Latest Ratios: P/E Ratio 6.1x · EV/EBITDA 8.8x · ROE 13.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $532M | $611M | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $1.1B | $1.2B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 6.14 | 6.88 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.10 | 4.71 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.74 | 0.83 | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.20 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 8.82 | 9.44 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 8.82 | 9.44 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.7% | 72.7% | 61.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 97.5% | 97.5% | 56.7% | 93.5% | 91.3% | 91.7% | 195.9% | 90.9% | 97.1% | 94.3% | 94.5% |
| Net Profit Margin | 68.4% | 68.4% | 55.6% | 88.5% | 88.1% | 89.4% | 224.5% | 89.1% | 97.1% | 94.3% | 94.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 9.1% | 10.7% | 7.5% | 12.3% | -1.6% | 6.4% | 6.3% | 8.4% | 11.1% |
| ROA | 6.8% | 6.8% | 4.8% | 5.9% | 4.1% | 7.2% | -1.0% | 3.6% | 3.6% | 4.9% | 6.4% |
| ROIC | 7.5% | 7.5% | 3.8% | 4.8% | 3.2% | 5.7% | -0.7% | 3.6% | 4.7% | 6.3% | — |
| ROCE | 10.0% | 10.0% | 5.0% | 6.4% | 4.3% | 7.6% | -0.9% | 3.7% | 3.6% | 4.9% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.90 | 0.78 | 0.77 | 0.82 | 0.52 | 0.73 | — | — | — |
| Debt / EBITDA | 4.77 | 4.77 | 9.80 | 6.93 | 9.96 | 6.66 | — | 10.55 | — | — | — |
| Net Debt / Equity | — | 0.79 | 0.86 | 0.73 | 0.74 | 0.78 | 0.51 | 0.69 | -0.03 | -0.07 | -0.04 |
| Net Debt / EBITDA | 4.61 | 4.61 | 9.31 | 6.49 | 9.51 | 6.32 | — | 10.03 | -0.52 | -0.82 | -0.34 |
| Debt / FCF | — | — | — | 9.04 | 5.86 | — | 1.50 | 3.52 | — | -3.75 | — |
| Interest Coverage | 3.72 | 3.72 | 1.48 | 1.92 | 1.93 | 5.22 | -0.10 | -0.07 | -0.07 | -0.17 | -0.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 1.29 | 1.48 | 1.36 | 2.26 | 9.09 | 2.96 | — | — | — |
| Quick Ratio | 1.06 | 1.06 | 1.29 | 1.48 | 1.36 | 2.26 | 9.09 | 2.96 | — | — | — |
| Cash Ratio | 0.66 | 0.66 | 0.82 | 1.04 | 0.80 | 0.93 | 1.30 | 1.85 | — | — | — |
| Asset Turnover | — | 0.09 | 0.08 | 0.07 | 0.05 | 0.07 | -0.00 | 0.04 | 0.04 | 0.05 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.5% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 58.1% | 58.1% | 70.3% | 55.0% | 72.4% | 25.4% | — | 75.9% | 70.8% | 50.1% | 33.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.3% | 14.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 2.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 11.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $46M | $40M | $40M | $40M | $40M | $40M | $39M | $40M | $40M | $40M |
Level 3 Asset Valuation
According to current market data, MSIF trades at a P/B ratio of 0.73, which suggests that investors are applying a significant discount to the fund's net asset value compared to the broader BDC peer group, likely reflecting concerns over the liquidity of its underlying Level 3 holdings.
The forward P/E of 8.11 indicates that the market is pricing in a cautious outlook for earnings growth, potentially discounting the volatility inherent in equity-linked income. This valuation gap relative to peers like Main Street Capital suggests that the market requires a higher margin of safety for MSIF's specific LMM portfolio composition.
Based on reported financial statements, MSIF's ROE has fluctuated between 1.2% and 4.1% over the last ten quarters, indicating that the fund's ability to compound capital is currently hampered by inconsistent investment deployment and the lumpy nature of realized gains from its equity-warrant portfolio.
The ROIC trend, which has remained in the low single digits, suggests that the fund is not yet fully optimizing its capital base. Investors should monitor whether management can improve these returns as they deploy the current cash reserves, as the current efficiency levels lag behind more established sector peers.
As reported in recent filings, MSIF's asset turnover remains exceptionally low at 0.02, which is characteristic of a BDC model but highlights the fund's reliance on interest income rather than rapid asset velocity to drive its overall financial performance and dividend distribution capacity.
The variability in DSO, which reached as high as 83 days in 2024Q1, warrants further investigation into the payment behavior of the underlying portfolio companies. This metric suggests that while the fund is a lender, it may face periodic delays in cash collection that impact its short-term liquidity position.
According to quarterly balance sheet data, MSIF maintains a debt-to-equity ratio of 0.90, a figure that appears conservative relative to the broader BDC sector and provides a necessary buffer against the inherent credit risks associated with its lower middle market investment strategy.
The interest coverage ratio, which has fluctuated between 0.95 and 4.26, suggests that debt service comfort is highly sensitive to the timing of interest receipts. While the current leverage profile is healthy, the volatility in coverage ratios implies that the fund's debt capacity may be more constrained than the headline D/E ratio suggests.
Market participants frequently misapply GAAP Net Income when evaluating MSIF, as this metric is heavily distorted by non-cash unrealized appreciation and depreciation of Level 3 assets, which do not reflect the actual cash-generating capacity of the fund's underlying debt and equity investment portfolio.
Analysts should instead prioritize Net Investment Income (NII) and adjusted cash flow metrics to assess dividend sustainability. Relying on GAAP figures obscures the true economic performance of the fund and may lead to incorrect conclusions regarding the fund's ability to maintain its current distribution yield.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MSIF stock.
MSC Income Fund, Inc.'s current P/E ratio is 6.1x. The historical average is 6.9x.
MSC Income Fund, Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
MSC Income Fund, Inc.'s return on equity (ROE) is 13.0%. The historical average is 8.3%.
Based on historical data, MSC Income Fund, Inc. is trading at a P/E of 6.1x. Compare with industry peers and growth rates for a complete picture.
MSC Income Fund, Inc.'s current dividend yield is 9.46% with a payout ratio of 58.1%.
MSC Income Fund, Inc. has 72.7% gross margin and 97.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MSC Income Fund, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.