Annual Income Statements for Bain Capital Specialty Finance
This table shows Bain Capital Specialty Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Bain Capital Specialty Finance
This table shows Bain Capital Specialty Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
62 |
-5.27 |
29 |
-38 |
-9.91 |
35 |
29 |
33 |
22 |
-34 |
24 |
| Consolidated Net Income / (Loss) |
|
74 |
-5.27 |
37 |
-38 |
-18 |
39 |
28 |
31 |
34 |
-34 |
19 |
| Net Income / (Loss) Continuing Operations |
|
65 |
-5.27 |
37 |
-38 |
-18 |
39 |
28 |
31 |
34 |
-34 |
19 |
| Total Pre-Tax Income |
|
65 |
-5.27 |
37 |
-38 |
-18 |
39 |
28 |
31 |
34 |
-34 |
19 |
| Total Revenue |
|
101 |
-2.85 |
53 |
-34 |
-28 |
62 |
49 |
52 |
53 |
-31 |
37 |
| Net Interest Income / (Expense) |
|
103 |
-20 |
38 |
-21 |
-77 |
38 |
37 |
37 |
35 |
-19 |
32 |
| Total Interest Income |
|
130 |
0.00 |
58 |
0.00 |
-58 |
56 |
55 |
55 |
56 |
0.00 |
54 |
| Investment Securities Interest Income |
|
- |
- |
58 |
- |
- |
56 |
55 |
55 |
56 |
- |
54 |
| Total Interest Expense |
|
27 |
20 |
20 |
21 |
19 |
18 |
18 |
18 |
21 |
19 |
22 |
| Long-Term Debt Interest Expense |
|
- |
20 |
20 |
21 |
19 |
18 |
18 |
18 |
21 |
19 |
22 |
| Total Non-Interest Income |
|
-1.99 |
17 |
16 |
-14 |
49 |
24 |
12 |
14 |
18 |
-12 |
5.02 |
| Other Service Charges |
|
2.61 |
5.25 |
1.92 |
1.01 |
2.38 |
5.26 |
3.14 |
5.70 |
4.50 |
2.88 |
4.16 |
| Net Realized & Unrealized Capital Gains on Investments |
|
-36 |
11 |
-2.03 |
-15 |
62 |
5.17 |
-5.45 |
-2.89 |
0.47 |
-15 |
-12 |
| Other Non-Interest Income |
|
- |
- |
16 |
- |
- |
14 |
14 |
11 |
13 |
- |
13 |
| Total Non-Interest Expense |
|
34 |
2.41 |
16 |
3.18 |
-11 |
22 |
22 |
20 |
19 |
3.46 |
19 |
| Insurance Policy Acquisition Costs |
|
- |
- |
4.01 |
- |
- |
9.23 |
7.92 |
7.02 |
4.70 |
- |
5.45 |
| Other Operating Expenses |
|
30 |
2.41 |
12 |
3.18 |
-6.67 |
13 |
14 |
13 |
14 |
3.46 |
13 |
| Basic Earnings per Share |
|
$0.67 |
$0.45 |
$0.45 |
$0.52 |
$0.49 |
$0.55 |
$0.45 |
$0.51 |
$0.34 |
$0.44 |
$0.37 |
| Weighted Average Basic Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.68M |
64.87M |
| Diluted Earnings per Share |
|
- |
$0.45 |
$0.45 |
$0.52 |
$0.49 |
$0.55 |
$0.45 |
$0.51 |
$0.34 |
$0.44 |
$0.37 |
| Weighted Average Diluted Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.68M |
64.87M |
| Basic & Diluted Earnings per Share |
|
- |
- |
- |
- |
- |
- |
$0.51 |
- |
- |
- |
$0.47 |
| Weighted Average Basic & Diluted Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.61M |
64.87M |
64.87M |
Annual Cash Flow Statements for Bain Capital Specialty Finance
This table details how cash moves in and out of Bain Capital Specialty Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
| Metric |
|
2020 |
2021 |
2022 |
2023 |
2024 |
| Net Change in Cash & Equivalents |
|
13 |
127 |
-79 |
-12 |
-13 |
| Net Cash From Operating Activities |
|
89 |
266 |
-317 |
219 |
-27 |
| Net Cash From Continuing Operating Activities |
|
89 |
266 |
-317 |
218 |
-27 |
| Net Income / (Loss) Continuing Operations |
|
8.28 |
120 |
105 |
123 |
119 |
| Consolidated Net Income / (Loss) |
|
8.28 |
120 |
105 |
123 |
119 |
| Amortization Expense |
|
-3.23 |
0.06 |
-1.04 |
-1.76 |
-1.13 |
| Non-Cash Adjustments to Reconcile Net Income |
|
78 |
167 |
-393 |
110 |
-125 |
| Changes in Operating Assets and Liabilities, net |
|
-22 |
-21 |
-28 |
-14 |
-21 |
| Net Cash From Investing Activities |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Cash From Continuing Investing Activities |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Cash From Financing Activities |
|
-77 |
-139 |
238 |
-231 |
14 |
| Net Cash From Continuing Financing Activities |
|
-77 |
-139 |
238 |
-231 |
14 |
| Issuance of Debt |
|
597 |
1,425 |
793 |
348 |
867 |
| Repayment of Debt |
|
-716 |
-1,476 |
-467 |
-480 |
-738 |
| Payment of Dividends |
|
-86 |
-88 |
-88 |
-99 |
-114 |
| Cash Interest Paid |
|
68 |
47 |
43 |
75 |
70 |
| Cash Income Taxes Paid |
|
0.00 |
0.24 |
0.13 |
1.22 |
2.25 |
Quarterly Cash Flow Statements for Bain Capital Specialty Finance
