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Capital Southwest (CSWCZ) Financials

Capital Southwest logo
$25.50 -0.08 (-0.31%)
As of 08/22/2025 02:48 PM Eastern
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Annual Income Statements for Capital Southwest

Annual Income Statements for Capital Southwest

This table shows Capital Southwest's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 51 43 33 83 71
Consolidated Net Income / (Loss)		 51 43 33 83 71
Net Income / (Loss) Continuing Operations		 32 43 69 110 118
Total Pre-Tax Income 		34 43 69 111 120
Total Revenue		 68 62 119 178 204
Net Interest Income / (Expense)		 56 -20 105 161 187
Total Interest Income		 56 0.00 105 161 187
Investment Securities Interest Income		 0.00 - 0.00 0.00 0.00
Other Interest Income		 56 - 105 161 187
Total Interest Expense		 0.00 20 0.00 0.00 0.00
Total Non-Interest Income		 12 82 14 17 17
Other Service Charges		 3.36 5.34 4.80 5.10 11
Net Realized & Unrealized Capital Gains on Investments		 0.00 -0.09 0.00 -0.36 -0.39
Other Non-Interest Income		 8.42 77 9.42 12 6.92
Total Non-Interest Expense		 34 19 50 67 84
Salaries and Employee Benefits		 14 12 18 20 24
Other Operating Expenses		 2.19 6.57 32 47 60
Income Tax Expense		 2.44 0.62 0.33 0.94 2.27
Other Adjustments to Consolidated Net Income / (Loss)		 19 - -36 -26 -47
Basic Earnings per Share		 $1.66 $1.87 $2.29 $2.70 $2.46
Weighted Average Basic Shares Outstanding		 19.06M 22.84M 30.02M 40.73M 47.45M
Weighted Average Diluted Shares Outstanding		 19.06M 22.84M 30.02M 40.73M 51.19M
Weighted Average Basic & Diluted Shares Outstanding		 - - 36.72M 45.05M 53.71M

Quarterly Income Statements for Capital Southwest

This table shows Capital Southwest's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 9.46 2.95 - 24 23 23 13 14 23 17 17
Consolidated Net Income / (Loss)		 9.46 2.95 - 24 23 23 13 14 23 16 18
Net Income / (Loss) Continuing Operations		 14 19 - 25 27 29 29 29 31 30 28
Total Pre-Tax Income 		15 19 - 25 26 30 30 31 30 31 28
Total Revenue		 27 33 - 40 43 49 46 51 49 52 52
Net Interest Income / (Expense)		 24 29 - 36 39 42 43 46 46 46 49
Total Interest Income		 24 29 - 36 39 42 43 46 46 46 49
Other Interest Income		 24 29 - 36 39 42 43 46 46 46 49
Total Non-Interest Income		 3.30 3.63 - 3.89 2.94 6.65 3.92 5.32 2.61 5.45 3.81
Other Service Charges		 0.75 1.20 - 1.13 0.73 1.79 1.46 2.36 1.55 4.20 2.55
Other Non-Interest Income		 2.55 2.42 - 2.76 2.57 4.87 2.10 2.96 1.06 1.63 1.26
Total Non-Interest Expense		 12 14 - 15 16 19 17 20 19 21 24
Salaries and Employee Benefits		 4.38 5.48 - 4.72 4.90 6.41 4.37 6.26 5.01 5.58 7.50
Other Operating Expenses		 0.81 0.67 - 0.96 11 12 -21 1.36 14 16 29
Income Tax Expense		 0.53 -0.75 - 0.45 -0.78 0.91 0.37 2.43 -1.15 0.37 0.62
Other Adjustments to Consolidated Net Income / (Loss)		 -4.99 -16 - -0.74 -4.21 -5.38 -16 -15 -8.48 -14 -10
Basic Earnings per Share		 $0.52 $0.62 - $0.65 $0.69 $0.70 $0.66 $0.63 $0.66 $0.63 $0.54
Weighted Average Basic Shares Outstanding		 27.99M 31.38M 30.02M 37.60M 39.70M 41.51M 40.73M 45.67M 47.24M 48.32M 47.45M
Weighted Average Diluted Shares Outstanding		 27.99M 31.38M 30.02M 37.60M 39.70M 41.51M 40.73M 45.67M 47.24M 54.12M 51.19M
Weighted Average Basic & Diluted Shares Outstanding		 59.04M 34.56M 0.00 39.94M 39.95M 42.98M 45.05M 46.87M 47.69M 50.58M 53.71M

