Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 16.1x · ROE 9.3%. (2008–2025 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 | $644M | $843M | $879M | $820M | $719M | $779M | $740M | $871M | $811M | $854M | $880M |
| Enterprise Value | $1.8B | $2.0B | $1.5B | $1.7B | $1.4B | $1.3B | $1.0B | $1.0B | $1.1B | $1.2B | $955M |
| P/E Ratio → | 11.10 | 9.09 | 9.18 | 10.74 | 39.74 | 13.07 | 47.32 | 15.50 | 12.15 | 12.10 | 8.23 |
| P/S Ratio | 5.56 | 5.54 | 8.37 | 9.47 | 25.39 | 11.20 | 31.35 | 13.13 | 10.63 | 10.41 | 7.51 |
| P/B Ratio | 0.65 | 0.85 | 0.89 | 0.83 | 0.72 | 0.92 | 0.87 | 0.96 | 0.68 | 0.65 | 0.89 |
| P/FCF | 2.96 | — | 5.63 | — | 7.89 | — | — | 4.67 | 4.25 | — | 5.94 |
| P/OCF | — | — | 5.63 | — | 7.89 | — | — | 4.67 | 4.25 | — | 5.94 |
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 | — | 12.97 | 14.26 | 19.11 | 48.62 | 18.24 | 43.33 | 15.41 | 14.12 | 15.14 | 8.16 |
| EV / EBITDA | 16.11 | 12.07 | 15.63 | 21.65 | 75.05 | 21.29 | 66.19 | 18.25 | 16.11 | 17.64 | 8.94 |
| EV / EBIT | 11.06 | 12.30 | 15.63 | 21.65 | 75.05 | 21.29 | 66.19 | 18.25 | 16.11 | 17.64 | 8.94 |
| EV / FCF | — | — | 9.59 | — | 15.12 | — | — | 5.47 | 5.64 | — | 6.45 |
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 | 106.0% | 106.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 105.4% | 105.4% | 91.2% | 88.3% | 64.8% | 85.7% | 65.5% | 84.4% | 87.7% | 85.8% | 91.2% |
| Net Profit Margin | 60.8% | 60.8% | 91.2% | 88.3% | 64.8% | 85.7% | 65.5% | 84.4% | 87.7% | 85.8% | 91.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 9.7% | 7.7% | 2.0% | 7.0% | 1.8% | 5.4% | 5.4% | 6.1% | 11.4% |
| ROA | 3.7% | 3.7% | 3.9% | 3.0% | 0.8% | 3.0% | 0.8% | 3.1% | 4.0% | 4.3% | 6.5% |
| ROIC | 5.8% | 5.8% | 3.4% | 2.7% | 0.7% | 2.8% | 0.8% | 2.7% | 2.9% | 3.3% | 5.9% |
| ROCE | 7.1% | 7.1% | 4.5% | 3.6% | 1.0% | 3.7% | 1.0% | 3.8% | 4.9% | 5.2% | 7.7% |
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 | 1.15 | 1.15 | 1.04 | 1.19 | 1.09 | 0.96 | 0.79 | 0.65 | 0.40 | 0.41 | 0.39 |
| Debt / EBITDA | 7.01 | 7.01 | 10.77 | 15.42 | 59.21 | 13.63 | 43.46 | 10.48 | 7.08 | 7.66 | 3.63 |
| Net Debt / Equity | — | 1.14 | 0.62 | 0.84 | 0.66 | 0.58 | 0.33 | 0.17 | 0.22 | 0.30 | 0.08 |
| Net Debt / EBITDA | 6.91 | 6.91 | 6.45 | 10.91 | 35.86 | 8.21 | 18.29 | 2.69 | 3.98 | 5.52 | 0.70 |
| Debt / FCF | — | — | 3.95 | — | 7.22 | — | — | 0.81 | 1.39 | — | 0.51 |
| Interest Coverage | 2.36 | 2.36 | 1.34 | 1.05 | 0.40 | 1.99 | 0.57 | 1.94 | 2.70 | 3.25 | 4.35 |
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 | 0.31 | 0.31 | 1.09 | 1.09 | 1.04 | 1.00 | 1.01 | 1.03 | 0.83 | 0.54 | 0.04 |
| Quick Ratio | 0.31 | 0.31 | 1.09 | 1.09 | 1.04 | 1.00 | 1.01 | 1.03 | 0.83 | 0.54 | 0.04 |
| Cash Ratio | 0.18 | 0.18 | 1.02 | 1.01 | 0.99 | 0.94 | 0.97 | 0.99 | 0.76 | 0.51 | 1.15 |
| Asset Turnover | — | 0.06 | 0.04 | 0.03 | 0.01 | 0.03 | 0.01 | 0.03 | 0.05 | 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 | 13.9% | 10.6% | 10.2% | 11.8% | 13.2% | 8.9% | 9.4% | 8.0% | 8.5% | 7.9% | 7.7% |
| Payout Ratio | 96.7% | 96.7% | — | — | 515.4% | 116.4% | 448.6% | 123.7% | 102.7% | 95.6% | 63.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 11.0% | 10.9% | 9.3% | 2.5% | 7.7% | 2.1% | 6.5% | 8.2% | 8.3% | 12.2% |
| FCF Yield | 33.8% | — | 17.8% | — | 12.7% | — | — | 21.4% | 23.6% | — | 16.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 13.9% | 10.6% | 10.2% | 11.8% | 13.6% | 8.9% | 9.4% | 8.0% | 8.5% | 7.9% | 8.1% |
| Shares Outstanding | — | $55M | $54M | $55M | $52M | $42M | $42M | $42M | $42M | $42M | $42M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying SLRC stock.
