MSC Income Fund, Inc. (MSIF) 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

+56.1%

$18.65

vs $11.95 price

Levered DCF

-$15.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.87

Distress zone

Rating

A-

Overall 4 / 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	6.88×	11.22×	9.59×	13.88×	8.6×	-65.92×	15.51×	15.51×
P/B	0.83×	1.02×	1.02×	1.04×	1.03×	1.08×	1.02×	1×
P/S	4.71×	6.25×	8.48×	12.23×	7.67×	-144.07×	14×	15.12×
EV / EBITDA	9.44×	20.33×	0×	0×	0×	0×	0×	0×
Gross margin	72.7%	61.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	97.5%	56.7%	93.5%	91.3%	91.7%	195.9%	90.9%	97.1%
Net margin	68.4%	55.6%	88.5%	88.1%	89.4%	224.5%	89.1%	97.1%
Current ratio	1.06×	1.29×	1.48×	1.36×	2.26×	9.09×	2.96×	0×
Debt / equity	0.82×	0.9×	0.78×	0.77×	0.82×	0.52×	0.73×	0×
Interest coverage	3.72×	1.48×	1.92×	1.93×	5.22×	-0.5×	1.57×	1.62×
Dividend yield	8.4%	6.3%	5.7%	5.2%	3.0%	3.0%	4.8%	4.5%
Payout ratio	58.1%	70.3%	55.0%	72.4%	25.4%	-189.4%	75.9%	70.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	9.0%	10.6%	7.5%	12.0%	-1.7%	6.5%	6.4%
Return on invested capital	9.0%	4.8%	6.0%	4.2%	6.6%	-1.0%	3.8%	3.5%
Return on assets	6.4%	4.6%	5.8%	4.1%	6.4%	-1.1%	3.7%	3.5%
Free cash flow yield	-11.5%	-4.4%	7.9%	12.1%	-30.3%	31.3%	19.3%	-6.4%
Earnings yield	14.5%	8.9%	10.4%	7.2%	11.7%	-1.6%	6.4%	6.4%
Enterprise value	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$919.8M	$1B	$605.1M
Net debt / EBITDA	4.61×	9.31×	0×	0×	0×	0×	0×	0×
Cash conversion cycle (days)	-200	-1	52	87	154	-697	72	90