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Main Street Capital (MAIN) Financials

Main Street Capital logo
$58.45 -0.09 (-0.15%)
Closing price 08/26/2026 03:58 PM Eastern
Extended Trading
$58.48 +0.02 (+0.04%)
As of 06:38 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Main Street Capital

Annual Income Statements for Main Street Capital

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 29 331 242 428 508 493
Consolidated Net Income / (Loss)		 29 331 242 365 526 548
Net Income / (Loss) Continuing Operations		 29 331 242 49 201 208
Total Pre-Tax Income 		16 364 265 54 209 218
Total Revenue		 51 366 402 116 278 293
Net Interest Income / (Expense)		 173 230 377 -103 -123 -128
Total Interest Income		 223 289 377 -103 -123 -128
Investment Securities Interest Income		 223 289 377 -103 -123 -128
Total Interest Expense		 50 59 0.00 0.00 0.00 0.00
Total Non-Interest Income		 -122 136 25 219 401 421
Net Realized & Unrealized Capital Gains on Investments		 -122 136 25 219 401 421
Total Non-Interest Expense		 35 48 132 62 68 76
Salaries and Employee Benefits		 30 45 50 63 66 73
Other Operating Expenses		 5.27 2.22 81 -0.82 2.11 2.22
Income Tax Expense		 -14 33 23 5.09 7.81 9.97
Other Adjustments to Consolidated Net Income / (Loss)		 - - - 316 324 340
Basic Earnings per Share		 $2.10 $2.65 $3.29 $4.04 $3.93 $3.95
Weighted Average Basic Shares Outstanding		 65.71M 68.96M 74.48M 81.92M 86.81M 89.36M
Diluted Earnings per Share		 $2.10 $2.65 $3.29 $4.04 $3.93 $3.95
Weighted Average Diluted Shares Outstanding		 65.71M 68.96M 74.48M 81.92M 86.81M 89.36M
Basic & Diluted Earnings per Share		 - - - $5.23 $5.85 $5.52
Weighted Average Basic & Diluted Shares Outstanding		 - - 79.55M 84.98M 88.56M 90.10M
Cash Dividends to Common per Share		 - $2.48 $2.60 $3.70 $4.11 $4.23

Quarterly Income Statements for Main Street Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 139 107 103 124 174 120 123 124 127 52 148
Consolidated Net Income / (Loss)		 139 107 142 137 174 116 123 97 212 49 148
Net Income / (Loss) Continuing Operations		 139 107 58 62 174 120 123 17 -52 52 148
Total Pre-Tax Income 		138 118 61 64 171 120 123 19 -52 52 148
Total Revenue		 220 172 77 81 219 200 121 38 -70 90 164
Net Interest Income / (Expense)		 154 132 -29 -33 167 137 139 -32 -377 140 140
Total Interest Income		 129 132 -29 -33 140 137 139 -32 -377 140 140
Investment Securities Interest Income		 129 132 -29 -33 140 137 139 -32 -377 140 140
Total Interest Expense		 -25 0.00 0.00 0.00 -27 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 66 41 106 114 52 63 -18 70 307 -51 24
Net Realized & Unrealized Capital Gains on Investments		 66 41 106 114 52 63 -18 70 307 -51 24
Total Non-Interest Expense		 64 42 16 16 77 51 51 19 -41 56 50
Salaries and Employee Benefits		 16 16 16 17 17 16 18 19 20 18 20
Other Operating Expenses		 49 25 -0.24 -0.30 60 35 32 0.03 -61 37 30
Nonoperating Income / (Expense), net		 -17 -12 - - 29 -30 52 - - 18 33
Weighted Average Basic Shares Outstanding		 81.92M 85.14M 86.19M 87.46M 86.81M 88.71M 89.26M 89.63M 89.36M 90.65M 93.25M
Weighted Average Diluted Shares Outstanding		 81.92M 85.14M 86.19M 87.46M 86.81M 88.71M 89.26M 89.63M 89.36M 90.65M 93.25M
Weighted Average Basic & Diluted Shares Outstanding		 84.98M 85.72M 87.07M 88.18M 88.56M 89.03M 89.43M 89.59M 90.10M 92.99M 93.51M

