New Mountain Finance Corporation (NMFC) 10-Year Financial Performance & Capital Metrics

NMFC • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutNew Mountain Finance Corporation (Nasdaq: NMFC), a business development company is a private equity / buyouts and loan fund specializes in directly investing and lending to middle market companies in defensive growth industries. The fund prefers investing in buyout and middle market companies. It also makes investments in debt securities at all levels of the capital structure including first and second lien debt, unsecured notes and mezzanine securities. In some cases, its investments may also include equity interests. It targets energy, specialty chemicals and materials, trading companies and distributors, commercial printing, diversified support services, education services, environmental and facilities services, office services and supplies, media, distributors, health care services, health care facilities, application software, business services, systems software, federal services, distribution and logistics, interactive home entertainment, telecommunication services, hydroelectric power generation, electric power generation by fossil fuels, electric power generation by nuclear fuels, health care technology, and security and alarm services. The fund seeks to invest in United States of America. It seeks to invest between $10 million and $50 million per transaction. The firm invests through both primary originations and open-market secondary purchases. It invests in companies with EBITDA between $10 million and $200 million and target investments up to a $125 million hold size. The fund seeks a majority stake in its portfolio companies.Show more

Net Interest Income $140M -16.0%
Total Revenue $330M -3.6%
Net Income $113M -16.2%
Return on Equity 8.43% -17.2%
Net Interest Margin 4.3% -18.2%
Efficiency Ratio 2.09% -92.0%
ROA 3.54% -14.8%
Equity / Assets 41.87% -0.7%
Book Value per Share 10.72 -0.6%
Tangible BV/Share 10.72 -0.6%
Debt/Equity 1.35 +0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 4.3%
✓Efficient operations: 2.1% efficiency ratio
✓Well capitalized: 41.9% equity/assets
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.6%

5Y3.52%

3Y7.29%

TTM-

Profit (Net Income) CAGR

10Y9.55%

5Y0.16%

3Y-17.41%

TTM-37.13%

EPS CAGR

10Y1.82%

5Y-3.33%

3Y-18.6%

TTM-38.61%

ROCE

10Y Avg5.41%

5Y Avg4.7%

3Y Avg5.01%

Latest3.67%

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+	116.7M	118.97M	112.71M	104.85M	124.42M	133.5M	116.48M	119.77M	166M	139.5M
NII Growth %	0.04%	0.02%	-0.05%	-0.07%	0.19%	0.07%	-0.13%	0.03%	0.39%	-0.16%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	140.07M	147.43M	149.8M	161.9M	208.72M	212.63M	189.58M	212.19M	290.78M	276.14M
Interest Expense	23.37M	28.45M	37.09M	57.05M	84.3M	79.13M	73.1M	92.42M	124.78M	136.64M
Loan Loss Provision	0	0	0	0	0	-1.08M	0	0	-124.78M	0
Non-Interest Income+	992K	3.94M	8.27M	59.91M	68.67M	58.27M	77.51M	135.14M	51.2M	53.7M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	141.07M	151.37M	158.07M	221.81M	277.4M	270.91M	267.1M	347.33M	341.98M	329.83M
Revenue Growth %	-0.02%	0.07%	0.04%	0.4%	0.25%	-0.02%	-0.01%	0.3%	-0.02%	-0.04%
Non-Interest Expense	1.78M	1.81M	157K	3.05M	-3.44M	-3.94M	-3.77M	5.26M	89.74M	6.9M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	34.3M	111.19M	109.81M	72.76M	112.56M	60.85M	207.41M	83.83M	285.1M	116.88M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.26%	2.24%	-0.01%	-0.34%	0.55%	-0.46%	2.41%	-0.6%	2.4%	-0.59%
Pretax Income+	34.3M	111.19M	109.81M	72.76M	112.56M	60.85M	207.41M	83.83M	137.85M	116.88M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.34M	-490K	416K	403K	0	-991K	232K	9.3M	1.76M	2.38M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	32.95M	111.68M	109.4M	72.35M	112.56M	58.47M	201.4M	74.73M	135.34M	113.44M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.28%	2.39%	-0.02%	-0.34%	0.56%	-0.48%	2.44%	-0.63%	0.81%	-0.16%
Net Income (Continuing)	32.95M	111.68M	109.4M	72.35M	112.56M	61.84M	207.18M	74.53M	136.09M	114.5M
EPS (Diluted)+	0.55	1.60	1.38	0.91	1.22	0.60	1.91	0.74	1.24	1.03
EPS Growth %	-0.36%	1.91%	-0.14%	-0.34%	0.34%	-0.51%	2.18%	-0.61%	0.68%	-0.17%
EPS (Basic)	0.55	1.72	1.47	0.95	1.32	0.60	2.08	0.75	1.34	1.06
Diluted Shares Outstanding	66.97M	72.86M	84M	88.63M	100.46M	110.08M	110.21M	115.43M	123.49M	126.78M

