Bain Capital Specialty Finance Inc BCSF

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 10.92 USD on Nov 2, 2026, −12.8% year to date

Quant rating

Quant rating C Rank 371 of 799 in Financials

Growth C 466 of 799
Valuation B 198 of 799
Quality A 69 of 799
Revisions B 302 of 799
Momentum D 739 of 799

Wall Street consensus Hold (3.00)Average target 12.62 USD +15.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 708M
Enterprise value: 2.1B
52-week range: 9.99 – 14.51
3-year range: 9.99 – 18.86
Dividend yield: 15.88%
Beta (5 years): 0.64
Shares outstanding: 64.9M
Next earnings: Nov 9, 2026

About the company

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. Its primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. It may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios. It is managed by BCSF Advisors, LP.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	273	293	298	220	197	–
Revenue growth	−6.6%	−1.7%	35.6%	11.2%	1.5%	7.0%
EPS (basic, normalized)	1.88	2.09	2.19	1.59	1.36	–
EPS growth	−10.0%	−4.6%	37.7%	16.9%	–	–
Gross margin	49.2%	51.2%	51.6%	50.1%	47.4%	49.9%
Net margin	36.1%	40.8%	41.4%	48.0%	60.7%	45.4%
ROE	10.8%	11.8%	12.6%	9.3%	8.1%	10.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	112
Current ratio	–
Long-term debt (mil)	1,501
Net debt (mil)	1,389
Total equity (mil)	1,080
Net debt / equity	1.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	273	−6.6%	7.7x	17.23	−3.2%	0.6x	1.88	−10.0%	5.8x
2026	252	−7.8%	8.3x	16.50	−4.2%	0.7x	1.64	−12.8%	6.7x
2027	236	−6.4%	8.9x	16.47	−0.2%	0.7x	1.34	−18.4%	8.2x
2028	227	−3.7%	9.2x	16.45	−0.1%	0.7x	1.23	−8.0%	8.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	252	0.0%	−1.9%	−1.1%	1.64	0.0%	−1.8%	+1.4%
2027	236	0.0%	−3.3%	−3.2%	1.34	0.0%	−9.6%	−9.2%
2028	227	0.0%	−5.8%	−0.5%	1.23	0.0%	−12.1%	−11.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	75.6	72.3	71.7	61.9	66.8	71.0	67.2	68.2	66.2	47.8
Sales mean (mil)	69.7	75.0	69.7	69.2	71.0	67.9	69.5	68.5	65.6	64.4
Surprise	+8.5%	−3.6%	+2.7%	−10.7%	−5.9%	+4.5%	−3.3%	−0.4%	+0.9%	−25.8%
EPS reported	0.53	0.51	0.53	0.52	0.50	0.47	0.45	0.46	0.42	0.44
EPS mean	0.55	0.52	0.50	0.47	0.47	0.44	0.45	0.47	0.42	0.42
Surprise	−3.6%	−1.3%	+5.3%	+9.9%	+5.6%	+6.8%	0.0%	−2.1%	−0.8%	+3.9%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BCSF Bain Capital Specialty Finance Inc	708M	–	36.1%	0.66x	6.7x	8.2x	–	–
BAM BROOKFIELD ASSET MANAGEMENT LTD	84.3B	2.92x	53.3%	10.94x	27.7x	24.0x	–	–
ARCC Ares Capital Corp	14.0B	–	42.6%	1.01x	10.3x	10.0x	–	–
BXSL Blackstone Secured Lending Fund	5.5B	–	39.7%	0.93x	8.4x	9.3x	–	–
MAIN Main Street Capital Corp	5.3B	–	87.1%	1.66x	15.0x	14.6x	–	–
OBDC Blue Owl Capital Corp	5.2B	–	33.9%	0.74x	8.1x	8.1x	–	–
Mean		2.92x	48.8%	2.66x	12.7x	12.4x	–	–
Median		2.92x	41.1%	0.97x	9.3x	9.6x	–	–

Technical analysis

1M−1.2%
3M−8.7%
1Y−9.1%
3Y+3.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bain Capital Specialty Finance Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	273	293	298	220	197	194
Cost of revenue	139	143	144	110	104	102
Gross profit	134	150	154	110	93.6	92.2
Selling, general & administrative expenses	9.1	10.8	8.7	6.5	5.8	6.1
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	125	139	145	104	87.9	86.1
Net interest income (expense)	−22.8	−15.3	−18.2	2.8	32.1	−77.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	103	124	127	106	120	8.5
Provision for taxes	3.8	4.5	3.4	0.8	0.1	0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	98.8	119	123	105	120	8.3
Extraordinary items	–	–	–	–	–	–
Net income	98.8	119	123	105	120	8.3
EBIT, normalized	125	139	145	104	87.9	86.1
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	1.88	2.09	2.19	1.59	1.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bain Capital Specialty Finance Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	26.2	53.5	49.4	59.8	117	54.7
Receivables	34.2	43.5	13.7	31.8	48.7	13.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	0.5	0.2	0.2	0.2	0.2	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2,508	2,436	2,298	2,387	2,294	2,484
Note receivable	38.0	39.2	37.2	34.3	19.3	15.7
Other long-term assets	116	157	137	171	257	103
Total assets	2,663	2,632	2,472	2,592	2,571	2,603
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	12.9	14.8	9.6	3.0	6.1	3.3
Accrued expenses	12.4	13.9	13.3	12.1	7.1	8.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,471	1,390	1,256	1,385	1,415	1,458
Minority interest	–	–	–	–	–	–
Other liabilities	74.4	102	79.9	90.7	56.2	77.1
Total liabilities	1,545	1,492	1,336	1,476	1,471	1,535
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	1,161	1,159	1,168	1,168	1,168	1,166
Retained earnings (accumulated deficit)	−43.8	−19.9	−32.0	−52.1	−68.4	−98.5
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,117	1,140	1,136	1,116	1,100	1,068
Total liabilities & shareholders' equity	2,663	2,632	2,472	2,592	2,571	2,603

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bain Capital Specialty Finance Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	98.8	119	123	105	120	8.3
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	17.1	16.4	16.1	17.1	−55.8	80.8
Changes in working capital	−86.3	−163	79.8	−439	202	0.3
Cash from operations	29.5	−27.1	219	−317	266	89.4
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	−9.3	−3.2	0	−4.4	−14.1	−8.6
Cash dividends paid	−146	−114	−99.4	−87.8	−87.8	−86.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	83.3	132	−132	330	−36.8	18.4
Cash from financing	−71.9	14.3	−231	238	−139	−76.5
Foreign exchange effects	2.2	−0.6	−1.1	0.6	−5.0	0
Net change in cash	−40.2	−13.4	−13.2	−77.9	122	12.9
Free cash flow	29.5	−27.1	219	−317	266	89.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.