MAIN

MKT CAP:$5B

Main Street Capital Corporation

Market Cap

$5B

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$54.65-$7.10 (-11.50%)

Apr 22, 2026

Company Details

Main Street Capital Corporation is a business development company specializes in equity capital to lower middle market companies. The firm specializing in recapitalizations, management buyouts, refinancing, family estate planning, managemen...

CEO

Dwayne Louis Hyzak

IPO Date

Oct 9, 2007

Website

www.mainstcapital.com

Key Metrics TTM

Revenue

$761M

+17.6% YoY

Net Income

$538M

EPS (Diluted)

$6.08

Free Cash Flow

$366M

Revenue / Share

$8.53

Gross Margin

82.8%

Operating Margin

74.1%

Net Margin

70.7%

FCF Margin

48.1%

P/S

6.4x

P/E

9.0x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 7, 2025

$184M-0.7%EPS $1.38

Q1 2025

May 9, 2025

$171M+6.8%EPS $1.31

FY 2024

Feb 28, 2025

$725M+18.3%EPS $5.85

Q4 2024

Feb 28, 2025

$221M+24.6%EPS $1.97

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$124M	$109M	$96M
Q4 21	$135M	$120M	$105M
Q1 22	$97M	$81M	$70M
Q2 22	$56M	$38M	$25M
Q3 22	$93M	$72M	$57M
Q4 22	$150M	$127M	$112M
Q1 23	$127M	$102M	$88M
Q2 23	$157M	$130M	$115M
Q3 23	$151M	$124M	$110M
Q4 23	$178M	$153M	$138M
Q1 24	$160M	$133M	$118M
Q2 24	$159M	$129M	$114M
Q3 24	$185M	$151M	$136M
Q4 24	$221M	$187M	$171M
Q1 25	$171M	$140M	$123M
Q3 25	$184M	$151M	$133M

Valuation

Quarter	P/S	P/E
Q3 21	11.1x	15.4x
Q4 21	10.4x	14.7x
Q1 22	10.0x	14.4x
Q2 22	11.8x	18.9x
Q3 22	12.7x	21.2x
Q4 22	12.3x	20.1x
Q1 23	11.4x	19.0x
Q2 23	9.2x	14.0x
Q3 23	8.3x	12.3x
Q4 23	7.9x	11.4x
Q1 24	7.5x	10.7x
Q2 24	7.5x	10.8x
Q3 24	7.1x	10.3x
Q4 24	6.7x	9.6x
Q1 25	6.6x	9.4x
Q3 25	6.4x	9.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$51M	-$51M
Q4 21	-$357M	-$357M
Q1 22	$47M	$47M
Q2 22	$10M	$10M
Q3 22	-$218M	-$218M
Q4 22	$85M	$85M
Q1 23	$20M	$20M
Q2 23	$28M	$28M
Q3 23	$90M	$90M
Q4 23	$128M	$128M
Q1 24	-$118M	-$118M
Q2 24	-$186M	-$186M
Q3 24	$72M	$72M
Q4 24	$145M	$145M
Q1 25	$58M	$58M
Q3 25	$91M	$91M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+22.3%	+27.8%
Q4 21	+31.8%	+35.4%
Q1 22	+20.2%	+17.9%
Q2 22	-57.2%	+22.4%
Q3 22	-24.6%	+30.8%
Q4 22	+10.8%	+22.5%
Q1 23	+30.3%	+44.5%
Q2 23	+182.7%	+37.3%
Q3 23	+61.7%	+14.2%
Q4 23	+18.3%	+3.2%
Q1 24	+25.9%	+6.4%
Q2 24	+1.0%	+7.2%
Q3 24	+22.6%	+19.9%
Q4 24	+24.6%	+27.9%
Q1 25	+6.8%	+13.0%
Q3 25	+15.8%	+12.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$3M	2.3%
Q4 21	$3M	2.2%
Q1 22	$0	0.0%
Q2 22	$4M	6.5%
Q3 22	$4M	3.9%
Q4 22	$0	0.0%
Q1 23	$4M	3.2%
Q2 23	$4M	2.6%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$4M	2.6%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$319.0K
Q4 21	$458.0K
Q1 22	$409.0K
Q2 22	$776.0K
Q3 22	$684.0K
Q4 22	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$0	$18M
Q2 22	$43M	$0	$43M
Q3 22	$61M	$0	$61M
Q4 22	$49M	$0	$49M
Q1 23	$40M	$0	$40M
Q2 23	$71M	$0	$71M
Q3 23	$77M	$0	$77M
Q4 23	$60M	$0	$60M
Q1 24	$115M	$0	$115M
Q2 24	$30M	$0	$30M
Q3 24	$84M	$0	$84M
Q4 24	$78M	$0	$78M
Q1 25	$109M	$0	$109M
Q2 25	$87M	$0	$87M
Q3 25	$31M	$0	$31M
Q4 25	$42M	$0	$42M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	69M	+0.7%	+4.4%
Q4 21	70M	+1.6%	+4.9%
Q1 22	72M	+2.2%	+5.3%
Q2 22	73M	+2.2%	+7.0%
Q3 22	75M	+2.4%	+8.7%
Q4 22	78M	+3.7%	+10.9%
Q1 23	80M	+2.2%	+10.9%
Q2 23	81M	+1.6%	+10.2%
Q3 23	83M	+2.6%	+10.5%
Q4 23	84M	+1.8%	+8.5%
Q1 24	85M	+0.8%	+7.0%
Q2 24	86M	+1.2%	+6.7%
Q3 24	87M	+1.5%	+5.5%
Q4 24	88M	+1.1%	+4.7%
Q1 25	89M	+0.3%	+4.2%
Q3 25	89M	+0.6%	+3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$2M	76
Q4 21	$2M	80
Q1 22	$1M	80
Q2 22	$694.3K	80
Q3 22	$1M	80
Q4 22	$2M	91
Q1 23	$1M	91
Q2 23	$2M	91
Q3 23	$2M	91
Q4 23	$2M	100
Q1 24	$2M	100
Q2 24	$2M	100
Q3 24	$2M	100
Q4 24	$2M	104
Q1 25	$2M	104
Q3 25	$2M	104

Revenue / Employee