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New Mountain Finance Corporation

NMFC Financial Asset Management

New Mountain Finance Corporation’s revenue for fiscal 2025 (year ended December 2025) was $207.2 million, down 39.2% from fiscal 2024.

Revenue
−30.9%
EPS
−64.0%
Free cash flow
−46.1%
Total debt
−26.1%

Quarter to September 2026, against a year earlier

6.97 0.03 −0.43%
Market cap
$661.2M
P/E
0.0×
Fwd P/E
39.1×
Dividend yield
16.3%
F-score
6/9
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 15.68%

Capital & Financial Ratios $m

Size
Market Cap 661.16
Revenue ttm 99.63
Net income ttm (56.25)
Free cash flow ttm 626.84
Net debt Q 1,262.29
Valuation
P/E 0.00
Forward P/E 39.10 (above 35: high)
Price / sales 6.64
Forward P/S Powerpack
Price / FCF 1.05
Price / book 0.65
Financial health
Current ratio Q 9.89
Debt / equity Q 1.29
Interest coverage Q —
Growth
Revenue growth Q −30.93% (below 0%: shrinking)
Operating income growth Q −68.38% (below 0%: shrinking)
EPS, this year −15.51% (below 0%: weak)
EPS, next year A −4.23% (below 0%: weak)
Revenue, next year A +21.95% (at or above 10%: strong)
EPS, past 5 yrs −23.23% (below 0%: weak)
EPS, next 5 yrs A −7.75% (below 0%: weak)

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

Valuation vs history

P/S against its own 10 years 84.56%
10-year low 10-year high
P/B against its own 10 years 2.97%
10-year low 10-year high

Dividends

Yield
16.3%
Annual rate
1.14
Payout ratio
—
Growth, 2017–25
−0.75%/yr
  1. 1.36 ’17
  2. 1.36 ’18 +0
  3. 1.36 ’19 +0
  4. 1.24 ’20 −9
  5. 1.20 ’21 −3
  6. 1.22 ’22 +2
  7. 0.64 ’23 −48
  8. 0.64 ’24 +0
  9. 1.28 ’25 +100
  10. 1.07 ’26e −16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 70 80 81 42
Receivables — — — —
Inventory — — — —
Other — — — —
114 123 124 74
2023 2024 2025 Q'26
Payables 20 17 12 7
ST’ Debt — — — —
Other — — — —
20 17 12 7

Compound Annual Growth %

10y 5y 3y
Sales 7.10% (1.03%) (6.15%)
Cash Flow 0.00% 4.71% 121.22%
Earnings (6.69%) (22.37%) (39.57%)
Book Value 3.57% (0.80%) (3.59%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.26 Actual 0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.32 0.32 Met by 0.00
Q1 FY26 0.32 0.32 Met by 0.00
Q2 FY26 0.26 0.26 Met by 0.00
Q3 FY26 0.26 0.26 Met by 0.00
Q4 FY26 0.27 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.51) 0.18 0.04 — —
’25 0.22 0.07 0.11 (0.25) 0.16
’24 0.26 0.31 0.22 0.25 1.03
’23 0.40 0.32 0.27 0.26 1.24
’22 0.34 0.16 0.08 0.14 0.74
’21 0.49 0.71 0.22 0.49 1.91
’20 (1.78) 0.72 0.82 0.68 0.60
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 (13) 54 41 — —
’25 74 57 59 17 207
’24 82 91 85 83 341
’23 98 91 82 80 351
’22 77 57 53 64 251
’21 91 117 61 92 359
’20 (130) 115 86 147 218
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 401 24 39 — —
’25 104 40 73 162 379
’24 68 (160) (62) 195 42
’23 (4) 123 87 126 333
’22 (45) (34) 70 44 35
’21 44 (54) 94 (107) (22)
’20 (14) 297 (14) 31 301
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 401 24 39 — —
’25 104 40 73 162 379
’24 68 (160) (62) 195 42
’23 (4) 123 87 126 333
’22 (45) (34) 70 44 35
’21 44 (54) 94 (107) (22)
’20 (14) 297 (14) 31 301
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 192 205 198 272 218 359 251 351 341 207 100 +0.9% 253 247 229 +3.3%
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 112 110 73 113 62 207 75 137 115 17 (56) (18.9%)
EBT margin, % 58.35 53.64 36.73 41.43 28.35 57.68 30.06 38.90 33.67 8.20 (56.40) (50.2) pt
Net income 112 109 72 113 62 207 75 136 115 17 (56) (18.9%)
Per share, $
Per share, $ Revenue 2.95 2.76 2.60 3.19 2.25 3.71 2.50 3.47 3.20 1.95 1.05 (4.5%)
Earnings 1.72 1.47 0.95 1.32 0.60 2.08 0.75 1.34 1.06 0.16 (0.54) (23.2%)
Cash flow 0.93 (2.24) (5.18) (8.43) 3.11 (0.23) 0.35 3.29 0.39 3.57 6.64 +16.1%
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 0.93 (2.24) (5.18) (8.43) 3.11 (0.23) 0.35 3.29 0.39 3.57 6.64 +16.1%
Book value 14.46 13.95 13.24 15.06 12.77 13.85 13.24 13.17 12.75 11.19 10.74 (2.8%)
Shares, m 65 74 76 85 97 97 100 101 107 106 99 +5.6%
Valuation, ×
Valuation, × P/E 8.26 9.26 13.38 10.18 18.93 6.59 16.67 9.65 10.62 61.40 0.00 16.5
P/S 4.81 4.96 4.84 4.31 5.04 3.70 5.00 3.70 3.52 4.72 6.64 4.5
P/B 0.98 0.98 0.95 0.91 0.89 0.99 0.94 0.97 0.88 0.82 0.65 0.9
EV/Sales 8.21 9.03 11.58 11.27 12.92 8.84 12.61 8.59 8.67 12.39 — 10.4
EV/FCF 25.99 (11.13) (5.82) (4.27) 9.36 (144.05) 90.33 9.06 70.39 6.78 — 4.7
Cash, $m
Cash, $m Operating cash flow 61 (166) (393) (719) 301 (22) 35 333 42 379 627 +22.6%
Capex — — — — — — — — — — — —
Free cash flow 61 (166) (393) (719) 301 (22) 35 333 42 379 627 +22.6%
Balance, $m
Balance, $m Working capital 62 62 68 64 101 72 88 94 106 112 66 +6.8%
Net debt 651 835 1,334 1,894 1,719 1,849 1,909 1,715 1,756 1,590 1,262 +10.4%
Shareholders’ equity 939 1,035 1,006 1,283 1,237 1,343 1,326 1,332 1,359 1,188 1,014 +2.7%
Returns, %
Returns, % ROA 6.88 6.10 3.31 3.94 1.84 6.30 2.25 4.16 3.54 0.54 (2.10) (6.3) pt
ROIC 4.40 3.68 1.94 2.22 1.31 4.06 1.46 2.80 2.30 0.38 (1.54) (4.0) pt
ROE 12.58 11.09 7.09 9.83 4.64 15.62 5.60 10.18 8.43 1.29 (5.01) (11.3) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

