Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 14.8x · ROE 4.7%. (2004–2025 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 | $920M | $1.1B | $1.1B | $894M | $736M | $853M | $895M | $454M | $1.1B | $1.1B | $1.5B |
| Enterprise Value | $2.8B | $3.0B | $2.7B | $2.2B | $2.1B | $2.4B | $2.3B | $2.2B | $2.2B | $1.9B | $2.3B |
| P/E Ratio → | 14.68 | 16.82 | 10.62 | 7.52 | 24.26 | 10.33 | 8.02 | — | 14.84 | 13.16 | 78.72 |
| P/S Ratio | 3.35 | 3.89 | 4.65 | 3.77 | 5.20 | 5.62 | 4.92 | — | 12.73 | 12.82 | 83.31 |
| P/B Ratio | 0.71 | 0.82 | 0.75 | 0.89 | 0.75 | 0.85 | 0.86 | 0.44 | 0.81 | 0.80 | 0.98 |
| P/FCF | 9.08 | 10.52 | — | 4.55 | 9.68 | — | 1.90 | — | — | 4.33 | 2.27 |
| P/OCF | 9.08 | 10.52 | — | 4.55 | 9.68 | — | 1.90 | — | — | 4.33 | 2.27 |
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 | — | 10.80 | 12.05 | 9.41 | 15.08 | 15.64 | 12.66 | — | 25.67 | 21.52 | 131.11 |
| EV / EBITDA | 14.80 | 15.57 | 27.60 | 18.81 | 20.57 | 28.81 | 20.62 | — | 16.54 | 13.67 | 29.38 |
| EV / EBIT | 14.33 | 15.57 | 27.60 | 18.81 | 20.61 | 28.81 | 20.62 | — | 16.56 | 13.68 | 29.39 |
| EV / FCF | — | 29.23 | — | 11.38 | 28.04 | — | 4.90 | — | — | 7.26 | 3.57 |
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 | 83.4% | 83.4% | 48.8% | 56.1% | 66.5% | 63.7% | 69.6% | 427.8% | 31.4% | 100.0% | 100.0% |
| Operating Margin | 71.6% | 71.6% | 43.7% | 50.0% | 73.1% | 54.3% | 61.4% | 518.4% | 155.0% | 157.3% | 446.1% |
| Net Profit Margin | 23.0% | 23.0% | 43.7% | 50.0% | 21.6% | 54.3% | 61.4% | 518.4% | 85.6% | 97.7% | 104.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 8.2% | 11.9% | 3.1% | 8.1% | 10.9% | -9.9% | 5.3% | 6.0% | 1.2% |
| ROA | 1.9% | 1.9% | 3.5% | 4.7% | 1.2% | 3.2% | 4.1% | -4.3% | 3.0% | 3.7% | 0.7% |
| ROIC | 4.6% | 4.6% | 2.6% | 3.6% | 3.1% | 2.4% | 3.2% | -3.3% | 4.2% | 4.6% | 2.2% |
| ROCE | 6.2% | 6.2% | 3.5% | 4.8% | 4.1% | 3.2% | 4.2% | -4.4% | 5.6% | 6.1% | 2.9% |
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 | 1.53 | 1.53 | 1.25 | 1.45 | 1.50 | 1.54 | 1.41 | 1.75 | 0.86 | 0.56 | 0.57 |
| Debt / EBITDA | 10.49 | 10.49 | 17.73 | 12.31 | 14.31 | 18.83 | 13.10 | — | 8.65 | 5.64 | 10.86 |
| Net Debt / Equity | — | 1.45 | 1.19 | 1.33 | 1.41 | 1.51 | 1.36 | 1.71 | 0.83 | 0.55 | 0.56 |
| Net Debt / EBITDA | 9.96 | 9.96 | 16.96 | 11.28 | 13.47 | 18.45 | 12.61 | — | 8.34 | 5.53 | 10.71 |
| Debt / FCF | — | 18.70 | — | 6.82 | 18.36 | — | 3.00 | — | — | 2.94 | 1.30 |
| Interest Coverage | 1497.99 | 1497.99 | 0.85 | 1.14 | 1.31 | 1.50 | 2.02 | -1.58 | 2.23 | 2.64 | 1.31 |
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 | 1.04 | 1.04 | 9.00 | 10.19 | 2.40 | 2.28 | 2.88 | 2.16 | 1.85 | 0.56 | 1.38 |
| Quick Ratio | 1.04 | 1.04 | 9.00 | 10.19 | 2.40 | 2.28 | 2.88 | 2.16 | 1.85 | 0.56 | 1.38 |
| Cash Ratio | 0.80 | 0.80 | 4.46 | 8.43 | 1.83 | 1.17 | 2.13 | 1.35 | 1.10 | 0.19 | 0.21 |
| Asset Turnover | — | 0.08 | 0.07 | 0.09 | 0.06 | 0.06 | 0.07 | -0.01 | 0.03 | 0.04 | 0.01 |
| 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 | 15.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 224.1% | 224.1% | 141.3% | 104.0% | 218.1% | 113.3% | 94.5% | — | 177.9% | 151.1% | 852.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 5.9% | 9.4% | 13.3% | 4.1% | 9.7% | 12.5% | — | 6.7% | 7.6% | 1.3% |
| FCF Yield | 11.0% | 9.5% | — | 22.0% | 10.3% | — | 52.6% | — | — | 23.1% | 44.0% |
| Buyback Yield | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 17.3% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $93M | $78M | $65M | $65M | $65M | $65M | $67M | $71M | $73M | $74M |
Portfolio credit quality volatility