Annual Cash Flow Statements for Capital Southwest

This table details how cash moves in and out of Capital Southwest's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Net Change in Cash & Equivalents		 18 -20 10 11 13
Net Cash From Operating Activities		 -68 -183 -227 -188 -217
Net Cash From Continuing Operating Activities		 -68 -183 -227 -188 -217
Net Income / (Loss) Continuing Operations		 51 43 33 83 71
Consolidated Net Income / (Loss)		 51 43 33 83 71
Depreciation Expense		 1.97 2.23 2.75 4.30 5.87
Amortization Expense		 -2.35 -3.01 -3.84 -5.16 -6.65
Non-Cash Adjustments to Reconcile Net Income		 -125 -222 -255 -267 -282
Changes in Operating Assets and Liabilities, net		 6.63 -2.52 -3.88 -3.86 -4.73
Net Cash From Investing Activities		 0.00 -2.00 -0.28 -0.01 -1.67
Net Cash From Continuing Investing Activities		 0.00 -2.00 -0.28 -0.01 -1.67
Purchase of Property, Leasehold Improvements and Equipment		 0.00 -2.00 -0.28 -0.01 -1.67
Net Cash From Financing Activities		 86 164 238 199 232
Net Cash From Continuing Financing Activities		 86 164 238 199 232
Issuance of Debt		 370 500 263 407 613
Issuance of Common Equity		 50 98 203 181 178
Repayment of Debt		 -294 -374 -156 -285 -432
Payment of Dividends		 -40 -59 -71 -103 -125
Other Financing Activities, Net		 -0.24 -1.41 -1.12 -1.06 -2.71
Cash Interest Paid		 12 18 25 38 47
Cash Income Taxes Paid		 1.46 0.46 1.90 1.18 1.44

Quarterly Cash Flow Statements for Capital Southwest

This table details how cash moves in and out of Capital Southwest's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 11 -8.55 -0.10 -0.31 1.74 0.59 8.67 1.03 14 -11 8.86
Net Cash From Operating Activities		 -26 -98 -33 -56 -49 18 -102 31 -24 -166 -59
Net Cash From Continuing Operating Activities		 -26 -98 -33 -56 -49 18 -102 31 -24 -166 -59
Net Income / (Loss) Continuing Operations		 9.46 2.95 18 24 23 23 13 14 23 16 18
Consolidated Net Income / (Loss)		 9.46 2.95 18 24 23 23 13 14 23 16 18
Depreciation Expense		 0.68 0.67 0.75 0.78 1.16 1.19 1.18 1.28 1.32 1.60 1.67
Amortization Expense		 -0.96 -1.06 -0.97 -1.17 -1.45 -1.29 -1.25 -1.53 -1.56 -1.64 -1.92
Non-Cash Adjustments to Reconcile Net Income		 -46 -88 -54 -77 -67 -8.45 -115 20 -38 -186 -78
Changes in Operating Assets and Liabilities, net		 11 -13 2.43 -2.31 -4.49 3.08 -0.14 -2.53 -8.06 3.96 1.90
Net Cash From Investing Activities		 - -0.00 -0.12 -0.00 - -0.00 -0.01 -0.03 -0.50 -0.75 -0.40
Net Cash From Continuing Investing Activities		 - -0.00 -0.12 -0.00 - -0.00 -0.01 -0.03 -0.50 -0.75 -0.40
Purchase of Property, Leasehold Improvements and Equipment		 - -0.00 -0.12 -0.00 - -0.00 -0.01 -0.03 -0.50 -0.75 -0.40
Net Cash From Financing Activities		 37 90 33 55 51 -17 111 -30 38 155 68
Net Cash From Continuing Financing Activities		 37 90 33 55 51 -17 111 -30 38 155 68
Issuance of Debt		 40 68 61 150 95 30 132 74 70 375 94
Issuance of Common Equity		 27 102 29 45 23 66 49 38 20 53 68
Repayment of Debt		 -15 -61 -35 -115 -42 -86 -42 -110 -21 -241 -59
Payment of Dividends		 -14 -19 -21 -23 -25 -27 -28 -30 -31 -32 -34
Other Financing Activities, Net		 - -0.48 0.00 -0.93 - -0.14 0.00 -1.86 - - -0.85
Cash Interest Paid		 3.44 7.97 9.53 5.98 10 9.57 12 9.27 13 9.95 14
Cash Income Taxes Paid		 - 0.08 0.42 0.07 0.25 0.06 0.80 0.12 - 0.07 1.26

