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Sixth Street Specialty Lending, Inc.

Sixth Street Specialty Lending, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $449.1 million, down 6.94% from fiscal 2024. In the quarter to June 2026, revenue fell 14.9%, EPS fell 31.8%, free cash flow fell 64.6% and total debt rose 11.5%, each against the same quarter a year earlier.

17.35 0.22 −1.25%

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Market cap: $1.7B
P/E: 18.3×
Fwd P/E: 17.1×
Dividend yield: 10.4%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 3.76%

Capital & Financial Ratios $m

Market Cap 1,680.00

Revenue 408.93

Net Income 89.04

Free Cash Flow 103.45

Net Debt 1,731.41

Current Ratio 9.83

Debt/Equity 1.24

P/E ratio 18.27

Fwd P/E 17.10

P/S ratio 4.03

P/B ratio 1.07

Past 5Y EPS Growth (7.34%)

This Y EPS Growth (20.29%)

Next Y EPS Growth 5.30%

Next Y revenue growth (13.69%)

Next 5Y EPS Growth (6.00%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 85.16%

10-year low 10-year high

P/S against its own 10 years 7.98%

10-year low 10-year high

P/B against its own 10 years 13.55%

10-year low 10-year high

Dividends

Payout Ratio 1.89

Annual Dividend Rate 1.80

Annual Dividend Yield 10.37%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.73	0.01 0.46 0.42 0.42
2025	1.94	0.07 0.46 0.06 0.46 0.05 0.46 0.03 0.46
2024	2.36	0.46 0.08 0.46 0.06 0.46 0.06 0.46 0.05 0.46
2023	1.95	0.09 0.46 0.04 0.46 0.06 0.46 0.07 0.46
2022	1.69	0.11 0.41 0.04 0.41 0.42 0.45
2021	1.77	0.05 0.41 1.25 0.06 0.41 0.02 0.41 0.07 0.50 0.41
2020	1.74	0.06 0.41 0.25 0.41 0.41 0.10 0.41
2019	1.57	0.12 0.39 0.01 0.39 0.04 0.39 0.08 0.39
2018	1.67	0.03 0.39 0.06 0.39 0.08 0.39 0.05 0.39
2017	2.01	0.39 0.39 0.04 0.39 0.09 0.39 0.06 0.39
2016	1.56	0.39 0.39 0.39 0.39

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	25	27	20	194
Receivables	28	31	34	37
Inventory	—	—	—	—
Other	—	—	—	—
	61	64	74	241

	2023	2024	2025	Q'26
Payables	37	34	26	25
ST’ Debt	—	—	—	—
Other	—	—	—	—
	37	34	26	25

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	93	98	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	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	0.57	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	15.11	18.20	17.00	17.95	11.25	20.16	16.02	16.86	19.50	18.58	Analyst estimates 2026–2028 Powerpack
	High	19.20	21.74	21.24	22.23	23.67	24.74	24.36	22.00	22.35	25.17
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
Income, $m
Income, $m	Revenue	192	211	262	251	270	279	309	438	483	449
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	110	123	147	132	153	143	169	199	224	215
	EBT margin, %	56.94	58.37	56.23	52.50	56.57	51.24	54.62	45.37	46.41	47.95
	Net income	137	112	119	155	178	212	108	222	187	171
	Depreciation	(13)	(26)	(18)	(11)	(20)	(21)	(13)	(11)	(13)	(18)
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
	Earnings	1.83	1.86	1.86	2.34	2.65	1.97	1.38	2.61	2.03	1.81
	Cash flow	(0.71)	1.37	1.86	(5.72)	2.16	0.03	(2.87)	(2.78)	(0.49)	4.27
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	(0.71)	1.37	1.86	(5.72)	2.16	0.03	(2.87)	(2.78)	(0.49)	4.27
	Book value	16.25	16.16	16.61	16.94	17.28	17.68	17.16	17.58	17.47	17.09
	Shares, m	59	60	64	66	67	72	78	85	92	94
Valuation, ×
Valuation, ×	P/E	9.61	10.75	9.67	11.25	23.52	12.23	13.21	8.87	10.49	12.00
	P/S	5.62	5.66	4.42	5.64	5.16	6.06	4.54	4.20	4.06	4.55
	P/B	1.14	1.23	1.09	1.27	1.20	1.32	1.05	1.23	1.22	1.27
	EV/Sales	10.67	10.36	7.84	11.11	10.32	11.32	10.08	8.88	8.56	9.05
	EV/FCF	(49.04)	26.53	17.22	(7.39)	19.22	1,286.47	(13.88)	(16.43)	(90.80)	10.12
Cash, $m
Cash, $m	Operating cash flow	(42)	82	119	(378)	145	2	(225)	(237)	(45)	402
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	(42)	82	119	(378)	145	2	(225)	(237)	(45)	402
Balance, $m
Balance, $m	Working capital	(19)	(11)	(19)	(8)	(8)	(38)	18	24	30	48
	Total debt	681	703	608	1,094	1,110	1,186	1,442	1,780	1,901	1,743
	Net debt	675	697	597	1,080	1,097	1,170	1,416	1,755	1,874	1,724
	Shareholders’ equity	952	969	1,063	1,119	1,161	1,276	1,342	1,496	1,608	1,608
Returns, %
Returns, %	ROA	8.61	6.57	6.90	7.71	7.71	8.66	4.01	7.18	5.39	4.87
	ROIC	4.19	4.61	5.54	3.75	4.23	3.64	3.82	3.80	3.99	4.02
	ROE	15.46	11.62	11.71	14.17	15.62	17.38	8.26	15.65	12.02	10.61

