MidCap Financial Investment Corp MFICL

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 25.40 USD on Nov 2, 2026, +7.2% year to date

Quant rating

Quant rating C Rank 398 of 799 in Financials

Growth B 295 of 799
Valuation D 589 of 799
Quality C 371 of 799
Revisions B 241 of 799
Momentum C 533 of 799

Wall Street consensus Buy (2.50)Average target 10.38 USD −59.2%

Historical valuation

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

Key data

Market cap: 848M
Enterprise value: 2.5B
52-week range: 25.00 – 25.60
3-year range: 25.00 – 25.84
Dividend yield: 7.88%
Beta (5 years): –
Shares outstanding: 82.4M
Next earnings: Nov 5, 2026

About the company

MidCap Financial Investment Corporation is a closed-end, externally managed, diversified management investment company. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held the United States middle-market companies, which the Company generally defines as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may also invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. Its investment adviser is Apollo Investment Management, L.P.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	321	302	277	176	217	–
Revenue growth	6.3%	9.1%	57.5%	−19.0%	−21.7%	3.0%
EPS (basic, normalized)	1.52	1.71	1.78	–	–	–
EPS growth	−11.1%	−3.9%	–	–	–	–
Gross margin	47.8%	48.0%	47.3%	47.9%	57.6%	49.7%
Net margin	19.7%	32.7%	42.9%	13.1%	51.6%	32.0%
ROE	–	11.1%	11.6%	–	–	11.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	43.3
Current ratio	–
Long-term debt (mil)	1,615
Net debt (mil)	1,696
Total equity (mil)	1,101
Net debt / equity	1.54x

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	321	+6.3%	7.9x	14.18	−6.3%	1.8x	1.52	−11.1%	16.7x
2026	267	−16.9%	9.5x	13.48	−4.9%	1.9x	1.49	−1.7%	17.0x
2027	240	−10.0%	10.6x	13.61	+0.9%	1.9x	1.25	−16.7%	20.4x
2028	198	−17.4%	12.8x	13.38	−1.7%	1.9x	1.15	−7.6%	22.1x

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	267	+0.1%	−1.1%	−6.9%	1.49	0.0%	+7.1%	+10.0%
2027	240	+0.8%	−3.9%	−9.0%	1.25	−0.2%	+0.8%	−4.2%
2028	198	0.0%	−12.4%	−26.1%	1.15	0.0%	−8.7%	−10.2%

Earnings surprises EPS beat in 4 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)	68.3	69.2	70.7	82.2	78.7	81.2	82.6	78.4	71.8	68.2
Sales mean (mil)	69.4	72.4	80.0	86.7	83.7	81.6	83.3	80.6	74.9	68.4
Surprise	−1.5%	−4.4%	−11.6%	−5.3%	−6.0%	−0.4%	−0.9%	−2.8%	−4.1%	−0.2%
EPS reported	0.44	0.45	0.44	0.40	0.37	0.39	0.38	0.39	0.38	0.40
EPS mean	0.43	0.43	0.42	0.40	0.38	0.38	0.38	0.37	0.35	0.36
Surprise	+1.5%	+3.8%	+4.2%	−0.3%	−3.5%	+4.0%	+0.3%	+5.8%	+7.8%	+10.2%

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
MFICL MidCap Financial Investment Corp	848M	–	19.7%	0.77x	17.0x	20.4x	–	–
OPY Oppenheimer Holdings Inc.	889M	–	9.1%	0.91x	–	–	–	–
MFIC MidCap Financial Investment Corp	848M	–	19.7%	0.77x	6.9x	8.3x	–	–
AD_u Alaris Equity Partners Income Trust	845M	–	51.4%	0.90x	8.6x	10.6x	8.5x	7.8x
CVG Clairvest Group Inc.	839M	–	56.6%	0.87x	–	–	–	–
BUR Burford Capital Ltd	823M	–	15.1%	0.99x	−0.6x	6.7x	–	–
Mean		–	28.6%	0.87x	8.0x	11.5x	8.5x	7.8x
Median		–	19.7%	0.89x	7.7x	9.5x	8.5x	7.8x

Technical analysis

1M+0.8%
3M+2.1%
1Y+8.6%
3Y+25.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MidCap Financial Investment Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	321	302	277	176	217	277
Cost of revenue	167	157	146	91.5	91.8	116
Gross profit	153	145	131	84.1	125	161
Selling, general & administrative expenses	12.9	12.3	16.0	10.7	15.2	16.3
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.4	–	–	–	0	4.4
Other operating expenses	−1.5	−0.8	−1.3	−0.8	−0.4	−0.4
Operating income	139	133	116	74.1	110	141
Net interest income (expense)	−75.4	−34.5	2.8	−51.2	1.8	−257
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	63.2	98.8	119	22.9	112	−116
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	63.2	98.8	119	22.9	112	−116
Extraordinary items	–	–	–	–	–	–
Net income	63.2	98.8	119	22.9	112	−116
EBIT, normalized	142	133	116	74.1	110	145
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	1.52	1.71	1.78	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MidCap Financial Investment Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	98.2	74.4	93.6	84.7	50.2	37.3
Receivables	6.9	57.9	4.1	7.9	5.1	6.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.2	0	0	1.8	0.9	0.7
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	3,168	3,014	2,334	2,398	2,449	2,785
Note receivable	23.7	19.3	21.4	17.2	13.1	19.2
Other long-term assets	132	157	146	110	82.2	66.5
Total assets	3,324	3,191	2,501	2,526	2,544	2,871
Liabilities
Accounts payable	0.6	4.2	–	–	0	0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13.1	12.9	16.2	14.3	2.9	5.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	125	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,870	1,752	1,462	1,483	1,465	1,795
Minority interest	–	–	–	–	–	–
Other liabilities	146	34.7	33.8	54.0	42.8	52.1
Total liabilities	2,016	1,786	1,496	1,537	1,508	1,847
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	2,653	2,658	2,104	2,107	2,100	2,100
Retained earnings (accumulated deficit)	−1,346	−1,254	−1,098	−1,119	−1,064	−1,076
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,307	1,405	1,005	988	1,036	1,024
Total liabilities & shareholders' equity	3,324	3,191	2,501	2,526	2,544	2,871

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MidCap Financial Investment Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	63.2	98.8	119	22.9	112	−116
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	74.7	41.9	−4.6	49.7	−11.4	262
Changes in working capital	−188	−150	82.2	85.8	370	−629
Cash from operations	−49.7	−9.5	196	158	471	−482
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	−5.1	−8.9	−10.9	0	−10.2	−0.8
Cash dividends paid	−142	−140	−123	−66.7	−106	−122
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	220	112	−27.0	−35.2	−344	608
Cash from financing	73.4	−36.8	−161	−102	−460	485
Foreign exchange effects	0	0	0	0	0	0.1
Net change in cash	23.7	−46.3	35.0	56.5	10.9	2.5
Free cash flow	−49.7	−9.5	196	158	471	−482

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.