| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 1.73 |
—
—
—
—
|
| 2025 | 1.94 |
—
—
—
—
—
—
—
—
|
| 2024 | 2.36 |
—
—
—
—
—
—
—
—
—
|
| 2023 | 1.95 |
—
—
—
—
—
—
—
—
|
| 2022 | 1.69 |
—
—
—
—
—
—
|
| 2021 | 1.77 |
—
—
—
—
—
—
—
—
—
—
|
| 2020 | 1.74 |
—
—
—
—
—
—
—
|
| 2019 | 1.57 |
—
—
—
—
—
—
—
—
|
| 2018 | 1.67 |
—
—
—
—
—
—
—
—
|
| 2017 | 2.01 |
—
—
—
—
—
—
—
—
|
| 2016 | 1.56 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 25.20 | 27.33 | 19.66 | 193.56 |
| Receivables | 27.97 | 30.52 | 34.13 | 36.96 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 60.74 | 63.81 | 74.34 | 241.06 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 36.66 | 33.67 | 26.30 | 24.52 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 36.66 | 33.67 | 26.30 | 24.52 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 93.40 | 97.84 | — | — |
—
|
| ’25 | 116.35 | 115.02 | 109.44 | 108.25 |
449.06
|
| ’24 | 117.78 | 121.82 | 119.22 | 123.71 |
482.53
|
| ’23 | 96.51 | 107.61 | 114.44 | 119.54 |
438.09
|
| ’22 | 67.43 | 63.89 | 77.84 | 100.15 |
309.31
|
| ’21 | 66.24 | 62.83 | 71.20 | 78.32 |
278.59
|
| ’20 | 66.27 | 70.23 | 71.32 | 62.22 |
270.04
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (23.35) | 68.35 | — | — |
—
|
| ’25 | 149.92 | 193.20 | (15.63) | 74.09 |
401.58
|
| ’24 | (65.54) | 125.27 | (74.49) | (30.72) |
(45.49)
|
| ’23 | (73.50) | (113.08) | 36.66 | (86.87) |
(236.79)
|
| ’22 | 81.15 | (115.88) | (244.10) | 54.29 |
(224.53)
|
| ’21 | (25.85) | (122.63) | 224.39 | (73.46) |
2.45
|
| ’20 | 154.27 | 165.36 | (30.60) | (143.96) |
145.07
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (23.35) | 68.35 | — | — |
—
|
| ’25 | 149.92 | 193.20 | (15.63) | 74.09 |
401.58
|
| ’24 | (65.54) | 125.27 | (74.49) | (30.72) |
(45.49)
|
| ’23 | (73.50) | (113.08) | 36.66 | (86.87) |
(236.79)
|
| ’22 | 81.15 | (115.88) | (244.10) | 54.29 |
(224.53)
|
| ’21 | (25.85) | (122.63) | 224.39 | (73.46) |
2.45
|
| ’20 | 154.27 | 165.36 | (30.60) | (143.96) |
145.07
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.27) | 0.43 | — | — |
—
|
| ’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 | 0.74 | 0.58 |
2.61
|
| ’22 | 0.51 | (0.15) | 0.43 | 0.57 |
1.38
|
| ’21 | 0.75 | 0.74 | 0.70 | 0.57 |
2.79
|
| ’20 | (0.80) | 1.43 | 1.21 | 0.79 |
2.65
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.02 | 16.86 | 19.50 | 18.58 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.36 | 22.00 | 22.35 | 25.17 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 309.31 | 438.09 | 482.53 | 449.06 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 100.00% | 100.00% | 100.00% | 100.00% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 168.95 | 198.76 | 223.96 | 215.31 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.62% | 45.37% | 46.41% | 47.95% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 108.05 | 222.02 | 186.57 | 170.52 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.94) | (11.45) | (12.58) | (18.06) | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.96 | 5.15 | 5.24 | 4.77 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 1.38 | 2.61 | 2.03 | 1.81 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.87) | (2.78) | (0.49) | 4.27 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.87) | (2.78) | (0.49) | 4.27 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.16 | 17.58 | 17.47 | 17.09 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 78.20 | 85.13 | 92.04 | 94.10 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.21 | 8.30 | 10.49 | 12.00 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.54 | 4.20 | 4.06 | 4.55 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.05 | 1.23 | 1.22 | 1.27 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.89 | 10.16 | 9.72 | 10.30 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (16.37) | (18.79) | (103.10) | 11.51 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (224.53) | (236.79) | (45.49) | 401.58 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (224.53) | (236.79) | (45.49) | 401.58 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.25 | 24.08 | 30.14 | 48.04 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,297.80 | 1,780.31 | 1,901.14 | 1,743.23 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,272.15 | 1,755.11 | 1,873.81 | 1,723.57 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,341.57 | 1,496.38 | 1,607.53 | 1,607.72 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.01% | 7.18% | 5.39% | 4.87% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.91% | 3.80% | 3.99% | 4.02% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.26% | 15.65% | 12.02% | 10.61% | ‡‡‡‡‡ | — | — |
ROE
|
Sixth Street Specialty Lending (TSLX), a business development company focused on debt and equity in U.S. middle-market firms, has delivered resilient revenue growth from $192 million in 2016 to $483 million in 2024 at a 12% CAGR, driven by portfolio expansion and senior secured loans. Yet, profitability remains cyclical, with sharp dips in 2020 (COVID) and 2022 (rate hikes) highlighting BDC sensitivity to credit stress and borrowing costs. Book value per share has steadily risen 7% to $17.47, supporting a stable 1.2x P/B and average 13.5% ROE, while shares trade at a forward P/E of 10x—attractive for income seekers amid high dividend yields.
Leverage peaked at $2.3 billion in 2022 before deleveraging to $1.9 billion, with volatile cash flows (recently negative) underscoring illiquidity risks in BDCs. Analyst projections signal a revenue plateau at $443 million in 2025 (-8%) and stable EPS around $2, with price targets implying 9-30% upside on Fed cuts and middle-market tailwinds. However, softening spreads from private credit competition and potential non-accruals loom large.
Echoing pre-2008 BDCs like Ares Capital, TSLX offers veteran stability in specialty finance but demands vigilance on FCF pressures and economic cycles. A hold for yield portfolios or buys below BVPS could reward patient investors—explore the full analysis for historical parallels and risk scenarios.
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