Revenue remains sensitive to market conditions, fluctuating between $52.2 million and $65.0 million, while gross margins exhibit extreme variance, peaking at 193.4% in 2025Q4 due to non-cash valuation adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Sales/Revenue | 181.67M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 197.06M | 228.85M | 110.35M | 133.15M | 94.06M | 96.72M | 126.73M | -95.79M | 26.4M | 89.03M | 17.51M | 82.86M | 74.97M | 272.59M | 116.83M | -83.3M | 358.78M | 340.24M | 141.03M | 264.11M | 320.09M | 125.43M | 47.83M |
| Gross Margin % | 108.47% | 83.4% | 48.76% | 56.1% | 66.49% | 63.74% | 69.58% | 427.82% | 31.42% | 100% | 100% | 46.1% | 100% | 100% | 100% | -499.75% | 186.5% | 123.4% | 55.9% | 73.8% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 107.39% | -17.13% | 41.56% | -2.75% | -23.69% | 232.31% | -462.82% | -70.35% | 408.35% | -78.86% | 10.53% | -72.5% | 133.32% | 240.25% | -123.22% | 5.45% | 141.25% | -46.6% | -17.49% | 155.2% | 162.22% | - |
| Operating Expenses | 30.82M | 32.28M | 11.53M | 14.39M | -9.41M | 14.35M | 14.87M | 20.28M | 12.09M | 2M | -856K | -4.48M | -454K | 1.72M | 12.36M | 18.51M | 11.96M | 12.43M | 10.79M | 10.18M | 7.93M | 5.04M | 41.07M |
| OpEx % of Revenue | - | 11.76% | 5.09% | 6.06% | -6.65% | 9.46% | 8.17% | -90.56% | 14.38% | 2.25% | -4.89% | -2.49% | -0.61% | 0.63% | 10.58% | 111.04% | 6.22% | 4.51% | 4.27% | 2.84% | 2.48% | 4.02% | 85.87% |
| Selling, General & Admin | -2.26M | 6.3K | 12.3M | 15.97M | 55.68M | 14.94M | 15.26M | 16.33M | 18.15M | 16.51M | 20.71M | 15.19M | 15.39M | 13.86M | 12.36M | 18.51M | 11.96M | 11.21M | 10.48M | 8.59M | 6.96M | 5.09M | 5.07M |
| SG&A % of Revenue | - | 0% | 5.43% | 6.73% | 39.36% | 9.85% | 8.38% | -72.95% | 21.6% | 18.55% | 118.27% | 8.45% | 20.53% | 5.08% | 10.58% | 111.04% | 6.22% | 4.07% | 4.15% | 2.4% | 2.17% | 4.06% | 10.59% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 99.79M | 196.57M | 98.82M | 118.76M | 103.47M | 82.36M | 111.86M | -116.06M | 130.26M | 140.07M | 78.14M | 36.32M | 154.75M | 339.51M | 162.67M | 239.1M | 239.2M | 223.89M | 255.25M | 261.11M | 105.41M | 44.4M | 6.76M |
| Operating Margin % | 54.93% | 71.64% | 43.67% | 50.04% | 73.14% | 54.28% | 61.41% | 518.37% | 155.02% | 157.32% | 446.13% | 20.21% | 206.42% | 124.55% | 139.24% | 1434.41% | 124.34% | 81.2% | 101.17% | 72.96% | 32.93% | 35.4% | 14.13% |
| Operating Income Growth % | - | 98.92% | -16.79% | 14.78% | 25.62% | -26.37% | 196.38% | -189.1% | -7% | 79.26% | 115.11% | -76.53% | -54.42% | 108.71% | -31.97% | -0.04% | 6.84% | -12.29% | -2.25% | 147.72% | 137.42% | 556.68% | - |
| EBITDA | 159.91M | 190.25M | 98.82M | 118.76M | 103.69M | 82.36M | 111.86M | -116.06M | 130.43M | 140.12M | 78.16M | 36.32M | 154.75M | 339.51M | 162.67M | -19.9M | 228.44M | 287.77M | -562.96M | 22.33M | 346.54M | 133.34M | 44.15M |
| EBITDA Margin % | 88.03% | 69.33% | 43.67% | 50.04% | 73.3% | 54.28% | 61.41% | 518.37% | 155.21% | 157.38% | 446.26% | 20.21% | 206.42% | 124.55% | 139.24% | -119.41% | 118.75% | 104.37% | -223.13% | 6.24% | 108.26% | 106.31% | 92.29% |
| EBITDA Growth % | 54.27% | 92.52% | -16.79% | 14.53% | 25.9% | -26.37% | 196.38% | -188.99% | -6.92% | 79.28% | 115.17% | -76.53% | -54.42% | 108.71% | 917.28% | -108.71% | -20.62% | 151.12% | -2620.64% | -93.56% | 159.9% | 202.04% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 228.49K | 0 | 0 | 0 | 161.14K | 52.52K | 22.82K | 0 | 0 | 0 | 0 | -259.01M | -10.76M | 63.88M | -818.21M | -238.78M | 241.13M | 88.94M | 37.38M |