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	30.1M	45.93M	34.94M	49.66M	48.57M	78.97M	58.08M	71.19M	70.09M	80.32M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	1.51B	1.56B	1.83B	2.34B	472.95M	600.88M	755.81M	0	0	0
Investments Growth %	0.06%	0.03%	0.17%	0.28%	-0.8%	0.27%	0.26%	-1%	-	-
Long-Term Investments	1.51B	1.56B	1.83B	2.34B	472.95M	600.88M	755.81M	0	0	0
Accounts Receivables	0	0	0	0	1000K	1000K	1000K	1000K	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	-1.51B	-1.66B	-1.93B	-2.43B	2.71B	2.38B	2.45B	3.25B	3.04B	3.12B
Total Current Assets	44.29M	63.76M	66.78M	80.03M	80.65M	116.51M	88.94M	107.34M	114.28M	122.91M
Total Non-Current Assets	1.51B	1.56B	1.83B	2.37B	3.19B	2.98B	3.21B	3.25B	3.04B	3.12B
Total Assets+	1.6B	1.66B	1.93B	2.45B	3.27B	3.1B	3.3B	3.35B	3.16B	3.25B
Asset Growth %	0.06%	0.03%	0.16%	0.27%	0.33%	-0.05%	0.06%	0.02%	-0.06%	0.03%
Return on Assets (ROA)	0.02%	0.07%	0.06%	0.03%	0.04%	0.02%	0.06%	0.02%	0.04%	0.04%
Accounts Payable	7.78M	5.91M	5.11M	32.54M	18.26M	42.43M	25.3M	19.63M	20.44M	17.11M
Total Debt+	742.06M	696.74M	869.5M	1.38B	1.94B	1.8B	1.91B	1.98B	1.79B	1.84B
Net Debt	711.96M	650.81M	834.56M	1.33B	1.89B	1.72B	1.85B	1.91B	1.72B	1.76B
Long-Term Debt	0	696.74M	869.5M	1.38B	1.94B	1.8B	1.91B	1.98B	1.79B	1.84B
Short-Term Debt	0	0	155.41M	0	0	0	0	0	0	0
Other Liabilities	0	3.21M	-132.76M	9.82M	22.03M	20.61M	20.71M	28.45M	21.6M	33.59M
Total Current Liabilities	546.24M	461.93M	470.13M	718.35M	18.26M	42.43M	25.3M	19.63M	20.44M	17.11M
Total Non-Current Liabilities	205M	255.52M	422.91M	724.05M	1.96B	1.82B	1.93B	2.01B	1.81B	1.87B
Total Liabilities	765.23M	717.46M	893.04M	1.44B	1.98B	1.86B	1.95B	2.03B	1.83B	1.89B
Total Equity+	836.91M	1.59B	1.87B	2.34B	1.28B	1.24B	1.34B	1.33B	1.33B	1.36B
Equity Growth %	0.04%	0.9%	0.18%	0.25%	-0.45%	-0.04%	0.09%	-0.01%	0%	0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.04%	0.09%	0.06%	0.03%	0.06%	0.05%	0.16%	0.06%	0.1%	0.08%
Book Value per Share	12.50	21.81	22.26	26.41	12.78	11.24	12.18	11.49	10.78	10.72
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	640K	698K	759K	761K	968K	968K	979K	1.01M	1.03M	1.08M
Additional Paid-in Capital	899.71M	1B	1.05B	1.04B	1.29B	1.27B	1.27B	1.31B	1.33B	1.37B
Retained Earnings	4.16M	2.07M	39.16M	-30.12M	-5.35M	-48.76M	47.47M	7.52M	-12.34M	-13.59M
Accumulated OCI	6M	-35M	-19M	-30M	0	0	0	0	0	0
Treasury Stock	0	-460K	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	61.98M	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+	-63.35M	60.51M	-166.31M	-393.49M	66.55M	102.99M	51.69M	70.12M	76M	42M
Operating CF Growth %	0.78%	1.96%	-3.75%	-1.37%	1.17%	0.55%	-0.5%	0.36%	0.08%	-0.45%
Net Income	32.95M	111.68M	109.4M	72.35M	112.56M	58.47M	201.4M	74.73M	135.34M	113.44M
Depreciation & Amortization	35.27M	-40.16M	-50.91M	22.09M	0	0	0	0	0	0
Deferred Taxes	1.18M	-642K	-140K	112K	0	0	0	0	0	0
Other Non-Cash Items	518K	2.89M	5.34M	4.62M	-25.23M	15.89M	-134.22M	5.91M	-47.04M	-72.27M
Working Capital Changes	-12M	-8.49M	-17.06M	43.2M	-20.78M	28.62M	-15.49M	-10.53M	-12.3M	824K
