BCSF

MKT CAP:$853M

Bain Capital Specialty Finance, Inc.

Market Cap

$853M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$13.22-$0.74 (-5.30%)

Apr 24, 2026

Company Details

Bain Capital Specialty Finance, Inc. is business development company specializing in direct loans to middle-market companies. The fund seeks to invest in senior investments with a first or second lien on collateral, senior first lien, stret...

CEO

Michael Alexander Ewald

IPO Date

Nov 15, 2018

Website

www.baincapitalbdc.com

Key Metrics TTM

Revenue

$239M

+12.4% YoY

Net Income

$99M

EPS (Diluted)

$1.59

Free Cash Flow

$86M

Revenue / Share

$3.69

Gross Margin

76.9%

Operating Margin

51.1%

Net Margin

41.3%

FCF Margin

35.9%

P/S

3.6x

P/E

8.6x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 26, 2026

$239M+12.4%EPS $1.52

Q4 2025

Feb 26, 2026

$95M+98.2%EPS $0.43

Q3 2025

Nov 10, 2025

$43M-23.4%EPS $0.29

Q2 2025

Aug 5, 2025

$49M-4.2%EPS $0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$46M	$36M	$34M
Q2 22	$30M	$19M	$17M
Q3 22	$29M	$14M	$11M
Q4 22	$63M	$47M	$44M
Q1 23	$52M	$32M	$30M
Q2 23	$53M	$32M	$30M
Q3 23	$58M	$38M	$34M
Q4 23	$55M	$36M	$32M
Q1 24	$58M	$40M	$36M
Q2 24	$52M	$34M	$30M
Q3 24	$56M	$38M	$34M
Q4 24	$48M	$27M	$23M
Q1 25	$52M	$33M	$30M
Q2 25	$49M	$28M	$25M
Q3 25	$43M	$22M	$20M
Q4 25	$95M	$101M	$48M

Valuation

Quarter	P/S	P/E
Q1 22	5.8x	8.4x
Q2 22	5.7x	9.4x
Q3 22	5.3x	9.2x
Q4 22	4.8x	7.7x
Q1 23	4.4x	7.6x
Q2 23	4.4x	7.7x
Q3 23	4.3x	7.1x
Q4 23	4.6x	8.1x
Q1 24	4.5x	7.8x
Q2 24	4.7x	8.2x
Q3 24	4.9x	8.4x
Q4 24	5.4x	9.7x
Q1 25	5.2x	9.5x
Q2 25	4.7x	9.0x
Q3 25	4.8x	9.9x
Q4 25	3.7x	9.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$32M
Q2 22	$21M	$21M
Q3 22	$44M	$44M
Q4 22	$13M	$13M
Q1 23	$36M	$36M
Q2 23	$28M	$28M
Q3 23	$38M	$38M
Q4 23	$25M	$25M
Q1 24	$45M	$45M
Q2 24	$30M	$30M
Q3 24	$33M	$33M
Q4 24	$5M	$5M
Q1 25	$46M	$46M
Q2 25	$28M	$28M
Q3 25	$9M	$9M
Q4 25	$3M	$3M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.3%	+3.2%
Q2 22	-39.7%	+66.2%
Q3 22	-29.0%	+3.6%
Q4 22	+55.9%	+4.5%
Q1 23	+12.0%	+73.9%
Q2 23	+74.1%	+72.0%
Q3 23	+103.8%	+35.9%
Q4 23	-13.6%	+19.1%
Q1 24	+11.1%	-2.2%
Q2 24	-2.5%	-5.6%
Q3 24	-4.6%	-9.8%
Q4 24	-12.5%	+8.0%
Q1 25	-9.7%	+4.1%
Q2 25	-4.2%	+15.4%
Q3 25	-23.4%	+7.2%
Q4 25	+98.2%	+90.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$2M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$2M
Q2 23	$2M
Q3 23	$3M
Q4 23	$4M
Q1 24	$3M
Q2 24	$4M
Q3 24	$3M
Q4 24	$4M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$81M	$0	$81M
Q2 22	$43M	$0	$43M
Q3 22	$44M	$0	$44M
Q4 22	$60M	$0	$60M
Q1 23	$30M	$0	$30M
Q2 23	$92M	$55.0K	$92M
Q3 23	$79M	$0	$79M
Q4 23	$49M	$0	$49M
Q1 24	$122M	$0	$122M
Q2 24	$31M	$0	$31M
Q3 24	$30M	$0	$30M
Q4 24	$54M	$0	$54M
Q1 25	$38M	$0	$38M
Q2 25	$38M	$0	$38M
Q3 25	$67M	$0	$67M
Q4 25	$59M	$76M	$135M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	65M	0.0%	0.0%
Q2 22	65M	0.0%	0.0%
Q3 22	65M	0.0%	0.0%
Q4 22	65M	0.0%	0.0%
Q1 23	65M	0.0%	0.0%
Q2 23	65M	0.0%	0.0%
Q3 23	65M	0.0%	0.0%
Q4 23	65M	0.0%	0.0%
Q1 24	65M	0.0%	0.0%
Q2 24	65M	0.0%	0.0%
Q3 24	65M	-0.0%	-0.0%
Q4 24	65M	+0.0%	0.0%
Q1 25	65M	+0.2%	+0.2%
Q2 25	65M	+0.3%	+0.5%
Q3 25	65M	+0.0%	+0.5%
Q4 25	65M	-0.1%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$92.6K	500
Q2 22	$60.7K	500
Q3 22	$57.4K	500
Q4 22	$127.0K	500
Q1 23	$103.7K	500
Q2 23	$105.7K	500
Q3 23	$116.9K	500
Q4 23	$109.7K	500
Q1 24	$115.2K	500
Q2 24	$103.1K	500
Q3 24	$111.5K	500
Q4 24	$96.0K	500
Q1 25	$104.0K	500
Q2 25	$98.8K	500
Q3 25	$85.3K	500
Q4 25	$190.3K	500

Revenue / Employee