| EBIT | 159.91M | 190.25M | 98.82M | 118.76M | 103.47M | 82.36M | 111.86M | -116.06M | 130.26M | 140.07M | 78.14M | 0 | 0 | 0 | 0 | 239.1M | 239.2M | 223.89M | 255.25M | 261.11M | 105.41M | 44.4M | 6.76M |
| Net Interest Income | -17.01M | 173.1K | 180.81M | 166.93M | -79.15M | 149.17M | 155.11M | 187.14M | 173.32M | 180.32M | 180.71M | 229.46M | 309.28M | 268.02M | 238M | 252.28M | 278.45M | 273.64M | 291.75M | 265.91M | 210.97M | 126.43M | 0 |
| Interest Income | 81.2M | 300.1K | 296.77M | 271.13M | 0 | 204.19M | 210.53M | 260.54M | 231.64M | 233.36M | 240.47M | 310.31M | 388.61M | 336.66M | 296.2M | 318.64M | 326.48M | 298.13M | 340.66M | 321.68M | 245.35M | 139.38M | 0 |
| Interest Expense | 98.16M | 127K | 115.96M | 104.2M | 79.15M | 55.02M | 55.42M | 73.4M | 58.32M | 53.04M | 59.77M | 80.85M | 79.33M | 68.64M | 58.2M | 66.36M | 48.02M | 24.48M | 48.92M | 55.77M | 34.38M | 12.95M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 32.84M | 63.17M | 98.82M | 118.76M | 30.59M | 82.36M | 111.86M | -116.06M | 71.95M | 87.03M | 18.37M | -44.53M | 75.42M | 270.87M | 104.47M | -86.26M | 180.41M | 263.29M | -611.88M | -33.44M | 312.17M | 120.39M | 25.45M |
| Pretax Margin % | 18.08% | 23.02% | 43.67% | 50.04% | 21.62% | 54.28% | 61.41% | 518.37% | 85.62% | 97.75% | 104.89% | -24.77% | 100.61% | 99.37% | 89.42% | -517.51% | 93.78% | 95.49% | -242.52% | -9.34% | 97.52% | 95.98% | 53.21% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.36M | 48.02M | 24.48M | 48.92M | 59.51M | -203.9M | -34.95M | -18.69M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -76.93% | 26.62% | 9.3% | -7.99% | -177.96% | -65.32% | -29.03% | -73.44% |
| Net Income | 32.84M | 63.17M | 98.82M | 118.76M | 30.59M | 82.36M | 111.86M | -116.06M | 71.95M | 87.03M | 18.37M | -44.53M | 75.42M | 270.87M | 104.47M | -86.26M | 180.41M | 263.29M | -611.88M | -33.44M | 312.17M | 120.39M | 44.15M |
| Net Margin % | 18.08% | 23.02% | 43.67% | 50.04% | 21.62% | 54.28% | 61.41% | 518.37% | 85.62% | 97.75% | 104.89% | -24.77% | 100.61% | 99.37% | 89.42% | -517.51% | 93.78% | 95.49% | -242.52% | -9.34% | 97.52% | 95.98% | 92.29% |
| Net Income Growth % | -68.32% | -36.08% | -16.79% | 288.27% | -62.86% | -26.37% | 196.38% | -261.32% | -17.33% | 373.76% | 141.26% | -159.04% | -72.16% | 159.28% | 221.11% | -147.81% | -31.48% | 143.03% | -1729.89% | -110.71% | 159.3% | 172.71% | - |
| Net Income (Continuing) | 32.84M | 63.17M | 98.82M | 118.76M | 30.59M | 82.36M | 111.86M | -116.06M | 71.95M | 87.03M | 18.37M | -44.53M | 75.42M | 270.87M | 104.47M | - | - | - | - | - | - | - | 44.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | 0.68 | 1.27 | 1.82 | 0.47 | 1.28 | 1.71 | -1.73 | 1.02 | 1.19 | 0.25 | -0.57 | 0.96 | 3.54 | 1.53 | -1.23 | 2.79 | 4.95 | -13.16 | -0.90 | 10.92 | 5.70 | 2.13 |
| EPS Growth % | -97.06% | -46.46% | -30.22% | 287.23% | -63.28% | -25.15% | 198.84% | -269.61% | -14.29% | 376% | 143.86% | -159.38% | -72.88% | 131.37% | 224.39% | -144.09% | -43.64% | 137.61% | -1362.22% | -108.24% | 91.58% | 167.61% | - |
| EPS (Basic) | - | 0.68 | 1.27 | 1.82 | 0.47 | 1.28 | 1.71 | -1.73 | 1.02 | 1.19 | 0.25 | -0.57 | 0.96 | 3.60 | 1.53 | -1.32 | 2.82 | 4.95 | -13.16 | -0.90 | 10.92 | 5.70 | 2.13 |
| Diluted Shares Outstanding | 0 | 93.26M | 77.96M | 65.33M | 64.59M | 64.52M | 65.26M | 67.23M | 70.65M | 72.87M | 74.14M | 77.52M | 78.91M | 79.12M | 72.47M | 70.38M | 65.27M | 53.12M | 46.49M | 37.35M | 28.6M | 21.16M | 20.7M |