Annual Balance Sheets for Capital Southwest

This table presents Capital Southwest's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Total Assets		 974 1,258 1,557 1,883
Cash and Due from Banks		 11 22 32 43
Restricted Cash		 - - 0.00 1.65
Trading Account Securities		 937 1,206 1,478 1,785
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 4.04 3.72 11 9.27
Other Assets		 22 26 37 43
Total Liabilities & Shareholders' Equity		 974 1,258 1,557 1,883
Total Liabilities		 553 667 801 999
Short-Term Debt		 205 235 265 343
Long-Term Debt		 324 403 506 613
Other Long-Term Liabilities		 25 30 30 43
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 421 1,181 756 884
Total Preferred & Common Equity		 421 590 756 884
Total Common Equity		 421 1,181 756 884
Common Stock		 455 656 808 972
Retained Earnings		 -10 -42 -53 -89

Quarterly Balance Sheets for Capital Southwest

This table presents Capital Southwest's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 12/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024
Total Assets		 1,113 6.37 1,337 1,417 1,429 1,544 1,604 1,789
Cash and Due from Banks		 30 - 21 23 24 33 47 36
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 4.04 - 3.44 9.63 9.66 11 11 9.94
Other Assets		 1,065 6.37 27 31 31 32 38 1,743
Total Liabilities & Shareholders' Equity		 1,113 -3.25 1,337 1,417 1,429 1,544 1,604 1,789
Total Liabilities		 637 -3.25 701 759 709 767 813 959
Short-Term Debt		 240 - 195 250 195 229 278 308
Long-Term Debt		 363 -3.25 477 483 483 506 507 612
Other Long-Term Liabilities		 31 0.00 29 26 31 31 28 38
Commitments & Contingencies		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 476 0.00 636 658 721 777 791 830
Total Preferred & Common Equity		 476 0.00 636 658 721 777 791 830
Total Common Equity		 476 0.00 636 658 721 777 791 830
Common Stock		 529 - 677 701 762 845 867 916
Retained Earnings		 -29 - -41 -43 -41 -68 -76 -86

