3.23M | $358K |
| Long-Term Investments | $1.03B | $0 | $0 | $0 | $0 | $0 | $0 | $1.07M | $504K | $101K | $40.58M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.4M | $1.64M | $1.04M | $1.06M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$769.47M | -$744.94M | -$690.19M | -$708.71M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | -$1.03B | $951.86M | $975.1M | $1.06B | $1B | $941.23M | $895.54M | $773.31M | $748.7M | $692.41M | $677.1M | $7.98M | $8.63M | $8.31M | $4.45M | $4.16M | $10M | $10M | -$326.16M | -$236.75M | -$162.68M | -$61.53M | -$5.44M |
| Total Long-Term Assets | $122.16M | $1.05B | $1.08B | $1.17B | $1.12B | $1.06B | $1.02B | $884.76M | $867.63M | $797.96M | $782.01M | $737.22M | $649.37M | $533.58M | $430.86M | $388.26M | $394.82M | $407.34M | $28.99M | $23.42M | $13.95M | $3.23M | $358K |
| Other Assets | $1.07B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.25B | $1.09B | $1.13B | $1.2B | $1.14B | $1.1B | $1.04B | $938.77M | $928.45M | $851.74M | $833.32M | $787.79M | $690.52M | $564.78M | $453.15M | $410.61M | $416.87M | $429.1M | $378.9M | $315.77M | $207.05M | $105.59M | $105.06M |
| Liabilities | |||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||
| Accounts Payable | $10.96M | $13.2M | $13.59M | $9.61M | $6.74M | $4.46M | $5.57M | $2.7M | $7.34M | $5.89M | $6.39M | $8.29M | $2.36M | $4.71M | $1.96M | $0 | $0 | $0 | $0 | $0 | $657K | $298K | $234K |
| Short-Term Debt | $36M | $1.9M | $75.75M | $23.25M | $33.55M | $53.31M | $51.58M | $59.82M | $55.27M | $58.94M | $45.3M | $502.6M | $447M | $384.19M | $18.7M | $287.87M | $33.2M | $31.5M | $226.52M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $22M | $29.32M | $40M | $26.77M | $20.63M | $19.32M | $0 | $2.29M | $2.08M | $1.86M | $0 | $0 | $0 | -$299.01M | $0 | $0 | $0 | $0 | $0 | -$105.12M | $0 | $0 |
| Other Current Liabilities | -$14.18M | $0 | $676K | $0 | $0 | $0 | $21K | -$9.74M | -$50.69M | -$31.32M | -$8.79M | -$450.7M | -$416.59M | -$353.81M | -$15.41M | -$3.65M | -$33.2M | $252.44M | -$1.56M | -$673K | -$657K | -$1.22M | -$311K |
| Total Current Liabilities | $36M | $39.63M | $121.89M | $76.21M | $70.49M | $81.36M | $79.4M | $55.31M | $30.46M | $48.23M | $54.41M | $52.5M | $28.12M | $30.89M | $10.28M | $3.65M | $36.5M | $34.17M | $34.4M | $9M | $3M | $2.9M | $234K |
| Long-Term Liabilities | |||||||||||||||||||||||
| Long-Term Debt | $811.45M | $691.49M | $663.11M | $725.96M | $673.98M | $615.38M | $575.01M | $506.24M | $542.63M | $509.39M | $485.77M | $0 | $0 | $0 | $0 | $0 | $252.76M | $255.11M | $226.52M | $154.49M | $105.12M | $0 | $0 |
| Long-Term Unearned Revenue | $18.82M | $0 | $0 | $0 | $0 | $0 | $0 | $17.3M | $16.25M | $12.65M | $9.66M | $0 | $0 | $0 | $0 | $2.28M | $3.21M | $3.15M | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$17.3M | -$16.25M | -$12.65M | -$9.66M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $29.79M | $187.87M | $189.11M | $189.47M | $190.82M | $179.44M | $168.21M | $122.81M | $88.57M | $54.24M | $98.43M | $67.52M | $60.38M | $58.23M | $13.78M | $9.09M | -$243.77M | -$246.5M | -$28.35M | -$154.49M | -$105.12M | $0 | $0 |
