Main Street Capital Corporation (MAIN) 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

+120.8%

$124.43

vs $56.34 price

Levered DCF

-$58.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.61

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	10.94×	10.01×	8.27×	11.4×	9.35×	71.69×	20.93×	12.08×
P/B	1.8×	1.85×	1.43×	1.31×	1.73×	1.4×	1.77×	1.38×
P/S	8.37×	7.16×	5.78×	6.94×	6.58×	21.07×	12.45×	8.05×
EV / EBITDA	14.83×	13.3×	11.63×	17.56×	13.25×	179.59×	27.63×	16.75×
Gross margin	100.0%	83.0%	83.3%	80.3%	87.5%	50.7%	77.0%	82.8%
Operating margin	80.7%	74.3%	73.7%	66.8%	77.4%	15.7%	60.0%	69.0%
Net margin	76.6%	70.1%	70.0%	60.9%	70.4%	29.2%	59.4%	66.6%
Current ratio	449.84×	3.88×	4×	1.45×	1.93×	1.42×	5.16×	1.2×
Debt / equity	0.82×	0.76×	0.73×	0.95×	1×	0.8×	0.73×	0.67×
Interest coverage	4.06×	4.36×	4.4×	3.38×	6.18×	0.32×	2.6×	4.01×
Dividend yield	6.3%	6.2%	7.7%	7.1%	5.2%	6.8%	6.1%	7.7%
Payout ratio	68.8%	63.1%	63.4%	80.4%	48.5%	491.7%	126.8%	92.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.5%	18.2%	17.3%	11.5%	18.5%	1.9%	8.4%	11.4%
Return on invested capital	8.6%	10.0%	9.7%	5.7%	9.0%	0.6%	4.8%	6.7%
Return on assets	8.6%	9.9%	9.6%	5.7%	9.0%	1.1%	4.8%	6.6%
Free cash flow yield	6.4%	-1.7%	8.1%	-9.0%	-16.7%	-2.6%	-1.2%	-5.4%
Earnings yield	9.1%	9.8%	12.1%	8.8%	10.7%	1.4%	4.8%	8.3%
Enterprise value	$7.8B	$7.2B	$5.3B	$4.7B	$4.9B	$3.3B	$3.8B	$3B
Net debt / EBITDA	4.59×	3.76×	3.83×	7.28×	4.81×	64.11×	7.75×	5.3×
Cash conversion cycle (days)	61	-85	-80	-159	-191	15	-64	-386