Cash from Investing+	-125.44M	-7.38M	-228.3M	-506.33M	-777.02M	197.65M	-68.01M	-36.92M	256.8M	0
Purchase of Investments	-609.37M	-554.46M	-995.66M	-1.31B	-1.11B	-444.13M	-1.13B	-620.88M	-283.66M	-806.33M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
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	26.23M
Cash from Financing+	70M	-44.68M	155.32M	408.22M	709.38M	-270.25M	-4.53M	-19.69M	-333.96M	-31.36M
Dividends Paid	-77.35M	-85.81M	-94.21M	-101.06M	-113.14M	-120.07M	-114.22M	-121.29M	-150.74M	-147.19M
Share Repurchases	0	-2.95M	0	0	0	0	0	0	0	0
Stock Issued	79.42M	79.06M	81.48M	0	277.78M	-278K	12.22M	39.8M	20.83M	67.69M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K
Other Financing	-3.51M	75.33M	-6.55M	-7.17M	0	0	570K	-9.57M	-693K	-13.03M
Net Change in Cash+	6.66M	15.83M	-10.99M	14.73M	-1.09M	30.39M	-20.89M	13.11M	-1.1M	10.23M
Exchange Rate Effect	1000K	1000K	1000K	1000K	0	0	-32K	-391K	55K	-409K
Cash at Beginning	23.45M	30.1M	45.93M	34.94M	49.66M	48.57M	78.97M	58.08M	71.19M	70.09M
Cash at End	30.1M	45.93M	34.94M	49.66M	48.57M	78.97M	58.08M	71.19M	70.09M	80.32M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-63.35M	60.51M	-166.31M	-393.49M	66.55M	102.99M	51.69M	70.12M	76M	42M
FCF Growth %	0.78%	1.96%	-3.75%	-1.37%	1.17%	0.55%	-0.5%	0.36%	0.08%	-0.45%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.02%	9.21%	6.33%	3.44%	6.21%	4.64%	15.62%	5.6%	10.18%	8.43%
Return on Assets (ROA)	2.11%	6.86%	6.1%	3.31%	3.94%	1.84%	6.3%	2.25%	4.16%	3.54%
Net Interest Margin	7.28%	7.18%	5.85%	4.28%	3.81%	4.31%	3.53%	3.57%	5.25%	4.3%
Efficiency Ratio	1.26%	1.2%	0.1%	1.38%	-1.24%	-1.46%	-1.41%	1.51%	26.24%	2.09%
Equity / Assets	52.24%	95.98%	96.97%	95.59%	39.3%	39.93%	40.74%	39.53%	42.15%	41.87%
Book Value / Share	12.5	21.81	22.26	26.41	12.78	11.24	12.18	11.49	10.78	10.72
NII Growth	3.85%	1.95%	-5.27%	-6.97%	18.67%	7.3%	-12.75%	2.82%	38.59%	-15.96%
Dividend Payout	234.7%	76.84%	86.12%	139.67%	-	-	-	-	-	1.58%

Frequently Asked Questions

Valuation & Price

New Mountain Finance Corporation (NMFC) has a price-to-earnings (P/E) ratio of 9.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

New Mountain Finance Corporation (NMFC) saw revenue decline by 3.6% over the past year.

Yes, New Mountain Finance Corporation (NMFC) is profitable, generating $71.1M in net income for fiscal year 2024 (34.4% net margin).

Dividend & Returns

Yes, New Mountain Finance Corporation (NMFC) pays a dividend with a yield of 0.15%. This makes it attractive for income-focused investors.

New Mountain Finance Corporation (NMFC) has a return on equity (ROE) of 8.4%. This is below average, suggesting room for improvement.

Industry Metrics

New Mountain Finance Corporation (NMFC) has a net interest margin (NIM) of 4.3%. This indicates healthy earnings from lending activities.

New Mountain Finance Corporation (NMFC) has an efficiency ratio of 2.1%. This is excellent, indicating strong cost control.

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