MidCap Financial Investment Corporation (MFIC) 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

+645.7%

$76.73

vs $10.29 price

Levered DCF

$36.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.18

Distress zone

Rating

B-

Overall 2 / 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	16.82×	10.62×	7.52×	24.26×	10.33×	8.02×	-3.9×	14.94×
P/B	0.82×	0.75×	0.89×	0.75×	0.85×	0.86×	0.44×	0.82×
P/S	3.89×	4.65×	3.77×	5.2×	5.62×	4.92×	-20.27×	12.81×
EV / EBITDA	15.03×	27.6×	18.81×	19.52×	28.81×	20.62×	-19×	15.95×
Gross margin	83.4%	48.8%	56.1%	66.5%	63.7%	69.6%	427.8%	31.4%
Operating margin	71.6%	43.7%	50.0%	73.1%	54.3%	61.4%	518.4%	155.0%
Net margin	23.0%	43.7%	50.0%	21.6%	54.3%	61.4%	518.4%	85.6%
Current ratio	1.04×	9×	10.19×	2.4×	2.28×	2.88×	2.16×	1.85×
Debt / equity	1.53×	1.25×	1.45×	1.5×	1.54×	1.41×	1.75×	0.86×
Interest coverage	1,547.78×	0.85×	1.14×	1.31×	1.5×	2.02×	-1.58×	2.23×
Dividend yield	13.3%	13.3%	13.8%	9.1%	10.9%	11.8%	26.8%	11.9%
Payout ratio	224.1%	141.3%	104.0%	218.1%	113.3%	94.5%	-104.9%	177.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	7.0%	11.8%	3.1%	8.2%	10.8%	-11.3%	5.5%
Return on invested capital	5.9%	3.1%	4.8%	4.2%	3.2%	4.4%	-4.1%	5.3%
Return on assets	1.9%	3.1%	4.7%	1.2%	3.2%	4.4%	-4.0%	2.9%
Free cash flow yield	9.5%	-0.9%	22.0%	10.3%	-0.3%	52.6%	-106.3%	-12.3%
Earnings yield	5.9%	9.4%	13.3%	4.2%	9.7%	12.5%	-25.6%	6.7%
Enterprise value	$3B	$2.7B	$2.2B	$2.1B	$2.4B	$2.3B	$2.2B	$2.2B
Net debt / EBITDA	9.62×	16.96×	11.28×	12.78×	18.45×	12.61×	-15.09×	8.01×
Cash conversion cycle (days)	-67	71	-11	65	-105	-132	-571	-115