Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -22.4%. (2009–2025 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 | $48M | $64M | $108M | $157M | $136M | $146M | $96M | $149M | $141M | $148M | $133M |
| Enterprise Value | $263M | $278M | $349M | $411M | $453M | $448M | $367M | $488M | $358M | $239M | $272M |
| P/E Ratio → | -1.46 | — | 3.81 | — | — | 2.57 | 25.54 | 15.73 | 14.72 | 18.59 | 9.62 |
| P/S Ratio | — | — | 2.18 | 6.46 | 10.73 | 1.71 | 3.29 | 4.99 | 6.08 | 8.44 | 5.82 |
| P/B Ratio | 0.39 | 0.52 | 0.63 | 0.97 | 0.75 | 0.72 | 0.60 | 0.90 | 0.81 | 0.76 | 0.90 |
| P/FCF | 1.11 | 1.46 | 3.28 | 7.34 | 46.23 | — | 1.19 | — | — | 13.83 | — |
| P/OCF | 1.11 | 1.46 | 3.28 | 7.34 | 46.23 | — | 1.19 | — | — | 13.83 | — |
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 | — | — | 7.04 | 16.94 | 35.68 | 5.22 | 12.60 | 16.31 | 15.39 | 13.69 | 11.87 |
| EV / EBITDA | — | — | 12.23 | — | — | 7.85 | 94.17 | 50.09 | 36.67 | 29.55 | 19.40 |
| EV / EBIT | — | — | 12.26 | — | — | 7.88 | 99.42 | 51.12 | 37.42 | 30.27 | 19.67 |
| EV / FCF | — | 6.37 | 10.56 | 19.24 | 153.77 | — | 4.55 | — | — | 22.44 | — |
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 | 239.8% | 239.8% | 66.4% | 19.7% | -34.1% | 79.6% | 35.5% | 47.1% | 60.3% | 66.8% | 76.9% |
| Operating Margin | 280.2% | 280.2% | 57.4% | -1.9% | -59.8% | 66.3% | 12.7% | 31.9% | 41.1% | 45.2% | 60.3% |
| Net Profit Margin | 280.2% | 280.2% | 57.4% | -1.9% | -59.8% | 66.3% | 12.7% | 31.9% | 41.1% | 45.2% | 60.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.4% | -22.4% | 17.0% | -0.3% | -3.9% | 31.4% | 2.3% | 5.6% | 5.2% | 4.6% | 9.5% |
| ROA | -8.5% | -8.5% | 6.3% | -0.1% | -1.4% | 10.8% | 0.7% | 2.0% | 2.4% | 2.4% | 4.6% |
| ROIC | -6.5% | -6.5% | 4.8% | -0.1% | -1.1% | 8.4% | 0.6% | 1.5% | 1.8% | 1.8% | 3.5% |
| ROCE | -8.7% | -8.7% | 6.5% | -0.1% | -1.4% | 11.2% | 0.7% | 2.0% | 2.5% | 2.4% | 4.7% |
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 | 1.77 | 1.77 | 1.43 | 1.85 | 1.84 | 1.69 | 1.95 | 2.12 | 1.46 | 0.85 | 1.05 |
| Debt / EBITDA | — | — | 8.65 | — | — | 6.04 | 79.28 | 36.16 | 26.09 | 20.34 | 11.15 |
| Net Debt / Equity | — | 1.74 | 1.40 | 1.57 | 1.76 | 1.48 | 1.71 | 2.03 | 1.24 | 0.47 | 0.93 |
| Net Debt / EBITDA | — | — | 8.44 | — | — | 5.29 | 69.61 | 34.78 | 22.18 | 11.34 | 9.89 |
| Debt / FCF | — | 4.91 | 7.29 | 11.90 | 107.54 | — | 3.37 | — | — | 8.61 | — |
| Interest Coverage | -2.00 | -2.00 | 1.71 | -0.02 | -0.45 | 3.25 | 0.20 | 0.60 | 1.04 | 1.36 | 2.61 |
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 | 0.74 | 0.74 | 2.10 | 3.02 | 2.21 | 3.24 | 2.57 | 0.99 | 2.28 | 16.39 | 3.96 |
| Quick Ratio | 0.74 | 0.74 | 2.10 | 3.02 | 2.21 | 3.24 | 2.57 | 0.99 | 2.28 | 16.39 | 3.96 |
| Cash Ratio | 0.74 | 0.74 | 0.75 | 3.02 | 1.80 | 2.25 | 2.46 | 0.73 | 1.95 | 15.79 | 3.60 |
| Asset Turnover | — | -0.03 | 0.12 | 0.05 | 0.02 | 0.15 | 0.06 | 0.06 | 0.05 | 0.05 | 0.08 |
| 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 | 33.0% | 25.0% | 2.5% | 11.5% | 11.3% | 8.3% | 11.9% | 12.0% | 16.2% | 11.3% | 9.8% |
| Payout Ratio | — | — | 9.6% | — | — | 21.2% | 307.7% | 187.9% | 239.2% | 211.1% | 94.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 26.3% | — | — | 38.9% | 3.9% | 6.4% | 6.8% | 5.4% | 10.4% |
| FCF Yield | 90.2% | 68.4% | 30.5% | 13.6% | 2.2% | — | 84.2% | — | — | 7.2% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 33.0% | 25.0% | 2.5% | 11.5% | 11.3% | 8.3% | 11.9% | 12.0% | 16.2% | 11.3% | 9.8% |
| Shares Outstanding | — | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $12M | $10M |
Portfolio Credit Quality Erosion