This table details how cash moves in and out of Bain Capital Specialty Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Change in Cash & Equivalents |
|
66 |
-44 |
48 |
-22 |
6.57 |
10 |
-24 |
-39 |
40 |
-5.29 |
78 |
| Net Cash From Operating Activities |
|
63 |
-43 |
-8.77 |
122 |
149 |
-64 |
192 |
-136 |
-20 |
-7.27 |
0.65 |
| Net Cash From Continuing Operating Activities |
|
63 |
-43 |
-8.77 |
122 |
148 |
-64 |
193 |
-136 |
-20 |
-7.27 |
0.65 |
| Net Income / (Loss) Continuing Operations |
|
44 |
29 |
29 |
34 |
31 |
35 |
29 |
33 |
22 |
29 |
24 |
| Consolidated Net Income / (Loss) |
|
44 |
29 |
29 |
34 |
31 |
35 |
29 |
33 |
22 |
29 |
24 |
| Amortization Expense |
|
-0.30 |
-0.90 |
-0.49 |
-0.37 |
-0.01 |
-0.58 |
-0.09 |
-0.03 |
-0.43 |
-0.41 |
0.05 |
| Non-Cash Adjustments to Reconcile Net Income |
|
36 |
-72 |
-27 |
90 |
119 |
-102 |
174 |
-161 |
-34 |
-49 |
-6.65 |
| Changes in Operating Assets and Liabilities, net |
|
-16 |
0.63 |
-10 |
-1.09 |
-2.76 |
3.49 |
-11 |
-7.48 |
-7.87 |
14 |
-16 |
| Net Cash From Financing Activities |
|
2.79 |
-1.24 |
56 |
-145 |
-142 |
74 |
-217 |
97 |
60 |
1.98 |
78 |
| Net Cash From Continuing Financing Activities |
|
2.79 |
-1.24 |
56 |
-145 |
-142 |
74 |
-217 |
97 |
60 |
1.98 |
78 |
| Issuance of Debt |
|
65 |
155 |
153 |
20 |
20 |
198 |
99 |
268 |
302 |
459 |
300 |
| Repayment of Debt |
|
-40 |
-133 |
-72 |
-140 |
-135 |
-97 |
-286 |
-142 |
-213 |
-404 |
-193 |
| Payment of Dividends |
|
-22 |
-23 |
-25 |
-25 |
-27 |
-27 |
-29 |
-29 |
-29 |
-58 |
-29 |
| Cash Interest Paid |
|
13 |
17 |
18 |
21 |
20 |
18 |
18 |
16 |
19 |
20 |
18 |
Annual Balance Sheets for Bain Capital Specialty Finance
This table presents Bain Capital Specialty Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
2021 |
2022 |
2023 |
2024 |
| Total Assets |
2,571 |
2,592 |
2,472 |
2,632 |
| Cash and Due from Banks |
117 |
30 |
43 |
52 |
| Restricted Cash |
86 |
66 |
63 |
46 |
| Trading Account Securities |
5.32 |
0.06 |
0.00 |
2,436 |
| Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
0.00 |
| Other Assets |
77 |
100 |
2,351 |
83 |
| Total Liabilities & Shareholders' Equity |
2,571 |
2,592 |
2,472 |
2,632 |
| Total Liabilities |
1,471 |
1,476 |
1,336 |
1,492 |
| Accrued Interest Payable |
7.06 |
12 |
13 |
14 |
| Other Short-Term Payables |
- |
- |
- |
15 |
| Long-Term Debt |
1,415 |
1,385 |
1,256 |
1,390 |
| Other Long-Term Liabilities |
49 |
79 |
48 |
60 |
| Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
1,100 |
1,116 |
1,136 |
1,140 |
| Total Preferred & Common Equity |
1,100 |
1,116 |
1,136 |
1,140 |
| Total Common Equity |
1,168 |
1,116 |
1,136 |
1,140 |
| Common Stock |
1,168 |
1,168 |
1,168 |
1,160 |
| Retained Earnings |
- |
-52 |
-32 |
-20 |
Quarterly Balance Sheets for Bain Capital Specialty Finance
This table presents Bain Capital Specialty Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
| Total Assets |
|
4.53 |
2,606 |
2,675 |
2,566 |
2,580 |
2,415 |
2,544 |
2,642 |
2,774 |
| Cash and Due from Banks |
|
- |
23 |
88 |
65 |
47 |
18 |
25 |
10 |
28 |
| Restricted Cash |
|
- |
51 |
36 |
26 |
74 |
67 |
29 |
56 |
137 |
| Trading Account Securities |
|
- |
1.11 |
0.06 |
5.85 |
0.92 |
0.65 |
- |
1.47 |
0.00 |
| Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Deferred Acquisition Cost |
|
- |
3.51 |
3.28 |
3.04 |
2.57 |
5.12 |
4.86 |
4.33 |
4.07 |
| Other Assets |
|
4.53 |
125 |
161 |
2,443 |
2,449 |
91 |
77 |
2,509 |
105 |
| Total Liabilities & Shareholders' Equity |
|
0.00 |
2,606 |
2,675 |
2,566 |
2,580 |
2,415 |
2,544 |
2,642 |
2,774 |
| Total Liabilities |
|
0.00 |
1,485 |
1,550 |
1,434 |
1,438 |
1,272 |
1,397 |
1,498 |
1,635 |
| Accrued Interest Payable |
|
- |
14 |
16 |
15 |
13 |
12 |
13 |
12 |
14 |
| Long-Term Debt |
|
- |
1,408 |
1,490 |
1,370 |
1,358 |
1,174 |
1,301 |
1,451 |
1,563 |
| Other Long-Term Liabilities |
|
- |
63 |
44 |
42 |
49 |
87 |
83 |
25 |
59 |
| Commitments & Contingencies |
|
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
0.00 |
1,168 |
1,126 |
1,133 |
1,143 |
1,143 |
1,147 |
1,145 |
1,139 |
| Total Preferred & Common Equity |
|
0.00 |
1,121 |
1,126 |
1,133 |
1,143 |