Annual Metrics And Ratios for Capital Southwest

This table displays calculated financial ratios and metrics derived from Capital Southwest's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -8.61% 91.79% 49.32% 14.77%
EBITDA Growth		 0.00% 25.81% 60.10% 62.02% 8.69%
EBIT Growth		 0.00% 26.68% 59.76% 60.70% 8.56%
NOPAT Growth		 0.00% 34.51% 61.29% 60.10% 7.43%
Net Income Growth		 0.00% -16.28% -22.32% 151.98% -15.40%
EPS Growth		 0.00% 12.65% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% -167.65% -24.32% 17.00% -15.26%
Free Cash Flow Firm Growth		 0.00% 0.00% 76.86% 10.20% -3.46%
Invested Capital Growth		 0.00% 0.00% 29.34% 24.30% 20.52%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 5.47% 3.01%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 6.96% -1.22%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 6.75% -1.07%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 6.79% -1.30%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -5.34% 6.16%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% -57.27% 16.64%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 88.04%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 5.09%
Profitability Metrics		 - - - - -
EBITDA Margin		 49.56% 68.23% 56.96% 61.80% 58.53%
EBIT Margin		 50.12% 69.47% 57.87% 62.28% 58.92%
Profit (Net Income) Margin		 74.76% 68.48% 27.74% 46.81% 34.51%
Tax Burden Percent		 149.16% 98.58% 47.93% 75.16% 58.57%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 7.16% 1.42% 0.48% 0.85% 1.88%
Return on Invested Capital (ROIC)		 0.00% 8.97% 6.31% 7.99% 7.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 8.97% -6.06% 1.48% 1.51%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 11.27% -2.18% 0.63% 1.59%
Return on Equity (ROE)		 0.00% 20.24% 4.13% 8.61% 8.61%
Cash Return on Invested Capital (CROIC)		 0.00% -191.03% -19.28% -13.68% -11.58%
Operating Return on Assets (OROA)		 0.00% 4.44% 6.19% 7.88% 7.00%
Return on Assets (ROA)		 0.00% 4.37% 2.97% 5.93% 4.10%
Return on Common Equity (ROCE)		 0.00% 20.24% 4.13% 8.61% 8.61%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.12% 5.61% 11.04% 7.98%
Net Operating Profit after Tax (NOPAT)		 32 43 69 110 118
NOPAT Margin		 46.53% 68.48% 57.60% 61.75% 57.81%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 12.37% 6.51% 5.52%
SG&A Expenses to Revenue		 20.30% 19.97% 15.26% 11.45% 11.91%
Operating Expenses to Revenue		 49.88% 30.53% 42.13% 37.72% 41.08%
Earnings before Interest and Taxes (EBIT)		 34 43 69 111 120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 34 42 68 110 120
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 1.88 0.42 1.27 1.28
Price to Tangible Book Value (P/TBV)		 0.00 1.88 0.42 1.27 1.28
Price to Revenue (P/Rev)		 9.85 12.71 4.14 5.41 5.52
Price to Earnings (P/E)		 13.17 18.46 14.93 11.55 16.00
Dividend Yield		 11.55% 10.80% 14.20% 7.72% 11.38%
Earnings Yield		 7.59% 5.42% 6.70% 8.66% 6.25%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.38 0.90 1.11 1.11
Enterprise Value to Revenue (EV/Rev)		 0.00 21.02 9.31 9.55 9.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 30.81 16.34 15.46 17.05
Enterprise Value to EBIT (EV/EBIT)		 0.00 30.26 16.08 15.34 16.94
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 30.70 16.16 15.47 17.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 1.26 0.54 1.02 1.08
Long-Term Debt to Equity		 0.00 0.77 0.34 0.67 0.69
Financial Leverage		 0.00 1.26 0.36 0.42 1.05
Leverage Ratio		 0.00 2.31 1.39 1.45 2.10
Compound Leverage Factor		 0.00 2.31 1.39 1.45 2.10
Debt to Total Capital		 0.00% 55.67% 35.07% 50.50% 51.97%
Short-Term Debt to Total Capital		 0.00% 21.59% 12.92% 17.36% 18.64%
Long-Term Debt to Total Capital		 0.00% 34.08% 22.14% 33.14% 33.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 44.33% 64.93% 49.50% 48.03%
Debt to EBITDA		 0.00 12.45 9.38 7.00 7.99
Net Debt to EBITDA		 0.00 12.19 9.07 6.71 7.61
Long-Term Debt to EBITDA		 0.00 7.62 5.93 4.59 5.12
Debt to NOPAT		 0.00 12.41 9.28 7.01 8.09
Net Debt to NOPAT		 0.00 12.14 8.97 6.71 7.71
Long-Term Debt to NOPAT		 0.00 7.60 5.86 4.60 5.19
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -907 -210 -188 -195
Operating Cash Flow to CapEx		 0.00% -9,156.64% -80,818.51% -1,449,969.23% -13,040.70%
Free Cash Flow to Firm to Interest Expense		 0.00 -45.52 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -9.17 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -9.27 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.06 0.11 0.13 0.12
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 949 1,228 1,527 1,840
Invested Capital Turnover		 0.00 0.13 0.11 0.13 0.12
Increase / (Decrease) in Invested Capital		 0.00 949 279 298 313
Enterprise Value (EV)		 0.00 1,308 1,110 1,702 2,040
Market Capitalization		 670 791 494 963 1,129
Book Value per Share		 $0.00 $110.48 $34.17 $17.58 $17.47
Tangible Book Value per Share		 $0.00 $110.48 $34.17 $17.58 $17.47
Total Capital		 0.00 949 1,818 1,527 1,840
Total Debt		 0.00 529 638 771 956
Total Long-Term Debt		 0.00 324 403 506 613
Net Debt		 0.00 517 616 739 911
Capital Expenditures (CapEx)		 0.00 2.00 0.28 0.01 1.67
Net Nonoperating Expense (NNE)		 -19 0.00 36 27 48
Net Nonoperating Obligations (NNO)		 0.00 529 47 771 956
Total Depreciation and Amortization (D&A)		 -0.38 -0.78 -1.09 -0.86 -0.79
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.29 $2.70 $2.46
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 30.02M 40.73M 47.45M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.29 $2.70 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 30.02M 40.73M 51.19M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 36.72M 45.05M 53.71M
Normalized Net Operating Profit after Tax (NOPAT)		 48 43 69 110 118
Normalized NOPAT Margin		 71.01% 68.48% 57.60% 61.75% 57.81%
Pre Tax Income Margin		 50.12% 69.47% 57.87% 62.28% 58.92%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 2.17 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 2.14 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 2.07 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 2.04 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 78.50% 137.61% 214.86% 123.43% 177.56%
Augmented Payout Ratio		 78.50% 137.61% 214.86% 123.43% 177.56%

