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MAIN STREET CAPITAL CORP (MAIN) Stock Fundamental Analysis

NYSE:MAIN - New York Stock Exchange, Inc. - US56035L1044 - Common Stock - Currency: USD

58.08  -0.43 (-0.73%)

After market: 58.5 +0.42 (+0.72%)

Fundamental Rating

5

Taking everything into account, MAIN scores 5 out of 10 in our fundamental rating. MAIN was compared to 232 industry peers in the Capital Markets industry. MAIN scores excellent on profitability, but there are some minor concerns on its financial health. MAIN has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

MAIN had positive earnings in the past year.
In the past year MAIN had a positive cash flow from operations.
Each year in the past 5 years MAIN has been profitable.
MAIN had negative operating cash flow in 4 of the past 5 years.
MAIN Yearly Net Income VS EBIT VS OCF VS FCFMAIN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M

1.2 Ratios

MAIN has a better Return On Assets (9.80%) than 86.64% of its industry peers.
MAIN has a better Return On Equity (18.20%) than 84.91% of its industry peers.
MAIN has a better Return On Invested Capital (5.41%) than 64.22% of its industry peers.
The Average Return On Invested Capital over the past 3 years for MAIN is below the industry average of 7.85%.
Industry RankSector Rank
ROA 9.8%
ROE 18.2%
ROIC 5.41%
ROA(3y)8.42%
ROA(5y)7.06%
ROE(3y)15.64%
ROE(5y)13.47%
ROIC(3y)5.48%
ROIC(5y)4.88%
MAIN Yearly ROA, ROE, ROICMAIN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

Looking at the Profit Margin, with a value of 94.61%, MAIN belongs to the top of the industry, outperforming 99.14% of the companies in the same industry.
In the last couple of years the Profit Margin of MAIN has grown nicely.
The Operating Margin of MAIN (64.97%) is better than 97.41% of its industry peers.
MAIN's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 76.61%, MAIN belongs to the top of the industry, outperforming 81.47% of the companies in the same industry.
MAIN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 64.97%
PM (TTM) 94.61%
GM 76.61%
OM growth 3Y1.25%
OM growth 5Y0.3%
PM growth 3Y-6.38%
PM growth 5Y12.02%
GM growth 3Y-1.04%
GM growth 5Y-0.55%
MAIN Yearly Profit, Operating, Gross MarginsMAIN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80 100

4

2. Health

2.1 Basic Checks

MAIN has more shares outstanding than it did 1 year ago.
The number of shares outstanding for MAIN has been increased compared to 5 years ago.
The debt/assets ratio for MAIN is higher compared to a year ago.
MAIN Yearly Shares OutstandingMAIN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
MAIN Yearly Total Debt VS Total AssetsMAIN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

MAIN has an Altman-Z score of 1.74. This is a bad value and indicates that MAIN is not financially healthy and even has some risk of bankruptcy.
MAIN has a Altman-Z score of 1.74. This is in the better half of the industry: MAIN outperforms 67.67% of its industry peers.
MAIN has a debt to FCF ratio of 213.37. This is a negative value and a sign of low solvency as MAIN would need 213.37 years to pay back of all of its debts.
MAIN has a Debt to FCF ratio of 213.37. This is in the lower half of the industry: MAIN underperforms 61.21% of its industry peers.
A Debt/Equity ratio of 0.79 indicates that MAIN is somewhat dependend on debt financing.
MAIN has a better Debt to Equity ratio (0.79) than 61.21% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.79
Debt/FCF 213.37
Altman-Z 1.74
ROIC/WACCN/A
WACCN/A
MAIN Yearly LT Debt VS Equity VS FCFMAIN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B

2.3 Liquidity

A Current Ratio of 2.33 indicates that MAIN has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.33, MAIN is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
MAIN has a Quick Ratio of 2.33. This indicates that MAIN is financially healthy and has no problem in meeting its short term obligations.
MAIN's Quick ratio of 2.33 is fine compared to the rest of the industry. MAIN outperforms 75.00% of its industry peers.
Industry RankSector Rank
Current Ratio 2.33
Quick Ratio 2.33
MAIN Yearly Current Assets VS Current LiabilitesMAIN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