According to current market data, OFS trades at a P/B ratio of 0.37, which represents a significant discount compared to its historical averages and the broader BDC peer group, suggesting that investors are pricing in substantial further write-downs of the underlying Level 3 investment portfolio.
The depressed P/B multiple indicates that the market lacks confidence in the carrying value of the firm's assets, likely due to the recurring negative revenue and portfolio stress. This valuation suggests that the market is not assigning value to the Orchard First Source platform, but rather focusing on the potential for further NAV erosion.
As reported in financial statements, the ROE has trended into negative territory, reaching -10.0% in 2026Q1, which highlights a persistent inability to generate positive returns on invested capital compared to the more stable performance of peers like Gladstone Investment.
The decay in ROIC and ROE suggests that the firm's investment strategy is currently failing to cover its cost of capital. This trend warrants further investigation into whether the underlying portfolio companies are experiencing structural distress that prevents them from meeting interest obligations.
Based on quarterly balance sheet data, the current ratio has exhibited extreme instability, swinging from 3.16 in 2023Q4 to a precarious 0.07 in 2025Q4, indicating that the firm's short-term liquidity position is highly sensitive to the timing of portfolio cash collections.
Such volatility in the current ratio suggests that the firm may face periodic constraints in meeting its short-term obligations, particularly if interest income is delayed or if portfolio valuations require sudden adjustments. Investors should monitor this metric closely as it reflects the firm's vulnerability to liquidity shocks.
As indicated by comparative financial data, OFS lags its peer group in key profitability and return metrics, with a negative net margin that contrasts sharply with the positive margins maintained by peers like Capital Southwest and PennantPark Floating Rate Capital.
The gap between OFS and its peers appears structural rather than temporary, likely stemming from the specific credit quality of its lower-middle-market portfolio. This performance disparity suggests that OFS is currently facing more severe credit headwinds than its direct competitors in the asset management space.
Investors frequently misapply the P/B ratio to OFS, failing to recognize that in a BDC model, book value is based on subjective Level 3 asset valuations that may not reflect actual liquidation value during periods of portfolio stress.
Relying solely on P/B obscures the reality that the reported NAV can be significantly inflated by management's internal valuation models. A more appropriate metric for assessing the firm's health would be the trend in Net Investment Income (NII) relative to the dividend payout, which provides a clearer view of cash-generating capacity.
Includes 30+ ratios · 17 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OFS stock.
OFS Capital Corporation's current P/E ratio is -1.5x. The historical average is 13.2x.
OFS Capital Corporation's return on equity (ROE) is -22.4%. The historical average is 5.1%.
Based on historical data, OFS Capital Corporation is trading at a P/E of -1.5x. Compare with industry peers and growth rates for a complete picture.
OFS Capital Corporation's current dividend yield is 32.96%.
OFS Capital Corporation has 239.8% gross margin and 280.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.