Latest Ratios: P/E Ratio 9.5x · EV/EBITDA 13.8x · ROE 17.0%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $5.4B | $5.2B | $3.5B | $2.8B | $3.1B | $2.1B | $2.7B | $2.0B | $2.3B | $1.9B |
| Enterprise Value | $7.3B | $7.8B | $7.2B | $5.3B | $4.7B | $4.9B | $3.3B | $3.8B | $3.0B | $3.0B | $2.7B |
| P/E Ratio → | 9.49 | 10.94 | 10.01 | 8.27 | 11.40 | 9.35 | 71.69 | 20.93 | 12.08 | 13.20 | 13.77 |
| P/S Ratio | 7.56 | 8.37 | 7.16 | 5.78 | 6.94 | 6.58 | 21.07 | 12.45 | 8.05 | 8.52 | 9.51 |
| P/B Ratio | 1.56 | 1.80 | 1.85 | 1.43 | 1.31 | 1.73 | 1.40 | 1.77 | 1.38 | 1.63 | 1.59 |
| P/FCF | 14.03 | 15.53 | — | 12.41 | — | — | — | — | — | 30.90 | — |
| P/OCF | 14.03 | 15.53 | — | 12.41 | — | — | — | — | — | 30.90 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.12 | 9.98 | 8.63 | 11.86 | 10.33 | 32.77 | 17.30 | 11.78 | 11.34 | 13.57 |
| EV / EBITDA | 13.84 | 14.83 | 13.42 | 11.71 | 17.75 | 13.36 | 208.08 | 28.84 | 17.07 | 15.37 | 19.82 |
| EV / EBIT | 14.01 | 15.02 | 13.42 | 11.71 | 17.75 | 13.36 | 208.08 | 28.84 | 17.07 | 15.37 | 19.82 |
| EV / FCF | — | 22.49 | — | 18.52 | — | — | — | — | — | 41.12 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 83.0% | 83.3% | 80.3% | 87.5% | 50.7% | 77.0% | 82.8% | 86.2% | 83.3% |
| Operating Margin | 80.7% | 80.7% | 74.3% | 73.7% | 66.8% | 77.4% | 15.7% | 60.0% | 69.0% | 73.8% | 68.4% |
| Net Profit Margin | 76.6% | 76.6% | 70.1% | 70.0% | 60.9% | 70.4% | 29.2% | 59.4% | 66.6% | 64.5% | 69.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.0% | 17.0% | 19.3% | 18.7% | 12.4% | 20.0% | 1.9% | 8.6% | 11.8% | 13.2% | 12.2% |
| ROA | 9.1% | 9.1% | 10.6% | 9.9% | 6.1% | 10.2% | 1.1% | 4.9% | 7.0% | 7.9% | 7.0% |
| ROIC | 7.5% | 7.5% | 8.8% | 8.1% | 5.2% | 8.6% | 0.4% | 3.8% | 5.6% | 6.9% | 5.3% |
| ROCE | 9.6% | 9.6% | 11.4% | 10.5% | 6.7% | 11.4% | 0.6% | 5.0% | 7.4% | 9.2% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.76 | 0.73 | 0.95 | 1.00 | 0.80 | 0.73 | 0.67 | 0.58 | 0.70 |
| Debt / EBITDA | 4.67 | 4.67 | 3.94 | 4.00 | 7.55 | 4.94 | 76.29 | 8.52 | 5.71 | 4.09 | 6.10 |
| Net Debt / Equity | — | 0.81 | 0.73 | 0.70 | 0.92 | 0.99 | 0.78 | 0.69 | 0.64 | 0.54 | 0.68 |
| Net Debt / EBITDA | 4.59 | 4.59 | 3.79 | 3.86 | 7.36 | 4.85 | 74.28 | 8.09 | 5.40 | 3.82 | 5.93 |
| Debt / FCF | — | 6.95 | — | 6.11 | — | — | — | — | — | 10.23 | — |
| Interest Coverage | — | — | 4.36 | 4.40 | 3.38 | 6.18 | 0.32 | 2.60 | 4.01 | 5.35 | 4.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 449.84 | 449.84 | 3.88 | 4.00 | 1.45 | 1.93 | 1.42 | 5.16 | 1.20 | 0.94 | 1.62 |
| Quick Ratio | 449.84 | 449.84 | 3.88 | 4.00 | 1.45 | 1.93 | 1.42 | 5.16 | 1.20 | 0.94 | 1.62 |
| Cash Ratio | 34.91 | 34.91 | 1.72 | 1.61 | 1.43 | 0.93 | 1.42 | 2.70 | 1.17 | 0.90 | 1.50 |
| Asset Turnover | — | 0.11 | 0.14 | 0.14 | 0.09 | 0.13 | 0.04 | 0.08 | 0.10 | 0.12 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 68.8% | 68.8% | 63.1% | 63.4% | 80.4% | 48.5% | 491.7% | 126.8% | 92.8% | 87.0% | 91.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.5% | 9.1% | 10.0% | 12.1% | 8.8% | 10.7% | 1.4% | 4.8% | 8.3% | 7.6% | 7.3% |
| FCF Yield | 7.1% | 6.4% | — | 8.1% | — | — | — | — | — | 3.2% | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $89M | $89M | $82M | $74M | $69M | $66M | $63M | $60M | $57M | $52M |
Level 3 Asset Valuation
According to current market data, MAIN trades at a 1.52x price-to-book ratio, which, when compared to peers like ARCC at 0.89x, suggests investors are pricing in a significant premium for the firm's internal management structure despite the recent 11.06% year-over-year revenue contraction.