1,143 |
1,147 |
1,145 |
1,139 |
| Total Common Equity |
|
0.00 |
1,168 |
1,126 |
1,133 |
1,143 |
1,143 |
1,147 |
1,145 |
1,139 |
| Common Stock |
|
- |
1,168 |
1,168 |
1,168 |
1,165 |
1,165 |
1,165 |
1,164 |
1,164 |
| Retained Earnings |
|
- |
- |
-43 |
-36 |
-23 |
-23 |
-19 |
-20 |
-25 |
Annual Metrics And Ratios for Bain Capital Specialty Finance
This table displays calculated financial ratios and metrics derived from Bain Capital Specialty Finance's official financial filings.
| Metric |
|
2020 |
2021 |
2022 |
2023 |
2024 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
| Revenue Growth |
|
0.00% |
481.63% |
13.00% |
-106.66% |
1,854.77% |
| EBITDA Growth |
|
0.00% |
563.96% |
13.26% |
-121.30% |
617.59% |
| EBIT Growth |
|
0.00% |
321.00% |
14.31% |
-119.64% |
661.08% |
| NOPAT Growth |
|
0.00% |
415.72% |
14.31% |
-113.75% |
901.54% |
| Net Income Growth |
|
0.00% |
321.00% |
14.31% |
-119.64% |
661.08% |
| EPS Growth |
|
0.00% |
1,228.57% |
-12.37% |
17.18% |
-3.14% |
| Operating Cash Flow Growth |
|
0.00% |
196.98% |
-219.31% |
169.21% |
-112.36% |
| Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
105.52% |
-30.24% |
-105.97% |
| Invested Capital Growth |
|
0.00% |
0.00% |
-0.53% |
-4.37% |
5.75% |
| Revenue Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-110.47% |
60.59% |
| EBITDA Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-142.75% |
64.46% |
| EBIT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-138.44% |
64.43% |
| NOPAT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-127.93% |
64.43% |
| Net Income Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-134.37% |
64.43% |
| EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-7.50% |
| Operating Cash Flow Q/Q Growth |
|
0.00% |
0.00% |
-1.95% |
64.08% |
-119.14% |
| Free Cash Flow Firm Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-104.08% |
| Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-4.41% |
3.38% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
| EBITDA Margin |
|
0.00% |
64.28% |
64.42% |
0.00% |
60.79% |
| EBIT Margin |
|
0.00% |
64.24% |
64.99% |
0.00% |
61.31% |
| Profit (Net Income) Margin |
|
0.00% |
64.24% |
64.99% |
0.00% |
61.31% |
| Tax Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Effective Tax Rate |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Return on Invested Capital (ROIC) |
|
0.00% |
8.33% |
4.77% |
0.00% |
5.36% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
8.33% |
4.77% |
0.00% |
5.36% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
10.72% |
6.03% |
0.00% |
6.24% |
| Return on Equity (ROE) |
|
0.00% |
19.05% |
10.81% |
-2.09% |
11.60% |
| Cash Return on Invested Capital (CROIC) |
|
0.00% |
-191.67% |
5.30% |
3.79% |
-0.23% |
| Operating Return on Assets (OROA) |
|
0.00% |
4.07% |
4.64% |
0.00% |
5.17% |
| Return on Assets (ROA) |
|
0.00% |
4.07% |
4.64% |
0.00% |
5.17% |
| Return on Common Equity (ROCE) |
|
0.00% |
20.23% |
11.14% |
-2.09% |
11.60% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
9.52% |
10.73% |
-2.07% |
11.58% |
| Net Operating Profit after Tax (NOPAT) |
|
-33 |
105 |
120 |
-16 |
132 |
| NOPAT Margin |
|
0.00% |
64.24% |
64.99% |
0.00% |
61.31% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.53% |
0.00% |
| SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Operating Expenses to Revenue |
|
0.00% |
35.76% |
35.01% |
0.00% |
38.69% |
| Earnings before Interest and Taxes (EBIT) |
|
-47 |
105 |
120 |
-24 |
132 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
-23 |
105 |
119 |
-25 |
131 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.00 |
0.54 |
0.75 |
0.97 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.54 |
0.75 |
0.97 |
| Price to Revenue (P/Rev) |
|
0.00 |
0.00 |
3.25 |
0.00 |
5.11 |
| Price to Earnings (P/E) |
|
0.00 |
0.00 |
5.68 |
0.00 |
9.22 |
| Dividend Yield |
|
18.31% |
12.71% |
14.88% |
12.15% |
8.09% |
| Earnings Yield |
|
0.00% |
0.00% |
17.62% |
0.00% |
10.85% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.75 |
0.84 |
0.95 |
| Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
