Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) 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

-79.4%

$5.11

vs $24.84 price

Levered DCF

-$53.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.24

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-4.11×	230.59×	21.98×	-21.6×	20.52×	7.84×	-5.95×	-48.27×
P/B	2.33×	5.71×	4.41×	4.66×	2.73×	3.81×	6.44×	2.86×
P/S	6.14×	116.65×	17.78×	15.3×	12.87×	39.02×	14.93×	11.71×
EV / EBITDA	-5.81×	221.08×	19.86×	-27.76×	18.53×	7.44×	-6.38×	-49.28×
Gross margin	68.2%	59.8%	73.3%	72.9%	72.9%	44.9%	72.7%	72.7%
Operating margin	-135.4%	50.6%	92.2%	-57.7%	73.7%	525.6%	-237.6%	-24.3%
Net margin	-149.4%	50.6%	80.9%	-70.8%	62.7%	497.7%	-251.0%	-24.3%
Current ratio	4.41×	220.74×	29.51×	1,406.8×	1,858.47×	360.41×	1,673.5×	48.18×
Debt / equity	0.75×	0.25×	0.17×	0.25×	0.2×	0.16×	0.15×	0.12×
Interest coverage	-9.74×	1.26×	0×	0×	0×	0×	0×	0×
Dividend yield	18.8%	2.8%	3.2%	3.3%	3.3%	3.3%	4.9%	5.4%
Payout ratio	-77.1%	636.7%	70.9%	-71.5%	68.0%	25.9%	-28.9%	-258.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-56.7%	2.5%	20.1%	-21.6%	13.3%	48.6%	-108.3%	-5.9%
Return on invested capital	-29.4%	1.7%	15.3%	-10.4%	10.5%	32.8%	-51.9%	-3.7%
Return on assets	-32.0%	1.7%	13.4%	-12.8%	8.9%	31.0%	-54.7%	-3.7%
Free cash flow yield	28.9%	-6.3%	-2.4%	-2.5%	-14.9%	-0.3%	-15.7%	-8.2%
Earnings yield	-24.3%	0.4%	4.5%	-4.6%	4.9%	12.8%	-16.8%	-2.1%
Enterprise value	$3.1B	$11.4B	$5.3B	$3.9B	$2.7B	$2.3B	$1.8B	$1B
Net debt / EBITDA	-1.27×	3.73×	0.57×	-1.24×	1.07×	0.02×	-0.1×	-1×
Cash conversion cycle (days)	20	80	391	36	47	105	35	27