| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 49 | 12.5x | 17.8x | Around median | |
Growth | 21 | -19.2% | 7.1% | Bottom tier | |
Quality | 83 | — | — | Top tier | |
Safety | 67 | — | — | Top tier | |
Capital Return | 62 | 7.46% | 2.12% | Around median | |
Momentum | 40 | -12.3% | 2.9% | Bottom tier | |
Sentiment | 74 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Main Street Capital Corporation operates as an investment and financing company focused on providing debt and equity investments to lower middle market companies, alongside a private loan portfolio and asset management operations through External Investment Manager. Its strategy combines first-lien debt with equity positions that allow it to generate interest income, fees, and dividends, as well as capital gains upon exit. As of June 30, 2026, the portfolio included 191 companies: 94 lower middle market companies with a fair value of $3.2 billion and 86 companies in private loans with a value of $2.1 billion, while assets under management at External Investment Manager totaled approximately $1.8 billion.
In fiscal Q2 2026, total investment income reached $149.6 million, an increase of 3.9% year over year and 6.8% compared with fiscal Q1 2026, while the financial statements reported net income of $147.6 million and earnings per share of $1.58. Interest income increased by $11.8 million year over year due to growth in income-producing investments, but dividend income declined by $10.4 million year over year, and operating expenses increased by $5.1 million. Pre-tax distributable net investment income was $1.08 per share, and annualized return on equity reached 18.9%.
Net asset value rose to a record $33.92 per share at the end of fiscal Q2 2026, up 1.4% from the previous quarter and 5% from the comparable period. The company recorded a net fair-value appreciation of $65 million, including realized and unrealized gains, and generated net realized gains of $33 million, primarily driven by the exit from Centre Technologies. At the same time, non-accrual investments remained at 1.1% of the portfolio at fair value and 4% at cost, demonstrating that the strength of the results was accompanied by continued credit risk in a limited portion of the assets.
The average analyst target is $56.67, within a narrow range of $55 to $58, accompanied by a "Neutral" consensus rather than a "Buy" consensus. This average is approximately 15.8% below the 52-week range high of $67.34 and approximately 15.8% above the range low of $48.95, balancing the improvement in net asset value and distributions on one hand against expense pressure and the lower distributable investment income outlook for fiscal Q3 2026 on the other.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Main Street Capital generates income from interest on debt investments, fees from investment activities, dividends from equity positions, as well as asset management fees and gains upon exit. In fiscal Q2 2026, total investment income reached $149.6 million, and interest income increased by $11.8 million year over year. External Investment Manager contributed $8.7 million to net investment income, while its assets under management totaled $1.8 billion. The exit from Centre Technologies also added a realized gain exceeding $46 million.
Total investment income reached $149.6 million, an increase of 3.9% year over year and 6.8% from fiscal Q1 2026. The financial statements reported net income of $147.6 million and earnings per share of $1.58, while pre-tax distributable net investment income was $1.08 per share. Net asset value rose to a record $33.92 per share, and annualized return on equity reached 18.9%. By contrast, operating expenses increased by $5.1 million year over year, and dividend income declined by $10.4 million.
The board of directors approved a supplemental distribution of $0.30 per share payable in September 2026, marking the twentieth consecutive quarterly supplemental distribution. It also approved monthly distributions of $0.265 per share for fiscal Q4 2026, an increase of 3.9% from the comparable period. Total supplemental distributions during the twelve months ended with the August 2026 declaration were approximately $1.20 per share, or 38% above regular monthly distributions. Management links supplemental distributions to pre-tax distributable net investment income exceeding monthly distributions, the generation of net gains, and stable or rising net asset value.
Automated analysis for informational purposes only — not investment advice.
Non-accrual investments as of June 30, 2026, represented approximately 1.1% of the total portfolio at fair value and 4% at cost. The portfolio includes 191 companies across multiple industries and end markets, and most investments represented less than 1% of income and assets. Nevertheless, management explained during the August 7, 2026 call that the gap between outperforming and distressed companies had widened, despite no common sector pattern being identified behind the distress. Non-investment-grade corporate debt remains exposed to credit losses even with diversification and first-lien protections.
Equity positions provide Main Street Capital with dividend income and the opportunity to generate value appreciation and gains upon exit, alongside income from first-lien debt. During fiscal Q4 2025 and the first half of fiscal 2026, exits from Mystic Logistics, KBK Industries, and Centre Technologies generated realized gains of approximately $88 million. The annual internal rate of return on the Centre Technologies investment was approximately 40% with a 9 times multiple, while the return on KBK Industries was approximately 127% with a 63 times multiple. These gains help offset potential credit losses and finance distributions, but they are inherently irregular between quarters.
The company entered fiscal Q3 2026 with $1.2 billion of liquidity from cash and available capacity under credit facilities. Regulatory leverage was 0.69 times, compared with a long-term target range of 0.8 to 0.9 times, and the asset coverage ratio was 2.44 times. The company issued $150 million of unsecured private notes due in April 2031 with an interest rate of 6.93%, and it increased commitments under the corporate facility to $1.24 billion. After repaying the $500 million July 2026 notes, the next fixed maturity became $400 million in June 2027.
