CSWC

MKT CAP:$1B

Capital Southwest Corporation

Market Cap

$1B

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

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$23.43+$1.14 (+5.11%)

Apr 24, 2026

Company Details

Capital Southwest Corporation is a business development company specializing in credit and private equity and venture capital investments in middle market companies, mezzanine, later stage, mature, late venture, emerging growth, buyouts, re...

CEO

Michael Scott Sarner

IPO Date

Mar 17, 1980

Website

www.capitalsouthwest.com

Key Metrics TTM

Revenue

$193M

+29.2% YoY

Net Income

$86M

EPS (Diluted)

$1.55

Free Cash Flow

-$269M

Revenue / Share

$2.98

Gross Margin

68.4%

Operating Margin

52.5%

Net Margin

44.7%

FCF Margin

-139.1%

P/S

7.3x

P/E

16.4x

Earnings Reports

Q3 2026

May 13, 2026

PENDING

Q2 2026

Nov 3, 2025

$52M+30.3%EPS $0.44

Q1 2026

Aug 7, 2025

$54M+48.1%EPS $0.48

FY 2025

May 20, 2025

$164M+7.7%EPS $1.47

Q4 2025

May 20, 2025

$46MEPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$20M	$15M	$11M
Q1 22	$25M	$20M	$16M
Q2 22	$24M	$19M	-$3M
Q3 22	$24M	$19M	$13M
Q4 22	$30M	$25M	$21M
Q1 23	$14M	$8M	$4M
Q2 23	$23M	$17M	$11M
Q3 23	$20M	$12M	$6M
Q4 23	$33M	$25M	$19M
Q1 24	$40M	$30M	$25M
Q1 25	$36M	$24M	$16M
Q2 25	$40M	$28M	$22M
Q3 25	$41M	$27M	$20M
Q4 25	$46M	$31M	$22M
Q1 26	$54M	$38M	$30M
Q2 26	$52M	$36M	$29M

Valuation

Quarter	P/S	P/E
Q4 21	4.5x	8.1x
Q1 22	5.2x	8.9x
Q2 22	6.0x	16.0x
Q3 22	6.6x	18.5x
Q4 22	5.6x	13.4x
Q1 23	5.2x	15.9x
Q2 23	5.9x	12.1x
Q3 23	7.5x	18.9x
Q4 23	7.4x	20.3x
Q1 24	6.8x	14.5x
Q1 25	9.6x	21.0x
Q2 25	8.2x	15.5x
Q3 25	6.7x	13.7x
Q4 25	6.6x	15.3x
Q1 26	5.8x	12.5x
Q2 26	6.1x	13.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$11M	$11M
Q1 22	-$100M	-$100M
Q2 22	$12M	$12M
Q3 22	$24M	$24M
Q4 22	$8M	$6M
Q1 23	-$70M	-$70M
Q2 23	$26M	$26M
Q3 23	-$98M	-$98M
Q4 23	-$33M	-$34M
Q1 24	-$56M	-$56M
Q1 25	$31M	$31M
Q2 25	-$24M	-$24M
Q3 25	-$166M	-$167M
Q4 25	-$63M	-$62M
Q1 26	$30M	$30M
Q2 26	-$71M	-$71M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$2M
Q1 23	$156.0K
Q2 23	$0
Q3 23	$3.0K
Q4 23	$122.0K
Q1 24	$2.0K
Q1 25	$25.0K
Q2 25	$497.0K
Q3 25	$748.0K
Q4 25	$1M
Q1 26	$141.0K
Q2 26	$81.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+218.1%	+14.1%
Q1 22	+41.5%	+14.3%
Q2 22	-6.4%	+208.4%
Q3 22	-11.8%	+12.3%
Q4 22	+49.0%	+4.2%
Q1 23	-44.5%	+8.5%
Q2 23	-3.7%	-56.8%
Q3 23	-16.5%	+34.5%
Q4 23	+11.3%	+58.2%
Q1 24	+186.6%	+54.9%
Q1 25	+56.1%	+69.8%
Q2 25	+102.9%	+32.7%
Q3 25	+24.0%	+50.2%
Q4 25	+15.2%	+56.0%
Q1 26	+48.1%	+15.8%
Q2 26	+30.3%	+22.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$1M	4.3%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$821.0K	5.9%
Q2 23	$0	0.0%
Q3 23	$992.0K	5.0%
Q4 23	$832.0K	2.5%
Q1 24	$963.0K	2.4%
Q1 25	$1M	3.4%
Q2 25	$2M	3.8%
Q3 25	$2M	3.7%
Q4 25	$3M	5.8%
Q1 26	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$1M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$3M
Q1 26	$3M
Q2 26	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$11M	$0	$11M
Q1 23	$19M	$0	$19M
Q2 23	$30M	$0	$30M
Q3 23	$22M	$0	$22M
Q4 23	$22M	$0	$22M
Q1 24	$21M	$0	$21M
Q2 24	$23M	$0	$23M
Q3 24	$24M	$0	$24M
Q4 24	$32M	$0	$32M
Q1 25	$33M	$0	$33M
Q2 25	$47M	$0	$47M
Q3 25	$47M	$0	$47M
Q4 25	$36M	$0	$36M
Q1 26	$47M	$0	$47M
Q2 26	$87M	$0	$87M
Q3 26	$43M	$0	$43M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	19M	-2.8%	+2.5%
Q1 22	21M	+14.0%	+16.8%
Q2 22	23M	+6.3%	+21.2%
Q3 22	23M	+4.0%	+22.5%
Q4 22	25M	+6.5%	+34.2%
Q1 23	26M	+2.2%	+20.3%
Q2 23	28M	+9.7%	+24.2%
Q3 23	31M	+12.1%	+33.9%
Q4 23	36M	+15.0%	+44.5%
Q1 24	38M	+4.2%	+47.4%
Q1 25	46M	+21.5%	+63.2%
Q2 25	47M	+3.5%	+50.5%
Q3 25	54M	+14.6%	+50.0%
Q4 25	51M	-5.4%	+36.1%
Q1 26	63M	+22.6%	+37.5%
Q2 26	65M	+3.3%	+37.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$957.2K	21
Q1 22	$1M	21
Q2 22	$1M	21
Q3 22	$1M	21
Q4 22	$1M	23
Q1 23	$606.1K	23
Q2 23	$1M	23
Q3 23	$861.8K	23
Q4 23	$1M	26
Q1 24	$2M	26
Q1 25	$1M	27
Q2 25	$1M	27
Q3 25	$2M	27
Q4 25	$2M	30
Q1 26	$2M	30
Q2 26	$2M	30

Revenue / Employee