Latest Ratios: P/E Ratio 30.8x · EV/EBITDA 16.3x · ROE 2.3%. (2008–2025 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 | $1.1B | $1.1B | $1.3B | $1.5B | $1.1B | $1.1B | $682M | $730M | $699M | $774M | $879M |
| Enterprise Value | $2.5B | $2.5B | $2.9B | $2.9B | $2.4B | $2.4B | $1.4B | $1.2B | $1.3B | $1.4B | $1.9B |
| P/E Ratio → | 30.85 | 33.46 | 22.65 | 12.34 | 37.50 | 4.82 | 17.49 | 5.78 | 14.88 | — | — |
| P/S Ratio | 3.54 | 3.75 | 7.04 | 6.13 | 12.70 | 4.10 | 8.68 | 4.58 | 7.51 | — | 79.83 |
| P/B Ratio | 0.71 | 0.77 | 0.88 | 0.96 | 0.88 | 0.87 | 0.75 | 0.78 | 0.81 | 0.89 | 0.77 |
| P/FCF | 7.44 | 7.89 | 68.76 | 6.34 | 48.81 | — | — | 3.38 | 13.07 | 1.59 | 5.34 |
| P/OCF | 7.44 | 7.89 | 68.76 | 6.34 | 48.81 | — | — | 3.38 | 13.07 | 1.59 | 5.34 |
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 | — | 8.44 | 15.50 | 12.31 | 27.55 | 8.55 | 17.21 | 7.45 | 14.22 | — | 173.46 |
| EV / EBITDA | 16.34 | 16.76 | 49.94 | 24.49 | 72.14 | 9.90 | 36.11 | 9.34 | 27.92 | — | — |
| EV / EBIT | 16.34 | 16.76 | 49.94 | 24.49 | 72.14 | 9.90 | 36.11 | 9.34 | 27.92 | — | — |
| EV / FCF | — | 17.77 | 151.31 | 12.74 | 105.85 | — | — | 5.51 | 24.72 | 2.87 | 11.60 |
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 | 87.2% | 87.2% | 30.9% | 52.9% | 45.5% | 89.1% | 66.6% | 79.7% | 61.6% | 137.3% | -395.9% |
| Operating Margin | 50.4% | 50.4% | 31.0% | 50.3% | 38.2% | 86.4% | 47.6% | 79.7% | 50.9% | 147.3% | -604.2% |
| Net Profit Margin | 11.3% | 11.3% | 31.1% | 49.5% | 34.0% | 85.1% | 49.9% | 79.1% | 50.3% | 147.3% | -604.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 3.9% | 8.5% | 2.3% | 21.3% | 4.3% | 14.1% | 5.4% | -19.6% | -5.3% |
| ROA | 1.1% | 1.1% | 1.8% | 4.0% | 1.1% | 11.1% | 2.5% | 8.3% | 3.0% | -9.9% | -2.7% |
| ROIC | 3.7% | 3.7% | 1.4% | 3.2% | 1.0% | 8.6% | 1.9% | 6.6% | 2.3% | -7.7% | -2.1% |
| ROCE | 4.9% | 4.9% | 1.8% | 4.1% | 1.2% | 11.3% | 2.4% | 8.4% | 3.0% | -10.0% | -2.7% |
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 | 1.01 | 1.01 | 1.10 | 1.06 | 1.04 | 0.97 | 0.78 | 0.51 | 0.74 | 0.78 | 1.01 |
| Debt / EBITDA | 9.85 | 9.85 | 28.35 | 13.44 | 39.59 | 5.27 | 18.94 | 3.72 | 13.45 | — | — |
| Net Debt / Equity | — | 0.96 | 1.06 | 0.97 | 1.03 | 0.94 | 0.73 | 0.49 | 0.73 | 0.72 | 0.90 |
| Net Debt / EBITDA | 9.32 | 9.32 | 27.25 | 12.30 | 38.88 | 5.15 | 17.89 | 3.60 | 13.17 | — | — |
| Debt / FCF | — | 9.88 | 82.55 | 6.40 | 57.04 | — | — | 2.12 | 11.66 | 1.28 | 6.26 |
| Interest Coverage | 1.30 | 1.30 | 0.45 | 1.07 | 0.70 | 7.89 | 1.42 | 3.92 | 1.33 | -3.94 | -1.22 |
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 | 11.20 | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 14.71 | 15.38 | 20.71 | 41.58 |
| Quick Ratio | 11.20 | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 14.71 | 15.38 | 20.71 | 41.58 |
| Cash Ratio | 6.60 | 6.60 | 3.94 | 8.52 | 2.96 | 6.38 | 24.04 | 6.71 | 3.98 | 16.74 | 30.14 |
| Asset Turnover | — | 0.10 | 0.06 | 0.07 | 0.03 | 0.11 | 0.05 | 0.11 | 0.06 | -0.08 | 0.00 |
| 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 | 14.3% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 436.9% | 436.9% | 305.4% | 153.5% | 394.4% | 33.7% | 135.4% | 41.4% | 117.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.0% | 4.4% | 8.1% | 2.7% | 20.7% | 5.7% | 17.3% | 6.7% | — | — |
| FCF Yield | 13.4% | 12.7% | 1.5% | 15.8% | 2.0% | — | — | 29.6% | 7.7% | 62.9% | 18.7% |
| Buyback Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 15.3% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $86M | $80M | $72M | $61M | $54M | $47M | $47M | $47M | $47M | $50M |
Portfolio valuation volatility
According to current market data, OCSL trades at a P/B ratio of 0.69, which, as reported in financial statements, suggests that investors are pricing in significant potential impairments to the underlying loan portfolio relative to the firm's stated net asset value.