Quarterly Metrics And Ratios for Capital Southwest

This table displays calculated financial ratios and metrics derived from Capital Southwest's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 32.04% 46.86% 0.00% 79.04% 59.62% 48.22% 0.00% 27.24% 13.86% 7.02% 12.87%
EBITDA Growth		 46.33% 57.41% 0.00% 97.94% 77.82% 62.17% 13,535.75% 26.10% 13.96% 3.29% -4.98%
EBIT Growth		 49.18% 57.80% 0.00% 97.97% 76.33% 59.36% 0.00% 25.13% 13.64% 3.08% -4.38%
NOPAT Growth		 48.51% 63.25% 0.00% 97.43% 88.27% 48.57% 0.00% 17.52% 14.60% 5.05% -5.29%
Net Income Growth		 307.59% -76.52% 0.00% 848.69% 139.20% 696.34% 0.00% -41.06% 0.27% -30.73% 30.38%
EPS Growth		 20.93% 21.57% 0.00% 32.65% 32.69% 0.00% 0.00% -3.08% -4.35% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% -177.77% 23.23% 20.31% -89.44% 118.36% -205.19% 155.95% 51.16% -1,020.53% 42.48%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 73.31% 169.82% 0.00% 86.33% 45.57% -4,983.39% -6.04%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 28.86% 0.00% 24.30% 15.61% 13.37% 0.00% 20.52%
Revenue Q/Q Growth		 18.88% 22.27% 0.00% 0.00% 5.99% 13.53% -4.40% 10.60% -5.16% 6.71% 0.83%
EBITDA Q/Q Growth		 18.17% 24.50% -101.21% 11,235.75% 6.16% 13.54% 0.10% 4.52% -4.06% 2.91% -7.91%
EBIT Q/Q Growth		 18.59% 24.71% -100.00% 0.00% 5.63% 12.70% 0.01% 5.10% -4.07% 2.23% -7.23%
NOPAT Q/Q Growth		 16.13% 34.48% -100.00% 0.00% 10.74% 6.12% 1.86% -1.83% 7.99% -2.72% -8.16%
Net Income Q/Q Growth		 276.81% -68.82% 0.00% 0.00% -4.99% 3.80% -42.65% 4.20% 61.62% -28.28% 7.95%
EPS Q/Q Growth		 6.12% 19.23% 0.00% 0.00% 6.15% 0.00% 0.00% 0.00% 4.76% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 63.10% -280.86% 65.90% -66.29% 12.29% 136.92% -666.74% 130.49% -176.57% -595.83% 64.58%
Free Cash Flow Firm Q/Q Growth		 0.00% 101.23% -100.00% 0.00% 77.86% 20.93% -863.83% 34.80% 11.84% -5,620.04% 83.41%
Invested Capital Q/Q Growth		 0.00% -99.41% 19,181.71% 6.55% 6.27% 0.00% 0.00% -0.90% 4.20% 0.00% 5.09%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 54.82% 55.82% 0.00% 60.97% 61.07% 61.08% 63.95% 60.43% 61.13% 58.95% 53.84%
EBIT Margin		 55.89% 57.01% 0.00% 61.95% 61.74% 61.29% 64.11% 60.92% 61.62% 59.04% 54.31%
Profit (Net Income) Margin		 35.29% 9.00% 0.00% 59.00% 52.89% 48.35% 29.01% 27.33% 46.57% 31.30% 33.51%
Tax Burden Percent		 63.15% 15.79% 0.00% 95.24% 85.66% 78.90% 45.25% 44.86% 75.58% 53.02% 61.70%
Interest Burden Percent		 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 3.57% -3.99% 0.00% 1.79% -2.96% 3.05% 1.25% 7.76% -3.83% 1.20% 2.19%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 12.75% 7.88% 0.00% 8.19% 7.53% 8.41% 13.23% 6.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 12.53% 7.20% 0.00% 4.29% 5.43% 7.30% 10.17% 5.26%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 13.24% 8.48% 0.00% 1.81% 5.41% 7.64% 11.27% 5.54%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 25.99% 16.37% 0.00% 10.00% 12.94% 16.06% 24.50% 12.00%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -93.02% 0.00% 0.00% 0.00% -13.68% -6.38% -4.56% -186.32% -11.58%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 6.35% 7.47% 0.00% 8.12% 8.00% 7.96% 6.55% 6.46%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 6.05% 6.40% 0.00% 3.67% 3.59% 6.01% 3.47% 3.98%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 25.99% 16.37% 0.00% 10.00% 12.94% 16.06% 24.50% 12.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 8.55% 10.27% 0.00% 0.00% 9.47% 9.31% 8.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 14 19 0.00 25 27 29 29 29 31 30 28
