Main Street Capital Corporation (MAIN) 10-Year Financial Performance & Capital Metrics

MAIN • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutMain Street Capital Corporation is a business development company specializes in equity capital to lower middle market companies. The firm specializing in recapitalizations, management buyouts, refinancing, family estate planning, management buyouts, refinancing, industry consolidation, mature, later stage emerging growth. The firm also provides debt capital to middle market companies for acquisitions, management buyouts, growth financings, recapitalizations and refinancing. The firm seeks to partner with entrepreneurs, business owners and management teams and generally provides one stop financing alternatives within its lower middle market portfolio. It prefers to invest in air freight and logistics, auto components, building products, chemicals, commercial services, computers, construction and engineering, consumer finance, consumer services, electronic equipment, energy equipment and services, financial services, health care equipment, health care providers, hotels, restaurants, and leisure, internet software and services, IT Services, machinery, oil, gas and consumable fuels, paper and forest products, professional and industrial services, road and rail, software, specialty retail, telecommunication, consumer discretionary, energy, materials, technology, and transportation. The firm typically invests in lower middle market companies generally with annual revenues between $5 million and $300 million. It prefers to invest in ranging between $2 million and $75 million in equity investment and enterprise value in ranging between $3 million and $20 million. The firm typically prefers to invest in the range of $5 million and $50 million per transaction in debt investment value and in the range of $1 million and $20 million in annual EBITDA. The firm's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies. It takes 5 percent minority and up to 50 percent majority equity investments. Main Street Capital Corporation was founded in 2007 and is based in Houston, Texas with an additional office in Chojnów, Poland.Show more

Net Interest Income $418M +5.0%
Total Revenue $725M +18.3%
Net Income $508M +18.6%
Return on Equity 19.26% +3.1%
Net Interest Margin 8.15% -8.9%
Efficiency Ratio 8.63% -10.1%
ROA 10.62% +7.7%
Equity / Assets 54.63% -2.0%
Book Value per Share 31.59 +4.5%
Tangible BV/Share 31.59 +4.5%
Debt/Equity 0.76 +4.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 31.4%
✓Strong NIM of 8.2%
✓Efficient operations: 8.6% efficiency ratio
✓Well capitalized: 54.6% equity/assets
✓Good 3Y average ROE of 16.8%
✓Healthy dividend yield of 5.6%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.08%

