Oaktree Specialty Lending Corporation (OCSL) Financial Ratios
18 years of historical data (2008–2025) · Financial Services · Financial - Credit Services
EV/EBITDA
↑
16.08
↓-54% vs avg
5yr avg: 34.64
30Y Low6.6·High72.1
P/FCF
↓
7.17
↓-78% vs avg
5yr avg: 32.95
30Y Low1.6·High68.8
P/B Ratio
↓
0.68
↓-22% vs avg
5yr avg: 0.87
30Y Low0.5·High1.1
ROE
↓
2.3%
↑-70% vs avg
5yr avg: 7.6%
30Y Low-20%·High21%
Debt/EBITDA
↑
9.85
↓-49% vs avg
5yr avg: 19.30
30Y Low3.7·High39.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
OCSL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Oaktree Specialty Lending Corporation trades at 29.7x earnings, 34% above its 5-year average of 22.2x, sitting at the 69th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 119%. On a free-cash-flow basis, the stock trades at 7.2x P/FCF, 78% below the 5-year average of 32.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $1.1B | $1.3B | $1.5B | $1.1B | $1.1B | $682M | $730M | $699M | $774M | $879M |
| Enterprise Value | $2.4B | $2.5B | $2.9B | $2.9B | $2.4B | $2.4B | $1.4B | $1.2B | $1.3B | $1.4B | $1.9B |
| P/E Ratio → | 29.72 | 33.46 | 22.65 | 12.34 | 37.50 | 4.82 | 17.49 | 5.78 | 14.88 | — | — |
| P/S Ratio | 3.41 | 3.75 | 7.04 | 6.13 | 12.70 | 4.10 | 8.68 | 4.58 | 7.51 | — | 79.83 |
| P/B Ratio | 0.68 | 0.77 | 0.88 | 0.96 | 0.88 | 0.87 | 0.75 | 0.78 | 0.81 | 0.89 | 0.77 |
| P/FCF | 7.17 | 7.89 | 68.76 | 6.34 | 48.81 | — | — | 3.38 | 13.07 | 1.59 | 5.34 |
| P/OCF | 7.17 | 7.89 | 68.76 | 6.34 | 48.81 | — | — | 3.38 | 13.07 | 1.59 | 5.34 |
P/E links to full P/E history page with 30-year chart
OCSL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Oaktree Specialty Lending Corporation's enterprise value stands at 16.1x EBITDA, 54% below its 5-year average of 34.6x. The Financial Services sector median is 11.4x, placing the stock at a 41% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.44 | 15.50 | 12.31 | 27.55 | 8.55 | 17.21 | 7.45 | 14.22 | — | 173.46 |
| EV / EBITDA | 16.08 | 16.76 | 49.94 | 24.49 | 72.14 | 9.90 | 36.11 | 9.34 | 27.92 | — | — |
| EV / EBIT | 16.08 | 16.76 | 49.94 | 24.49 | 72.14 | 9.90 | 36.11 | 9.34 | 27.92 | — | — |
| EV / FCF | — | 17.77 | 151.31 | 12.74 | 105.85 | — | — | 5.51 | 24.72 | 2.87 | 11.60 |
OCSL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Oaktree Specialty Lending Corporation earns an operating margin of 50.4%, significantly above the Financial Services sector average of 20.3%. ROE of 2.3% is modest, trailing the sector median of 9.0%. ROIC of 3.7% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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 | 87.2% | 87.2% | 30.9% | 52.9% | 45.5% | 89.1% | 66.6% | 79.7% | 61.6% | 137.3% | -395.9% |
| Operating Margin | 50.4% | 50.4% | 31.0% | 50.3% | 38.2% | 86.4% | 47.6% | 79.7% | 50.9% | 147.3% | -604.2% |
| Net Profit Margin | 11.3% | 11.3% | 31.1% | 49.5% | 34.0% | 85.1% | 49.9% | 79.1% | 50.3% | 147.3% | -604.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 3.9% | 8.5% | 2.3% | 21.3% | 4.3% | 14.1% | 5.4% | -19.6% | -5.3% |
| ROA | 1.1% | 1.1% | 1.8% | 4.0% | 1.1% | 11.1% | 2.5% | 8.3% | 3.0% | -9.9% | -2.7% |
| ROIC | 3.7% | 3.7% | 1.4% | 3.2% | 1.0% | 8.6% | 1.9% | 6.6% | 2.3% | -7.7% | -2.1% |
| ROCE | 4.9% | 4.9% | 1.8% | 4.1% | 1.2% | 11.3% | 2.4% | 8.4% | 3.0% | -10.0% | -2.7% |
OCSL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Oaktree Specialty Lending Corporation carries a Debt/EBITDA ratio of 9.8x, which is highly leveraged (131% above the sector average of 4.3x). Net debt stands at $1.4B ($1.5B total debt minus $80M cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.01 | 1.10 | 1.06 | 1.04 | 0.97 | 0.78 | 0.51 | 0.74 | 0.78 | 1.01 |
| Debt / EBITDA | 9.85 | 9.85 | 28.35 | 13.44 | 39.59 | 5.27 | 18.94 | 3.72 | 13.45 | — | — |
| Net Debt / Equity | — | 0.96 | 1.06 | 0.97 | 1.03 | 0.94 | 0.73 | 0.49 | 0.73 | 0.72 | 0.90 |
| Net Debt / EBITDA | 9.32 | 9.32 | 27.25 | 12.30 | 38.88 | 5.15 | 17.89 | 3.60 | 13.17 | — | — |