3

3. Growth

3.1 Past

MAIN shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -3.12%.
Measured over the past years, MAIN shows a quite strong growth in Earnings Per Share. The EPS has been growing by 10.20% on average per year.
The Revenue has been growing slightly by 6.79% in the past year.
The Revenue has been growing by 17.32% on average over the past years. This is quite good.
EPS 1Y (TTM)-3.12%
EPS 3Y15.62%
EPS 5Y10.2%
EPS Q2Q%-3.81%
Revenue 1Y (TTM)6.79%
Revenue growth 3Y23.25%
Revenue growth 5Y17.32%
Sales Q2Q%4.13%

3.2 Future

Based on estimates for the next years, MAIN will show a decrease in Earnings Per Share. The EPS will decrease by -2.22% on average per year.
MAIN is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -3.72% yearly.
EPS Next Y-1.44%
EPS Next 2Y-3.23%
EPS Next 3Y-2.22%
EPS Next 5YN/A
Revenue Next Year1.43%
Revenue Next 2Y1.29%
Revenue Next 3Y-3.72%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
MAIN Yearly Revenue VS EstimatesMAIN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M 400M 500M
MAIN Yearly EPS VS EstimatesMAIN Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4

3

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 14.38 indicates a correct valuation of MAIN.
Compared to the rest of the industry, the Price/Earnings ratio of MAIN is on the same level as its industry peers.
Compared to an average S&P500 Price/Earnings ratio of 26.35, MAIN is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 15.20, the valuation of MAIN can be described as correct.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MAIN is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 22.19. MAIN is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 14.38
Fwd PE 15.2
MAIN Price Earnings VS Forward Price EarningsMAIN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, MAIN is valued a bit more expensive than the industry average as 62.07% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 489.66
EV/EBITDA N/A
MAIN Per share dataMAIN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

MAIN has a very decent profitability rating, which may justify a higher PE ratio.
MAIN's earnings are expected to decrease with -2.22% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)1.41
EPS Next 2Y-3.23%
EPS Next 3Y-2.22%

6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.23%, MAIN is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 7.87, MAIN has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.42, MAIN pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.23%

5.2 History

On average, the dividend of MAIN grows each year by 7.16%, which is quite nice.
MAIN has been paying a dividend for at least 10 years, so it has a reliable track record.
MAIN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)7.16%
Div Incr Years4
Div Non Decr Years4
MAIN Yearly Dividends per shareMAIN Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

MAIN pays out 63.07% of its income as dividend. This is not a sustainable payout ratio.
MAIN's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP63.07%
EPS Next 2Y-3.23%
EPS Next 3Y-2.22%
MAIN Yearly Income VS Free CF VS DividendMAIN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M
MAIN Dividend Payout.MAIN Dividend Payout, showing the Payout Ratio.MAIN Dividend Payout.PayoutRetained Earnings

MAIN STREET CAPITAL CORP

NYSE:MAIN (6/20/2025, 8:04:00 PM)

After market: 58.5 +0.42 (+0.72%)