| Total Long-Term Liabilities | $869M | $883.41M | $857.31M | $920.73M | $870.3M | $800.51M | $749.07M | $629.04M | $631.2M | $563.63M | $545.04M | $517.62M | $479.26M | $411.52M | $307.55M | $295.59M | $261.91M | $264.43M | $202.1M | $154.5M | $105.1M | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $35K | $42K | -$2K | $0 | $311K |
| Total Liabilities | $905M | $923.05M | $979.21M | $996.94M | $940.79M | $881.87M | $828.47M | $684.36M | $661.66M | $611.87M | $599.45M | $570.12M | $507.38M | $442.41M | $317.83M | $299.23M | $298.41M | $298.6M | $236.53M | $163.54M | $108.1M | $2.9M | $311K |
| Stockholders' Equity | |||||||||||||||||||||||
| Preferred Stock | $170.04M | $1K | $1K | $1K | $0 | $0 | $0 | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $2K | $0 | $0 | $0 |
| Common Stock | $49K | $45K | $41K | $40K | $38K | $36K | $33K | $30K | $29K | $26K | $23K | $21K | $16K | $11K | $11K | $9K | $9K | $9K | $9K | $9K | $8K | $8K | $8K |
| Retained Earnings | -$673.17M | -$623.91M | -$584.78M | -$529.1M | -$468.52M | -$409.04M | -$360.98M | -$310.12M | -$268.06M | -$223.59M | -$185.05M | -$151.72M | -$115.25M | -$92.71M | -$75.83M | -$61.93M | -$49.88M | -$37.54M | -$25.51M | -$15.23M | -$6.13M | -$2.37M | -$317K |
| Comprehensive Income & Other | $3.31M | $10.65M | $7.76M | $11.64M | -$1.35M | -$4.34M | -$2.13M | -$148K | $35K | -$223.59M | -$185.05M | -$152.1M | -$115.62M | $0 | -$53.78M | -$43.66M | -$34.11M | -$24.76M | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $1.01B | $795.04M | $738.01M | $732.97M | $669.79M | $622.19M | $569.08M | $559.83M | $534.83M | $463.44M | $418.9M | $369.38M | $298.38M | $215.06M | $211.13M | $173.3M | $168.32M | $168.03M | $167.87M | $167.44M | $105.07M | $105.05M | $105.06M |
| Total Equity | $341.81M | $171.17M | $153.28M | $203.9M | $201.3M | $213.18M | $208.13M | $249.74M | $266.8M | $239.88M | $233.87M | $217.67M | $183.15M | $122.36M | $135.31M | $111.37M | $118.45M | $130.5M | $142.37M | $152.22M | $98.95M | $102.69M | $104.75M |
| Minority Interest | $122K | $130K | $986K | $1.79M | $1.26M | $2.85M | $2.9M | $4.67M | $524.18M | $494.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.25B | $1.09B | $1.13B | $1.2B | $1.14B | $1.1B | $1.04B | $934.1M | $928.45M | $851.74M | $833.32M | $787.79M | $690.52M | $564.78M | $453.15M | $410.61M | $416.87M | $429.1M | $378.9M | $315.77M | $207.05M | $105.59M | $105.06M |
| Supplementary Data | |||||||||||||||||||||||
| Total Debt | $856.39M | $697.45M | $743.95M | $754.51M | $713.03M | $674.38M | $632.44M | $566.06M | $542.63M | $509.39M | $531.07M | $502.6M | $447M | $384.19M | $304.05M | $287.87M | $286.21M | $286.61M | $453.04M | $154.49M | $105.12M | $0 | $0 |
| Net Debt | $845.58M | $686.49M | $731.97M | $742.86M | $705.08M | $663.36M | $625.59M | $559.47M | $535.94M | $504.74M | $525.92M | $494M | $438.46M | $378.64M | $300.72M | $280.81M | $283.11M | $282.11M | $451.68M | $118.49M | $103.38M | -$29.15M | -$99.08M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Operating Activities | |||||||||||||||||||||||
| Net Income | $19.29M | $24.04M | $4.55M | $10.35M | $10.94M | $14.12M | $9.54M | $12.32M | $5.94M | $3.96M | $3.6M | -$5.9M | $1.53M | $3.76M | $5.71M | $4.93M | $4.6M | $4.91M | $6.14M | $4.37M | $3.6M | $1.62M | -$241K |