| Debt / FCF | — | 9.88 | 82.55 | 6.40 | 57.04 | — | — | 2.12 | 11.66 | 1.28 | 6.26 |
| Interest Coverage | 1.30 | 1.30 | 0.45 | 1.07 | 0.70 | 7.89 | 1.42 | 3.92 | 1.33 | -3.94 | -1.22 |
OCSL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Oaktree Specialty Lending Corporation's current ratio of 11.20x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 18.56x to 11.20x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.20 | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 14.71 | 15.38 | 20.71 | 41.58 |
| Quick Ratio | 11.20 | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 14.71 | 15.38 | 20.71 | 41.58 |
| Cash Ratio | 6.60 | 6.60 | 3.94 | 8.52 | 2.96 | 6.38 | 24.04 | 6.71 | 3.98 | 16.74 | 30.14 |
| Asset Turnover | — | 0.10 | 0.06 | 0.07 | 0.03 | 0.11 | 0.05 | 0.11 | 0.06 | -0.08 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
OCSL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Oaktree Specialty Lending Corporation returns 15.9% to shareholders annually — split between a 14.9% dividend yield and 1.0% buyback yield. The payout ratio exceeds 100% at 436.9%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 14.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 436.9% | 436.9% | 305.4% | 153.5% | 394.4% | 33.7% | 135.4% | 41.4% | 117.6% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 3.0% | 4.4% | 8.1% | 2.7% | 20.7% | 5.7% | 17.3% | 6.7% | — | — |
| FCF Yield | 13.9% | 12.7% | 1.5% | 15.8% | 2.0% | — | — | 29.6% | 7.7% | 62.9% | 18.7% |
| Buyback Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 15.9% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $86M | $80M | $72M | $61M | $54M | $47M | $47M | $47M | $47M | $50M |
Peer Comparison
Compare OCSL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 OCSLYou | $1B | 29.7 | 16.1 | 7.2 | 87.2% | 50.4% | 2.3% | 3.7% | 9.8 |
 ARCC | $13B | 9.7 | 12.8 | 11.3 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 FSCO | $997M | 6.5 | 5.7 | 1.9 | 79.3% | 74.5% | 10.5% | 6.4% | 1.9 |
 GBDC | $3B | 8.7 | 11.8 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 CGBD | $761M | 10.8 | 12.8 | — | 70.9% | 86.2% | 6.8% | 5.6% | 8.7 |
 SLRC | $678M | 7.3 | 11.1 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
 MAIN | $5B | 9.2 | 13.6 | 13.6 | 100.0% | 80.7% | 17.0% | 7.5% | 4.7 |
 HTGC | $3B | 8.4 | 14.1 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 PSEC | $1B | -1.6 | — | 2.1 | 147.0% | 169.8% | -14.0% | -6.3% | — |
 PFLT | $742M | 10.4 | 35.5 | 7.8 | 45.6% | 39.4% | 6.8% | 2.1% | 26.3 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 18 years · Updated daily
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OCSL — Frequently Asked Questions
Quick answers to the most common questions about buying OCSL stock.
What is Oaktree Specialty Lending Corporation's P/E ratio?
Oaktree Specialty Lending Corporation's current P/E ratio is 29.7x. The historical average is 23.7x. This places it at the 69th percentile of its historical range.
What is Oaktree Specialty Lending Corporation's EV/EBITDA?
Oaktree Specialty Lending Corporation's current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.1x.
What is Oaktree Specialty Lending Corporation's ROE?
Oaktree Specialty Lending Corporation's return on equity (ROE) is 2.3%. The historical average is 4.3%.
Is OCSL stock overvalued?
Based on historical data, Oaktree Specialty Lending Corporation is trading at a P/E of 29.7x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Oaktree Specialty Lending Corporation's dividend yield?
Oaktree Specialty Lending Corporation's current dividend yield is 14.85% with a payout ratio of 436.9%.
What are Oaktree Specialty Lending Corporation's profit margins?
Oaktree Specialty Lending Corporation has 87.2% gross margin and 50.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Oaktree Specialty Lending Corporation have?
Oaktree Specialty Lending Corporation's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.