The business behind the dividend
| Measure | GOOD | Median | Formula |
|---|---|---|---|
| Return on equity | 11.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 12.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 4.91x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 4.57x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -5.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.2% | 14.0% | 3.3% | 5.3% | 5.4% | 7.0% | 4.6% | 4.9% | 2.2% | 1.7% | 4.9% |
| Net margin | 12.0% | 16.1% | 3.4% | 7.3% | 7.9% | 11.2% | 8.4% | 11.5% | 6.3% | 4.6% | 7.9% |
| Debt to equity | 4.91x | 4.05x | 4.82x | 3.67x | 3.52x | 3.14x | 3.01x | 2.27x | 2.03x | 2.12x | 3.14x |
| Cash conversion | 4.57x | 2.37x | 12.11x | 6.40x | 6.41x | 4.38x | 6.25x | 4.51x | 7.89x | 10.40x | 6.25x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Gladstone Commercial pays out less than 36 of them. The median for that group is 67.5%, against this company’s 72.4%.
Closest on funds from operations
- Vivmark Residential (EQR) 71.9%
- Public Storage (PSA) 71.9%
- Vivmark Residential (VMRK) 71.9%
- NNN Reit (NNN) 72.7%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →