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Sixth Street Specialty Lending, Inc.

TSLX Financial Asset Management

Sixth Street Specialty Lending, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $449.1 million, down 6.94% from fiscal 2024.

Revenue
−9.58%
EPS
−7.17%
Free cash flow
−523.2%
Total debt
+2.05%

Quarter to September 2026, against a year earlier

17.80 0.03 +0.17%
Market cap
$1.7B
P/E
19.4×
Fwd P/E
17.1×
Dividend yield
10.1%
F-score
5/9
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 4.09%

Capital & Financial Ratios $m

Size
Market Cap 1,700.00
Revenue ttm 398.44
Net income ttm 78.89
Free cash flow ttm 21.68
Net debt Q 1,831.38
Valuation
P/E 19.43
Forward P/E 17.10
Price / sales 4.26
Forward P/S Powerpack
Price / FCF 78.29
Price / book 1.10
Financial health
Current ratio Q 3.43
Debt / equity Q 1.21
Interest coverage Q 2.39
Growth
Revenue growth Q −9.58% (below 0%: shrinking)
Operating income growth Q −18.33% (below 0%: shrinking)
EPS, this year −20.34% (below 0%: weak)
EPS, next year A +7.49%
Revenue, next year A −13.44% (below 0%: weak)
EPS, past 5 yrs −7.34% (below 0%: weak)
EPS, next 5 yrs A −5.32% (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/E against its own 10 years 88.89%
10-year low 10-year high
P/S against its own 10 years 22.33%
10-year low 10-year high
P/B against its own 10 years 19.80%
10-year low 10-year high

Dividends

Yield
10.1%
Annual rate
1.80
Payout ratio
196.4%
Growth, 2017–25
−0.44%/yr
  1. 2.01 ’17
  2. 1.67 ’18 −17
  3. 1.57 ’19 −6
  4. 1.74 ’20 +11
  5. 1.77 ’21 +2
  6. 1.69 ’22 −5
  7. 1.95 ’23 +15
  8. 2.36 ’24 +21
  9. 1.94 ’25 −18
  10. 1.73 ’26e −11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 25 27 20 40
Receivables 28 31 34 39
Inventory — — — —
Other — — — —
61 64 74 89
2023 2024 2025 Q'26
Payables 37 34 26 26
ST’ Debt — — — —
Other — — — —
37 34 26 26

Compound Annual Growth %

10y 5y 3y
Sales 9.98% 10.71% 13.23%
Cash Flow 0.00% 22.59% 0.00%
Earnings 10.37% (0.87%) 16.42%
Book Value 6.95% 6.72% 6.22%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.43 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.50 0.52 Beat by 0.02
Q1 FY26 0.49 0.42 Miss by 0.07
Q2 FY26 0.41 0.43 Beat by 0.02
Q3 FY26 0.43 0.44 Beat by 0.01
Q4 FY26 0.45 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.27) 0.43 0.44 — —
’25 0.39 0.63 0.47 0.32 1.81
’24 0.53 0.51 0.44 0.55 2.03
’23 0.65 0.63 0.57 0.58 2.61
’22 0.51 (0.15) 0.43 0.57 1.38
’21 0.42 0.34 0.45 0.57 1.83
’20 (0.80) 0.59 0.61 0.48 2.65
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 93 98 99 — —
’25 116 115 109 108 449
’24 118 122 119 124 483
’23 97 108 114 120 438
’22 67 64 78 100 309
’21 66 63 71 78 279
’20 66 70 71 62 270
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (23) 68 (97) — —
’25 150 193 (16) 74 402
’24 (66) 125 (74) (31) (45)
’23 (74) (113) 37 (87) (237)
’22 81 (116) (244) 54 (225)
’21 (26) (123) 224 (73) 2
’20 154 165 (31) (144) 145
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (23) 68 (97) — —
’25 150 193 (16) 74 402
’24 (66) 125 (74) (31) (45)
’23 (74) (113) 37 (87) (237)
’22 81 (116) (244) 54 (225)
’21 (26) (123) 224 (73) 2
’20 154 165 (31) (144) 145
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
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 192 211 262 251 270 279 309 438 483 449 398 +9.9% 389 406 399 (3.9%)
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 110 123 147 132 153 143 169 199 224 215 178 +7.8%
EBT margin, % 56.94 58.37 56.23 52.50 56.57 51.24 54.62 45.37 46.41 47.95 44.63 (9.0) pt
Net income 137 112 119 155 178 212 108 222 187 171 79 +2.5%
Per share, $
Per share, $ Revenue 3.28 3.52 4.09 3.81 4.02 3.86 3.96 5.15 5.24 4.77 4.18 +4.2%
Earnings 1.83 1.86 1.86 2.34 2.65 1.97 1.38 2.61 2.03 1.81 0.92 (0.1%)
Cash flow (0.71) 1.37 1.86 (5.72) 2.16 0.03 (2.87) (2.78) (0.49) 4.27 0.23 n/m
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 (0.71) 1.37 1.86 (5.72) 2.16 0.03 (2.87) (2.78) (0.49) 4.27 0.23 n/m
Book value 16.25 16.16 16.61 16.94 17.28 17.68 17.16 17.58 17.47 17.09 16.25 +0.6%
Shares, m 59 60 64 66 67 72 78 85 92 94 95 +5.4%
Valuation, ×
Valuation, × P/E 9.61 10.75 9.67 11.25 23.52 12.23 13.21 8.87 10.49 12.00 19.43 12.2
P/S 5.62 5.66 4.42 5.64 5.16 6.06 4.54 4.20 4.06 4.55 4.26 5.0
P/B 1.14 1.23 1.09 1.27 1.20 1.32 1.05 1.23 1.22 1.27 1.10 1.2
EV/Sales 10.67 10.36 7.84 11.11 10.32 11.32 10.08 8.88 8.56 9.05 — 9.8
EV/FCF (49.04) 26.53 17.22 (7.39) 19.22 1,286.47 (13.88) (16.43) (90.80) 10.12 — 118.2
Cash, $m
Cash, $m Operating cash flow (42) 82 119 (378) 145 2 (225) (237) (45) 402 22 n/m
Capex — — — — — — — — — — — —
Free cash flow (42) 82 119 (378) 145 2 (225) (237) (45) 402 22 n/m
Balance, $m
Balance, $m Working capital (19) (11) (19) (8) (8) (38) 18 24 30 48 63 n/m
Net debt 675 697 597 1,080 1,097 1,170 1,416 1,755 1,874 1,724 1,831 +11.0%
Shareholders’ equity 952 969 1,063 1,119 1,161 1,276 1,342 1,496 1,608 1,608 1,549 +6.0%
Returns, %
Returns, % ROA 8.61 6.57 6.90 7.71 7.71 8.66 4.01 7.18 5.39 4.87 2.26 (3.7) pt
ROIC 4.19 4.61 5.54 3.75 4.23 3.64 3.82 3.80 3.99 4.02 3.26 (0.2) pt
ROE 15.46 11.62 11.71 14.17 15.62 17.38 8.26 15.65 12.02 10.61 4.98 (4.8) 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