Annual Cash Flow Statements for Main Street Capital

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -23 0.71 16 11 18 -36
Net Cash From Operating Activities		 -54 -515 -247 285 -87 -46
Net Cash From Continuing Operating Activities		 -54 -515 -247 285 -87 -46
Net Income / (Loss) Continuing Operations		 29 331 242 428 508 493
Consolidated Net Income / (Loss)		 29 331 242 428 508 493
Depreciation Expense		 5.62 -136 -25 -233 -138 -99
Amortization Expense		 2.51 3.00 2.86 3.33 5.16 6.52
Non-Cash Adjustments to Reconcile Net Income		 -98 -742 -456 80 -471 -444
Changes in Operating Assets and Liabilities, net		 5.99 28 -10 5.78 8.47 -2.74
Net Cash From Investing Activities		 0.00 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 0.00
Net Cash From Financing Activities		 31 516 263 -274 105 9.41
Net Cash From Continuing Financing Activities		 31 516 263 -274 105 9.41
Issuance of Debt		 564 1,680 1,132 526 2,734 1,749
Issuance of Common Equity		 84 99 266 204 123 32
Repayment of Debt		 -471 -1,097 -935 -726 -2,423 -1,422
Payment of Dividends		 -144 -161 -194 -272 -320 -339
Other Financing Activities, Net		 -1.89 -5.30 -4.94 -5.95 -7.34 -10
Cash Interest Paid		 46 51 74 99 113 115
Cash Income Taxes Paid		 3.14 2.23 6.60 8.44 8.26 21

Quarterly Cash Flow Statements for Main Street Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -17 55 -85 54 -6.17 31 -22 -56 11 -21 38
Net Cash From Operating Activities		 154 -118 -186 72 145 -20 103 91 -218 -139 117
Net Cash From Continuing Operating Activities		 154 -118 -186 72 145 -20 103 91 -218 -139 117
Net Income / (Loss) Continuing Operations		 139 107 103 124 174 116 123 124 131 49 148
Consolidated Net Income / (Loss)		 139 107 103 124 174 116 123 124 131 49 148
Depreciation Expense		 -66 -41 -23 -22 -52 -63 19 -63 8.34 51 -32
Amortization Expense		 0.91 1.07 1.22 1.40 1.47 1.47 1.63 1.78 1.63 1.62 1.41
Non-Cash Adjustments to Reconcile Net Income		 78 -182 -246 -71 27 -48 -53 20 -363 -203 -26
Changes in Operating Assets and Liabilities, net		 1.29 -3.96 -22 39 -5.21 -27 12 7.71 3.89 -37 25
Net Cash From Financing Activities		 -171 173 102 -18 -151 51 -125 -147 230 117 -79
Net Cash From Continuing Financing Activities		 -171 173 102 -18 -151 51 -125 -147 230 117 -79
Issuance of Debt		 140 892 1,153 406 283 273 334 657 485 731 492
Issuance of Common Equity		 39 5.70 42 66 8.96 5.20 11 6.86 8.79 134 19
Repayment of Debt		 -275 -646 -1,007 -409 -361 -143 -375 -725 -178 -660 -491
Payment of Dividends		 -75 -78 -79 -81 -82 -84 -84 -86 -86 -88 -90
Cash Interest Paid		 25 18 27 39 29 33 27 36 19 42 19
Cash Income Taxes Paid		 1.23 3.02 3.41 0.53 1.31 8.05 8.89 1.15 2.53 4.26 4.47