| Depreciation & Amortization | $58.28M | $55.79M | $57.88M | $60.18M | $59.19M | $55.48M | $52.09M | $47.62M | $42.8M | $37.52M | $35.29M | $28.86M | $22.83M | $16.83M | $14.15M | $13.26M | $13.17M | $12.7M | $10.53M | $8.35M | $4.3M | $973K | $6K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$394K | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $394K | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||||
| Accounts Receivable | -$3.02M | $0 | -$3.16M | -$1.33M | -$2.9M | -$1.9M | -$1.48M | -$2.55M | -$3.08M | -$3.42M | -$4.46M | -$3.23M | -$3.7M | -$2.14M | $0 | $0 | $0 | $0 | -$1.68M | -$1.33M | -$991K | -$325K | -$191K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$316.3M | -$283.62M | -$667K | -$22K | -$104.85M |
| Accounts Payable | $796K | -$41K | -$11K | $1.6M | $0 | -$1.68M | $1.54M | $749K | -$524K | $932K | -$452K | $204K | -$2.17M | $2.75M | -$504K | $348K | $735K | $1M | $802K | $1.09M | $646K | $677K | $234K |
| Other Working Capital | -$2.03M | -$5.26M | -$2.35M | -$3.51M | $2.49M | $3.27M | $286K | -$2.75M | -$4.46M | -$3.28M | -$5.69M | -$2.64M | -$2.66M | $898K | -$250K | -$899K | -$2.45M | -$1.94M | $315.51M | $283.35M | $667K | $22K | $104.7M |
| Total Working Capital Change | -$4.26M | -$5.3M | -$5.52M | -$3.24M | -$409K | -$304K | $349K | -$2M | -$4.98M | -$2.35M | -$6.14M | -$2.43M | -$4.83M | $3.64M | -$754K | -$551K | -$1.72M | -$938K | -$1.66M | -$504K | -$345K | $353K | -$106K |
| Other Non-Cash Items | $14.84M | -$17.58M | $3.45M | $1.89M | $408K | -$3.8M | -$1.79M | -$2.35M | $3.09M | $2.03M | -$1.25M | $7.67M | $364K | -$831K | $553K | $473K | $955K | $895K | $1.09M | -$194K | $0 | $0 | $149K |
| Net Cash from Operating | $88.15M | $56.95M | $60.37M | $69.18M | $70.13M | $65.49M | $60.19M | $55.6M | $46.84M | $41.16M | $31.49M | $28.2M | $19.89M | $23.41M | $19.66M | $18.11M | $17.01M | $17.58M | $16.1M | $12.02M | $7.56M | $2.95M | -$192K |
| Investing Activities | |||||||||||||||||||||||
| Capital Expenditures | $0 | $0 | -$6.67M | -$6.82M | $0 | -$6.36M | $0 | -$32.26M | -$97.55M | -$64.01M | -$76M | -$116.35M | $0 | -$87.8M | -$44.53M | -$2.43M | -$1.58M | -$49.36M | -$105.6M | -$48.34M | -$117.53M | -$58.88M | -$5.8M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | -$1.54M | -$1.59M | -$3.15M | -$2M | -$1.7M | -$3.05M | -$2.38M | -$550K | $0 | -$7K | -$250K | -$1.65M | $0 | -$900K | -$2.69M | -$50K | $0 |
| Purchases of Investments | $0 | $0 | -$33.69M | -$120.43M | $0 | -$131.18M | $0 | -$44.73M | -$126.94M | -$69.57M | -$81.48M | $0 | $0 | $0 | -$3.38M | -$1.75M | -$1.8M | -$1.62M | $0 | $2.1M | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $42.08M | $45.93M | $0 | $37.14M | $0 | $14.69M | $37.43M | $17.26M | $13.01M | $0 | $0 | $0 | $0 | $1.62M | $1.67M | $874K | $2.11M | $1.2M | $1.99M | $0 | $0 |
| Other Investing Activities | -$221.38M | -$1.73M | -$481K | -$706K | -$94.78M | $118K | -$130.5M | -$594K | $1.46M | $7.34M | $3.22M | -$11.04M | -$134.68M | -$3.64M | $1.9M | $10.6M | $1.13M | $987K | -$4.14M | -$1.73M | -$10.96M | -$11.11M | $0 |
