MidCap Financial Investment Corporation (MFIC) 10-Year Financial Performance & Capital Metrics

MFIC • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutApollo Investment Corporation is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies. It provides direct equity capital, mezzanine, first lien secured loans, stretch senior loans, unitranche loans, second lien secured loans and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products. It prefers to invest in preferred equity, common equity / interests and warrants and makes equity co-investments. It may invest in cash equivalents, U.S. government securities, high-quality debt investments that mature in one year or less, high-yield bonds, distressed debt, non-U.S. investments, or securities of public companies that are not thinly traded. It also focuses on other investments such as collateralized loan obligations (CLOs) and credit-linked notes (CLNs). The fund typically invests in construction and building materials, business services, plastics & rubber, advertising, capital equipment, education, cable television, chemicals, consumer products/goods durable and non-durable and customer services, direct marketing, energy oil & gas, electricity and utilities. The fund also invest in aerospace & defense, wholesale, telecommunications, financial services, hotel, gaming, leisure, restaurants; environmental industries, healthcare and pharmaceuticals, high tech industries, beverages, food and tobacco, manufacturing, media diversified & production, printing and publishing, retail, automation, aviation and consumer transport, transportation, cargo and distribution. It primarily invests in United States. It primarily invests between $20 million and $250 million in its portfolio companies. The fund seeks to make investments with stated maturities of five to 10 years.Show more

Net Interest Income $181M +8.3%
Total Revenue $226M -4.7%
Net Income $99M -16.8%
Return on Equity 8.2% -31.2%
Net Interest Margin 5.67% -15.1%
Efficiency Ratio 5.09% -16.0%
ROA 3.47% -26.5%
Equity / Assets 44.02% +9.5%
Book Value per Share 18.02 +17.1%
Tangible BV/Share 18.02 +17.1%
Debt/Equity 1.25 -14.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.7%
✓Efficient operations: 5.1% efficiency ratio
✓Well capitalized: 44.0% equity/assets
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 19.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.68%

