Bain Capital Specialty Finance, Inc. (BCSF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+397.7%

$54.45

vs $10.94 price

Levered DCF

$32.67

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.53

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.15×	9.47×	7.89×	7.3×	8.18×	86.64×	10.57×	24.3×
P/B	0.81×	0.99×	0.86×	0.69×	0.89×	0.67×	1.02×	0.65×
P/S	3.77×	5.31×	4.46×	4.55×	5.6×	9.22×	6.42×	8.91×
EV / EBITDA	12.29×	19.92×	17.2×	19.69×	19.01×	248.57×	26.22×	25.18×
Gross margin	76.9%	64.9%	63.3%	69.0%	70.7%	18.0%	58.8%	99.3%
Operating margin	75.6%	58.2%	58.1%	63.0%	68.4%	11.0%	60.9%	94.1%
Net margin	41.3%	56.1%	56.6%	62.5%	68.3%	10.7%	60.9%	36.2%
Current ratio	0.35×	1.92×	1.8×	2.22×	3.3×	1.89×	1.58×	0.22×
Debt / equity	1.32×	1.22×	1.11×	1.24×	1.29×	1.37×	1.55×	0.63×
Interest coverage	2.24×	1.66×	1.58×	2.03×	2.34×	0.13×	1.48×	2.88×
Dividend yield	16.2%	10.1%	10.2%	11.4%	8.9%	12.1%	7.9%	6.2%
Payout ratio	147.7%	95.7%	80.6%	83.2%	73.3%	1042.0%	82.8%	153.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	10.5%	10.9%	9.4%	10.9%	0.8%	9.6%	2.7%
Return on invested capital	6.5%	4.7%	5.3%	4.2%	4.9%	0.3%	3.8%	4.2%
Return on assets	3.7%	4.5%	5.0%	4.1%	4.7%	0.3%	3.7%	1.5%
Free cash flow yield	3.3%	10.0%	12.9%	14.9%	5.5%	10.7%	9.9%	-118.0%
Earnings yield	11.0%	10.6%	12.7%	13.7%	12.2%	1.2%	9.5%	4.1%
Enterprise value	$2.3B	$2.5B	$2.2B	$2.1B	$2.3B	$2.1B	$2.6B	$1.3B
Net debt / EBITDA	7.5×	10.79×	9.52×	12.47×	10.82×	164.95×	15.67×	12.23×
Cash conversion cycle (days)	-135	-71	-25	10	44	56	90	-103,864