SCM

MKT CAP:$278M

Stellus Capital Investment Corporation

Market Cap

$278M

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$9.56-$3.26 (-25.43%)

Apr 24, 2026

Company Details

Stellus Capital Investment Corporation is a business development company specializing in investments in private middle-market companies. It invests through first lien, second lien, unitranche, and mezzanine debt financing, often with a corr...

CEO

Robert Thomsen Ladd

IPO Date

Nov 8, 2012

Website

www.stelluscapital.com/public-investors/investment-corp

Key Metrics TTM

Revenue

$69M

-15.8% YoY

Net Income

$31M

EPS (Diluted)

$1.25

Free Cash Flow

-$65M

Revenue / Share

$2.44

Gross Margin

51.7%

Operating Margin

46.8%

Net Margin

44.0%

FCF Margin

-93.9%

P/S

4.0x

P/E

9.1x

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$17M-30.8%EPS $0.24

Q2 2025

Aug 6, 2025

$20M+19.5%EPS $0.36

Q1 2025

May 12, 2025

$14M-38.6%EPS $0.35

FY 2024

Mar 4, 2025

$83M+55.4%EPS $1.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$18M	$13M	$12M
Q1 22	$12M	$7M	$6M
Q2 22	$9M	$3M	$2M
Q3 22	$12M	$6M	$4M
Q4 22	$13M	$5M	$4M
Q1 23	$15M	$7M	$5M
Q2 23	$13M	$5M	$4M
Q3 23	$7M	-$740.2K	-$2M
Q4 23	$18M	$10M	$9M
Q1 24	$23M	$15M	$14M
Q2 24	$17M	$8M	$9M
Q3 24	$25M	$17M	$16M
Q4 24	$18M	$11M	$9M
Q1 25	$14M	$6M	$5M
Q2 25	$20M	$11M	$11M
Q3 25	$17M	$8M	$7M

Valuation

Quarter	P/S	P/E
Q4 21	4.2x	7.8x
Q1 22	4.4x	8.1x
Q2 22	3.9x	7.8x
Q3 22	4.7x	11.4x
Q4 22	5.8x	18.1x
Q1 23	6.2x	21.2x
Q2 23	6.1x	19.8x
Q3 23	6.8x	32.6x
Q4 23	6.0x	18.2x
Q1 24	5.2x	12.4x
Q2 24	5.6x	11.8x
Q3 24	4.3x	7.2x
Q4 24	4.3x	7.7x
Q1 25	5.4x	10.6x
Q2 25	5.1x	10.1x
Q3 25	5.3x	12.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$26M	$26M
Q1 22	-$63M	-$63M
Q2 22	-$14M	-$14M
Q3 22	-$16M	-$16M
Q4 22	$36M	$36M
Q1 23	-$32M	-$32M
Q2 23	$82.6K	$82.6K
Q3 23	-$10M	-$10M
Q4 23	$25M	$25M
Q1 24	$4M	$4M
Q2 24	-$13M	-$13M
Q3 24	$12M	$12M
Q4 24	-$32M	-$32M
Q1 25	-$37M	-$37M
Q2 25	$24M	$24M
Q3 25	-$20M	-$20M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-17.2%	+27.7%
Q1 22	+2.2%	+1.1%
Q2 22	-25.2%	+14.4%
Q3 22	-40.8%	+27.4%
Q4 22	-27.9%	+44.7%
Q1 23	+23.4%	+49.5%
Q2 23	+54.8%	+37.5%
Q3 23	-39.4%	+20.5%
Q4 23	+39.2%	+5.1%
Q1 24	+56.5%	-3.4%
Q2 24	+23.2%	-15.7%
Q3 24	+244.4%	-0.2%
Q4 24	+1.6%	-2.0%
Q1 25	-38.6%	-6.2%
Q2 25	+19.5%	+17.9%
Q3 25	-30.8%	+9.3%

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

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$25M	$0	$25M
Q2 22	$26M	$0	$26M
Q3 22	$12M	$0	$12M
Q4 22	$48M	$0	$48M
Q1 23	$18M	$0	$18M
Q2 23	$15M	$0	$15M
Q3 23	$19M	$0	$19M
Q4 23	$26M	$0	$26M
Q1 24	$49M	$0	$49M
Q2 24	$36M	$0	$36M
Q3 24	$39M	$0	$39M
Q4 24	$20M	$0	$20M
Q1 25	$11M	$0	$11M
Q2 25	$40M	$0	$40M
Q3 25	$9M	$0	$9M
Q4 25	$25.1B	$0	$25.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	19M	0.0%	-0.0%
Q1 22	20M	+0.2%	+0.2%
Q2 22	20M	+0.1%	+0.3%
Q3 22	20M	+0.0%	+0.3%
Q4 22	20M	+0.3%	+0.6%
Q1 23	20M	+0.9%	+1.3%
Q2 23	21M	+7.3%	+8.6%
Q3 23	23M	+7.5%	+16.8%
Q4 23	24M	+5.7%	+23.1%
Q1 24	24M	0.0%	+22.0%
Q2 24	25M	+2.5%	+16.5%
Q3 24	26M	+6.4%	+15.3%
Q4 24	26M	-2.8%	+6.1%
Q1 25	28M	+7.8%	+14.4%
Q2 25	28M	+2.9%	+14.9%
Q3 25	28M	+0.2%	+8.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$36.4K	500
Q1 25	$27.9K	500
Q2 25	$39.7K	500
Q3 25	$34.9K	500

Revenue / Employee