10.24 |
0.00 |
11.12 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
15.90 |
0.00 |
18.29 |
| Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
15.76 |
0.00 |
18.13 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
15.76 |
0.00 |
18.13 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
9.12 |
0.00 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
14.19 |
21.54 |
0.00 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.00 |
1.29 |
1.24 |
1.11 |
1.22 |
| Long-Term Debt to Equity |
|
0.00 |
1.29 |
1.24 |
1.11 |
1.22 |
| Financial Leverage |
|
0.00 |
1.29 |
1.26 |
1.17 |
1.16 |
| Leverage Ratio |
|
0.00 |
2.34 |
2.33 |
2.25 |
2.24 |
| Compound Leverage Factor |
|
0.00 |
2.34 |
2.33 |
2.25 |
2.24 |
| Debt to Total Capital |
|
0.00% |
56.26% |
55.37% |
52.50% |
54.95% |
| Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Long-Term Debt to Total Capital |
|
0.00% |
56.26% |
55.37% |
52.50% |
54.95% |
| Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
-2.72% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
0.00% |
46.46% |
44.63% |
47.50% |
45.05% |
| Debt to EBITDA |
|
0.00 |
13.50 |
11.67 |
-49.67 |
10.62 |
| Net Debt to EBITDA |
|
0.00 |
11.56 |
10.86 |
-45.47 |
9.88 |
| Long-Term Debt to EBITDA |
|
0.00 |
13.50 |
11.67 |
-49.67 |
10.62 |
| Debt to NOPAT |
|
0.00 |
13.51 |
11.57 |
-76.26 |
10.53 |
| Net Debt to NOPAT |
|
0.00 |
11.56 |
10.76 |
-69.82 |
9.80 |
| Long-Term Debt to NOPAT |
|
0.00 |
13.51 |
11.57 |
-76.26 |
10.53 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
-6.22% |
-3.09% |
0.00% |
0.00% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
0.00 |
-2,410 |
133 |
93 |
-5.54 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-46.94 |
2.54 |
1.16 |
-0.07 |
| Operating Cash Flow to Interest Expense |
|
1.41 |
5.17 |
-6.06 |
2.74 |
-0.36 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
1.41 |
5.17 |
-6.06 |
2.74 |
-0.36 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.00 |
0.06 |
0.07 |
0.00 |
0.08 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
| Invested Capital |
|
0.00 |
2,515 |
2,502 |
2,392 |
2,530 |
| Invested Capital Turnover |
|
0.00 |
0.13 |
0.07 |
0.00 |
0.09 |
| Increase / (Decrease) in Invested Capital |
|
0.00 |
2,515 |
-13 |
-109 |
138 |
| Enterprise Value (EV) |
|
0.00 |
0.00 |
1,888 |
2,000 |
2,394 |
| Market Capitalization |
|
0.00 |
0.00 |
599 |
850 |
1,101 |
| Book Value per Share |
|
$0.00 |
$18.10 |
$17.29 |
$17.60 |
$17.65 |
| Tangible Book Value per Share |
|
$0.00 |
$18.10 |
$17.29 |
$17.60 |
$17.65 |
| Total Capital |
|
0.00 |
2,515 |
2,502 |
2,392 |
2,530 |
| Total Debt |
|
0.00 |
1,415 |
1,385 |
1,256 |
1,390 |
| Total Long-Term Debt |
|
0.00 |
1,415 |
1,385 |
1,256 |
1,390 |
| Net Debt |
|
0.00 |
1,211 |
1,289 |
1,150 |
1,293 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
14 |
0.00 |
0.00 |
7.06 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
0.00 |
1,415 |
1,385 |
1,256 |
1,390 |
| Total Depreciation and Amortization (D&A) |
|
25 |
0.06 |
-1.04 |
-1.76 |
-1.13 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$1.63 |
$1.91 |
$1.85 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
64.56M |
64.56M |
64.56M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$1.63 |
$1.91 |
$1.85 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
64.56M |
64.56M |
64.56M |
| 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 |
64.56M |
64.56M |
64.61M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
-33 |
73 |
84 |
-16 |
92 |
| Normalized NOPAT Margin |
|
0.00% |
44.97% |
45.49% |
0.00% |
42.92% |
| Pre Tax Income Margin |
|
0.00% |
64.24% |
64.99% |
0.00% |
61.31% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
-0.75 |
2.04 |
2.29 |
-0.29 |
1.77 |
| NOPAT to Interest Expense |
|
-0.52 |
2.04 |
2.29 |
-0.21 |
1.77 |
| EBIT Less CapEx to Interest Expense |
|
-0.75 |
2.04 |
2.29 |
-0.29 |
1.77 |
| NOPAT Less CapEx to Interest Expense |
|
-0.52 |
2.04 |
2.29 |
-0.21 |
1.77 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
-181.94% |
83.81% |
73.32% |
-422.60% |
86.57% |
| Augmented Payout Ratio |