5Y27.15%

3Y15.53%

TTM-

Profit (Net Income) CAGR

10Y17.56%

5Y31.43%

3Y15.38%

TTM13.45%

EPS CAGR

10Y9.74%

5Y23.21%

3Y6.82%

TTM-11.41%

ROCE

10Y Avg7.45%

5Y Avg8.1%

3Y Avg9.53%

Latest11.36%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	100.2M	105.23M	125.45M	133.61M	137.12M	124.09M	230.21M	298.58M	397.81M	417.6M
NII Growth %	0.14%	0.05%	0.19%	0.07%	0.03%	-0.1%	0.86%	0.3%	0.33%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	132.32M	138.86M	161.93M	177.1M	187.38M	173.68M	289.05M	376.86M	500.38M	541.03M
Interest Expense	32.12M	33.63M	36.48M	43.49M	50.26M	49.59M	58.84M	78.28M	102.58M	123.43M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	21.82M	62.29M	102.53M	75.57M	30.68M	-73.09M	180.96M	19.6M	112.07M	183.65M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	154.14M	201.15M	264.47M	252.68M	218.06M	100.58M	470.01M	396.46M	612.46M	724.68M
Revenue Growth %	-0.06%	0.3%	0.31%	-0.04%	-0.14%	-0.54%	3.67%	-0.16%	0.54%	0.18%
Non-Interest Expense	26.28M	29.85M	32.9M	34.82M	36.99M	35.16M	47.55M	53.26M	58.79M	62.54M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	95.75M	137.67M	195.09M	174.37M	130.81M	15.84M	363.63M	264.93M	451.09M	538.71M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.11%	0.44%	0.42%	-0.11%	-0.25%	-0.88%	21.95%	-0.27%	0.7%	0.19%
Pretax Income+	95.75M	137.67M	195.09M	174.37M	130.81M	15.84M	363.63M	264.93M	451.09M	538.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-8.69M	-1.23M	24.47M	6.15M	1.24M	-13.54M	32.86M	23.32M	22.64M	30.63M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	104.44M	138.9M	170.62M	168.21M	129.57M	29.38M	330.76M	241.61M	428.45M	508.08M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.04%	0.33%	0.23%	-0.01%	-0.23%	-0.77%	10.26%	-0.27%	0.77%	0.19%
Net Income (Continuing)	104.44M	138.9M	170.62M	168.21M	129.57M	29.38M	330.76M	241.61M	428.45M	508.08M
EPS (Diluted)+	2.13	2.67	3.01	2.80	2.06	0.45	4.80	3.24	5.23	5.85
EPS Growth %	-0.08%	0.25%	0.13%	-0.07%	-0.26%	-0.78%	9.67%	-0.33%	0.61%	0.12%
EPS (Basic)	2.13	2.67	3.01	2.80	2.06	0.45	4.80	3.24	5.23	5.85
Diluted Shares Outstanding	49.07M	52.02M	56.69M	60.18M	62.96M	65.71M	68.96M	74.48M	81.92M	88.56M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	20.33M	24.48M	51.53M	54.18M	55.25M	31.92M	32.63M	49.12M	60.08M	78.25M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	555.01M	594.28M	750.71M	1B	1.03B	1.11B	0	0	0	0
Investments Growth %	0.18%	0.07%	0.26%	0.34%	0.03%	0.08%	-1%	-	-	-
Long-Term Investments	555.01M	594.28M	750.71M	1B	1.03B	1.11B	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	381K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	1.29B	1.44B	1.46B	1.49B	1.57B	1.62B	3.62B	4.19B	4.29B	4.95B
Total Current Assets	30.23M	26.47M	53.91M	55.38M	105.7M	31.92M	67.75M	49.5M	149.42M	176.34M
Total Non-Current Assets	1.85B	2.05B	2.21B	2.5B	2.61B	2.74B	3.62B	4.19B	4.29B	4.95B
Total Assets+	1.88B	2.07B	2.27B	2.55B	2.71B	2.77B	3.69B	4.24B	4.44B	5.12B
Asset Growth %	0.11%	0.1%	0.09%	0.13%	0.06%	0.02%	0.33%	0.15%	0.05%	0.15%
Return on Assets (ROA)	0.06%	0.07%	0.08%	0.07%	0.05%	0.01%	0.1%	0.06%	0.1%	0.11%
Accounts Payable	15.34M	16.34M	57.13M	46.24M	20.47M	22.55M	35.2M	34.26M	37.39M	45.39M
Total Debt+	780.4M	840.33M	797.17M	996.15M	1.11B	1.21B	1.8B	2B	1.8B	2.12B
Net Debt	760.07M	815.85M	745.64M	941.97M	1.06B	1.18B	1.76B	1.95B	1.74B	2.04B
Long-Term Debt	780.4M	840.33M	797.17M	996.15M	1.11B	1.21B	1.8B	2B	1.8B	2.12B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	12.29M	14.21M	30.72M	34.99M	40.68M	23.43M	70.19M	99.94M	126.43M	155.74M
Total Current Liabilities	15.34M	16.34M	57.13M	46.24M	20.47M	22.55M	35.2M	34.26M	37.39M	45.39M
Total Non-Current Liabilities	792.69M	854.54M	827.89M	1.03B	1.15B	1.23B	1.87B	2.1B	1.93B	2.28B
Total Liabilities	808.03M	870.87M	885.03M	1.08B	1.18B	1.25B	1.9B	2.13B	1.97B	2.32B
Total Equity+	1.07B	1.2B	1.38B	1.48B	1.54B	1.51B	1.79B	2.11B	2.48B	2.8B
Equity Growth %	0.14%	0.12%	0.15%	0.07%	0.04%	-0.01%	0.18%	0.18%	0.17%	0.13%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.12%	0.13%	0.12%	0.09%	0.02%	0.2%	0.12%	0.19%	0.19%
