(TSLX) Sixth Street Specialty - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 1.657m USD | Total Return: -11.5% in 12m

Stock Senior Loans, Mezzanine Debt, Equity, Structured Products, Bonds
Total Rating 28
Risk 67
Buy Signal -1.02
Asset Management +6.7
Asset Management & Custody Banks +6.7
Market Cap: 1,657m
Avg Trading Vol: 18.3M USD
ATR: 2.97%
Peers RS (IBD): 27.7
Risk 5d forecast
Volatility22.1%
Rel. Tail Risk0.21%
Reward TTM
Sharpe Ratio-0.49
Alpha-21.34
Character TTM
Beta0.516
Beta Downside0.712
Drawdowns 3y
Max DD27.94%
CAGR/Max DD0.43
EPS (Earnings per Share) EPS (Earnings per Share) of TSLX over the last years for every Quarter: "2021-03": 0.53, "2021-06": 0.46, "2021-09": 0.55, "2021-12": 0.63, "2022-03": 0.49, "2022-06": 0.42, "2022-09": 0.47, "2022-12": 0.64, "2023-03": 0.55, "2023-06": 0.59, "2023-09": 0.6, "2023-12": 0.62, "2024-03": 0.58, "2024-06": 0.58, "2024-09": 0.59, "2024-12": 0.62, "2025-03": 0.619, "2025-06": 0.56, "2025-09": 0.53, "2025-12": 0.621, "2026-03": 0,
EPS CAGR: -42.90%
EPS Trend: -25.0%
Last SUE: -4.00
Qual. Beats: 0
Revenue Revenue of TSLX over the last years for every Quarter: 2021-03: 69.52, 2021-06: 71.792, 2021-09: 68.231, 2021-12: 56.724, 2022-03: 53.971, 2022-06: 2.451, 2022-09: 56.9, 2022-12: 73.834, 2023-03: 84.548, 2023-06: 89.245, 2023-09: 103.605, 2023-12: 111.267, 2024-03: 90.259, 2024-06: 91.229, 2024-09: 84.449, 2024-12: 93.805, 2025-03: 74.413, 2025-06: 112.463, 2025-09: 81.142, 2025-12: 92.19, 2026-03: null,
Rev. CAGR: 15.35%
Rev. Trend: 42.2%
Last SUE: -2.31
Qual. Beats: 0
Description: TSLX Sixth Street Specialty

Sixth Street Specialty Lending, Inc. (NYSE: TSLX) is a Business Development Company that originates and manages a diversified portfolio of senior secured, unsecured and mezzanine loans, as well as corporate bonds, equity securities and structured products, primarily targeting U.S. middle-market companies with enterprise values of $50 M-$1 B and EBITDA of $10 M-$250 M.

Its investment universe spans business services, software & technology, healthcare, energy, consumer & retail, manufacturing, industrials, royalty-related businesses, education and specialty finance. Transaction sizes range from $15 M to $350 M, and the firm can arrange syndicated deals up to $500 M, allowing it to hold sizable positions across the capital structure.

As of the latest quarter (Q4 2023), TSLX reported a net asset value of $1.42 B, a weighted-average loan yield of 8.3% and a dividend yield of roughly 6.1%, reflecting the premium pricing of middle-market credit in a rising-rate environment. The fund’s performance has been bolstered by a 4.2% YoY increase in loan origination volume, driven by strong demand for flexible financing amid ongoing corporate refinancing activity and a resilient U.S. economic outlook.

For a deeper dive into TSLX’s valuation metrics and risk profile, consider exploring the analysis on ValueRay.