|
-181.94% |
83.81% |
73.32% |
-422.60% |
86.57% |
Quarterly Metrics And Ratios for Bain Capital Specialty Finance
This table displays calculated financial ratios and metrics derived from Bain Capital Specialty Finance's official financial filings.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
0.00% |
-119.86% |
6.58% |
-282.04% |
-127.99% |
2,261.24% |
-7.60% |
250.07% |
287.08% |
-149.90% |
-23.74% |
| EBITDA Growth |
|
0.00% |
-151.19% |
49.83% |
-343.27% |
-126.38% |
725.68% |
-24.26% |
182.02% |
291.05% |
-189.79% |
-31.26% |
| EBIT Growth |
|
0.00% |
-141.96% |
50.72% |
-340.19% |
-126.25% |
843.10% |
-25.00% |
182.91% |
293.55% |
-187.43% |
-31.67% |
| NOPAT Growth |
|
0.00% |
-129.37% |
38.07% |
-268.14% |
-119.01% |
1,161.57% |
-25.00% |
218.44% |
376.50% |
-161.20% |
-31.67% |
| Net Income Growth |
|
0.00% |
-141.96% |
114.09% |
-340.19% |
-123.70% |
843.10% |
-25.00% |
182.91% |
293.55% |
-187.43% |
-31.67% |
| EPS Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
22.22% |
0.00% |
-1.92% |
-30.61% |
-20.00% |
-17.78% |
| Operating Cash Flow Growth |
|
-8.75% |
57.78% |
95.08% |
222.69% |
135.81% |
-48.26% |
2,293.15% |
-211.07% |
-113.44% |
88.59% |
-99.66% |
| Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
0.00% |
-22,845.60% |
0.00% |
102.69% |
112.66% |
103.43% |
-206.68% |
-275.51% |
-212.17% |
| Invested Capital Growth |
|
0.00% |
0.00% |
0.00% |
55,210.25% |
-4.37% |
-1.15% |
-11.43% |
-2.22% |
5.75% |
3.82% |
16.63% |
| Revenue Q/Q Growth |
|
435.79% |
-102.82% |
1,967.06% |
-164.54% |
17.63% |
317.76% |
-20.17% |
4.81% |
2.68% |
-158.09% |
221.88% |
| EBITDA Q/Q Growth |
|
328.84% |
-109.22% |
690.83% |
-204.12% |
53.50% |
318.71% |
-28.48% |
12.76% |
8.32% |
-202.79% |
154.68% |
| EBIT Q/Q Growth |
|
329.56% |
-107.84% |
800.59% |
-201.74% |
53.05% |
322.04% |
-29.29% |
12.48% |
9.61% |
-200.30% |
155.18% |
| NOPAT Q/Q Growth |
|
315.22% |
-105.68% |
1,100.84% |
-171.22% |
53.05% |
417.20% |
-29.29% |
12.48% |
9.61% |
-170.21% |
178.82% |
| Net Income Q/Q Growth |
|
375.93% |
-107.08% |
800.59% |
-201.74% |
53.05% |
322.04% |
-29.29% |
12.48% |
9.61% |
-200.30% |
155.18% |
| EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
15.56% |
-5.77% |
12.24% |
-18.18% |
13.33% |
-33.33% |
29.41% |
-15.91% |
| Operating Cash Flow Q/Q Growth |
|
163.25% |
-168.13% |
79.58% |
1,494.01% |
21.56% |
-142.83% |
402.14% |
-170.60% |
85.29% |
63.63% |
108.89% |
| Free Cash Flow Firm Q/Q Growth |
|
-100.00% |
0.00% |
-1.81% |
2.09% |
103.84% |
-29.74% |
379.39% |
-73.45% |
-219.30% |
-15.58% |
-206.34% |
| Invested Capital Q/Q Growth |
|
55,186.06% |
1.10% |
3.41% |
-4.31% |
-4.41% |
4.50% |
-7.34% |
5.64% |
3.38% |
2.60% |
4.08% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
66.08% |
0.00% |
68.38% |
0.00% |
0.00% |
62.56% |
56.05% |
60.30% |
63.61% |
0.00% |
50.50% |
| EBIT Margin |
|
66.38% |
0.00% |
69.30% |
0.00% |
0.00% |
63.50% |
56.24% |
60.35% |
64.42% |
0.00% |
50.36% |
| Profit (Net Income) Margin |
|
73.54% |
0.00% |
69.30% |
0.00% |
0.00% |
63.50% |
56.24% |
60.35% |
64.42% |
0.00% |
50.36% |
| Tax Burden Percent |
|
114.62% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Interest Burden Percent |
|
96.66% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Effective Tax Rate |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Return on Invested Capital (ROIC) |
|
4.73% |
0.00% |
9.03% |
0.00% |
0.00% |
1.32% |
1.10% |
3.27% |
5.64% |
0.00% |
2.23% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
5.41% |
0.00% |
9.03% |
0.00% |
0.00% |
1.32% |
1.10% |
3.27% |
5.64% |
0.00% |
2.23% |
| Return on Net Nonoperating Assets (RNNOA) |
|
6.71% |
0.00% |
11.94% |
0.00% |
0.00% |
1.55% |
1.29% |
3.83% |
6.55% |
0.00% |
2.68% |
| Return on Equity (ROE) |
|
11.44% |
0.00% |
20.97% |
0.00% |
-2.09% |
2.87% |
2.39% |
7.10% |
12.19% |
0.00% |
4.91% |
| Cash Return on Invested Capital (CROIC) |
|
5.32% |
0.00% |
0.00% |
0.00% |
3.79% |
1.98% |
12.59% |
5.49% |
-0.23% |
-1.45% |
-13.36% |
| Operating Return on Assets (OROA) |
|
4.74% |
0.00% |
4.41% |
0.00% |
