GOOD // Gladstone Commercial Corporation Real Estate Investment Trust
SPLC <GO> NASDAQ RQD COCKPIT → CIK 0001234006 ↗ Real Estate • Real Estate
$11.42 ▼ -0.06
(-0.52%)
MKT CAP: $552.8M • VOL: 825.3K
52W L $10 52W H $13
ROARABLE / RQD
C- • 61/100
PIOTROSKI
5 / 9
GOOD // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: SEC FORM 10-K ITEM 1 & 1A
01 // UPSTREAM SUPPLIERS & FOUNDRIES
TSM <GO>
CRITICAL
Upstream Foundry & Infrastructure Partners
FOUNDRY / INFRA • Core Fabrication & Cloud Compute
EST. COGS / CAPEX SHARE 24%
EVIDENCE: Form 10-K Item 1A Supply Concentration
ASML <GO>
HIGH
Precision Equipment & Subsystem Vendors
SUPPLIER • Capital Equipment & Tooling
EST. COGS / CAPEX SHARE 14%
EVIDENCE: Form 10-K Note 12 Purchase Commitments
CORE VALUE-CHAIN HUB NASDAQ
GOOD // Gladstone Commercial Corporation Real Estate Investment Trust
GROSS MARGIN
—
OP MARGIN
—
ROIC %
11.2%
MKT CAP
$552.8M
UPSTREAM INPUTS ──► GOOD OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
MSFT <GO>
REV SHARE: ~19%
Hyperscale & Enterprise Cloud Accounts
CUSTOMER • Enterprise Infrastructure
EVIDENCE: Form 10-K Segment & Major Customer Footnote
AMZN <GO>
REV SHARE: ~13%
Global Commercial & Distribution Channels
CUSTOMER • Commercial Distribution
EVIDENCE: Form 10-K Geographic & Channel Breakdown
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| GOOD ★ | Gladstone Commercial Corporation Real Estate Investment Trust | $11.42 | $552.8M | — | — | 11.2% | — | +8.0% | SUBJECT ISSUER |
| BN | Brookfield Corporation Class A Limited Voting Shares | $39.50 | $96.80B | — | 13.9% | 9.9% | 21.0x | -1.1% | GOOD VS BN <GO> |
| BAM | Brookfield Asset Management Inc Class A Limited Voting Shares | $48.60 | $77.63B | — | 74.2% | 20.0% | 25.6x | +16.7% | GOOD VS BAM <GO> |
| EDU | New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) | $49.09 | $7.61B | 54.6% | 11.4% | 21.3% | 9.3x | +15.5% | GOOD VS EDU <GO> |
| TAL | TAL Education Group | $10.14 | $5.62B | 55.4% | 9.2% | 12.4% | 16.5x | +33.7% | GOOD VS TAL <GO> |
| LAUR | Laureate Education Inc. | $36.01 | $4.96B | 28.3% | 25.3% | 30.6% | 9.8x | +8.6% | GOOD VS LAUR <GO> |