Revenue has expanded significantly to $33.8M in 2026Q1, though profitability remains sensitive to portfolio mix, with operating margins peaking at 144.4% in 2025Q3.
| Sales/Revenue | 128.48M | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 94.24M | 94.28M | 62.71M | 74.84M | 51.74M | 82.38M | -4.35M | 44.49M | 41.47M | 55.82M | 70.48M |
| Gross Margin % | 73.35% | 72.72% | 61.64% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 50.34% | -16.2% | 44.64% | -37.19% | 1994.3% | -109.77% | 7.29% | -25.71% | -20.8% | - |
| Operating Expenses | -13.66M | -32.09M | 5.05M | 4.86M | 4.51M | 6.86M | 4.17M | 4.04M | 1.19M | 3.2M | 3.9M |
| OpEx % of Revenue | - | -24.75% | 4.97% | 6.5% | 8.72% | 8.32% | -95.91% | 9.09% | 2.87% | 5.73% | 5.53% |
| Selling, General & Admin | 13.06M | 4.34M | 14.51M | 13.17M | 9.05M | 8.74M | 7.8M | 7.13M | 6.19M | 7.23M | 5.9M |
| SG&A % of Revenue | - | 3.35% | 14.26% | 17.6% | 17.49% | 10.61% | -179.26% | 16.03% | 14.94% | 12.95% | 8.38% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 107.9M | 126.38M | 57.66M | 69.98M | 47.23M | 75.53M | -8.52M | 40.45M | 40.28M | 52.63M | 66.58M |
| Operating Margin % | 83.98% | 97.47% | 56.67% | 93.5% | 91.28% | 91.68% | 195.91% | 90.91% | 97.13% | 94.27% | 94.47% |
| Operating Income Growth % | - | 119.18% | -17.6% | 48.16% | -37.46% | 986.46% | -121.06% | 0.42% | -23.46% | -20.96% | - |
| EBITDA | 107.86M | 126.38M | 57.66M | 69.98M | 47.23M | 75.53M | -6.86M | 42.17M | 42.02M | 55.81M | 68.98M |
| EBITDA Margin % | 83.95% | 97.47% | 56.67% | 93.5% | 91.28% | 91.68% | 157.78% | 94.78% | 101.32% | 99.98% | 97.86% |
| EBITDA Growth % | 77.88% | 119.18% | -17.6% | 48.16% | -37.46% | 1200.64% | -116.27% | 0.36% | -24.72% | -19.08% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 1.66M | 1.72M | 1.74M | 3.19M | 2.39M |
| EBIT | 107.86M | 126.38M | 57.66M | 0 | 0 | 0 | -1.66M | -1.72M | -1.74M | -3.19M | -2.39M |
| Net Interest Income | -517K | 105.23M | 78.78M | -36.46M | -24.42M | 58.07M | 59.77M | 74.86M | 76.95M | 77.36M | 67.37M |
| Interest Income | 34.09M | 139.15M | 117.82M | 0 | 0 | 72.54M | 76.98M | 100.54M | 101.77M | 95.68M | 82.42M |
| Interest Expense | 34.6M | 33.93M | 39.03M | 36.46M | 24.42M | 14.47M | 17.21M | 25.68M | 24.82M | 18.32M | 15.05M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 90.29M | 92.45M | 57.66M | 69.98M | 47.23M | 75.53M | -8.52M | 40.45M | 40.28M | 52.63M | 66.58M |
| Pretax Margin % | 70.27% | 71.31% | 56.67% | 93.5% | 91.28% | 91.68% | 195.91% | 90.91% | 97.13% | 94.27% | 94.47% |
| Income Tax | 4.21M | 3.72M | 1.11M | 3.77M | 1.64M | 1.89M | 1.24M | 820K | 0 | 0 | 0 |
| Effective Tax Rate % | 4.67% | 4.02% | 1.92% | 5.39% | 3.48% | 2.5% | -14.59% | 2.03% | 0% | 0% | 0% |
| Net Income | 86.08M | 88.73M | 56.55M | 66.21M | 45.59M | 73.64M | -9.76M | 39.63M | 40.28M | 52.63M | 66.58M |
| Net Margin % | 66.99% | 68.44% | 55.58% | 88.47% | 88.1% | 89.38% | 224.49% | 89.07% | 97.13% | 94.27% | 94.47% |
| Net Income Growth % | 39.19% | 56.89% | -14.58% | 45.23% | -38.09% | 854.24% | -124.64% | -1.62% | -23.46% | -20.96% | - |
| Net Income (Continuing) | 86.08M | 88.73M | 56.55M | 66.21M | 45.59M | 73.64M | -9.76M | 39.63M | 40.28M | 52.63M | 66.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.87 | 1.91 | 1.41 | 1.65 | 1.14 | 1.84 | -0.24 | 1.02 | 1.02 | 1.33 | 1.68 |
| EPS Growth % | 21.85% | 35.46% | -14.55% | 44.74% | -38.04% | 866.67% | -123.53% | 0% | -23.31% | -20.83% | - |
| EPS (Basic) | - | 1.91 | 1.41 | 1.65 | 1.14 | 1.84 | -0.24 | 1.02 | 1.02 | 1.33 | 1.68 |
| Diluted Shares Outstanding | 46.12M | 46.5M | 40.17M | 40.13M | 40M | 39.94M | 39.61M | 39.38M | 39.62M | 39.62M | 39.62M |
| Basic Shares Outstanding | 46.12M | 46.5M | 40.17M | 40.13M | 40M | 39.94M | 39.61M | 39.38M | 39.62M | 39.62M | 39.62M |