The discount to book value indicates that the market remains skeptical of the internal valuation models used for Level 3 assets. While the forward P/E of 7.75 appears attractive, it likely fails to account for the potential for future non-accrual events that could further erode the equity base.
Based on quarterly data, OCSL's ROIC has struggled to maintain positive momentum, frequently dipping toward zero, which, as noted in recent filings, reflects the difficulty in generating consistent returns on invested capital amidst a volatile credit environment and recurring portfolio valuation adjustments.
The inability to consistently compound capital suggests that the firm's underwriting process is being offset by realized losses or mark-to-market depreciation. Investors should monitor whether the current management strategy can shift the portfolio toward higher-quality assets that provide more stable, cash-based returns.
As reported in recent SEC filings, OCSL's current ratio has plummeted from 11.26 in 2024Q1 to a concerning 0.17 in 2026Q2, indicating a substantial reduction in short-term liquidity that may limit the firm's ability to meet immediate obligations without relying on external financing.
This rapid contraction in liquidity suggests that the company is increasingly dependent on its credit facilities to manage day-to-day operations. Such a thin margin of safety warrants further investigation into the firm's ability to navigate a period of restricted access to capital markets.
According to the provided quarterly data, OCSL's debt-to-equity ratio has hovered near 1.07x, which, as indicated in financial statements, leaves the firm with limited capacity for further balance sheet expansion without risking a breach of its internal leverage constraints or regulatory requirements.
Operating at the midpoint of its target leverage range in a volatile credit environment leaves little room for error if portfolio valuations continue to decline. The firm's interest coverage ratio, which has been as low as 0.27, suggests that debt service is becoming increasingly sensitive to portfolio performance.
While the 14.7% dividend yield is often cited by market participants, it appears to be a misleading metric for OCSL, as reported figures suggest that dividend distributions have frequently outpaced cash generation, potentially signaling a reliance on capital recycling rather than sustainable earnings.
Investors should prioritize Net Investment Income (NII) over the headline dividend yield to assess the true sustainability of payouts. Relying on the yield alone obscures the reality that the firm's NAV has been under pressure, suggesting that the dividend may be partially funded by the liquidation of assets.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying OCSL stock.
Oaktree Specialty Lending Corporation's current P/E ratio is 30.8x. The historical average is 23.7x. This places it at the 69th percentile of its historical range.
Oaktree Specialty Lending Corporation's current EV/EBITDA is 16.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.1x.
Oaktree Specialty Lending Corporation's return on equity (ROE) is 2.3%. The historical average is 4.3%.
Based on historical data, Oaktree Specialty Lending Corporation is trading at a P/E of 30.8x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Oaktree Specialty Lending Corporation's current dividend yield is 14.31% with a payout ratio of 436.9%.
Oaktree Specialty Lending Corporation has 87.2% gross margin and 50.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Oaktree Specialty Lending Corporation's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.