0.00% |
1.28% |
1.06% |
3.17% |
5.43% |
0.00% |
2.16% |
| Return on Assets (ROA) |
|
5.25% |
0.00% |
4.41% |
0.00% |
0.00% |
1.28% |
1.06% |
3.17% |
5.43% |
0.00% |
2.16% |
| Return on Common Equity (ROCE) |
|
11.79% |
0.00% |
20.97% |
0.00% |
-2.09% |
2.87% |
2.39% |
7.10% |
12.19% |
0.00% |
4.91% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
9.09% |
10.80% |
6.04% |
0.00% |
1.83% |
1.02% |
7.00% |
0.00% |
5.13% |
4.38% |
| Net Operating Profit after Tax (NOPAT) |
|
65 |
-3.69 |
37 |
-26 |
-12 |
39 |
28 |
31 |
34 |
-24 |
19 |
| NOPAT Margin |
|
64.16% |
0.00% |
69.30% |
0.00% |
0.00% |
63.50% |
56.24% |
60.35% |
64.42% |
0.00% |
50.36% |
| Net Nonoperating Expense Percent (NNEP) |
|
-0.68% |
0.23% |
0.00% |
1.64% |
0.40% |
0.00% |
0.00% |
0.00% |
0.00% |
0.73% |
0.00% |
| SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Operating Expenses to Revenue |
|
33.62% |
0.00% |
30.70% |
0.00% |
0.00% |
36.50% |
43.76% |
39.65% |
35.58% |
0.00% |
49.64% |
| Earnings before Interest and Taxes (EBIT) |
|
67 |
-5.27 |
37 |
-38 |
-18 |
39 |
28 |
31 |
34 |
-34 |
19 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
67 |
-6.16 |
36 |
-38 |
-18 |
39 |
28 |
31 |
34 |
-35 |
19 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.54 |
0.53 |
0.64 |
0.74 |
0.75 |
0.80 |
0.85 |
0.89 |
0.97 |
0.94 |
0.86 |
| Price to Tangible Book Value (P/TBV) |
|
0.54 |
0.53 |
0.64 |
0.74 |
0.75 |
0.80 |
0.85 |
0.89 |
0.97 |
0.94 |
0.86 |
| Price to Revenue (P/Rev) |
|
3.25 |
3.71 |
4.24 |
7.17 |
0.00 |
17.43 |
20.20 |
7.58 |
5.11 |
8.73 |
8.77 |
| Price to Earnings (P/E) |
|
5.68 |
7.06 |
7.09 |
17.26 |
0.00 |
54.06 |
58.06 |
11.63 |
9.22 |
21.40 |
21.80 |
| Dividend Yield |
|
14.88% |
14.81% |
13.06% |
11.83% |
12.15% |
8.87% |
8.76% |
8.57% |
8.09% |
11.02% |
14.96% |
| Earnings Yield |
|
17.62% |
14.16% |
14.11% |
5.80% |
0.00% |
1.85% |
1.72% |
8.59% |
10.85% |
4.67% |
4.59% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.75 |
0.77 |
0.80 |
0.85 |
0.84 |
0.86 |
0.89 |
0.92 |
0.95 |
0.95 |
0.88 |
| Enterprise Value to Revenue (EV/Rev) |
|
10.24 |
11.69 |
12.25 |
18.09 |
0.00 |
41.14 |
42.80 |
16.88 |
11.12 |
20.00 |
21.33 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
15.90 |
19.42 |
18.53 |
35.83 |
0.00 |
110.55 |
194.62 |
28.43 |
18.29 |
42.59 |
48.33 |
| Enterprise Value to EBIT (EV/EBIT) |
|
15.76 |
19.15 |
18.25 |
34.63 |
0.00 |
102.93 |
177.10 |
28.18 |
18.13 |
41.89 |
47.54 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
15.76 |
19.15 |
18.62 |
35.94 |
0.00 |
102.93 |
177.10 |
28.18 |
18.13 |
41.89 |
47.54 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
15.86 |
9.12 |
10.82 |
5.16 |
15.98 |
0.00 |
83.83 |
0.00 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
21.54 |
43.07 |
6.64 |
16.65 |
0.00 |
0.00 |
0.00 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
1.24 |
1.21 |
1.32 |
1.21 |
1.11 |
1.19 |
1.03 |
1.13 |
1.22 |
1.27 |
1.37 |
| Long-Term Debt to Equity |
|
1.24 |
1.21 |
1.32 |
1.21 |
1.11 |
1.19 |
1.03 |
1.13 |
1.22 |
1.27 |
1.37 |
| Financial Leverage |
|
1.24 |
1.16 |
1.32 |
1.21 |
1.17 |
1.18 |
1.17 |
1.17 |
1.16 |
1.23 |
1.20 |
| Leverage Ratio |
|
2.33 |
2.23 |
2.38 |
2.27 |
2.25 |
2.24 |
2.24 |
2.24 |
2.24 |
2.28 |
2.27 |
| Compound Leverage Factor |
|
2.25 |
2.23 |
2.38 |
2.27 |
2.25 |
2.24 |
2.24 |
2.24 |
2.24 |
2.28 |
2.27 |
| Debt to Total Capital |
|
55.37% |
54.65% |
56.96% |
54.75% |
52.50% |
54.30% |
50.68% |
53.15% |
54.95% |
55.91% |
57.84% |
| Short-Term Debt 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% |
| Long-Term Debt to Total Capital |
|
55.37% |
54.65% |
56.96% |
54.75% |
52.50% |
54.30% |
50.68% |
53.15% |
54.95% |
55.91% |
57.84% |
| 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 |
|
44.63% |
45.35% |
43.04% |
45.25% |
47.50% |
45.70% |
49.32% |
46.85% |
45.05% |
44.09% |
42.16% |
| Debt to EBITDA |
|
11.67 |
14.01 |
13.23 |
23.16 |
-49.67 |
69.90 |
110.84 |
16.34 |
10.62 |
25.14 |
31.82 |
| Net Debt to EBITDA |
|
10.86 |
13.26 |
12.12 |
21.62 |
-45.47 |
63.70 |
102.78 |
15.66 |
9.88 |
24.00 |
28.46 |
| Long-Term Debt to EBITDA |
