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Main Street Capital Corporation

MAIN Financial Asset Management

Main Street Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $566.4 million, up 4.69% from fiscal 2024.

Revenue
+3.89%
EPS
+15.3%
Free cash flow
+13.7%
Total debt
−28.6%

Quarter to June 2026, against a year earlier

57.18 0.44 −0.76%
Market cap
$5.3B
P/E
11.5×
Fwd P/E
13.3×
Dividend yield
5.94%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.74%

Capital & Financial Ratios $m

Size
Market Cap 5,310.00
Revenue ttm 575.05
Net income ttm 451.34
Free cash flow ttm (149.81)
Net debt Q 527.88
Valuation
P/E 11.53
Forward P/E 13.30
Price / sales 9.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.68
Financial health
Current ratio Q 0.05
Debt / equity Q 0.19
Interest coverage Q 3.56
Growth
Revenue growth Q +3.89% (above 0%: growing)
Operating income growth Q +0.50% (above 0%: growing)
EPS, this year −4.11% (below 0%: weak)
EPS, next year A +2.18%
Revenue, next year A +3.37%
EPS, past 5 yrs +65.10% (at or above 15%: strong)
EPS, next 5 yrs A +0.10%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 49.68%
10-year low 10-year high
P/S against its own 10 years 40.56%
10-year low 10-year high
P/B against its own 10 years 64.50%
10-year low 10-year high

Dividends

Yield
5.94%
Annual rate
3.40
Payout ratio
68.5%
Growth, 2017–25
+3.85%/yr
  1. 2.24 ’17
  2. 2.85 ’18 +27
  3. 2.92 ’19 +2
  4. 2.26 ’20 −23
  5. 2.58 ’21 +14
  6. 2.85 ’22 +10
  7. 3.15 ’23 +11
  8. 3.21 ’24 +2
  9. 3.03 ’25 −6
  10. 4.35 ’26e +44
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 78 42 58
Receivables 89 98 108 52
Inventory — — — —
Other — — — —
149 176 150 125
2023 2024 2025 Q'26
Payables 37 45 53 61
ST’ Debt 360 384 518 241
Other 63 70 68 55
1,622 1,980 2,343 2,429