The current forward P/E of 13.41 implies that the market expects a recovery in earnings quality that may not be supported by the recent volatility in net margins. Investors should monitor whether this premium to NAV remains sustainable if the firm's ability to generate accretive equity exits continues to face cyclical pressure.
Based on reported financial figures, MAIN's ROIC has trended downward to 1.2% in 2026Q1 from a 2.6% peak in 2024Q4, indicating that the firm's ability to compound capital efficiently is currently being challenged by the broader interest rate environment and portfolio performance.
The decline in ROIC suggests that the firm's historical advantage in LMM equity kickers is experiencing a period of reduced efficacy. This trend warrants further investigation into whether the underlying portfolio companies are struggling to maintain margins, thereby limiting the firm's ability to drive NAV growth.
As reported in recent financial statements, MAIN maintains a debt-to-equity ratio of 0.82x, which remains notably lower than the industry average, providing a structural buffer that appears to be underutilized given the current 2.62x interest coverage ratio observed in 2026Q1.
While the low leverage profile is a hallmark of the firm's conservative risk management, the recent compression in interest coverage suggests that debt service is becoming more sensitive to earnings volatility. Investors should monitor if this conservative stance is a deliberate defensive posture or a sign of limited high-quality deployment opportunities.
Based on the provided balance sheet data, MAIN's current ratio plummeted to 0.16 in 2026Q1 from a high of 4.26 in 2024Q3, indicating a sharp reduction in short-term liquidity that may limit the firm's operational flexibility during periods of unexpected capital calls.
This rapid decline in the current ratio suggests that the firm's working capital position has become significantly more constrained than in previous periods. Such a shift warrants close monitoring, as it may indicate that the firm is increasingly reliant on external financing to meet its immediate obligations.
The market's reliance on the price-to-book ratio as the primary valuation metric for MAIN obscures the value of the internal management platform, which functions as an off-balance-sheet asset that generates fee income without requiring the capital intensity typical of traditional financial institutions.
Investors should instead focus on Distributable Net Investment Income (DNII) and the sustainability of the dividend payout, as P/B fails to capture the unique compounding effect of the firm's equity-heavy LMM strategy. Relying solely on book value may lead to an undervaluation of the firm's operational efficiency and long-term earnings power.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying MAIN stock.
Main Street Capital Corporation's current P/E ratio is 9.5x. The historical average is 16.5x. This places it at the 32th percentile of its historical range.
Main Street Capital Corporation's current EV/EBITDA is 13.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
Main Street Capital Corporation's return on equity (ROE) is 17.0%. The historical average is 14.3%.
Based on historical data, Main Street Capital Corporation is trading at a P/E of 9.5x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Main Street Capital Corporation's current dividend yield is 7.24% with a payout ratio of 68.8%.
Main Street Capital Corporation has 100.0% gross margin and 80.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Main Street Capital Corporation's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.