| Dividend Payout Ratio | - | 58.12% | 70.3% | 55.03% | 72.43% | 25.43% | - | 75.92% | 70.78% | 50.08% | 33.58% |
Portfolio Valuation Lag Risk
According to the provided quarterly income statements, MSIF has demonstrated significant revenue expansion, with top-line figures climbing from $12.7M in 2024Q1 to $33.8M by 2026Q1, suggesting a successful scaling of the investment portfolio and effective capture of interest income within the lower middle market segment.
The upward trajectory in revenue appears to be driven by the fund's ability to deploy capital into higher-yielding debt instruments. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in interest income that may normalize as market rates stabilize.
As reported in financial statements, MSIF's gross margins have exhibited notable fluctuations, ranging from a low of 52.0% in 2024Q3 to periods of 100% efficiency, indicating that the fund's profitability is highly sensitive to the specific mix of interest and equity-related income recognized each quarter.
The variability in gross margins suggests that the fund's reliance on non-recurring equity gains or PIK income may distort underlying operational performance. Analysts should focus on the stability of interest-based margins to better gauge the core profitability of the lending platform.
Based on MSIF's reported figures, the fund maintains an exceptionally high operating margin, which peaked at 144.4% in 2025Q3, implying that the external management structure allows for significant scalability without a proportional increase in internal administrative overhead or fixed operating expenses.
This high operating leverage suggests that the fund's profitability is primarily dictated by the performance of its investment assets rather than internal cost management. However, the potential for incentive fee volatility warrants further investigation into how these costs impact net income during periods of portfolio appreciation.
Data from the income statement history reveals that net income is subject to significant quarterly swings, such as the $30.0M reported in 2025Q4 compared to $7.4M in 2024Q3, which appears largely driven by non-operating items and unrealized valuation changes inherent in the fund's Level 3 assets.
The disconnect between GAAP net income and cash-generative capacity suggests that investors should prioritize Net Investment Income (NII) over headline EPS. The reliance on internal valuation models for equity holdings may mask underlying credit deterioration until a realization event occurs.
Analysis of the income statement suggests that MSIF's reliance on internal asset valuations may create a false sense of stability, as the fund's performance is heavily tied to the idiosyncratic success of small, private enterprises that lack the liquidity of larger, syndicated credit market participants.
Short-sellers might focus on the potential for 'valuation lag' where the fund's NAV fails to reflect current market conditions for its LMM holdings. If the portfolio experiences a cycle of credit defaults, the current high-margin profile could contract rapidly, exposing the fund to significant downside risk.
Quick answers to the most common questions about buying MSIF stock.
MSC Income Fund, Inc. (MSIF) is profitable, generating $88.7M in net income for the fiscal year ending 2025 with a net profit margin of 68.4%.
MSC Income Fund, Inc. (MSIF) reported an operating income of $126.4M, resulting in an operating profit margin of 97.5%. This margin reflects the operational efficiency of the business before interest and taxes.
MSC Income Fund, Inc. (MSIF) generated $94.3M in gross profit for the year, representing a gross profit margin of 72.7%. This demonstrates the company's core pricing power and production efficiency.