New Mountain Finance 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
CGBD Carlyle Secured Lending, Inc. $749.3M 20.7× 16.5× −4.97% (below 0%: shrinking) n/m +7.08% (above 0%: growing) 100.00% 0.00% Compare
BCSF Bain Capital Specialty Finance, Inc. $724.6M 11.3× 10.3× −12.14% (below 0%: shrinking) −40.54% (below 0%: shrinking) +10,857.59% (above 0%: growing) 100.00% 80.20% Compare
PFLT PennantPark Floating Rate Capital Ltd. $677.7M 13.4× 11.7× +4.07% (above 0%: growing) −57.89% (below 0%: shrinking) +392.80% (above 0%: growing) 100.00% 77.14% Compare
NMFC New Mountain Finance Corporation $661.2M — (loss-making) 39.1× −30.93% (below 0%: shrinking) −64.00% (below 0%: shrinking) −46.09% (below 0%: shrinking) 100.00% 0.00%
ACGP Associated Capital Group, Inc. $649.9M 14.6× 4.2× +13.32% (above 0%: growing) +3.41% (above 0%: growing) +254.80% (above 0%: growing) 100.00% (314.07%) Compare
SLRC SLR Investment Corp. $643.0M 11.3× 10.4× −13.42% (below 0%: shrinking) −67.67% (below 0%: shrinking) +77.74% (above 0%: growing) 100.00% 71.09% Compare
TIPT Tiptree Financial Inc. $640.0M 1.6× — (loss-making) −100.00% (below 0%: shrinking) −17.82% (below 0%: shrinking) −238.91% (below 0%: shrinking) 100.00% 0.00% Compare
GAIN Gladstone Investment Corporation $594.9M 3.6× 41.5× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
NCDL Nuveen Churchill Direct Lending Corp. $585.9M 13.8× 11.0× −14.54% (below 0%: shrinking) −22.61% (below 0%: shrinking) +70.77% (above 0%: growing) 100.00% 78.80% Compare
Median of peers $646.4M 12.3× 11.0× −8.55% −31.57% +96.91% 100.00% 73.80%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 27 March 2026

Ownership

Directors and executive officers, together 14.90%
Steven B. Klinsky 12.52%
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

New Mountain Finance Corporation (NMFC) Latest News

3 Nov

Impact 3 · · Moby

2 Nov

Impact 3 · · Business Wire

28 Oct

Impact 4 · · Business Wire

26 Oct

Impact 3 · · Business Wire

23 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · Bloomberg

6 Oct

Impact 3 · · Business Wire

3 Sep

Impact 3 · · pitchbook.com

2 Sep

Impact 4 ·

5 Aug

Impact 3 ·

4 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

3 Aug

Impact 3 ·

18 Jun

Impact 3 ·

19 May

Impact 3 · · Business Wire

5 May

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

4 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire
Impact 4 · · The Motley Fool transcript
Impact 3 · · PR Newswire

23 Apr

Impact 3 · · Business Wire

15 Apr

Impact 4 ·

13 Apr

Impact 4 · · PR Newswire

6 Mar

Impact 4 · · GuruFocus.com

4 Mar

Impact 4 · · PitchbookMT NewswiresPitchbookMT NewswiresMT NewswiresMT NewswiresPitchbookGuruFocus.com
Impact 3 · · TipRanks
stockrow.com/NMFC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com