Headlines to Watch Out For
  • Middle market loan demand impacts lending volume
  • Interest rate changes affect net investment income
  • Credit quality of portfolio companies drives losses
  • Regulatory changes for BDCs influence operations
Piotroski VR‑10 (Strict) 4.0
Net Income: 170.5m TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA 0.04 > 1.0
NWC/Revenue: -68.35% < 20% (prev -7.98%; Δ -60.37% < -1%)
CFO/TA 0.05 > 3% & CFO 180.3m > Net Income 170.5m
Net Debt (1.72b) to EBITDA (230.8m): 7.47 < 3
Current Ratio: 0.18 > 1.5 & < 3
Outstanding Shares: last quarter (94.7m) vs 12m ago 2.35% < -2%
Gross Margin: 72.84% > 18% (prev 0.70%; Δ 7.21k% > 0.5%)
Asset Turnover: 10.29% > 50% (prev 10.04%; Δ 0.24% > 0%)
Interest Coverage Ratio: 1.83 > 6 (EBITDA TTM 230.8m / Interest Expense TTM 105.6m)
Altman Z'' 0.02
A: -0.07 (Total Current Assets 53.8m - Total Current Liabilities 300.0m) / Total Assets 3.42b
B: 0.02 (Retained Earnings 81.6m / Total Assets 3.42b)
C: 0.06 (EBIT TTM 192.9m / Avg Total Assets 3.50b)
D: 0.05 (Book Value of Equity 82.6m / Total Liabilities 1.81b)
Altman-Z'' Score: 0.02 = B
Beneish M
DSRI: 1.12 (Receivables 34.1m/30.5m, Revenue 360.2m/359.7m)
GMI: 0.97 (GM 72.84% / 70.32%)
AQI: none (AQ_t none / AQ_t-1 none)
SGI: 1.00 (Revenue 360.2m / 359.7m)
TATA: -0.00 (NI 170.5m - CFO 180.3m) / TA 3.42b)
Beneish M-Score: cannot calculate (missing components)
What is the price of TSLX shares? As of April 03, 2026, the stock is trading at USD 18.38 with a total of 682,855 shares traded.
Over the past week, the price has changed by +2.03%, over one month by +5.39%, over three months by -14.13% and over the past year by -11.47%.
Is TSLX a buy, sell or hold? Sixth Street Specialty has received a consensus analysts rating of 4.36. Therefore, it is recommended to buy TSLX.
  • StrongBuy: 5
  • Buy: 5
  • Hold: 1
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the TSLX price?
Wallstreet Target Price 22.1 20.2%
Analysts Target Price 22.1 20.2%
TSLX Fundamental Data Overview as of 30 March 2026
P/E Trailing = 9.6685
P/E Forward = 9.1241
P/S = 3.6907
P/B = 1.0456
P/EG = 1.2745
Revenue TTM = 360.2m USD
EBIT TTM = 192.9m USD
EBITDA TTM = 230.8m USD
Long Term Debt = 1.44b USD (estimated: total debt 1.74b - short term 300.0m)
Short Term Debt = 300.0m USD (from shortTermDebt, last quarter)
Debt = 1.74b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.72b USD (from netDebt column, last quarter)
Enterprise Value = 3.38b USD (1.66b + Debt 1.74b - CCE 19.7m)
Interest Coverage Ratio = 1.83 (Ebit TTM 192.9m / Interest Expense TTM 105.6m)
EV/FCF = 18.75x (Enterprise Value 3.38b / FCF TTM 180.3m)
FCF Yield = 5.33% (FCF TTM 180.3m / Enterprise Value 3.38b)
FCF Margin = 50.05% (FCF TTM 180.3m / Revenue TTM 360.2m)
Net Margin = 47.34% (Net Income TTM 170.5m / Revenue TTM 360.2m)
Gross Margin = 72.84% ((Revenue TTM 360.2m - Cost of Revenue TTM 97.8m) / Revenue TTM)
Gross Margin QoQ = 76.83% (prev 70.57%)
Tobins Q-Ratio = 0.99 (Enterprise Value 3.38b / Total Assets 3.42b)
Interest Expense / Debt = 1.61% (Interest Expense 28.0m / Debt 1.74b)
Taxrate = 4.44% (1.39m / 31.4m)
NOPAT = 184.3m (EBIT 192.9m * (1 - 4.44%))
Current Ratio = 0.18 (Total Current Assets 53.8m / Total Current Liabilities 300.0m)
Debt / Equity = 1.08 (Debt 1.74b / totalStockholderEquity, last quarter 1.61b)
Debt / EBITDA = 7.47 (Net Debt 1.72b / EBITDA 230.8m)
Debt / FCF = 9.56 (Net Debt 1.72b / FCF TTM 180.3m)
Total Stockholder Equity = 1.61b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.87% (Net Income 170.5m / Total Assets 3.42b)
RoE = 10.58% (Net Income TTM 170.5m / Total Stockholder Equity 1.61b)
RoCE = 6.31% (EBIT 192.9m / Capital Employed (Equity 1.61b + L.T.Debt 1.44b))
RoIC = 5.42% (NOPAT 184.3m / Invested Capital 3.40b)
WACC = 4.59% (E(1.66b)/V(3.40b) * Re(7.80%) + D(1.74b)/V(3.40b) * Rd(1.61%) * (1-Tc(0.04)))
Discount Rate = 7.80% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 100.0 | Cagr: 3.84%
[DCF] Terminal Value 80.82% ; FCFF base≈183.1m ; Y1≈120.2m ; Y5≈55.0m
[DCF] Fair Price = 0.22 (EV 1.74b - Net Debt 1.72b = Equity 21.2m / Shares 94.7m; r=6.0% [WACC]; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -24.95 | EPS CAGR: -42.90% | SUE: -4.0 | # QB: 0
Revenue Correlation: 42.22 | Revenue CAGR: 15.35% | SUE: -2.31 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.49 | Chg7d=-0.001 | Chg30d=-0.004 | Revisions Net=-3 | Analysts=10
EPS current Year (2026-12-31): EPS=1.98 | Chg7d=-0.005 | Chg30d=-0.015 | Revisions Net=-3 | Growth EPS=-15.1% | Growth Revenue=-8.5%
EPS next Year (2027-12-31): EPS=1.95 | Chg7d=-0.009 | Chg30d=-0.004 | Revisions Net=+0 | Growth EPS=-1.5% | Growth Revenue=+0.6%
[Analyst] Revisions Ratio: -0.60 (1 Up / 4 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = -2.4% (Discount Rate 7.9% - Earnings Yield 10.3%)
[Growth] Growth Spread = -7.5% (Analyst -9.9% - Implied -2.4%)
External Resources
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