New Mountain Finance Corporation (NMFC) 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

-163.1%

-$4.49

vs $7.11 price

Levered DCF

-$8.32

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.44

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	57.56×	10.62×	9.49×	16.49×	6.59×	18.93×	10.41×	13.24×
P/B	0.83×	0.9×	0.97×	0.94×	1.01×	0.9×	0.91×	0.95×
P/S	7.06×	3.68×	3.76×	3.57×	4.97×	4.06×	4.22×	4.31×
EV / EBITDA	147.56×	11.72×	11.43×	17.87×	11.33×	46.32×	27.22×	24.15×
Gross margin	10.7%	75.0%	75.5%	78.1%	72.4%	21.0%	39.3%	34.2%
Operating margin	12.6%	76.9%	76.8%	50.8%	105.0%	22.5%	40.6%	32.8%
Net margin	11.9%	34.4%	39.6%	21.5%	75.4%	21.6%	40.6%	32.6%
Current ratio	0.57×	7.18×	5.59×	5.47×	3.52×	2.75×	4.42×	0.11×
Debt / equity	1.41×	1.36×	1.35×	1.51×	1.44×	1.47×	1.51×	1.38×
Interest coverage	0.14×	1.86×	2.1×	1.91×	3.84×	0.77×	1.34×	1.28×
Dividend yield	13.9%	12.1%	11.7%	9.8%	8.6%	10.9%	9.7%	10.6%
Payout ratio	823.0%	129.8%	111.4%	162.3%	56.7%	205.3%	100.5%	139.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.4%	8.4%	10.3%	5.7%	15.2%	4.8%	8.8%	7.2%
Return on invested capital	0.6%	7.7%	8.3%	4.7%	8.6%	2.0%	3.5%	4.2%
Return on assets	0.6%	3.5%	4.3%	2.2%	6.1%	1.9%	3.4%	3.0%
Free cash flow yield	38.8%	3.5%	5.9%	5.7%	3.9%	9.4%	5.7%	-41.1%
Earnings yield	1.7%	9.3%	10.5%	6.0%	15.2%	5.3%	9.6%	7.6%
Enterprise value	$2.6B	$3B	$3B	$3.1B	$3.2B	$2.8B	$3.1B	$2.3B
Net debt / EBITDA	91.38×	6.93×	6.53×	10.83×	6.59×	28.25×	16.82×	14.07×
Cash conversion cycle (days)	102	-29	-42	-56	-83	-148	-37	-158