NOPAT Margin		 53.90% 59.28% 0.00% 60.84% 63.57% 59.42% 63.31% 56.20% 63.99% 58.33% 53.13%
Net Nonoperating Expense Percent (NNEP)		 1.65% 517.38% 0.00% 0.22% 0.68% 0.00% 3.89% 2.11% 1.12% 3.05% 1.19%
SG&A Expenses to Revenue		 16.35% 16.74% 0.00% 11.70% 11.45% 13.19% 9.41% 12.20% 10.29% 10.73% 14.31%
Operating Expenses to Revenue		 44.11% 42.99% 0.00% 38.05% 38.26% 38.71% 35.89% 39.08% 38.38% 40.96% 45.69%
Earnings before Interest and Taxes (EBIT)		 15 19 0.00 25 26 30 30 31 30 31 28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 15 18 -0.22 25 26 30 30 31 30 31 28
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.26 0.00 0.42 0.94 1.18 0.00 1.18 1.39 1.41 1.25 1.28
Price to Tangible Book Value (P/TBV)		 1.26 0.00 0.42 0.94 1.18 0.00 1.18 1.39 1.41 1.25 1.28
Price to Revenue (P/Rev)		 0.00 0.00 4.14 4.38 5.09 5.05 5.03 5.72 5.73 5.24 5.52
Price to Earnings (P/E)		 0.00 0.00 14.93 11.03 11.47 9.65 10.74 14.69 15.26 15.65 16.00
Dividend Yield		 15.12% 14.90% 14.20% 12.79% 11.02% 10.30% 7.72% 7.58% 7.96% 8.98% 11.38%
Earnings Yield		 0.00% 0.00% 6.70% 9.06% 8.72% 10.36% 9.31% 6.81% 6.55% 6.39% 6.25%
Enterprise Value to Invested Capital (EV/IC)		 1.09 61.10 0.90 0.96 1.07 0.00 1.07 1.18 1.18 1.10 1.11
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 9.31 9.12 9.72 0.00 9.17 9.43 9.52 9.70 9.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 16.08 15.61 16.26 0.00 14.84 15.31 15.45 15.89 17.05
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 16.08 15.37 16.04 0.00 14.73 15.21 15.36 15.81 16.94
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 16.16 15.48 15.91 0.00 14.85 15.60 15.69 16.07 17.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.27 0.00 0.54 1.06 1.11 0.00 1.02 0.95 0.99 1.11 1.08
Long-Term Debt to Equity		 0.76 0.00 0.34 0.75 0.73 0.00 0.67 0.65 0.64 0.74 0.69
Financial Leverage		 1.27 0.00 0.04 1.06 1.18 0.00 0.42 1.00 1.05 1.11 1.05
Leverage Ratio		 2.34 0.00 1.39 2.10 2.23 0.00 1.45 2.04 2.09 2.15 2.10
Compound Leverage Factor		 2.34 0.00 0.00 2.10 2.23 0.00 1.45 2.04 2.09 2.15 2.10
Debt to Total Capital		 55.91% 100.00% 35.07% 51.38% 52.69% 0.00% 50.50% 48.62% 49.80% 52.56% 51.97%
Short-Term Debt to Total Capital		 22.24% 0.00% 12.92% 14.90% 17.98% 0.00% 17.36% 15.14% 17.64% 17.59% 18.64%
Long-Term Debt to Total Capital		 33.67% 100.00% 22.14% 36.48% 34.71% 0.00% 33.14% 33.48% 32.17% 34.97% 33.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 44.09% 0.00% 64.93% 48.62% 47.31% 0.00% 49.50% 51.38% 50.20% 47.44% 48.03%
Debt to EBITDA		 0.00 0.00 9.24 8.39 8.00 0.00 7.00 6.31 6.53 7.60 7.99
Net Debt to EBITDA		 0.00 0.00 8.92 8.12 7.75 0.00 6.71 6.03 6.14 7.30 7.61
