(MAIN) Main Street Capital - NYSE
Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 4.837m USD | Total Return: -6% in 12m
Avg Turnover: 32.2M
EPS Trend: -31.4%
Qual. Beats: -1
Rev. Trend: 91.0%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Main Street Capital Corporation (NYSE: MAIN) operates as a Business Development Company (BDC) and a Small Business Investment Company (SBIC). The firm provides customized financing solutions to lower middle market companies, typically characterized by annual revenues between $10 million and $150 million. Its investment structure includes a mix of senior secured debt, mezzanine debt, and equity investments to support management buyouts, recapitalizations, and strategic acquisitions.
As a BDC, the company is required by federal law to distribute at least 90% of its taxable income to shareholders, which often results in a higher dividend yield compared to traditional corporations. The firm maintains a diversified portfolio across numerous sectors, including manufacturing, healthcare, and professional services, often taking a one-stop financing approach to minimize the need for multiple lenders in a single transaction. Investors may find it useful to evaluate how these debt structures perform under varying interest rate environments on ValueRay.
The firm targets mature, later-stage, and emerging growth companies, offering both control and non-control equity positions. By utilizing its SBIC licenses, Main Street Capital can access low-cost, long-term leverage through the Small Business Administration, providing a distinct funding advantage over non-SBIC competitors. This model focuses on long-term capital appreciation and sustainable income generation from its private loan and private equity portfolios.
- Interest rate fluctuations impact net investment income across floating rate debt portfolios
- Lower middle market equity appreciation drives significant net asset value per share growth
- Dividend payout sustainability relies on consistent spillover income and realized capital gains
- Credit quality and default rates within private middle market portfolio companies
- Regulatory changes affecting Business Development Company leverage limits and tax-advantaged status
| Net Income: 426.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 4.19 > 1.0 |
| NWC/Revenue: -102.6% < 20% (prev 9.11%; Δ -111.7% < -1%) |
| CFO/TA 0.06 > 3% & CFO 342.3m > Net Income 426.3m |
| Net Debt (2.52b) to EBITDA (492.5m): 5.12 < 3 |
| Current Ratio: 0.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (90.7m) vs 12m ago 2.19% < -2% |
| Gross Margin: 86.39% > 18% (prev 82.62%; Δ 3.77% > 0.5%) |
| Asset Turnover: 13.11% > 50% (prev 13.95%; Δ -0.84% > 0%) |
| Interest Coverage Ratio: 3.71 > 6 (EBIT TTM 486.0m / Interest Expense TTM 130.9m) |
| A: -0.13 (Total Current Assets 140.6m - Total Current Liabilities 886.9m) / Total Assets 5.83b |
| B: 0.08 (Retained Earnings 485.4m / Total Assets 5.83b) |
| C: 0.09 (EBIT TTM 486.0m / Avg Total Assets 5.55b) |
| D: 1.13 (Book Value of Equity 3.09b / Total Liabilities 2.73b) |
| Altman-Z'' = 1.21 = BB |
As of June 19, 2026, the stock is trading at USD 50.61 with a total of 663,279 shares traded.
Over the past week, the price has changed by -1.80%,
over one month by -0.24%,
over three months by -7.40% and
over the past year by -6.03%.
Main Street Capital has received a consensus analysts rating of 3.29. Therefore, it is recommended to hold MAIN.
- StrongBuy: 0
- Buy: 2
- Hold: 5
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 57.3 | 13.3% |
P/E Trailing = 10.9516
P/E Forward = 13.5501
P/S = 8.4947
P/B = 1.5552
P/EG = 1.7605
Revenue TTM = 727.6m USD
EBIT TTM = 486.0m USD
EBITDA TTM = 492.5m USD
Long Term Debt = 1.65b USD (estimated: total debt 2.54b - short term 886.9m)
Short Term Debt = 886.9m USD (from shortTermDebt, last quarter)
Debt = 2.54b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.52b USD (calculated: Debt 2.54b - CCE 20.8m)
Enterprise Value = 7.36b USD (4.84b + Debt 2.54b - CCE 20.8m)
Interest Coverage Ratio = 3.71 (Ebit TTM 486.0m / Interest Expense TTM 130.9m)
EV/FCF = 21.49x (Enterprise Value 7.36b / FCF TTM 342.3m)
FCF Yield = 4.65% (FCF TTM 342.3m / Enterprise Value 7.36b)
FCF Margin = 47.04% (FCF TTM 342.3m / Revenue TTM 727.6m)
Net Margin = 58.59% (Net Income TTM 426.3m / Revenue TTM 727.6m)
Gross Margin = 86.39% ((Revenue TTM 727.6m - Cost of Revenue TTM 99.0m) / Revenue TTM)
Gross Margin QoQ = 79.18% (prev none%)
Tobins Q-Ratio = 1.26 (Enterprise Value 7.36b / Total Assets 5.83b)
Interest Expense / Debt = 5.15% (Interest Expense 130.9m / Debt 2.54b)
Taxrate = 5.68% (25.7m / 452.0m)
NOPAT = 458.4m (EBIT 486.0m * (1 - 5.68%))
Current Ratio = 0.16 (Total Current Assets 140.6m / Total Current Liabilities 886.9m)
Debt / Equity = 0.82 (Debt 2.54b / totalStockholderEquity, last quarter 3.09b)
Debt / EBITDA = 5.12 (Net Debt 2.52b / EBITDA 492.5m)
Debt / FCF = 7.36 (Net Debt 2.52b / FCF TTM 342.3m)
Total Stockholder Equity = 2.98b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.68% (Net Income 426.3m / Total Assets 5.83b)
RoE = 14.32% (Net Income TTM 426.3m / Total Stockholder Equity 2.98b)
RoCE = 10.50% (EBIT 486.0m / Capital Employed (Equity 2.98b + L.T.Debt 1.65b))
RoIC = 7.89% (NOPAT 458.4m / Invested Capital 5.81b)
WACC = 7.08% (E(4.84b)/V(7.38b) * Re(8.24%) + D(2.54b)/V(7.38b) * Rd(5.15%) * (1-Tc(0.06)))
Discount Rate = 8.24% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | Cagr: 3.21%
[DCF] Terminal Value 77.97% ; FCFF base≈240.9m ; Y1≈276.1m ; Y5≈406.4m
[DCF] Fair Price = 38.67 (EV 6.12b - Net Debt 2.52b = Equity 3.60b / Shares 93.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -31.37 | EPS CAGR: -0.75% | SUE: -4.0 | # QB: -1
Revenue Correlation: 91.01 | Revenue CAGR: 12.25% | SUE: 0.36 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.96 | Chg30d=-5.64% | Revisions=-45% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.97 | Chg30d=-4.39% | Revisions=-45% | Analysts=7
EPS current Year (2026-12-31): EPS=3.84 | Chg30d=-5.02% | Revisions=-45% | GrowthEPS=-2.8% | GrowthRev=+2.8%
EPS next Year (2027-12-31): EPS=3.94 | Chg30d=-3.90% | Revisions=-33% | GrowthEPS=+2.6% | GrowthRev=+7.3%
[Analyst] Revisions Ratio: -45%