SLR Investment Corp.'s current P/E ratio is 11.1x. The historical average is 17.7x. This places it at the 38th percentile of its historical range.
SLR Investment Corp.'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 24.0x.
SLR Investment Corp.'s return on equity (ROE) is 9.3%. The historical average is 4.7%.
Based on historical data, SLR Investment Corp. is trading at a P/E of 11.1x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SLR Investment Corp.'s current dividend yield is 13.89% with a payout ratio of 96.7%.
SLR Investment Corp. has 106.0% gross margin and 105.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
SLR Investment Corp.'s Debt/EBITDA ratio is 7.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit reversals masking earnings
Metrics are mathematically derived from official filings.
Deep Discount Reflects Earnings Doubt
Based on SLRC's reported figures, the 0.65 P/B and 6.95 trailing P/E imply the market values the book at a steep discount, pricing in skepticism about the durability of recent ROE of 0.8%.
A 0.65 price-to-book multiple against a 13.9% dividend yield suggests investors doubt that net asset value will hold, rather than pricing SLRC as a premium specialty lender. Relative to ARCC at 0.93 P/B and FSCO at 0.71, the discount is wider than the ROE gap alone would justify. Investors should monitor whether NAV stabilizes, since the valuation case rests on book value preservation rather than earnings growth.
ROE Collapse Driven by Fee Volatility
As reported in financial statements, ROE fell from roughly 2.3% in 2024 to 0.8% in 2026Q3, with a fee income ratio swinging from 174.4% to 0.9%, indicating earnings quality is episodic.
The DuPont decomposition shows ROA of 0.3% compressed alongside an equity-to-assets ratio near 0.38, so leverage is not the source of weakness; the drop is operational. Fee income swings of this magnitude suggest the reported profit line depends heavily on lumpy items rather than recurring spread income. The trend warrants investigation into whether the 2026Q2 fee spike reflects one-time gains that flatter the comparison.
Negative Spread Quarter Exposes Fragility
Based on SLRC's reported figures, net interest margin moved from 1.3% to -0.7% and back to 1.3%, while the efficiency ratio ranged from 6.3% to 35.9%, pointing to unstable spread economics.
A negative net interest margin in 2026Q2 implies funding costs briefly exceeded portfolio yields, a pattern that a diversified lender should rarely show. The efficiency ratio's wide range suggests operating costs are not scaling predictably with income. Investors should view the rebound in 2026Q3 cautiously until several quarters confirm the spread has recovered.
Thin Equity Cushion Against Credit Losses
According to recent SEC filings, the equity-to-assets ratio of about 0.38 and debt-to-equity of 1.15 leave limited buffer, as dividends of $37.6M in 2026Q3 exceeded net income of $7.6M.
Equity-to-assets near 0.38 and leverage around 1.15 times suggest capacity for absorbing losses is adequate but not generous for a BDC of this size. Paying out well above current earnings erodes the capital base over time if credit losses resume. Capital headroom should be watched closely against any further non-accrual increases.
Reversals Flatter Reported Credit Trend
As reported in financial statements, SLRC booked provision reversals of $2.7M, $5.2M and $4.1M across 2026Q1 to 2026Q3 after none in the prior eight quarters, which may indicate a shift in credit assessment rather than clean improvement.
Reversals following years of zero provisions can reflect genuine recoveries, but they can also reflect changed fair-value or reserve judgments that are difficult to verify from the reported figures alone. The tangible book value per share of $17.83 is stable, which is consistent with no large realized losses, yet this stability does not confirm the underlying credit quality. Warrants further investigation into non-accrual trends and Level 3 marks.
Discount Versus Peers Appears Partly Warranted
Based on SLRC's reported figures, its 0.65 P/B and 0.8% ROE trail ARCC's 0.93 P/B and 6.2% ROE, while its 13.9% yield sits below TPVG's 23.4%, suggesting the gap is largely profitability-driven.
Against peers, SLRC lags on ROE and net margin while offering a yield that is not the highest in the group, so the discount to book is not obviously mispriced. TPVG trades at 0.50 P/B with a higher ROE of 11.0%, indicating the market rewards realized returns more than headline yield. The gap versus peers appears more cyclical than structural if net interest margin normalizes, but that remains unproven in the supplied data.
Price-to-Book Misleads on Reversal-Driven Earnings
The most commonly misapplied metric here is the trailing P/E, which the 6.95 multiple flatters because reversals and fee spikes inflate recent earnings relative to the underlying spread income.
A low trailing P/E can look like value when it actually reflects non-recurring provision reversals and lumpy fee income, not sustainable net investment income. A more useful adjustment is to normalize earnings by stripping reversals and fee spikes, then comparing against the 9.05 forward P/E and recurring NII. Investors should treat the headline P/E as unreliable until earnings quality is verified.