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
APAM Artisan Partners Asset Management Inc.	$2.7B	8.1×	10.2×	+8.90% (above 0%: growing)	+18.09% (above 0%: growing)	+126.73% (above 0%: growing)	40.90%	27.48%	Compare
GCMG GCM Grosvenor Inc.	$2.6B	16.9×	14.7×	−14.09% (below 0%: shrinking)	−46.67% (below 0%: shrinking)	−11.02% (below 0%: shrinking)	0.00%	0.00%	Compare
PAX Patria Investments Limited	$1.9B	25.3×	16.5×	+34.86% (above 0%: growing)	+13.12% (above 0%: growing)	−72.13% (below 0%: shrinking)	37.82%	28.19%	Compare
TSLX Sixth Street Specialty Lending, Inc.	$1.7B	18.3×	17.1×	−14.93% (below 0%: shrinking)	−31.75% (below 0%: shrinking)	−64.62% (below 0%: shrinking)	100.00%	73.38%
TRIN Trinity Capital Inc.	$1.6B	9.7×	8.6×	+25.46% (above 0%: growing)	−22.22% (below 0%: shrinking)	−60.76% (below 0%: shrinking)	100.00%	80.88%	Compare
CSWC Capital Southwest Corporation	$1.5B	12.5×	10.5×	+9.12% (above 0%: growing)	−20.00% (below 0%: shrinking)	−366.44% (below 0%: shrinking)	100.00%	87.58%	Compare
MSDL Morgan Stanley Direct Lending Fund	$1.1B	19.4×	11.6×	−10.79% (below 0%: shrinking)	−78.05% (below 0%: shrinking)	+331.94% (above 0%: growing)	100.00%	79.95%	Compare
OCSL Oaktree Specialty Lending Corp.	$1.0B	24.2×	22.2×	−7.76% (below 0%: shrinking)	−20.45% (below 0%: shrinking)	+173.07% (above 0%: growing)	94.24%	82.04%	Compare
GSBD Goldman Sachs BDC, Inc.	$999.6M	16.9×	11.2×	−7.97% (below 0%: shrinking)	−38.24% (below 0%: shrinking)	−69.26% (below 0%: shrinking)	100.00%	87.38%	Compare
Median of peers	$1.6B	16.9×	11.4×	+0.57%	−21.33%	−35.89%	97.12%	80.41%

All 120 Asset Management stocks →

Sixth Street Specialty Lending, Inc. (TSLX) key facts

Concern: Sixth Street Specialty Lending, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $449.1 million, down 6.94% from fiscal 2024.
Sixth Street Specialty Lending, Inc. (TSLX) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
As of October 9, 2026, TSLX traded at $17.35, a market capitalization of $1.7 billion.
Sixth Street Specialty Lending, Inc. pays an annual dividend of $1.80 per share, a yield of 10.4%, with a payout ratio of 189.5%.
Return on equity was 10.6% and debt-to-equity 1.24.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.