Annual Balance Sheets for Main Street Capital

This table presents Main Street Capital'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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,690 4,242 4,444 5,121 5,682
Cash and Due from Banks		 33 49 60 78 42
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 4.22 7.48 7.88 12 14
Other Assets		 96 87 89 5,031 5,626
Total Liabilities & Shareholders' Equity		 3,690 4,242 4,444 5,121 5,682
Total Liabilities		 1,901 2,133 1,966 2,324 2,688
Accrued Interest Payable		 15 17 17 23 30
Long-Term Debt		 1,796 1,999 1,802 2,122 2,458
Other Long-Term Liabilities		 90 118 147 178 200
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,789 2,109 2,477 2,798 2,994
Total Preferred & Common Equity		 1,789 2,109 2,477 2,798 2,994
Total Common Equity		 1,789 2,109 2,477 2,798 2,994
Common Stock		 1,737 2,031 2,271 2,395 2,459
Retained Earnings		 52 77 206 402 535

Quarterly Balance Sheets for Main Street Capital

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

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 4,293 4,420 4,468 4,759 4,957 5,095 5,273 5,288 5,283 5,828 5,941
Cash and Due from Banks		 40 71 77 115 30 84 109 87 31 21 58
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 7.48 7.10 6.75 7.36 9.73 13 12 15 14 13 15
Other Assets		 4,246 4,342 186 94 185 92 106 100 98 5,795 5,868
Total Liabilities & Shareholders' Equity		 4,293 4,420 4,468 4,759 4,957 5,095 5,273 5,288 5,283 5,828 5,941
Total Liabilities		 2,120 2,165 2,097 2,243 2,378 2,403 2,433 2,404 2,348 2,735 2,775
Accrued Interest Payable		 19 15 19 25 26 19 20 24 19 20 37
Long-Term Debt		 1,990 2,022 1,935 2,048 2,198 2,199 2,253 2,217 2,150 2,530 2,534
Other Long-Term Liabilities		 112 128 143 170 154 185 160 163 180 185 204
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,173 2,255 2,371 2,516 2,579 2,692 2,840 2,884 2,935 3,094 3,167
Total Preferred & Common Equity		 2,173 2,255 2,371 2,516 2,579 2,692 2,840 2,884 2,935 3,094 3,167
Total Common Equity		 2,173 2,255 2,371 2,516 2,579 2,692 2,840 2,884 2,935 3,094 3,167
Common Stock		 2,084 2,133 2,226 2,290 2,339 2,419 2,415 2,431 2,453 2,608 2,635
Retained Earnings		 89 122 144 226 240 273 425 454 482 485 532

