GAIN
Gladstone Investment Corporation
GAIN offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM
JPMorgan Chase & Co.
JPM has a slight edge over GAIN overall, supported by stronger fundamentals and stronger modeled upside.
GAIN Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GAIN's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like GAIN.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
GAIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.8x | $14.87 | — |
| Cheap | 3.9x | $15.39 | +3.5% |
| Fair | 5.6x | $22.05 | +48% |
| Expensive | 11x | $42.09 | +183% |
| Forward | 16x | $14.87 | — |
Historical ranges are pointers, not guarantees.
GAIN has the edge over JPM in the historical PE scenario, which offers more potential upside but is not a forecast.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM's PE is in its expensive range at 14.4x. If earnings grow as analysts expect, today's price would be 13.7x next year's earnings.
GAIN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect GAIN's revenue to grow, but its profitability to weaken.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over GAIN on the outlook, with more favorable valuation and earnings expectations.
GAIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.94 | -76% |
| Q4 2022 | $1.46 | -54% |
| Q3 2022 | $1.51 | -55% |
| Q2 2022 | $2.02 | -25% |
| Q1 2022 | $3.08 | +141% |
| Q4 2021 | $3.20 | +$3.68 |
| Q3 2021 | $3.35 | +$3.88 |
| Q2 2021 | $2.70 | +$3.09 |
| Q1 2021 | $1.28 | +$1.49 |
GAIN has the stronger earnings trend. Trailing diluted EPS is up 161% for GAIN versus JPM up 18%.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM's earnings per share have climbed steadily: $23.85 over the past year, up 18% from the year before, and higher year over year for 15 quarters in a row.
GAIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $15.6M | -69% |
| Q1 2022 | $19.7M | -17% |
| Q4 2021 | $10.7M | -40% |
| Q3 2021 | $31.8M | +257% |
| Q2 2021 | $50M | +1711% |
| Q4 2020 | $17.7M | +14% |
JPM has the stronger quarterly revenue trend. Revenue is down 69% for GAIN versus up 8.1% for JPM.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 77% | -17 points |
| Q1 2022 | 85% | -1.6 points |
| Q4 2021 | 97% | +11 points |
| Q3 2021 | 89% | +14 points |
| Q2 2021 | 94% | +93 points |
| Q1 2021 | 86% | N/A |
| Q4 2020 | 86% | +0.3 points |
| Q3 2020 | 74% | N/A |
GAIN's operating margin was 77% last quarter, down 17 points from the same quarter a year ago.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM's operating margin was 40% last quarter, about level with the same quarter a year ago.
GAIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$134.7M | -$74M |
| Q2 2026 | $8.1M | +$58.2M |
| Q1 2026 | $16.8M | -85% |
| Q4 2025 | -$7.6M | +$164.3M |
| Q3 2025 | -$60.7M | -196% |
| Q2 2025 | -$50.2M | -507% |
| Q1 2025 | $112.7M | +1850% |
| Q4 2024 | -$171.9M | -924% |
GAIN's free cash flow was −$117M over the past year, against −$170M the year before. Free cash flow isn't a meaningful measure for financial services companies like GAIN.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM has the edge over GAIN on cash flow, with more consistent year-over-year improvement.
GAIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +3.6% | +1.4M shares |
| 3 years | +18% | +6M shares |
| 5 years | +20% | +6.6M shares |
| Available history | +21% | +7M shares |
GAIN has 40M diluted shares, up 3.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2022 | — |
| Q1 2022 | $94.4M |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | $57.5M |
| Q4 2020 | — |
| Q3 2020 | — |
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has the edge over GAIN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
GAIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 3.1x | Elevated |
| Q1 2022 | 2.3x | Moderate |
| Q4 2021 | 2.1x | Moderate |
| Q3 2021 | 2.4x | Moderate |
| Q2 2021 | 1.6x | Healthy |
| Q1 2021 | 3.5x | Elevated |
| Q4 2019 | -0.1x | Net Cash |
GAIN's net debt is about 3.1 years of its operating earnings (EBITDA), up from 1.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GAIN.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
GAIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 20.4 | Neutral |
GAIN's weekly RSI is 42 (neutral) and its Stochastic is 20 (neutral).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
GAIN PE vs Financial Services Sector
| Metric | GAIN | Sector median | Relative |
|---|---|---|---|
| PE | 3.8x | 13x | 71% below |
| PE % | 14 | 63 | 49 pts below |
GAIN has the edge over JPM on valuation relative to its sector.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM is trading at 14x earnings, a 10% premium to the Financial Services sector's median of 13x.
GAIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.2 | 2% below |
| 20 week MA | $15.8 | 5.8% below |
| 50 week MA | $15.1 | 1.6% below |
| 100 week MA | $14.5 | 2.8% above |
| 200 week MA | $14.1 | 5.8% above |
GAIN has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 5.8% above its 200-week average.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM has the edge over GAIN on trend strength, trading above more of its moving averages.
GAIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.5 | $10.1 | -25% |
| 2021 | $10.1 | $16.6 | +64% |
| 2022 | $16.6 | $12.8 | -23% |
| 2023 | $12.8 | $14.2 | +10% |
| 2024 | $14.2 | $13.2 | -7% |
| 2025 | $13.2 | $13.9 | +5.4% |
| 2026 YTD | $13.9 | $14.9 | +7.2% |
GAIN has the edge over JPM on returns for 2026, with the stronger performance.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has finished higher in four of the last six years. It's up 4.5% so far in 2026.