Book Value per Share	21.82	23.09	24.35	24.53	24.40	23.05	25.94	28.31	30.24	31.59
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	504K	543K	586K	613K	643K	677K	707K	784K	848K	884K
Additional Paid-in Capital	1.01B	1.14B	1.31B	1.41B	1.51B	1.62B	1.74B	2.03B	2.27B	2.39B
Retained Earnings	7.18M	19.03M	69M	65.49M	23.31M	-101.85M	51.79M	77.27M	206M	402.46M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-131.39M	-42.73M	72.9M	-109.07M	-33.83M	-54.08M	-515.37M	-246.94M	285.32M	-87.12M
Operating CF Growth %	0.31%	0.67%	2.71%	-2.5%	0.69%	-0.6%	-8.53%	0.52%	2.16%	-1.31%
Net Income	104.44M	138.9M	170.62M	168.21M	129.57M	29.38M	330.76M	241.61M	428.45M	508.08M
Depreciation & Amortization	2.55M	7.52M	-48.76M	-19.27M	5.75M	2.51M	-135.62M	-24.82M	3.33M	5.16M
Deferred Taxes	-11.65M	-3.32M	19.27M	5.83M	-2.3M	0	27.13M	18.13M	0	0
Other Non-Cash Items	-232.29M	-196.85M	-90.62M	-273.77M	-181.12M	-105.64M	-776.55M	-485.03M	-158.69M	-619.32M
Working Capital Changes	-701K	2.71M	12.36M	781K	4.18M	8.83M	28.02M	-10.45M	-4.29M	168K
Cash from Investing+	609M	490.07M	819.42M	703.16M	477.9M	0	1.05B	680.02M	0	0
Purchase of Investments	-5.77M	-523K	0	-962.46M	-664.06M	0	-1.76B	-1.15B	0	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	664.06M	0	1.76B	1.15B	0	0
Cash from Financing+	91.29M	46.88M	-45.85M	111.72M	34.9M	30.76M	516.08M	263.43M	-274.36M	105.29M
Dividends Paid	-110.67M	-127.52M	-148.42M	-156.05M	-164.28M	-144.46M	-160.54M	-194.17M	-271.6M	-320.43M
Share Repurchases	-1.74M	-2.59M	-4.35M	-4.08M	0	-1.89M	0	0	-5.95M	-7.33M
Stock Issued	132.05M	112.04M	150.99M	78.39M	89.27M	0	98.89M	265.62M	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	-1.34M	110.08M	-10.22M	-6.97M	-5.09M	85.11M	-5.3M	-10.02M	200.19M	109.05M
Net Change in Cash+	-40.1M	4.15M	27.05M	2.65M	1.06M	-23.33M	710K	16.49M	10.96M	18.17M
Exchange Rate Effect	-1000K	-1000K	-1000K	-1000K	-1000K	0	-1000K	-1000K	0	0
Cash at Beginning	60.43M	20.33M	24.48M	51.53M	54.18M	55.25M	31.92M	32.63M	49.12M	60.08M
Cash at End	20.33M	24.48M	51.53M	54.18M	55.25M	31.92M	32.63M	49.12M	60.08M	78.25M
Interest Paid	0	0	0	0	0	45.58M	0	0	98.66M	113.49M
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-131.39M	-42.73M	72.9M	-109.07M	-33.83M	-54.08M	-515.37M	-246.94M	285.32M	-87.12M
FCF Growth %	0.31%	0.67%	2.71%	-2.5%	0.69%	-0.6%	-8.53%	0.52%	2.16%	-1.31%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.39%	12.22%	13.22%	11.78%	8.6%	1.93%	20.02%	12.4%	18.69%	19.26%
Return on Assets (ROA)	5.85%	7.03%	7.87%	6.98%	4.92%	1.07%	10.24%	6.09%	9.87%	10.62%
Net Interest Margin	5.33%	5.08%	5.54%	5.23%	5.06%	4.48%	6.24%	7.04%	8.95%	8.15%
Efficiency Ratio	17.05%	14.84%	12.44%	13.78%	16.96%	34.95%	10.12%	13.43%	9.6%	8.63%
Equity / Assets	56.99%	57.98%	60.93%	57.81%	56.66%	54.7%	48.47%	49.71%	55.75%	54.63%
Book Value / Share	21.82	23.09	24.35	24.53	24.4	23.05	25.94	28.31	30.24	31.59
NII Growth	14.39%	5.02%	19.22%	6.5%	2.63%	-9.51%	85.52%	29.7%	33.23%	4.97%
Dividend Payout	105.97%	91.81%	86.99%	92.77%	126.79%	491.65%	48.54%	80.37%	63.39%	63.07%

Frequently Asked Questions

Valuation & Price

Main Street Capital Corporation (MAIN) has a price-to-earnings (P/E) ratio of 11.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Main Street Capital Corporation (MAIN) grew revenue by 18.3% over the past year. This is strong growth.

Yes, Main Street Capital Corporation (MAIN) is profitable, generating $536.5M in net income for fiscal year 2024 (70.1% net margin).

Dividend & Returns

Yes, Main Street Capital Corporation (MAIN) pays a dividend with a yield of 5.64%. This makes it attractive for income-focused investors.

Main Street Capital Corporation (MAIN) has a return on equity (ROE) of 19.3%. This is reasonable for most industries.

Industry Metrics

Main Street Capital Corporation (MAIN) has a net interest margin (NIM) of 8.2%. This indicates healthy earnings from lending activities.

Main Street Capital Corporation (MAIN) has an efficiency ratio of 8.6%. This is excellent, indicating strong cost control.

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