Long-Term Debt to EBITDA		 0.00 0.00 5.83 5.96 5.27 0.00 4.59 4.35 4.22 5.05 5.12
Debt to NOPAT		 0.00 0.00 9.28 8.32 7.83 0.00 7.01 6.43 6.64 7.69 8.09
Net Debt to NOPAT		 0.00 0.00 8.97 8.05 7.58 0.00 6.71 6.14 6.24 7.38 7.71
Long-Term Debt to NOPAT		 0.00 0.00 5.86 5.90 5.16 0.00 4.60 4.43 4.29 5.11 5.19
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,065 13 0.00 -1,284 -284 35 -269 -175 -155 -1,720 -285
Operating Cash Flow to CapEx		 0.00% -3,269,666.67% -27,419.67% -2,781,300.00% 0.00% 1,801,400.00% -1,020,930.00% 124,500.00% -4,794.97% -22,168.98% -14,830.30%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.11 0.10 0.12 0.00 0.13 0.13 0.13 0.11 0.12
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,079 6.37 1,228 1,308 1,390 0.00 1,527 1,513 1,576 1,751 1,840
Invested Capital Turnover		 0.00 0.00 0.10 0.21 0.12 0.00 0.13 0.13 0.13 0.23 0.12
Increase / (Decrease) in Invested Capital		 1,079 6.37 0.00 1,308 311 -6.37 298 204 186 1,751 313
Enterprise Value (EV)		 1,172 389 1,110 1,251 1,489 0.00 1,634 1,783 1,856 1,925 2,040
Market Capitalization		 598 392 494 600 779 854 895 1,081 1,119 1,041 1,129
Book Value per Share		 $17.00 $0.00 $34.17 $17.32 $16.47 $0.00 $18.55 $17.25 $16.88 $17.41 $17.47
Tangible Book Value per Share		 $17.00 $0.00 $34.17 $17.32 $16.47 $0.00 $18.55 $17.25 $16.88 $17.41 $17.47
Total Capital		 1,079 -3.25 1,818 1,308 1,390 0.00 1,527 1,513 1,576 1,751 1,840
Total Debt		 603 -3.25 638 672 733 0.00 771 735 785 920 956
Total Long-Term Debt		 363 -3.25 403 477 483 0.00 506 506 507 612 613
Net Debt		 573 -3.25 616 651 710 0.00 739 702 738 884 911
Capital Expenditures (CapEx)		 0.00 0.00 0.12 0.00 0.00 0.00 0.01 0.03 0.50 0.75 0.40
Net Nonoperating Expense (NNE)		 4.99 16 0.00 0.74 4.57 5.38 16 15 8.48 14 10
Net Nonoperating Obligations (NNO)		 603 6.37 47 672 733 0.00 771 735 785 920 956
Total Depreciation and Amortization (D&A)		 -0.29 -0.39 -0.22 -0.39 -0.29 -0.10 -0.08 -0.25 -0.24 -0.05 -0.25
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.52 $0.62 $0.00 $0.65 $0.69 $0.70 $0.66 $0.63 $0.66 $0.63 $0.54
Adjusted Weighted Average Basic Shares Outstanding		 27.99M 31.38M 30.02M 37.60M 39.70M 41.51M 40.73M 45.67M 47.24M 48.32M 47.45M
Adjusted Diluted Earnings per Share		 $0.52 $0.62 $0.00 $0.65 $0.69 $0.70 $0.00 $0.63 $0.66 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 27.99M 31.38M 30.02M 37.60M 39.70M 41.51M 40.73M 45.67M 47.24M 54.12M 51.19M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 29.52M 34.56M 0.00 39.94M 39.95M 42.98M 45.05M 46.87M 47.69M 50.58M 53.71M
Normalized Net Operating Profit after Tax (NOPAT)		 21 19 0.00 34 18 29 29 40 21 30 28
Normalized NOPAT Margin		 77.75% 56.86% 0.00% 84.40% 43.22% 59.42% 63.31% 78.55% 43.14% 58.33% 53.13%
Pre Tax Income Margin		 55.89% 57.01% 0.00% 61.95% 61.74% 61.29% 64.11% 60.92% 61.62% 59.04% 54.31%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 142.30% 130.08% 108.37% 123.43% 148.78% 156.46% 180.48% 177.56%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 142.30% 130.08% 108.37% 123.43% 148.78% 156.46% 180.48% 177.56%