5Y-

3Y14.25%

TTM-

Profit (Net Income) CAGR

10Y2.74%

5Y-

3Y6.26%

TTM-32.88%

EPS CAGR

10Y2.84%

5Y-

3Y-0.26%

TTM-34.9%

ROCE

10Y Avg3.1%

5Y Avg3.94%

3Y Avg4.09%

Latest3.49%

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

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	229.46M	180.71M	180.32M	173.32M	187.14M	155.11M	149.17M	-79.15M	166.93M	180.81M
NII Growth %	-0.26%	-0.21%	-0%	-0.04%	0.08%	-0.17%	-0.04%	-1.53%	3.11%	0.08%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	310.31M	240.47M	233.36M	231.64M	260.54M	210.53M	204.19M	0	271.13M	296.77M
Interest Expense	80.85M	59.77M	53.04M	58.32M	73.4M	55.42M	55.02M	79.15M	104.2M	115.96M
Loan Loss Provision	16.04M	-59.77M	-53.04M	-689K	0	0	0	-31.75M	0	0
Non-Interest Income+	-130.55M	-222.96M	-144.33M	-147.61M	-282.93M	-28.38M	-52.45M	141.46M	-33.78M	-70.47M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	179.75M	17.51M	89.03M	84.03M	-22.39M	182.15M	151.74M	141.46M	237.35M	226.31M
Revenue Growth %	1.4%	-0.9%	4.08%	-0.06%	-1.27%	9.14%	-0.17%	-0.07%	0.68%	-0.05%
Non-Interest Expense	-4.48M	-856K	2M	12.09M	20.28M	14.87M	14.35M	-9.41M	14.39M	11.53M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	36.32M	78.14M	140.07M	130.26M	-116.06M	111.86M	82.36M	103.47M	118.76M	98.82M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.77%	1.15%	0.79%	-0.07%	-1.89%	1.96%	-0.26%	0.26%	0.15%	-0.17%
Pretax Income+	-44.53M	18.37M	87.03M	71.95M	-116.06M	111.86M	82.36M	30.59M	118.76M	98.82M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-44.53M	18.37M	87.03M	71.95M	-116.06M	111.86M	82.36M	30.59M	118.76M	98.82M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.59%	1.41%	3.74%	-0.17%	-2.61%	1.96%	-0.26%	-0.63%	2.88%	-0.17%
Net Income (Continuing)	-44.53M	18.37M	87.03M	71.95M	-116.06M	111.86M	82.36M	30.59M	118.76M	98.82M
EPS (Diluted)+	-0.57	0.25	1.19	1.02	-1.73	1.71	1.28	0.47	1.82	1.27
EPS Growth %	-1.59%	1.44%	3.76%	-0.14%	-2.7%	1.99%	-0.25%	-0.63%	2.87%	-0.3%
EPS (Basic)	-0.57	0.25	1.19	1.02	-1.73	1.71	1.28	0.47	1.82	1.27
Diluted Shares Outstanding	77.52M	74.14M	72.87M	70.65M	67.23M	65.26M	64.52M	64.59M	65.33M	77.96M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	18.91M	11.28M	15.33M	41.19M	43.68M	54.62M	30.6M	87.09M	122.13M	75.79M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	2.92B	2.32B	2.25B	2.41B	533.87M	553.65M	0	2.4B	0	0
Investments Growth %	-0.13%	-0.21%	-0.03%	0.07%	-0.78%	0.04%	-1%	-	-1%	-
Long-Term Investments	2.92B	2.32B	2.25B	2.41B	533.87M	553.65M	0	2.4B	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	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	-2.92B	-2.32B	-2.25B	-2.41B	2.27B	1.92B	2.54B	15.2M	2.35B	3.04B
Total Current Assets	137.79M	75.07M	44.19M	69.55M	69.57M	73.81M	59.94M	0	147.7M	152.98M
Total Non-Current Assets	2.92B	2.32B	2.25B	2.41B	2.8B	2.47B	2.54B	0	2.35B	3.04B
Total Assets+	3.09B	2.41B	2.31B	2.5B	2.87B	2.54B	2.6B	2.53B	2.5B	3.19B
Asset Growth %	-0.13%	-0.22%	-0.04%	0.08%	0.15%	-0.11%	0.02%	-0.03%	-0.01%	0.28%
Return on Assets (ROA)	-0.01%	0.01%	0.04%	0.03%	-0.04%	0.04%	0.03%	0.01%	0.05%	0.03%
Accounts Payable	77.77M	54.24M	79.58M	37.53M	32.25M	25.59M	26.25M	0	14.49M	17M
Total Debt+	1.33B	848.45M	789.85M	1.13B	1.79B	1.47B	1.55B	1.48B	1.46B	1.75B
Net Debt	1.31B	837.17M	774.51M	1.09B	1.75B	1.41B	1.52B	1.4B	1.34B	1.68B
Long-Term Debt	1.33B	848.45M	789.85M	1.13B	1.79B	1.47B	1.55B	1.48B	1.46B	1.75B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-1.33B	-848.45M	-789.85M	-1.13B	19.87M	17.2M	18.43M	54.02M	19.26M	17.68M
Total Current Liabilities	77.77M	54.24M	79.58M	37.53M	32.25M	25.59M	26.25M	0	14.49M	17M
Total Non-Current Liabilities	1.33B	848.45M	789.85M	1.13B	1.81B	1.48B	1.57B	1.54B	1.48B	1.77B
Total Liabilities	1.45B	928.32M	893.72M	1.19B	1.85B	1.51B	1.6B	1.54B	1.5B	1.79B
Total Equity+	1.65B	1.48B	1.42B	1.31B	1.02B	1.04B	1B	988.11M	1.01B	1.4B
Equity Growth %	-0.15%	-0.1%	-0.04%	-0.07%	-0.22%	0.01%	-0.03%	-0.02%	0.02%	0.4%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.02%	0.01%	0.06%	0.05%	-0.1%	0.11%	0.08%	0.03%	0.12%	0.08%