Annual Metrics And Ratios for Main Street Capital

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $3.29 $4.14 $4.09 $3.95
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 74.48M 81.92M 86.81M 89.36M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $3.29 $4.14 $4.09 $3.95
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 74.48M 81.92M 86.81M 89.36M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $5.52
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 79.55M 84.98M 88.56M 90.10M
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Main Street Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 90,104,831.00 92,989,838.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 90,104,831.00 92,989,838.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.54 1.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.84% 11.58% -33.26% 5.53% -0.17% 16.25% 62.52% -52.87% - -55.30% 36.33%
EBITDA Growth		 18.66% 11.21% 2.27% 7.19% 0.85% 0.45% 142.63% -195.43% - -1.34% -7.45%
EBIT Growth		 28.98% 12.38% -42.13% 0.13% -8.40% 17.28% 22.01% -70.05% - -77.21% 63.66%
NOPAT Growth		 36.78% 12.36% -43.52% -2.67% -7.22% 21.54% 28.61% -72.18% - -77.21% 63.66%
Net Income Growth		 30.82% 34.62% -3.59% 20.09% 25.28% 8.34% -13.55% -29.48% - -57.80% 20.44%
EPS Growth		 9.18% 2.94% -4.72% 1.01% -3.74% -3.81% 2.06% 1.04% - -4.12% 0.00%
Operating Cash Flow Growth		 1,378.79% -691.27% -772.90% -13.79% -5.62% 82.72% 154.98% 25.20% - -579.17% 13.70%
Free Cash Flow Firm Growth		 0.00% 93.01% 90.22% -162.36% -3,074.66% -35.85% 43.58% 66.54% - -30.56% -90.68%
Invested Capital Growth		 4.19% 9.65% 11.71% 13.61% 14.97% 11.59% 6.79% 3.94% - 10.40% 11.75%
Revenue Q/Q Growth		 46.30% 1.27% 6.68% 2.17% 38.40% -8.75% -37.56% -69.65% - 228.10% 83.74%
EBITDA Q/Q Growth		 9.68% -0.19% -2.59% 0.53% 3.18% -0.59% 4.03% -144.16% - 552.38% -2.62%
EBIT Q/Q Growth		 42.55% -16.19% -15.42% -0.92% 30.41% 7.31% -51.38% -74.11% - 217.09% 237.70%
NOPAT Q/Q Growth		 52.43% -24.34% -15.85% 0.30% 45.30% -0.89% -48.30% -76.99% - 193.54% 237.70%
Net Income Q/Q Growth		 34.69% -22.96% -4.16% 20.76% 40.51% -33.38% 5.56% -20.91% - -76.90% 201.29%
EPS Q/Q Growth		 8.08% -1.87% -3.81% -0.99% 3.00% -1.94% -1.98% -2.02% - -5.10% 0.00%
Operating Cash Flow Q/Q Growth		 83.03% -176.84% -57.93% 138.82% 100.38% -114.06% 602.59% -11.60% - 36.58% 184.14%
Free Cash Flow Firm Q/Q Growth		 91.58% -1,716.77% -41.46% -21.24% -1.89% 22.26% 35.13% 29.75% - 12.63% 2.32%
Invested Capital Q/Q Growth		 -0.60% 6.65% 4.66% 2.40% 0.58% 3.52% 0.15% -0.33% - 3.15% 1.37%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 41.42% 62.47% 57.04% 56.12% 41.84% 45.59% 75.96% -110.55% - 96.30% 51.04%
EBIT Margin		 70.81% 89.67% 71.10% 68.95% 64.97% 76.41% 59.50% 50.76% - 37.96% 69.77%
Profit (Net Income) Margin		 63.27% 73.65% 66.17% 78.21% 79.40% 57.97% 98.01% 255.45% - 54.72% 89.74%
Tax Burden Percent		 100.51% 90.74% 90.27% 91.37% 101.80% 94.03% 96.63% 503.27% - 94.28% 100.00%
Interest Burden Percent		 88.89% 90.52% 103.09% 124.13% 120.04% 80.69% 170.47% 100.00% - 152.89% 128.61%
Effective Tax Rate		 -0.51% 9.26% 9.73% 8.63% -1.80% 5.97% 0.00% 11.11% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 12.44% 12.04% 8.06% 7.90% 9.76% 10.51% 9.09% 6.44% - 1.29% 2.93%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.53% 11.48% 8.20% 9.06% 11.24% 9.22% 11.27% 10.11% - 1.92% 4.31%
Return on Net Nonoperating Assets (RNNOA)		 9.55% 9.89% 7.16% 7.40% 8.36% 7.41% 9.11% 7.82% - 1.55% 3.38%
