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Main Street Capital Corporation

MAIN

Main Street Capital Corporation • NYSE
$58.04 ▲ 0.61% (+0.35)
Market Cap $5.20 B
52w High $67.77
52w Low $47.00
Dividend Yield 3.92%
P/E 9.61
Volume 178.80K
Outstanding Shares 89.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $183.705M ▲ $17.844M ▼ $123.671M ▲ 67.32% ▼ $0.24 ▼ $133.389M ▲
Q2-2025 $177.442M ▲ $18.12M ▲ $122.534M ▲ 69.056% ▲ $1.37 ▲ $126.803M ▲
Q1-2025 $170.691M ▼ $16.068M ▼ $116.082M ▼ 68.007% ▼ $1.31 ▼ $123.455M ▼
Q4-2024 $221.234M ▲ $16.069M ▲ $174.233M ▲ 78.755% ▲ $1.97 ▲ $171.147M ▲
Q3-2024 $184.944M $15.754M $124.007M 67.051% $1.42 $135.716M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.568M ▼ $5.283B ▼ $2.348B ▼ $2.935B ▲
Q2-2025 $86.984M ▼ $5.288B ▲ $2.404B ▼ $2.884B ▲
Q1-2025 $109.18M ▲ $5.273B ▲ $2.433B ▲ $2.84B ▲
Q4-2024 $78.251M ▼ $5.121B ▲ $2.324B ▼ $2.798B ▲
Q3-2024 $84.421M $5.095B $2.403B $2.692B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $123.671M ▲ $90.632M ▼ $0 $-147.048M ▼ $-56.416M ▼ $90.632M ▼
Q2-2025 $-52.42M ▼ $102.524M ▲ $0 ▲ $-124.72M ▼ $-22.196M ▼ $102.524M ▲
Q1-2025 $116.082M ▼ $57.784M ▼ $-78.183M ▼ $51.328M ▲ $30.929M ▲ $57.784M ▼
Q4-2024 $174.233M ▲ $145.046M ▲ $0 $-151.216M ▼ $-6.17M ▼ $145.046M ▲
Q3-2024 $124.012M $72.387M $0 $-18.438M $53.949M $72.387M

Five-Year Company Overview

Income Statement

Income Statement Main Street’s income statement shows a steady build in its core earnings power over the past five years. Revenue has risen consistently, and profit measures have grown even faster, especially compared with the weak pandemic year. This points to better scale, good cost control, and generally favorable investment results. The firm appears to be converting a large share of its revenue into bottom‑line earnings, which is typical of a well-run, internally managed business development company. The main risk here is that results depend heavily on the health and valuation of its portfolio companies, so earnings can be sensitive to credit conditions and market swings.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with both assets and shareholders’ equity growing over time. Debt has also climbed, reflecting a larger investment book funded partly with borrowing. Overall, this suggests a company that is scaling its platform rather than standing still. The positive sign is that equity has grown alongside debt, indicating retained value creation for shareholders. The trade‑off is that a bigger balance sheet and higher leverage increase exposure to credit downturns, so the quality and diversification of the portfolio become very important.

Cash Flow

Cash Flow Cash flow is choppy and not as straightforward to read as a typical operating company. Reported operating cash flow has swung between negative and positive years, largely because Main Street is an investment vehicle that constantly deploys and recycles capital rather than a business selling products. There is essentially no traditional capital spending, which fits a financial firm with a lean physical footprint. The key takeaway is that timing of investments and repayments can drive short‑term cash flow volatility, so cash flow statements should be viewed over a longer horizon and in the context of available financing capacity and credit lines, not in isolation.

Competitive Edge

Competitive Edge Main Street holds a strong and differentiated position in the business development company space. Its internal management structure keeps costs lower than many peers that pay rich fees to external managers, which is a meaningful and durable edge. The firm focuses on the underserved lower middle market and offers one‑stop financing that combines debt and equity, making it an attractive partner for smaller businesses that want tailored, relationship‑driven capital rather than purely transactional lenders. A long operating history, solid reputation, and repeat deal flow further reinforce its moat. The main competitive risk is that more capital could eventually chase the same niche, pressuring deal terms and returns, especially if credit markets stay loose for an extended period.

Innovation and R&D

Innovation and R&D Main Street’s “innovation” is mainly about business model design and disciplined execution, not patents or traditional R&D. Its internally managed structure, focus on a specific segment of smaller private companies, and ability to package both loans and equity into flexible solutions are all strategic innovations that differentiate it from many peers. The company also appears willing to back technology‑enabled portfolio companies and to grow an asset‑management arm that earns fee income. Future progress will likely come from refining its underwriting, data, and portfolio management processes, expanding relationships in its niche, and carefully scaling third‑party asset management—not from heavy spending on research labs or cutting‑edge tech.

Summary

Overall, Main Street looks like a mature, steadily growing income‑oriented investment platform with a clear niche and a cost advantage versus many competitors. Its earnings profile has strengthened over the past five years, its balance sheet has grown in a measured way, and its competitive moat is grounded in low fees, focus on smaller private companies, and long‑term relationships. At the same time, its fortunes are tied to the credit health and valuations of lower middle market businesses, and its cash flows can be lumpy as capital is deployed and repaid. The key variables to watch going forward are credit quality in the portfolio, leverage levels, operating expense discipline, and management’s ability to maintain underwriting standards as the firm continues to scale.

NEWS

November 19, 2025 · 7:00 AM UTC

Main Street Announces New Portfolio Investment

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November 18, 2025 · 7:00 AM UTC

Main Street Announces New Portfolio Investment

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November 13, 2025 · 4:15 PM UTC

MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS

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November 12, 2025 · 7:00 AM UTC

MSC Income Fund Announces Regular Quarterly Dividend and Supplemental Quarterly Dividend

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November 6, 2025 · 4:15 PM UTC

MAIN STREET ANNOUNCES THIRD QUARTER 2025 RESULTS

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