Key Financial Trends

Capital Southwest (NASDAQ: CSWC) has demonstrated steady financial performance over the past several years, with particular strength in its interest income generation and ability to maintain profitability. Here’s an analysis of key financial trends based on the past four years' quarterly statements ending in Q4 2025:

  • Consistent Increase in Total Interest Income: Interest income has steadily grown from approximately $17.7M in Q3 2022 to $48.6M in Q4 2025, indicating strong earnings from its core lending or investment activities.
  • Healthy Net Income Growth: Net income attributable to common shareholders increased from $2.5M in Q1 2023 to $17.2M in Q4 2025, reflecting improved profitability and operational efficiency.
  • Rising Earnings Per Share (EPS): Basic EPS rose from $0.49 in Q1 2023 to $0.54 in Q4 2025, showing that earnings growth is not diluted by outstanding shares increase significantly.
  • Strong Dividend Payments: The company consistently paid quarterly dividends, with dividends per share increasing from $0.50 (Q2 2023) to $0.63 by Q3-Q4 2025, highlighting a commitment to rewarding shareholders.
  • Growth in Common Equity: The total common equity increased from around $475.7M in Q2 2023 to $830.4M by Q3 2025, indicating a stronger balance sheet and enhanced shareholder value.
  • Substantial Non-Cash Adjustments in Operating Activities: Cash flow statements reveal significant negative non-cash adjustments (e.g., -$77.9M in Q4 2025, -$186M in Q3 2025) which require detailed understanding but do not necessarily impact cash profitability negatively.
  • Fluctuating Net Cash from Operating Activities: Operating cash flow showed volatility: positive $31.1M in Q1 2025, negative $165.8M in Q3 2025, and negative $58.7M in Q4 2025, which may require management scrutiny on working capital and operational efficiency.
  • Significant Debt Issuance and Repayments: The company actively manages debt, issuing large sums (up to $374.6M in Q3 2025) and repaying substantial amounts (e.g., $240.6M repaid in Q3 2025), reflecting efforts to optimize capital structure.
  • High Other Adjustments Impacting Net Income: Negative adjustments to consolidated net income, such as -$10.3M in Q4 2025 and -$13.7M in Q3 2025, reduce reported earnings and indicate potential non-recurring expenses or valuation changes.
  • Elevated Operating Expenses in Some Quarters: Total non-interest expenses reached $23.9M in Q4 2025 and peaked at $21.3M in Q3 2025, implying cost pressures that might affect margins if not controlled.

Summary: Capital Southwest has shown robust revenue and net income growth with increasing dividends and a strengthening equity base. However, the company exhibits volatility in operating cash flows and faces periodic large non-cash expenses and adjustments that impact reported earnings. Debt management appears active, which may present both financial flexibility and refinancing risks. Retail investors might view CSWC positively for income and growth potential but should monitor cash flow volatility and expense management going forward.

08/24/25 08:01 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Capital Southwest's Financials

When does Capital Southwest's fiscal year end?

According to the most recent income statement we have on file, Capital Southwest's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

How has Capital Southwest's net income changed over the last 4 years?

Capital Southwest's net income appears to be on an upward trend, with a most recent value of $70.55 million in 2025, rising from $50.88 million in 2021. The previous period was $83.39 million in 2024.

How has Capital Southwest's revenue changed over the last 4 years?

Over the last 4 years, Capital Southwest's total revenue changed from $68.06 million in 2021 to $204.44 million in 2025, a change of 200.4%.

How much debt does Capital Southwest have?

Capital Southwest's total liabilities were at $999.21 million at the end of 2025, a 24.7% increase from 2024, and a 80.7% increase since 2022.

How much cash does Capital Southwest have?

In the past 3 years, Capital Southwest's cash and equivalents has ranged from $11.43 million in 2022 to $43.22 million in 2025, and is currently $43.22 million as of their latest financial filing in 2025.

How has Capital Southwest's book value per share changed over the last 4 years?

Over the last 4 years, Capital Southwest's book value per share changed from 0.00 in 2021 to 17.47 in 2025, a change of 1,746.9%.


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This page (NASDAQ:CSWCZ) was last updated on 8/24/2025 by MarketBeat.com Staff
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