Return on Equity (ROE)		 21.99% 21.92% 15.21% 15.30% 18.12% 17.92% 18.20% 14.26% - 2.84% 6.31%
Cash Return on Invested Capital (CROIC)		 8.84% 3.51% -0.54% -2.46% -3.82% -0.81% 5.79% 7.46% - -7.09% -7.85%
Operating Return on Assets (OROA)		 11.95% 12.79% 8.62% 8.31% 9.22% 10.76% 8.77% 6.97% - 1.25% 2.81%
Return on Assets (ROA)		 10.68% 10.50% 8.02% 9.43% 11.27% 8.17% 14.44% 35.06% - 1.80% 3.62%
Return on Common Equity (ROCE)		 21.99% 21.92% 15.21% 15.30% 18.12% 17.92% 18.20% 14.26% - 2.84% 6.31%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 18.12% 17.53% 17.57% 0.00% 18.20% 17.26% 15.58% - 15.53% 15.96%
Net Operating Profit after Tax (NOPAT)		 156 118 100 100 145 144 74 17 - 34 115
NOPAT Margin		 71.17% 81.37% 64.18% 63.00% 66.15% 71.85% 59.50% 45.12% - 37.96% 69.77%
Net Nonoperating Expense Percent (NNEP)		 0.91% 0.56% -0.15% -1.17% -1.48% 1.29% -2.18% -3.67% - -0.63% -1.38%
SG&A Expenses to Revenue		 7.09% 11.25% 10.44% 10.41% 7.84% 8.15% 14.47% 49.16% - 20.43% 12.19%
Operating Expenses to Revenue		 29.19% 10.33% 28.90% 31.05% 35.03% 23.59% 40.50% 49.24% - 62.04% 30.23%
Earnings before Interest and Taxes (EBIT)		 156 130 110 109 143 153 74 19 - 34 115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 91 91 89 89 92 91 95 -42 - 86 84
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.33 1.53 1.66 1.61 1.83 1.75 1.81 1.92 - 1.53 1.51
Price to Tangible Book Value (P/TBV)		 1.33 1.53 1.66 1.61 1.83 1.75 1.81 1.92 - 1.53 1.51
Price to Revenue (P/Rev)		 4.51 5.95 7.54 7.50 7.55 7.02 6.91 7.92 - 25.89 21.10
Price to Earnings (P/E)		 7.71 8.43 9.48 9.14 10.08 9.59 9.64 10.43 - 11.10 10.60
Dividend Yield		 9.37% 8.42% 7.97% 8.17% 7.08% 7.39% 7.11% 6.66% - 6.18% 6.86%
Earnings Yield		 12.97% 11.87% 10.55% 10.94% 9.92% 10.42% 10.37% 9.59% - 9.01% 9.44%
Enterprise Value to Invested Capital (EV/IC)		 1.18 1.27 1.35 1.32 1.46 1.39 1.44 1.53 - 1.29 1.27
Enterprise Value to Revenue (EV/Rev)		 6.88 8.95 11.36 11.17 10.56 10.05 9.74 10.89 - 39.63 32.03
Enterprise Value to EBITDA (EV/EBITDA)		 14.74 16.43 18.26 17.91 19.89 19.70 17.65 23.47 - 58.32 61.82
Enterprise Value to EBIT (EV/EBIT)		 8.83 9.86 12.76 12.73 14.54 13.79 13.90 16.04 - 70.59 49.29
Enterprise Value to NOPAT (EV/NOPAT)		 9.29 10.41 13.55 13.62 15.42 14.51 12.05 13.73 - 48.23 41.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.68 39.22 0.00 0.00 0.00 672.78 24.53 24.41 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.60 37.72 0.00 0.00 0.00 0.00 25.72 20.84 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.73 0.81 0.85 0.82 0.76 0.79 0.77 0.73 - 0.82 0.80
Long-Term Debt to Equity		 0.73 0.81 0.85 0.82 0.76 0.79 0.77 0.73 - 0.82 0.80
Financial Leverage		 0.83 0.86 0.87 0.82 0.74 0.80 0.81 0.77 - 0.81 0.79
Leverage Ratio		 1.89 1.93 1.94 1.89 1.81 1.87 1.88 1.84 - 1.87 1.86
Compound Leverage Factor		 1.68 1.75 2.00 2.34 2.18 1.51 3.20 1.84 - 2.86 2.39
Debt to Total Capital		 42.11% 44.88% 46.01% 44.96% 43.14% 44.24% 43.46% 42.28% - 44.98% 44.45%
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%
Long-Term Debt to Total Capital		 42.11% 44.88% 46.01% 44.96% 43.14% 44.24% 43.46% 42.28% - 44.98% 44.45%
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%
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%
Common Equity to Total Capital		 57.89% 55.12% 53.99% 55.04% 56.86% 55.76% 56.54% 57.72% - 55.02% 55.55%
Debt to EBITDA		 5.26 5.83 6.22 6.12 5.89 6.25 5.32 6.50 - 20.39 21.60
Net Debt to EBITDA		 5.09 5.50 6.13 5.88 5.67 5.95 5.11 6.41 - 20.22 21.10