| Net Cash from Investing | -$221.38M | -$1.73M | $1.24M | -$82.03M | -$94.78M | -$100.28M | -$132.04M | -$34.44M | -$99.23M | -$58.67M | -$74.48M | -$130.44M | -$137.06M | -$91.98M | -$46.01M | $8.04M | -$835K | -$50.77M | -$107.63M | -$47.66M | -$129.19M | -$70.03M | -$5.8M |
| Financing Activities | |||||||||||||||||||||||
| Debt Repaid | -$150.54M | $45.17M | $8.98M | -$38.51M | -$37.68M | -$40.51M | -$59.51M | $13.72M | $8.87M | $10.19M | -$1.78M | -$43.94M | -$63.59M | -$47.17M | -$13.74M | $2.69M | $2.42M | -$46.76M | -$47.63M | -$138.85M | -$146.83M | - | - |
| Common Stock Issuance | $61.31M | $55.42M | $9.69M | $48.6M | $0 | $62.62M | $134.53M | $18.57M | $86.26M | $118.36M | $50.16M | $73.93M | $88.12M | $4.19M | $39.71M | $4.13M | $0 | $0 | $431K | $65.09M | $75K | $375K | $105.07M |
| Common Stock Repurchases | -$4.5M | -$1.71M | -$1.55M | -$360K | $0 | $0 | $0 | -$34K | -$24K | -$38.68M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $146.82M | $0 | $0 |
| Dividends Paid | -$68.17M | -$62.79M | -$60.62M | -$71.09M | -$67.11M | -$63.76M | -$58.89M | -$54.56M | -$50.41M | -$42.49M | -$36.87M | -$30.36M | -$23.94M | -$20.61M | -$19.61M | -$16.98M | -$16.94M | -$16.94M | -$16.43M | -$13.47M | -$8.28M | -$2.83M | $0 |
| Other Financing Activities | -$4.43M | -$330K | $0 | $0 | $51.19M | $0 | -$6.1M | -$784K | -$4.24M | -$4.38M | -$2.53M | -$4.11M | -$7M | -$4.75M | -$2.93M | $747K | $3K | -$1.26M | $65.23M | -$5.61M | -$2.02M | -$8K | $0 |
| Net Cash from Financing | $134.74M | -$56.29M | -$61.47M | $15.66M | $21.75M | $39.37M | $74.25M | -$21.16M | $54.41M | $17.02M | $39.55M | $102.3M | $120.17M | $70.8M | $22.61M | -$22.18M | -$17.59M | $36.34M | $56.88M | $69.91M | $94.62M | -$2.84M | $105.07M |
| Forex Effect | $0 | $0 | -$1.3M | $1.51M | $0 | $1.92M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $1.52M | -$1.06M | -$1.16M | $4.33M | -$2.9M | $6.51M | $2.41M | $2K | $2.02M | -$494K | -$3.45M | $53K | $3M | $2.22M | -$3.73M | $3.96M | -$1.41M | $3.15M | -$34.65M | $34.27M | -$27.01M | -$69.92M | $99.08M |
| Supplementary Data | |||||||||||||||||||||||
| Operating Cash Flow | $88.15M | $56.95M | $60.37M | $69.18M | $70.13M | $65.49M | $60.19M | $55.6M | $46.84M | $41.16M | $31.49M | $28.2M | $19.89M | $23.41M | $19.66M | $18.11M | $17.01M | $17.58M | $16.1M | $12.02M | $7.56M | $2.95M | -$192K |
| Capital Expenditure | -$20.98M | -$12.8M | -$6.67M | -$6.82M | -$5.35M | -$6.36M | $0 | -$32.26M | -$97.55M | -$64.01M | -$76M | -$116.35M | $0 | -$87.8M | -$44.53M | -$2.43M | -$1.58M | -$49.36M | -$105.6M | -$48.34M | -$117.53M | -$58.88M | -$5.8M |
| Free Cash Flow | $67.17M | $44.16M | $53.69M | $62.35M | $64.78M | $59.13M | $60.19M | $23.34M | -$50.7M | -$22.85M | -$44.52M | -$88.15M | $19.89M | -$64.39M | -$24.87M | $15.69M | $15.43M | -$31.78M | -$89.5M | -$36.32M | -$109.97M | -$55.93M | -$5.99M |
| Cash at Beginning | $15.07M | $16.14M | $24.81M | $20.48M | $16.08M | $18.71M | $9.08M | $9.08M | $4.66M | $5.15M | $8.6M | $8.55M | $5.55M | $3.33M | $7.06M | $3.1M | $4.5M | $1.36M | $36.01M | $1.74M | $28.75M | $99.08M | $0 |
| Cash at End | $16.59M | $15.07M | $23.65M | $24.81M | $13.18M | $25.22M | $11.49M | $9.08M | $6.68M | $4.66M | $5.15M | $8.6M | $8.55M | $5.55M | $3.33M | $7.06M | $3.1M | $4.5M | $1.36M | $36.01M | $1.74M | $29.15M | $99.08M |