Sixth Street Specialty Lending, Inc. 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
GCMG GCM Grosvenor Inc. $2.5B 16.1× 14.7× −14.09% (below 0%: shrinking) −46.67% (below 0%: shrinking) −11.02% (below 0%: shrinking) 0.00% 0.00% Compare
TSLX Sixth Street Specialty Lending, Inc. $1.7B 19.4× 17.1× −9.58% (below 0%: shrinking) −7.17% (below 0%: shrinking) −523.17% (below 0%: shrinking) 100.00% 73.54%
TRIN Trinity Capital Inc. $1.7B 9.6× 8.9× +25.46% (above 0%: growing) +25.64% (above 0%: growing) +63.94% (above 0%: growing) 100.00% 80.88% Compare
PAX Patria Investments Limited $1.6B 21.9× 14.5× +20.52% (above 0%: growing) −12.50% (below 0%: shrinking) −41.24% (below 0%: shrinking) 40.31% 27.93% Compare
CSWC Capital Southwest Corporation $1.6B 13.2× 11.5× +17.93% (above 0%: growing) −26.78% (below 0%: shrinking) −170.75% (below 0%: shrinking) 100.00% 86.58% Compare
MSDL Morgan Stanley Direct Lending Fund $1.2B 284× 15.2× −13.62% (below 0%: shrinking) n/m +230.03% (above 0%: growing) 100.00% 0.00% Compare
OCSL Oaktree Specialty Lending Corp. $1.1B 26.1× 22.7× −7.76% (below 0%: shrinking) −20.45% (below 0%: shrinking) +173.07% (above 0%: growing) 94.24% 82.04% Compare
RPC Ridgepost Capital, Inc. $1.0B 29.6× 35.2× +17.11% (above 0%: growing) +350.00% (above 0%: growing) +447.90% (above 0%: growing) 100.00% 28.63% Compare
GSBD Goldman Sachs BDC, Inc. $990.6M 34.0× 11.6× −7.97% (below 0%: shrinking) n/m +465.71% (above 0%: growing) 100.00% 87.38% Compare
Median of peers $1.4B 24.0× 14.6× +4.68% −16.47% +118.51% 100.00% 54.76%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 9 April 2026

Ownership

Directors and executive officers, together 3.83%
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

Sixth Street Specialty Lending, Inc. (TSLX) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby

23 Oct

Impact 3 · · StockStory

21 Sep

Impact 3 ·

12 Aug

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 3 ·
Impact 3 · · Moby transcript

3 Aug

Impact 3 ·

14 May

Impact 3 · · StockStory

7 May

Impact 4 · · Business Wire
Impact 4 · · The Motley Fool transcript

6 May

Impact 3 · · Moby

5 May

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Business Wire
Impact 3 · · Insider Monkey

4 May

Impact 4 · · StockStory

13 Feb

Impact 4 · · GuruFocus.com transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Moby transcript
Impact 3 · · StockStoryStockStory

12 Feb

Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press Finance
Impact 3 ·

10 Feb

Impact 3 · · StockStoryMT NewswiresSimply Wall St.Insider MonkeyInsider MonkeyZacksMT NewswiresGuruFocus.com
Impact 3 · · Barrons.com

3 Feb

Impact 4 · · StockStory
stockrow.com/TSLX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com