Long-Term Debt to EBITDA		 5.26 5.83 6.22 6.12 5.89 6.25 5.32 6.50 - 20.39 21.60
Debt to NOPAT		 3.32 3.69 4.62 4.65 4.57 4.60 3.63 3.81 - 16.86 14.47
Net Debt to NOPAT		 3.21 3.48 4.55 4.47 4.40 4.38 3.49 3.75 - 16.72 14.14
Long-Term Debt to NOPAT		 3.32 3.69 4.62 4.65 4.57 4.60 3.63 3.81 - 16.86 14.47
Noncontrolling Interest Sharing Ratio		 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)		 -16 -283 -401 -486 -495 -385 -250 -175 - -496 -484
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%
Free Cash Flow to Firm to Interest Expense		 0.00 -10.59 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -4.41 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 -4.41 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.14 0.12 0.12 0.14 0.14 0.15 0.14 - 0.03 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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,280 4,564 4,777 4,892 4,920 5,093 5,101 5,084 - 5,623 5,700
Invested Capital Turnover		 0.17 0.15 0.13 0.13 0.15 0.15 0.15 0.14 - 0.03 0.04
Increase / (Decrease) in Invested Capital		 172 402 501 586 640 529 324 193 - 530 599
Enterprise Value (EV)		 5,045 5,776 6,454 6,439 7,166 7,105 7,349 7,757 - 7,236 7,253
Market Capitalization		 3,303 3,843 4,286 4,324 5,122 4,961 5,219 5,638 - 4,727 4,778
Book Value per Share		 $29.58 $29.55 $30.09 $30.92 $31.73 $32.07 $32.40 $32.81 - $34.33 $34.05
Tangible Book Value per Share		 $29.58 $29.55 $30.09 $30.92 $31.73 $32.07 $32.40 $32.81 - $34.33 $34.05
Total Capital		 4,280 4,564 4,777 4,892 4,920 5,093 5,101 5,084 - 5,623 5,700
Total Debt		 1,802 2,048 2,198 2,199 2,122 2,253 2,217 2,150 - 2,530 2,534
Total Long-Term Debt		 1,802 2,048 2,198 2,199 2,122 2,253 2,217 2,150 - 2,530 2,534
Net Debt		 1,742 1,933 2,168 2,115 2,044 2,144 2,130 2,119 - 2,509 2,476
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 17 11 -3.08 -24 -29 28 -48 -80 - -15 -33
Net Nonoperating Obligations (NNO)		 1,802 2,048 2,198 2,199 2,122 2,253 2,217 2,150 - 2,530 2,534
Total Depreciation and Amortization (D&A)		 -65 -40 -22 -20 -51 -62 21 -61 - 52 -31
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.07 $1.05 $1.01 $1.00 $1.03 $1.01 $0.99 $0.97 $0.98 $0.93 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 81.92M 85.14M 86.19M 87.46M 86.81M 88.71M 89.26M 89.63M 89.36M 90.65M 93.25M
Adjusted Diluted Earnings per Share		 $1.07 $1.05 $1.01 $1.00 $1.03 $1.01 $0.99 $0.97 $0.98 $0.93 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 81.92M 85.14M 86.19M 87.46M 86.81M 88.71M 89.26M 89.63M 89.36M 90.65M 93.25M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.38 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 84.98M 85.72M 87.07M 88.18M 88.56M 89.03M 89.43M 89.59M 90.10M 92.99M 93.51M
Normalized Net Operating Profit after Tax (NOPAT)		 109 118 100 100 100 144 52 17 - 24 80
Normalized NOPAT Margin		 49.57% 81.37% 64.18% 63.00% 45.48% 71.85% 41.65% 45.12% - 26.57% 48.84%
Pre Tax Income Margin		 62.95% 81.17% 73.30% 85.59% 77.99% 61.65% 101.42% 50.76% - 58.04% 89.74%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 4.87 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 4.42 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 4.87 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 4.42 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 63.39% 63.64% 67.13% 66.15% 63.07% 63.07% 66.54% 73.43% - 71.46% 69.04%
Augmented Payout Ratio		 63.39% 63.64% 67.13% 66.15% 63.07% 63.07% 66.54% 73.43% - 71.46% 69.04%

