MSIF

MKT CAP:$584M

MSC Income Fund, Inc.

Market Cap

$584M

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$12.35-$1.11 (-8.25%)

Apr 24, 2026

Company Details

MSC Income Fund, Inc. is a Business Development Company specializing in middle market debt and debt and equity investments in lower middle market companies. The fund seeks to invest in management buyouts, recapitalizations, growth financing...

CEO

Dwayne Louis Hyzak

IPO Date

Jan 29, 2025

Website

www.mscincomefund.com

Key Metrics TTM

Revenue

$104M

+30.5% YoY

Net Income

$79M

EPS (Diluted)

$1.78

Free Cash Flow

$19M

Revenue / Share

$2.19

Gross Margin

66.4%

Operating Margin

81.8%

Net Margin

76.3%

FCF Margin

18.0%

P/S

5.6x

P/E

7.4x

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 14, 2025

$26M+18.0%EPS $0.56

Q2 2025

Aug 14, 2025

$28M+27.1%EPS $0.35

Q1 2025

May 13, 2025

$24M+88.3%EPS $0.36

FY 2024

Mar 20, 2025

$102M+36.0%EPS $1.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$23M	$23M	$22M
Q1 22	$18M	$18M	$17M
Q2 22	$4M	$4M	$3M
Q3 22	$17M	$17M	$16M
Q4 22	$13M	$13M	$12M
Q1 23	$14M	$14M	$13M
Q2 23	$23M	$23M	$21M
Q3 23	$15M	$15M	$13M
Q4 23	$23M	$23M	$22M
Q1 24	$13M	$13M	$12M
Q2 24	$22M	$22M	$21M
Q3 24	$22M	$11M	$10M
Q4 24	$26M	$17M	$15M
Q1 25	$24M	$16M	$15M
Q2 25	$28M	$20M	$18M
Q3 25	$26M	$17M	$37M

Valuation

Quarter	P/S	P/E
Q4 21	8.0x	9.0x
Q1 22	7.9x	8.6x
Q2 22	10.5x	11.9x
Q3 22	10.7x	12.2x
Q4 22	12.8x	14.5x
Q1 23	13.7x	15.9x
Q2 23	9.8x	11.2x
Q3 23	10.2x	11.6x
Q4 23	8.9x	10.0x
Q1 24	9.1x	10.3x
Q2 24	9.1x	10.4x
Q3 24	8.3x	11.5x
Q4 24	8.0x	11.7x
Q1 25	7.0x	10.7x
Q2 25	6.6x	11.0x
Q3 25	6.1x	8.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$73M	-$73M
Q1 22	$33M	$33M
Q2 22	$12M	$12M
Q3 22	$20M	$20M
Q4 22	$47M	$47M
Q1 23	$16M	$16M
Q2 23	$3M	$3M
Q3 23	-$10M	-$10M
Q4 23	$41M	$41M
Q1 24	-$12M	-$12M
Q2 24	-$28M	-$28M
Q3 24	$26M	$26M
Q4 24	-$15M	-$15M
Q1 25	$9M	$9M
Q2 25	$11M	$11M
Q3 25	$13M	$13M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+41.8%	-27.6%
Q1 22	+8.9%	-64.5%
Q2 22	-85.0%	+49.9%
Q3 22	-6.1%	-21.9%
Q4 22	-43.4%	-20.7%
Q1 23	-19.2%	-13.5%
Q2 23	+513.8%	+22.4%
Q3 23	-14.4%	+15.2%
Q4 23	+76.0%	+7.5%
Q1 24	-11.9%	+15.6%
Q2 24	-2.6%	-13.2%
Q3 24	+48.0%	+838.2%
Q4 24	+13.5%	+860.5%
Q1 25	+88.3%	+693.6%
Q2 25	+27.1%	+690.4%
Q3 25	+18.0%	-195.8%

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	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$3M
Q2 23	$4M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$4M
Q3 24	$4M
Q4 24	$4M
Q1 25	$1M
Q2 25	$1M
Q3 25	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$0	$39M
Q2 22	$10M	$0	$10M
Q3 22	$18M	$0	$18M
Q4 22	$21M	$0	$21M
Q1 23	$27M	$0	$27M
Q2 23	$30M	$0	$30M
Q3 23	$23M	$0	$23M
Q4 23	$31M	$0	$31M
Q1 24	$25M	$0	$25M
Q2 24	$29M	$0	$29M
Q3 24	$49M	$0	$49M
Q4 24	$28M	$0	$28M
Q1 25	$39M	$0	$39M
Q2 25	$28M	$0	$28M
Q3 25	$18M	$0	$18M
Q4 25	$21M	$0	$21M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	40M	-0.1%	+0.6%
Q1 22	40M	-0.0%	+0.3%
Q2 22	40M	+0.1%	-0.0%
Q3 22	40M	+0.1%	+0.2%
Q4 22	40M	+0.0%	+0.2%
Q1 23	40M	+0.1%	+0.3%
Q2 23	40M	+0.2%	+0.4%
Q3 23	40M	+0.0%	+0.3%
Q4 23	40M	-0.0%	+0.2%
Q1 24	40M	-0.0%	+0.2%
Q2 24	40M	+0.1%	+0.0%
Q3 24	40M	+0.0%	+0.0%
Q4 24	40M	+0.2%	+0.3%
Q1 25	45M	+11.1%	+11.3%
Q2 25	47M	+5.3%	+17.1%
Q3 25	47M	+0.5%	+17.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$288.8K	80
Q1 22	$223.3K	80
Q2 22	$46.4K	80
Q3 22	$213.5K	80
Q4 22	$143.8K	91
Q1 23	$158.6K	91
Q2 23	$250.1K	91
Q3 23	$160.6K	91
Q4 23	$230.4K	100
Q1 24	$127.2K	100
Q2 24	$221.7K	100
Q3 24	$216.3K	100
Q4 24	$251.3K	104
Q1 25	$230.3K	104
Q2 25	$271.0K	104
Q3 25	$245.3K	104

Revenue / Employee