Compound Annual Growth %

10y 5y 3y
Sales 13.15% 20.53% 14.55%
Cash Flow 0.00% 0.00% 0.00%
Earnings 16.80% 75.80% 26.87%
Book Value 10.83% 14.60% 12.40%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.00 Actual 0.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.04 0.97 Miss by 0.07
Q4 FY25 1.05 1.09 Beat by 0.04
Q1 FY26 1.04 0.93 Miss by 0.11
Q2 FY26 1.00 0.97 Miss by 0.03
Q3 FY26 1.00 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.54 1.58 — — —
’25 1.31 1.37 1.38 1.46 5.52
’24 1.26 1.19 1.42 1.97 5.85
’23 1.00 1.32 1.25 1.65 5.23
’22 0.91 0.20 0.74 1.37 3.24
’21 0.84 1.39 1.22 1.34 4.80
’20 (2.66) 0.66 1.18 1.19 0.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 140 150 — — —
’25 137 144 140 146 566
’24 132 132 137 140 541
’23 120 128 123 129 500
’22 79 85 98 114 377
’21 63 67 77 82 289
’20 56 52 52 63 223
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (139) 117 — — —
’25 (20) 103 91 (218) (46)
’24 (118) (186) 72 145 (87)
’23 20 28 84 154 285
’22 (50) 10 (218) 10 (247)
’21 (25) (83) (51) (357) (515)
’20 61 (22) (68) (26) (54)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (139) 117 — — —
’25 (20) 103 91 (218) (46)
’24 (118) (186) 72 145 (87)
’23 20 28 84 154 285
’22 (50) 10 (218) 10 (247)
’21 (25) (83) (51) (357) (515)
’20 61 (22) (68) (26) (54)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 178 206 233 243 223 289 377 500 541 566 575 +13.7% 586 629 735 +9.1%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 138 195 174 131 16 364 265 451 539 520 484 +15.9%
EBT margin, % 77.20 94.82 74.72 53.75 7.12 125.80 70.30 90.15 99.57 91.84 84.17 +14.6 pt
Net income 139 171 168 130 29 331 242 428 508 493 451 +15.1%
Per share, $
Per share, $ Revenue 3.43 3.63 3.88 3.87 3.39 4.19 5.06 6.11 6.23 6.34 6.17 +7.1%
Earnings 2.67 3.01 2.80 2.06 0.45 4.80 3.24 5.23 5.85 5.52 4.96 +8.4%
Cash flow (0.82) 1.29 (1.81) (0.54) (0.82) (7.47) (3.32) 3.48 (1.00) (0.51) (1.61) (5.1%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (0.82) 1.29 (1.81) (0.54) (0.82) (7.47) (3.32) 3.48 (1.00) (0.51) (1.61) (5.1%)
Book value 23.09 24.35 24.53 24.40 23.05 25.94 28.31 30.24 32.23 33.50 33.96 +4.2%
Shares, m 52 57 60 63 66 69 74 82 87 89 91 +6.2%
Valuation, ×
Valuation, × P/E 13.86 13.34 12.03 20.83 87.19 9.37 11.46 8.32 10.03 10.94 11.53 19.7
P/S 10.72 10.99 8.72 11.15 9.52 10.70 7.29 7.11 9.40 9.53 9.27 9.5
P/B 1.59 1.64 1.38 1.77 1.40 1.73 1.30 1.44 1.82 1.80 1.68 1.6
EV/Sales 13.83 12.46 11.23 13.42 11.95 12.88 9.69 8.40 10.60 10.98 — 11.5
EV/FCF (57.70) 35.16 (24.02) (96.51) (49.20) (7.23) (14.78) 14.73 (65.82) (136.03) — (40.1)
Cash, $m
Cash, $m Operating cash flow (43) 73 (109) (34) (54) (515) (247) 285 (87) (46) (150) +0.8%
Capex — — — — — — — — — — — —
Free cash flow (43) 73 (109) (34) (54) (515) (247) 285 (87) (46) (150) +0.8%
Balance, $m
Balance, $m Working capital (566) (509) (645) (763) (869) (1,470) (1,658) (1,472) (1,804) (2,193) (2,304) +16.2%
Net debt 554 301 585 551 541 630 902 644 649 821 528 +4.5%
Shareholders’ equity 1,201 1,380 1,476 1,536 1,515 1,789 2,109 2,477 2,798 2,994 3,167 +10.7%
Returns, %
Returns, % ROA 7.03 7.87 6.98 4.92 1.07 10.24 6.09 9.87 10.62 9.13 8.04 +2.1 pt
ROIC 4.12 5.03 4.75 4.71 4.19 4.72 5.09 6.79 6.44 6.01 6.18 +1.9 pt
ROE 12.23 13.22 11.78 8.60 1.93 20.02 12.40 18.69 19.26 17.04 14.92 +4.8 pt
People
People Employees 57 58 66 71 0 80 91 100 104 110 — +7.6%
Revenue/emp, $m 3.13 3.55 3.54 3.43 0.00 3.61 4.14 5.00 5.20 5.15 — +5.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Main Street Capital Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VCTR Victory Capital Holdings, Inc. $7.0B 20.5× 18.0× +9.79% (above 0%: growing) 0.00% +34.94% (above 0%: growing) 100.00% 34.73% Compare
BXSL Blackstone Secured Lending Fund $5.6B 20.1× 14.3× −12.10% (below 0%: shrinking) −12.28% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57% Compare
OBDC Blue Owl Capital Corporation $5.3B 15.9× 14.2× −13.47% (below 0%: shrinking) +48.00% (above 0%: growing) +147.77% (above 0%: growing) 100.00% 75.02% Compare
MAIN Main Street Capital Corporation $5.3B 11.5× 13.3× +3.89% (above 0%: growing) +15.33% (above 0%: growing) +13.70% (above 0%: growing) 100.00% 87.20%
STEP StepStone Group Inc. $5.2B — (loss-making) 3.9× +4.01% (above 0%: growing) n/m −1,113.70% (below 0%: shrinking) 100.00% (54.06%) Compare
HASI HA Sustainable Infrastructure Capital, Inc. $5.1B 60.4× 24.0× +40.97% (above 0%: growing) +25.00% (above 0%: growing) −14.48% (below 0%: shrinking) 100.00% 80.56% Compare
HLNE Hamilton Lane Inc. $5.0B 10.6× 11.3× +7.10% (above 0%: growing) +111.53% (above 0%: growing) +130.39% (above 0%: growing) 100.00% 42.23% Compare
FHI Federated Hermes, Inc. $4.7B 11.6× 10.4× +8.07% (above 0%: growing) +11.94% (above 0%: growing) +18.31% (above 0%: growing) 100.00% 30.22% Compare
OTF Blue Owl Technology Finance Corp. $4.4B 12.2× 20.5× +5.80% (above 0%: growing) −4.00% (below 0%: shrinking) +14.45% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $5.1B 15.9× 14.3× +6.45% +11.94% +26.63% 100.00% 38.48%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.84m 9.79m 274.81
2024 8.18m 11.22m 248.31
2023 7.76m 9.12m 168.69
2022 7.08m 6.54m 131.56
2021 5.03m 6.26m 148.18

Ownership

Directors and executive officers, together 3.83%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Main Street Capital Corporation (MAIN) Latest News

5 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · PR Newswire

24 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

23 Oct

Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.

22 Oct

Impact 3 · · 24/7 Wall St.

21 Oct

Impact 3 · · The Motley Fool

20 Oct

Impact 4 · · 24/7 Wall St.

18 Oct

Impact 3 · · 24/7 Wall St.

15 Oct

Impact 4 · · InvestorsHub
Impact 3 · · PR Newswire

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

7 Oct

Impact 3 · · StockStory

29 Sep

Impact 3 · · Zacks

26 Sep

Impact 3 · · The Motley Fool

22 Sep

Impact 3 · · Simply Wall St.

21 Sep

Impact 3 · · GuruFocus.com

14 Sep

Impact 3 · · The Motley Fool

4 Sep

Impact 4 ·

3 Sep

Impact 3 ·

1 Sep

Impact 3 ·

27 Aug

Impact 3 ·

22 Aug

Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.

21 Aug

Impact 3 ·

MAIN metrics, ten years each

stockrow.com/MAIN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com