Financials Breakdown Chart

Key Financial Trends

Main Street Capital (NYSE: MAIN) has continued to post solid earnings, but the most recent quarterly trend shows more pressure on operating cash flow and a heavier reliance on financing activity to support dividends and balance sheet growth. For a BDC-style business, net investment income and realized gains matter a lot, but cash generation and leverage also deserve close attention.

  • Q1 2026 delivered net income of $49.0 million, or $0.93 per share, which is still profitable despite a weaker quarter versus late 2025.
  • The company produced $140.1 million in total interest income in Q1 2026, showing the core portfolio continues to generate meaningful recurring revenue.
  • Q1 2026 net cash from financing activities was $117.4 million, helped by debt and equity issuance, which provided liquidity support during the quarter.
  • Cash on the balance sheet increased to $20.8 million at March 31, 2026 from $30.6 million at the end of Q3 2025, but MAIN still maintained a visible liquidity position.
  • Over the past several years, MAIN has generally shown consistent quarterly profitability, with earnings per share clustered around the $0.83-$1.07 range in the periods shown.
  • Q1 2026 total revenue was $89.5 million, down from $219.4 million in Q4 2025, but that comparison is distorted by very large investment gains in the prior quarter.
  • Q1 2026 had a $50.6 million unrealized/realized loss on investments, which pulled down earnings quality even though the company remained profitable overall.
  • The balance sheet remains large and asset-heavy, with $5.83 billion in total assets and $3.09 billion in common equity at quarter-end.
  • Long-term debt increased to $2.53 billion in Q1 2026 from $2.15 billion in Q3 2025, so leverage remains a key watch item.
  • Cash interest paid rose to $42.2 million in Q1 2026, indicating financing costs remain meaningful even though total interest expense on the income statement was shown as zero in this data set.
  • Q1 2026 operating cash flow was a negative $138.5 million, a sharp deterioration from the positive cash flow seen in some earlier periods.
  • Net cash from operating activities was also negative $138.5 million, suggesting earnings were not converting cleanly into cash in the quarter.
  • The company paid $87.9 million in dividends in Q1 2026, which remains a major cash outflow and increases the importance of strong portfolio income.
  • Compared with Q4 2024 and much of 2024, the recent quarter shows weaker cash generation and higher financing dependence, which could pressure flexibility if credit conditions tighten.

Bottom line: Main Street Capital still looks profitable and income-producing, but the latest quarter shows a tougher cash flow profile and more balance sheet dependence on debt. Investors may want to focus on whether the company can restore stronger operating cash flow and reduce earnings volatility from investment gains and losses.

08/27/26 06:18 AM ETAI Generated. May Contain Errors.

Main Street Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Main Street Capital's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Main Street Capital's net income appears to be on an upward trend, with a most recent value of $547.59 million in 2025, rising from $29.38 million in 2020. The previous period was $525.86 million in 2024. See where experts think Main Street Capital is headed by visiting Main Street Capital's forecast page.

Over the last 5 years, Main Street Capital's total revenue changed from $50.92 million in 2020 to $293.32 million in 2025, a change of 476.0%.

Main Street Capital's total liabilities were at $2.69 billion at the end of 2025, a 15.7% increase from 2024, and a 41.4% increase since 2021.

In the past 4 years, Main Street Capital's cash and equivalents has ranged from $32.63 million in 2021 to $78.25 million in 2024, and is currently $41.96 million as of their latest financial filing in 2025.


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Financial statements for NYSE:MAIN last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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