NMFC

MKT CAP:$816M

New Mountain Finance Corporation

Market Cap

$816M

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

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$8.09-$1.13 (-12.26%)

Apr 24, 2026

Company Details

New Mountain Finance Corporation (Nasdaq: NMFC), a business development company is a private equity / buyouts and loan fund specializes in directly investing and lending to middle market companies in defensive growth industries. The fund pr...

CEO

John R. Kline

IPO Date

May 20, 2011

Website

www.newmountainfinance.com

Key Metrics TTM

Revenue

$394M

+36.2% YoY

Net Income

$71M

EPS (Diluted)

$0.62

Free Cash Flow

$86M

Revenue / Share

$3.15

Gross Margin

32.9%

Operating Margin

26.3%

Net Margin

18.0%

FCF Margin

21.8%

P/S

2.1x

P/E

11.5x

Earnings Reports

Q4 2025

May 4, 2026

PENDING

Q3 2025

Nov 3, 2025

$81M-15.0%EPS $0.11

Q2 2025

Aug 4, 2025

$97M+52.8%EPS $0.07

Q1 2025

May 5, 2025

$123M+56.9%EPS $0.22

FY 2024

Feb 26, 2025

$330M-3.6%EPS $1.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$52M	$54M	$53M
Q1 22	$88M	$38M	$37M
Q2 22	$90M	$16M	$15M
Q3 22	$78M	$9M	$7M
Q4 22	$91M	$26M	$24M
Q1 23	$93M	$46M	$45M
Q2 23	$98M	$37M	$36M
Q3 23	$99M	$29M	$28M
Q4 23	$52M	$31M	$29M
Q1 24	$79M	$30M	$29M
Q2 24	$63M	$37M	$35M
Q3 24	$95M	$27M	$25M
Q4 24	$93M	$30M	$28M
Q1 25	$123M	$25M	$24M
Q2 25	$97M	$8M	$8M
Q3 25	$81M	$67M	$44M

Valuation

Quarter	P/S	P/E
Q4 21	5.0x	6.7x
Q1 22	4.5x	7.3x
Q2 22	3.7x	9.4x
Q3 22	3.8x	10.4x
Q4 22	3.7x	17.1x
Q1 23	3.5x	14.9x
Q2 23	3.5x	12.4x
Q3 23	3.4x	10.5x
Q4 23	3.9x	9.9x
Q1 24	4.1x	11.4x
Q2 24	4.5x	11.2x
Q3 24	4.5x	11.4x
Q4 24	3.7x	10.8x
Q1 25	3.2x	10.9x
Q2 25	2.8x	13.8x
Q3 25	2.6x	14.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$13M	$13M
Q1 22	$15M	$15M
Q2 22	$13M	$13M
Q3 22	$20M	$20M
Q4 22	$22M	$22M
Q1 23	$21M	$21M
Q2 23	$22M	$22M
Q3 23	$19M	$19M
Q4 23	$15M	$15M
Q1 24	$118M	$118M
Q2 24	-$30M	-$30M
Q3 24	-$17M	-$17M
Q4 24	$7M	$7M
Q1 25	$42M	$42M
Q2 25	$14M	$14M
Q3 25	$23M	$23M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-25.1%	-227.6%
Q1 22	+54.0%	+872.9%
Q2 22	+34.3%	+697.3%
Q3 22	-14.5%	+3.2%
Q4 22	+76.8%	+4091.6%
Q1 23	+5.1%	-6.7%
Q2 23	+9.4%	-16.8%
Q3 23	+26.6%	+0.7%
Q4 23	-42.8%	-65.3%
Q1 24	-15.0%	+5.1%
Q2 24	-35.3%	-54.4%
Q3 24	-4.3%	-2.1%
Q4 24	+77.7%	+178.0%
Q1 25	+56.9%	+99.9%
Q2 25	+52.8%	+214.7%
Q3 25	-15.0%	-48.0%

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

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$35M	$0	$35M
Q2 22	$41M	$0	$41M
Q3 22	$49M	$0	$49M
Q4 22	$71M	$0	$71M
Q1 23	$46M	$0	$46M
Q2 23	$46M	$0	$46M
Q3 23	$83M	$0	$83M
Q4 23	$70M	$0	$70M
Q1 24	$107M	$0	$107M
Q2 24	$120M	$0	$120M
Q3 24	$62M	$0	$62M
Q4 24	$80M	$0	$80M
Q1 25	$85M	$0	$85M
Q2 25	$57M	$0	$57M
Q3 25	$64M	$0	$64M
Q4 25	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	111M	+0.7%	+0.8%
Q1 22	112M	+0.7%	+1.4%
Q2 22	114M	+2.0%	+3.4%
Q3 22	114M	+0.2%	+3.6%
Q4 22	120M	+4.8%	+7.7%
Q1 23	124M	+3.4%	+10.7%
Q2 23	127M	+2.8%	+11.6%
Q3 23	123M	-3.0%	+8.0%
Q4 23	123M	+0.1%	+3.2%
Q1 24	122M	-0.7%	-0.9%
Q2 24	126M	+2.7%	-1.0%
Q3 24	127M	+0.8%	+2.9%
Q4 24	127M	0.0%	+2.8%
Q1 25	127M	+0.1%	+3.6%
Q2 25	127M	-0.1%	+0.8%
Q3 25	125M	-1.3%	-1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$271.9K	190
Q1 22	$463.9K	190
Q2 22	$471.7K	190
Q3 22	$411.7K	190
Q4 22	$424.9K	215
Q1 23	$430.8K	215
Q2 23	$456.1K	215
Q3 23	$460.6K	215
Q4 23	$213.4K	245
Q1 24	$321.3K	245
Q2 24	$258.9K	245
Q3 24	$386.9K	245
Q4 24	$344.0K	270
Q1 25	$457.4K	270
Q2 25	$358.8K	270
Q3 25	$298.3K	270

Revenue / Employee