MFIC

MKT CAP:$1B

MidCap Financial Investment Corporation

Market Cap

$1B

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

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$11.95+$0.48 (+4.23%)

Apr 17, 2026

Company Details

Apollo Investment Corporation is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Comp...

CEO

Tanner Powell

IPO Date

Apr 6, 2004

Website

www.apolloic.com

Key Metrics TTM

Revenue

$236M

+1.3% YoY

Net Income

$100M

EPS (Diluted)

$1.08

Free Cash Flow

-$1M

Revenue / Share

$2.53

Gross Margin

54.9%

Operating Margin

56.0%

Net Margin

42.3%

FCF Margin

-0.6%

P/S

4.5x

P/E

10.6x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 6, 2025

$64M+3.0%EPS $0.29

Q2 2025

Aug 11, 2025

$53M+1.6%EPS $0.19

Q1 2025

May 12, 2025

$62M+13.5%EPS $0.32

FY 2024

Feb 25, 2025

$226M-4.7%EPS $1.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$38M	$24M	$21M
Q1 22	$22M	$8M	$4M
Q2 22	$25M	$9M	$6M
Q3 22	$39M	$19M	$16M
Q4 22	$63M	$58M	$51M
Q1 23	$58M	$33M	$30M
Q2 23	$55M	$29M	$25M
Q3 23	$60M	$34M	$30M
Q4 23	$65M	$38M	$33M
Q1 24	$55M	$29M	$25M
Q2 24	$52M	$25M	$23M
Q3 24	$62M	$30M	$27M
Q4 24	$58M	$27M	$24M
Q1 25	$62M	$32M	$30M
Q2 25	$53M	$20M	$18M
Q3 25	$64M	$51M	$60M

Valuation

Quarter	P/S	P/E
Q4 21	5.6x	8.8x
Q1 22	7.0x	12.9x
Q2 22	8.2x	18.9x
Q3 22	8.5x	22.8x
Q4 22	7.1x	38.9x
Q1 23	5.7x	19.9x
Q2 23	4.9x	14.5x
Q3 23	4.5x	12.2x
Q4 23	4.5x	8.9x
Q1 24	4.5x	9.3x
Q2 24	4.6x	9.5x
Q3 24	4.5x	9.8x
Q4 24	4.7x	10.7x
Q1 25	4.5x	10.2x
Q2 25	4.5x	10.7x
Q3 25	4.5x	10.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$54M	$54M
Q1 22	$52M	$52M
Q2 22	-$22M	-$22M
Q3 22	$109M	$109M
Q4 22	$22M	$22M
Q1 23	$46M	$46M
Q2 23	$8M	$8M
Q3 23	$64M	$64M
Q4 23	$78M	$78M
Q1 24	$9M	$9M
Q2 24	-$64M	-$64M
Q3 24	-$10M	-$10M
Q4 24	$55M	$55M
Q1 25	-$131M	-$131M
Q2 25	-$91M	-$91M
Q3 25	$166M	$166M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-23.6%	+4.2%
Q1 22	-62.5%	+8.3%
Q2 22	-48.0%	+19.3%
Q3 22	-7.8%	+35.6%
Q4 22	+64.8%	-29.8%
Q1 23	+162.2%	+55.8%
Q2 23	+116.9%	+49.8%
Q3 23	+52.3%	+28.4%
Q4 23	+2.2%	+150.7%
Q1 24	-5.4%	+5.5%
Q2 24	-4.6%	+1.2%
Q3 24	+2.9%	+16.6%
Q4 24	-11.1%	+6.5%
Q1 25	+13.5%	+8.7%
Q2 25	+1.6%	+17.8%
Q3 25	+3.0%	-89.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
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%

OpEx Breakdown

Quarter	G&A
Q4 21	$4M
Q1 22	$4M
Q2 22	$3M
Q3 22	$3M
Q4 22	$13M
Q1 23	$4M
Q2 23	$4M
Q3 23	$4M
Q4 23	$5M
Q1 24	$3M
Q2 24	$3M
Q3 24	$3M
Q4 24	$3M
Q1 25	$2M
Q2 25	$3M
Q3 25	$1.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$31M	$0	$31M
Q2 22	$35M	$0	$35M
Q3 22	$62M	$0	$62M
Q4 22	$87M	$0	$87M
Q1 23	$70M	$0	$70M
Q2 23	$50M	$0	$50M
Q3 23	$43M	$0	$43M
Q4 23	$122M	$0	$122M
Q1 24	$50M	$0	$50M
Q2 24	$67M	$0	$67M
Q3 24	$85M	$0	$85M
Q4 24	$76M	$0	$76M
Q1 25	$85M	$0	$85M
Q2 25	$72M	$0	$72M
Q3 25	$63M	$0	$63M
Q4 25	$99M	$0	$99M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	64M	-2.0%	-2.4%
Q1 22	61M	-5.0%	-7.2%
Q2 22	64M	+5.0%	-2.5%
Q3 22	65M	+1.9%	-0.5%
Q4 22	64M	-0.6%	+1.0%
Q1 23	65M	+1.7%	+8.1%
Q2 23	65M	-0.1%	+2.8%
Q3 23	65M	-0.2%	+0.8%
Q4 23	65M	+0.1%	+1.5%
Q1 24	65M	-0.1%	-0.3%
Q2 24	65M	0.0%	-0.2%
Q3 24	65M	0.0%	0.0%
Q4 24	86M	+31.5%	+31.4%
Q1 25	94M	+9.2%	+43.6%
Q2 25	94M	0.0%	+43.6%
Q3 25	93M	-0.4%	+43.0%

Shares Outstanding