| Basic Shares Outstanding | 0 | 93.26M | 77.96M | 65.33M | 64.59M | 64.52M | 65.26M | 67.23M | 70.65M | 72.87M | 74.14M | 77.52M | 78.91M | 74.27M | 67.63M | 65.53M | 64.4M | 53.12M | 46.49M | 37.35M | 28.6M | 21.16M | 20.7M |
| Dividend Payout Ratio | - | 224.14% | 141.29% | 103.97% | 218.15% | 113.33% | 94.51% | - | 177.88% | 151.1% | 852% | - | 251.11% | 64.76% | 154.25% | - | 105.77% | 58.67% | - | - | 43.21% | 64.03% | 48.51% |
Portfolio credit quality volatility
According to quarterly financial disclosures, MFIC's revenue has fluctuated within a range of $52.2 million to $65.0 million over the last ten quarters, suggesting that top-line growth remains highly sensitive to the underlying interest rate environment and the pace of new loan originations.
The revenue trajectory appears to lack a clear directional trend, reflecting the cyclical nature of middle-market lending and the impact of portfolio turnover. Investors should monitor whether the current revenue base can be sustained as the company continues its strategic pivot toward a more disciplined senior-secured asset mix.
As reported in recent income statements, MFIC's gross margin has exhibited significant variance, ranging from a low of 38.6% in 2025Q2 to a peak of 193.4% in 2025Q4, indicating that non-cash valuation adjustments frequently distort the underlying profitability of the investment portfolio.
The extreme swings in reported margins suggest that GAAP figures may not accurately reflect the recurring cash-earning power of the loan book. Analysts should focus on net investment income rather than headline margins to better gauge the sustainability of the dividend and the efficiency of the interest spread.
Based on the provided income statement data, the company's net income has experienced erratic swings, including a $12.7 million loss in 2025Q4, which highlights the impact of unrealized mark-to-market adjustments on the overall bottom line for shareholders.
The volatility in net income suggests that earnings quality is heavily influenced by non-operating items rather than core operational performance. Investors should exercise caution when interpreting these figures, as they may mask the actual cash-generating capacity of the senior-secured loan portfolio.
While the transition to the MidCap platform aims to improve underwriting, the historical data shows persistent EPS volatility, with a 193.8% decline in 2026Q1, suggesting that legacy portfolio assets may continue to exert downward pressure on financial performance during periods of market stress.
Short-term performance metrics indicate that the market's skepticism regarding the 'legacy discount' may be rooted in the ongoing impact of older, non-core assets. Further investigation is warranted to determine if the current origination funnel is sufficiently robust to offset potential credit deterioration in the legacy book.
Quick answers to the most common questions about buying MFIC stock.
MidCap Financial Investment Corporation (MFIC) is profitable, generating $63.2M in net income for the fiscal year ending 2025 with a net profit margin of 23.0%.
MidCap Financial Investment Corporation (MFIC) reported an operating income of $196.6M, resulting in an operating profit margin of 71.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MidCap Financial Investment Corporation (MFIC) generated $228.8M in gross profit for the year, representing a gross profit margin of 83.4%. This demonstrates the company's core pricing power and production efficiency.