Book Value per Share	21.23	19.99	19.46	18.58	15.24	15.88	15.57	15.30	15.39	18.02
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	226K	220K	216K	69K	65K	65K	62K	65K	65K	94K
Additional Paid-in Capital	0	0	0	0	2.1B	2.1B	2.08B	0	2.1B	2.66B
Retained Earnings	71.23M	88.13M	-10.23M	-843.28M	-1.08B	-1.06B	-1.07B	-1.12B	-1.1B	-1.25B
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	-	-	-	-	-	-	-	-	-	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	436.19M	642.42M	263.8M	-132.63M	-482.46M	470.67M	-2.68M	76.07M	196.38M	-9.53M
Operating CF Growth %	9.38%	0.47%	-0.59%	-1.5%	-2.64%	1.98%	-1.01%	29.42%	1.58%	-1.05%
Net Income	-44.53M	18.37M	87.03M	71.95M	-116.06M	111.86M	82.36M	30.59M	118.76M	98.82M
Depreciation & Amortization	0	0	0	0	0	0	0	0	-2.49M	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	487.55M	616.25M	181.08M	-196.61M	-367.82M	355.17M	-83.99M	39.9M	75.13M	-119.19M
Working Capital Changes	-6.83M	7.8M	-4.31M	-7.96M	1.42M	3.64M	-1.05M	5.58M	4.98M	10.84M
Cash from Investing+	0	0	0	-236.07M	-610.04M	373.36M	0	82.32M	80.19M	0
Purchase of Investments	0	0	0	-1.32B	-1.87B	-617.1M	0	-499.63M	-417.12M	0
Sale/Maturity of Investments	0	0	0	1000K	1000K	1000K	0	1000K	1000K	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-425.94M	-650.01M	-254.73M	153.53M	484.89M	-459.7M	-21.33M	-101.91M	-161.36M	-36.76M
Dividends Paid	-187.18M	-156.51M	-131.5M	-127.98M	-121.78M	-105.72M	-93.34M	-66.72M	-123.48M	-139.62M
Share Repurchases	-62.44M	-37.92M	-19.75M	-50.83M	-52.14M	0	-21.1M	-1.64M	-2.3M	0
Stock Issued	0	0	0	0	0	0	0	30M	775.79M	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-	-	-	-	-	-	-	-	-	1000K
Other Financing	2.04B	914.54M	1.12B	963.34M	1.45B	175.31M	494.36M	0	619.7M	-8.88M
Net Change in Cash+	10.49M	-7.63M	9.07M	20.84M	2.49M	10.95M	-24.03M	32.47M	35.04M	-46.34M
Exchange Rate Effect	235K	-27K	3K	-60K	60K	-23K	-18K	-1000K	16K	-48K
Cash at Beginning	8.42M	18.91M	11.28M	20.35M	41.19M	43.68M	54.62M	54.62M	87.09M	122.13M
Cash at End	18.91M	11.28M	20.35M	41.19M	43.68M	54.62M	30.6M	87.09M	122.13M	75.79M
Interest Paid	-	-	-	-	-	-	-	-	-	0
Income Taxes Paid	-	-	-	-	-	-	-	-	-	0
Free Cash Flow+	436.19M	642.42M	263.8M	-132.63M	-482.46M	470.67M	-2.68M	76.07M	196.38M	-9.53M
FCF Growth %	9.38%	0.47%	-0.59%	-1.5%	-2.64%	1.98%	-1.01%	29.42%	1.58%	-1.05%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.49%	1.17%	6%	5.27%	-9.93%	10.86%	8.07%	3.07%	11.92%	8.2%
Return on Assets (ROA)	-1.34%	0.67%	3.69%	2.99%	-4.32%	4.13%	3.2%	1.19%	4.72%	3.47%
Net Interest Margin	7.42%	7.5%	7.8%	6.94%	6.52%	6.1%	5.74%	-3.13%	6.67%	5.67%
Efficiency Ratio	-2.49%	-4.89%	2.25%	14.38%	-90.56%	8.17%	9.46%	-6.65%	6.06%	5.09%
Equity / Assets	53.2%	61.48%	61.34%	52.55%	35.68%	40.73%	38.65%	39.12%	40.19%	44.02%
Book Value / Share	21.23	19.99	19.46	18.58	15.24	15.88	15.57	15.3	15.39	18.02
NII Growth	-25.81%	-21.24%	-0.21%	-3.88%	7.97%	-17.12%	-3.83%	-153.06%	310.9%	8.32%
Dividend Payout	-	-	-	-	-	-	-	-	-	141.29%

Frequently Asked Questions

Valuation & Price

MidCap Financial Investment Corporation (MFIC) has a price-to-earnings (P/E) ratio of 9.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MidCap Financial Investment Corporation (MFIC) saw revenue decline by 4.7% over the past year.

Yes, MidCap Financial Investment Corporation (MFIC) is profitable, generating $72.5M in net income for fiscal year 2024 (43.7% net margin).

Dividend & Returns

Yes, MidCap Financial Investment Corporation (MFIC) pays a dividend with a yield of 15.26%. This makes it attractive for income-focused investors.

MidCap Financial Investment Corporation (MFIC) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Industry Metrics

MidCap Financial Investment Corporation (MFIC) has a net interest margin (NIM) of 5.7%. This indicates healthy earnings from lending activities.

MidCap Financial Investment Corporation (MFIC) has an efficiency ratio of 5.1%. This is excellent, indicating strong cost control.

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