|
11.67 |
14.01 |
13.23 |
23.16 |
-49.67 |
69.90 |
110.84 |
16.34 |
10.62 |
25.14 |
31.82 |
| Debt to NOPAT |
|
11.57 |
13.81 |
13.29 |
23.24 |
-76.26 |
65.07 |
100.86 |
16.20 |
10.53 |
24.73 |
31.30 |
| Net Debt to NOPAT |
|
10.76 |
13.08 |
12.18 |
21.69 |
-69.82 |
59.31 |
93.52 |
15.52 |
9.80 |
23.61 |
28.00 |
| Long-Term Debt to NOPAT |
|
11.57 |
13.81 |
13.29 |
23.24 |
-76.26 |
65.07 |
100.86 |
16.20 |
10.53 |
24.73 |
31.30 |
| Noncontrolling Interest Sharing Ratio |
|
-3.09% |
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) |
|
0.00 |
-2,533 |
-2,579 |
-2,525 |
97 |
68 |
327 |
87 |
-103 |
-120 |
-366 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-129.55 |
-126.03 |
-121.52 |
5.04 |
3.77 |
18.52 |
4.79 |
-4.95 |
-6.32 |
-16.82 |
| Operating Cash Flow to Interest Expense |
|
2.31 |
-2.20 |
-0.43 |
5.89 |
7.73 |
-3.53 |
10.91 |
-7.50 |
-0.96 |
-0.38 |
0.03 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
2.31 |
-2.20 |
-0.43 |
5.89 |
7.73 |
-3.53 |
10.91 |
-7.50 |
-0.96 |
-0.38 |
0.03 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.07 |
0.06 |
0.06 |
0.09 |
0.00 |
0.02 |
0.02 |
0.05 |
0.08 |
0.05 |
0.04 |
| 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 |
|
2,502 |
2,529 |
2,615 |
2,503 |
2,392 |
2,500 |
2,316 |
2,447 |
2,530 |
2,596 |
2,702 |
| Invested Capital Turnover |
|
0.07 |
0.13 |
0.13 |
0.09 |
0.00 |
0.02 |
0.02 |
0.05 |
0.09 |
0.05 |
0.04 |
| Increase / (Decrease) in Invested Capital |
|
0.00 |
2,529 |
2,615 |
2,498 |
-109 |
-29 |
-299 |
-56 |
138 |
96 |
385 |
| Enterprise Value (EV) |
|
1,888 |
1,953 |
2,087 |
2,119 |
2,000 |
2,147 |
2,061 |
2,263 |
2,394 |
2,458 |
2,373 |
| Market Capitalization |
|
599 |
619 |
722 |
840 |
850 |
910 |
973 |
1,017 |
1,101 |
1,073 |
976 |
| Book Value per Share |
|
$17.29 |
$18.10 |
$17.44 |
$17.54 |
$17.60 |
$17.70 |
$17.70 |
$17.76 |
$17.65 |
$17.71 |
$17.56 |
| Tangible Book Value per Share |
|
$17.29 |
$18.10 |
$17.44 |
$17.54 |
$17.60 |
$17.70 |
$17.70 |
$17.76 |
$17.65 |
$17.71 |
$17.56 |
| Total Capital |
|
2,502 |
2,576 |
2,615 |
2,503 |
2,392 |
2,500 |
2,316 |
2,447 |
2,530 |
2,596 |
2,702 |
| Total Debt |
|
1,385 |
1,408 |
1,490 |
1,370 |
1,256 |
1,358 |
1,174 |
1,301 |
1,390 |
1,451 |
1,563 |
| Total Long-Term Debt |
|
1,385 |
1,408 |
1,490 |
1,370 |
1,256 |
1,358 |
1,174 |
1,301 |
1,390 |
1,451 |
1,563 |
| Net Debt |
|
1,289 |
1,333 |
1,366 |
1,279 |
1,150 |
1,237 |
1,089 |
1,246 |
1,293 |
1,385 |
1,398 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
-9.49 |
1.58 |
0.00 |
11 |
5.29 |
0.00 |
0.00 |
0.00 |
0.00 |
10 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
1,385 |
1,361 |
1,490 |
1,370 |
1,256 |
1,358 |
1,174 |
1,301 |
1,390 |
1,451 |
1,563 |
| Total Depreciation and Amortization (D&A) |
|
-0.30 |
-0.90 |
-0.49 |
-0.37 |
-0.01 |
-0.58 |
-0.09 |
-0.03 |
-0.43 |
-0.41 |
0.05 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.67 |
$0.45 |
$0.45 |
$0.52 |
$0.49 |
$0.55 |
$0.45 |
$0.51 |
$0.34 |
$0.44 |
$0.37 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.68M |
64.87M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.49 |
$0.55 |
$0.45 |
$0.51 |
$0.34 |
$0.44 |
$0.37 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.68M |
64.87M |
| 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 |
$0.47 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.56M |
64.61M |
64.87M |
64.87M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
45 |
-3.69 |
26 |
-26 |
-12 |
27 |
19 |
22 |
24 |
-24 |
13 |
| Normalized NOPAT Margin |
|
44.91% |
0.00% |
48.51% |
0.00% |
0.00% |
44.45% |
39.37% |
42.25% |
45.10% |
0.00% |
35.25% |
| Pre Tax Income Margin |
|
64.16% |
0.00% |
69.30% |
0.00% |
0.00% |
63.50% |
56.24% |
60.35% |
64.42% |
0.00% |
50.36% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
2.46 |
-0.27 |
1.80 |
-1.81 |
-0.92 |
2.17 |
1.57 |
1.72 |
1.63 |
-1.81 |
0.87 |
| NOPAT to Interest Expense |
|
2.38 |
-0.19 |
1.80 |
-1.26 |
-0.64 |
2.17 |
1.57 |
1.72 |
1.63 |
-1.27 |
0.87 |
| EBIT Less CapEx to Interest Expense |
|
2.46 |
-0.27 |
1.80 |
-1.81 |
-0.92 |
2.17 |
1.57 |
1.72 |
1.63 |