58.08

-0.43 (-0.73%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)05-08 2025-05-08/amc
Earnings (Next)08-06 2025-08-06/amc
Inst Owners23.05%
Inst Owner Change3.04%
Ins Owners1.62%
Ins Owner Change-3.58%
Market Cap5.17B
Analysts73.33
Price Target56.87 (-2.08%)
Short Float %5.73%
Short Ratio7.99
Dividend
Industry RankSector Rank
Dividend Yield 5.23%
Yearly Dividend3.7
Dividend Growth(5Y)7.16%
DP63.07%
Div Incr Years4
Div Non Decr Years4
Ex-Date08-08 2025-08-08 (0.255)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-2.42%
Min EPS beat(2)-3.29%
Max EPS beat(2)-1.55%
EPS beat(4)0
Avg EPS beat(4)-2.77%
Min EPS beat(4)-3.91%
Max EPS beat(4)-1.55%
EPS beat(8)2
Avg EPS beat(8)-1.1%
EPS beat(12)6
Avg EPS beat(12)1.06%
EPS beat(16)10
Avg EPS beat(16)2.85%
Revenue beat(2)0
Avg Revenue beat(2)-2.58%
Min Revenue beat(2)-2.97%
Max Revenue beat(2)-2.19%
Revenue beat(4)0
Avg Revenue beat(4)-2.37%
Min Revenue beat(4)-3.15%
Max Revenue beat(4)-1.17%
Revenue beat(8)3
Avg Revenue beat(8)-0.94%
Revenue beat(12)7
Avg Revenue beat(12)1.04%
Revenue beat(16)10
Avg Revenue beat(16)2.2%
PT rev (1m)-0.89%
PT rev (3m)0.27%
EPS NQ rev (1m)-0.09%
EPS NQ rev (3m)-1.99%
EPS NY rev (1m)-0.06%
EPS NY rev (3m)0.01%
Revenue NQ rev (1m)-0.6%
Revenue NQ rev (3m)-1.03%
Revenue NY rev (1m)-0.63%
Revenue NY rev (3m)-1.84%
Valuation
Industry RankSector Rank
PE 14.38
Fwd PE 15.2
P/S 9.46
P/FCF 489.66
P/OCF 489.66
P/B 1.82
P/tB 1.82
EV/EBITDA N/A
EPS(TTM)4.04
EY6.96%
EPS(NY)3.82
Fwd EY6.58%
FCF(TTM)0.12
FCFY0.2%
OCF(TTM)0.12
OCFY0.2%
SpS6.14
BVpS31.9
TBVpS31.9
PEG (NY)N/A
PEG (5Y)1.41
Profitability
Industry RankSector Rank
ROA 9.8%
ROE 18.2%
ROCE 6.85%
ROIC 5.41%
ROICexc 5.53%
ROICexgc 5.53%
OM 64.97%
PM (TTM) 94.61%
GM 76.61%
FCFM 1.93%
ROA(3y)8.42%
ROA(5y)7.06%
ROE(3y)15.64%
ROE(5y)13.47%
ROIC(3y)5.48%
ROIC(5y)4.88%
ROICexc(3y)5.55%
ROICexc(5y)4.95%
ROICexgc(3y)5.55%
ROICexgc(5y)4.95%
ROCE(3y)6.93%
ROCE(5y)6.18%
ROICexcg growth 3Y12.2%
ROICexcg growth 5Y3.63%
ROICexc growth 3Y12.2%
ROICexc growth 5Y3.63%
OM growth 3Y1.25%
OM growth 5Y0.3%
PM growth 3Y-6.38%
PM growth 5Y12.02%
GM growth 3Y-1.04%
GM growth 5Y-0.55%
F-Score5
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.79
Debt/FCF 213.37
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.76
Cash Conversion N/A
Profit Quality 2.04%
Current Ratio 2.33
Quick Ratio 2.33
Altman-Z 1.74
F-Score5
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-3.12%
EPS 3Y15.62%
EPS 5Y10.2%
EPS Q2Q%-3.81%
EPS Next Y-1.44%
EPS Next 2Y-3.23%
EPS Next 3Y-2.22%
EPS Next 5YN/A
Revenue 1Y (TTM)6.79%
Revenue growth 3Y23.25%
Revenue growth 5Y17.32%
Sales Q2Q%4.13%
Revenue Next Year1.43%
Revenue Next 2Y1.29%
Revenue Next 3Y-3.72%
Revenue Next 5YN/A
EBIT growth 1Y2.07%
EBIT growth 3Y24.79%
EBIT growth 5Y17.67%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y105.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y105.96%
OCF growth 3YN/A
OCF growth 5YN/A