According to current market data, MFIC trades at a price-to-book ratio of 0.71, which suggests that investors continue to apply a significant discount compared to peers like Ares Capital, likely due to lingering skepticism regarding the quality of legacy assets remaining from the previous Apollo Investment Corp era.
The forward P/E of 7.19 implies that the market is pricing in a high degree of uncertainty regarding the sustainability of current earnings levels. This valuation gap warrants further investigation into whether the market is failing to account for the structural improvements brought by the MidCap Financial origination platform.
As reported in recent financial statements, MFIC's ROIC has struggled to maintain momentum, fluctuating between 0.4% and 1.3% over the last several quarters, which indicates that the firm is currently failing to generate meaningful compounding returns on its invested capital base relative to its cost of funding.
The low ROIC figures suggest that the underlying loan portfolio may be underperforming or that the cost of leverage is effectively neutralizing the yield generated by senior secured assets. Investors should monitor whether the shift toward a more disciplined MidCap-led strategy can eventually drive a sustained expansion in these return metrics.
Based on reported figures, MFIC maintains a debt-to-equity ratio that reached 1.53 in 2025Q4, indicating that the firm relies heavily on external financing to support its investment activities, which leaves the balance sheet vulnerable to interest rate volatility and potential covenant breaches in a stressed credit environment.
The interest coverage ratio has shown extreme volatility, dropping to 1.25 in the most recent quarter, which suggests that the margin for error in servicing debt is narrowing. This level of leverage appears aggressive compared to more conservative peers and necessitates a cautious outlook on the firm's ability to navigate a prolonged economic downturn.
As indicated by historical data, the most commonly misapplied metric for MFIC is GAAP Net Income, which frequently obscures the firm's true earning power due to the inclusion of non-cash unrealized mark-to-market adjustments that do not reflect the actual cash-generating capacity of the underlying loan portfolio.
Analysts should instead prioritize Net Investment Income (NII) to assess the sustainability of the dividend payout, as GAAP figures are often distorted by the volatility of the investment book. Relying on headline net income may lead to an incorrect assessment of the company's operational health and its ability to maintain current distribution levels.
Includes 30+ ratios · 22 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MFIC stock.
MidCap Financial Investment Corporation's current P/E ratio is 14.7x. The historical average is 17.1x. This places it at the 59th percentile of its historical range.
MidCap Financial Investment Corporation's current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
MidCap Financial Investment Corporation's return on equity (ROE) is 4.7%. The historical average is 4.1%.
Based on historical data, MidCap Financial Investment Corporation is trading at a P/E of 14.7x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MidCap Financial Investment Corporation's current dividend yield is 15.21% with a payout ratio of 224.1%.
MidCap Financial Investment Corporation has 83.4% gross margin and 71.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MidCap Financial Investment Corporation's Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.