-1.81 |
0.87 |
| NOPAT Less CapEx to Interest Expense |
|
2.38 |
-0.19 |
1.80 |
-1.26 |
-0.64 |
2.17 |
1.57 |
1.72 |
1.63 |
-1.27 |
0.87 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
73.32% |
87.39% |
75.39% |
137.70% |
-422.60% |
495.16% |
926.36% |
139.93% |
86.57% |
247.82% |
291.53% |
| Augmented Payout Ratio |
|
73.32% |
87.39% |
75.39% |
137.70% |
-422.60% |
495.16% |
926.36% |
139.93% |
86.57% |
247.82% |
291.53% |
Key Financial Trends
Bain Capital Specialty Finance (NYSE: BCSF) has demonstrated noteworthy financial trends over the past four years, through varying market conditions. Here are the key insights based on their quarterly financial statements from mid-2022 through Q2 2025:
- Consistent Revenue Generation: Net interest income has remained strong and positive in the last several quarters, with total interest income typically over $50 million and net interest income consistently positive since late 2023 and through mid-2025. This indicates solid interest earning assets and effective management of interest expenses.
- Improving Net Income: After several quarters of losses or lower earnings in early 2023 (Q1 and Q3 showed negative net income), the company improved significantly, reporting positive net income for most quarters in 2024 and continuing this in 2025. For example, Q2 2025 net income was $23.7 million compared to a loss in early 2023.
- Strong Operating Cash Flow in 2024 and 2025: Notably, operating cash flow turned positive and substantial in much of 2024 and continuing into 2025 after negative cash flow periods. For example, Q2 2024 saw $192 million in net cash from operating activities, and Q2 2025 maintained positive operating cash flow at $646,000, showing operational improvements.
- Substantial Dividend Payments: Bain Capital Specialty Finance paid dividends consistently each quarter, with payments in the $20-$29 million range. This signals ongoing shareholder returns and financial strength to sustain dividends even with shifts in net income.
- Capital Raising via Debt Issuance: Throughout these years, the company has actively managed its capital structure with significant debt issuances (e.g., $300 million issuance in Q2 2025, $459 million in Q1 2025). Efficient debt management supports liquidity and funding growth/investment strategies.
- Fluctuations in Non-Interest Income: The net realized and unrealized capital gains/losses have exhibited volatility, including negative values in some quarters (e.g., -$11.75 million in Q2 2025) and positive in others (e.g., $62 million in Q4 2023). This variability introduces earnings volatility but is typical for finance companies with investment portfolios.
- Stable Equity Base: Total common equity has remained relatively steady around $1.1 billion, showing limited dilution or capital changes despite changes in net income and liabilities.
- High Debt Levels: Long-term debt has ranged roughly between $1.15 billion and $1.56 billion from 2023 through mid-2025. While manageable currently, this represents a high leverage level that could increase interest obligations or risk if market conditions deteriorate.
- Negative Operating Cash Flow Periods in 2023: The company experienced several quarters in 2023 with significant negative operating cash flow (e.g., -$135 million in Q3 2023, -$42 million in Q1 2023), indicating operational challenges during that time.
- Volatile Earnings Per Share: Earnings per share have fluctuated widely, from losses per share in early 2023 to modest gains in 2024-2025. For example, EPS dropped to negative ($-0.44) in Q1 2025 but rebounded to $0.37 in Q2 2025. This volatility may affect investor confidence.
Summary: Bain Capital Specialty Finance shows a positive rebound in earnings and operating cash flows from mid-2023 onwards, supported by active debt issuance and consistent dividend payments. However, investors should be mindful of the high leverage, earnings volatility, and fluctuating capital gains, which could introduce risks moving forward.
10/24/25 08:11 PM ETAI Generated. May Contain Errors.