Bain Capital Specialty Finance, Inc. (BCSF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.42	$0.44	+4.8%	—	$17.3M	—
Q1 26	$0.42	$0.42	0.0%	—	$7.2M	—
Q4 25	$0.47	$0.46	-2.1%	—	$31.4M	—
Q2 25	$0.44	$0.47	+6.8%	—	$27.6M	—
Q1 25	$0.47	$0.5	+6.4%	—	$33.1M	—
Q4 24	$0.47	$0.52	+10.6%	—	$27.1M	—
Q3 24	$0.5	$0.53	+6.0%	—	$37.6M	—
Q2 24	$0.52	$0.51	-1.9%	—	$33.9M	—
Q1 24	$0.55	$0.53	-3.6%	—	$39.5M	—
Q4 23	$0.53	$0.51	-3.8%	—	$35.6M	—
Q3 23	$0.54	$0.55	+1.9%	—	$37.7M	—
Q2 23	$0.5	$0.6	+20.0%	—	$32.4M	—
Q1 23	$0.4	$0.49	+22.5%	—	$32.3M	—
Q4 22	$0.41	$0.37	-9.8%	—	$47.2M	—
Q3 22	$0.35	$0.53	+51.4%	—	$14.3M	—
Q2 22	$0.35	$0.41	+17.1%	—	$19.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.53	—	—	$114.5M	—
FY24	—	$1.85	—	—	$138.2M	—
FY23	—	$1.91	—	—	$138M	—
FY22	—	$1.63	—	—	$116.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.9M	$19.4M	$19.8M	$94.7M	$13.9M	$124.1M	$116.5M	$138M	$138.2M	$114.5M
YoY change	—	+910.6%	+1.85%	+378.7%	-85.3%	+791.9%	-6.09%	+18.4%	+0.14%	-17.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.9M	19.4M	19.8M	94.7M	13.9M	124.1M	116.5M	138M	138.2M	114.5M
Cost of revenue	—	3.7M	26.2M	—	—	—	—	—	—	—
Gross profit	—	20.9M	73.1M	—	—	—	—	—	—	—
Gross margin	—	107.6%	369.4%	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	602.5K	2.7M	3.8M	7.6M	8.8M	8.6M	9.4M	11.3M	14.3M	12M
Operating expenses	515.5K	119K	-6.9M	-3.4M	5.4M	4.1M	10.2M	11.3M	14.3M	12M
Operating income	—	18.1M	69.3M	—	—	—	—	—	—	—
Operating margin	—	93.4%	350.1%	—	—	—	—	—	—	—
Non-operating income, net	—	5.1M	-18.6M	—	—	—	—	—	—	—
Pretax income	609K	19.3M	26.6M	98.1M	8.5M	119.9M	106.3M	126.7M	123.9M	102.5M
Income tax	0	5K	0	0	232K	134K	837K	3.4M	4.5M	3.8M
Net income	609K	19.3M	26.6M	98.1M	8.3M	119.8M	105.5M	123.4M	119.4M	98.8M
Net margin	31.7%	99.4%	134.7%	103.6%	59.5%	96.6%	90.5%	89.4%	86.4%	86.2%
EBITDA	—	17.8M	79.9M	—	—	—	—	—	—	—
EPS	0.03	0.98	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.53
Diluted EPS	0.03	0.98	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	37.7M	35.6M	39.5M	33.9M	37.6M	27.1M	33.1M	27.6M	22.4M	31.4M	7.2M	17.3M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.2M	3.5M	3.4M	3.7M	3.5M	3.7M	3.5M	2.8M	2.9M	2.9M	2.9M	2.6M
Operating expenses	3.2M	3.5M	3.4M	3.7M	3.5M	3.7M	3.5M	2.8M	2.9M	2.9M	2.9M	2.6M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	34.5M	32.1M	36.1M	30.2M	34.1M	23.4M	29.6M	24.8M	19.5M	28.6M	4.3M	14.8M
Income tax	640K	1M	1M	1.1M	1M	1.3M	1.1M	1.1M	801K	800K	906K	732K
Net income	33.9M	31.1M	35.1M	29.1M	33.1M	22.1M	28.5M	23.7M	18.7M	27.8M	3.4M	14.1M
Net margin	89.9%	87.2%	88.8%	85.8%	88%	81.6%	86.3%	85.9%	83.6%	88.4%	46.8%	81.1%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.52	—	0.55	0.45	0.51	—	0.44	0.37	0.29	—	0.05	0.22
Diluted EPS	0.52	—	0.55	0.45	0.51	—	0.44	0.37	0.29	—	0.05	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	760.7M	963.3M	1.1B	901.7M	722M
Enterprise value	—	—	—	—	—	—	2.1B	2.2B	2.5B	2.3B	2.1B
Shares outstanding	19.8M	19.8M	39.1M	51.6M	58.7M	64.6M	64.6M	64.6M	64.6M	64.8M	64.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	7.21	7.81	9.38	9.13	11.2
P/S	—	—	—	—	—	—	6.53	6.98	8.1	7.87	2.72
P/B	—	—	—	—	—	—	0.68	0.85	0.98	0.81	0.67
EV/Sales	—	—	—	—	—	—	17.9	15.7	17.8	20.5	7.98
Earnings yield	—	—	—	—	—	—	13.9%	12.8%	10.7%	11%	8.94%
FCF yield	—	—	—	—	—	—	-41.7%	22.8%	-2.42%	3.27%	17.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.28

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	107.6%	369.4%	—	—	—	—	—	—	—	—
Operating margin	—	93.4%	350.1%	—	—	—	—	—	—	—	80.2%
Net margin	31.7%	99.4%	134.7%	103.6%	59.5%	96.6%	90.5%	89.4%	86.4%	86.2%	24.2%
ROE	0.55%	3.81%	2.66%	9.63%	0.78%	10.9%	9.45%	10.9%	10.5%	8.84%	5.76%
ROA	—	1.95%	1.49%	—	—	—	—	—	4.54%	3.71%	4.61%
ROIC	—	2.22%	4.27%	—	—	—	—	—	—	—	—
Return on tangible assets	—	1.95%	1.49%	—	—	—	—	—	4.54%	3.71%	2.44%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	4.98	0.38	—	—	—	—	—	—	—	6.57
Quick ratio	—	4.98	0.38	—	—	—	—	—	—	—	—
Debt / equity	0.54	0.89	0.63	1.55	1.37	1.29	1.24	1.11	1.22	1.32	1.39
Debt / assets	—	0.46	0.35	—	—	—	—	—	0.53	0.55	0.57
Net debt / EBITDA	—	17.4	7.75	—	—	—	—	—	—	—	—
Interest coverage	—	6.34	2.11	—	—	—	—	—	—	—	—
Effective tax rate	0%	0.03%	0%	0%	2.73%	0.11%	0.79%	2.65%	3.61%	3.66%	4.82%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.1	0.98	0.51	1.84	0.24	1.92	1.8	2.14	2.14	1.77	4.07
EPS (basic)	0.03	0.98	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.53	1.53
EPS (diluted)	0.03	0.98	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.53	0.99
Book value per share	5.57	25.6	25.6	19.7	18.2	17	17.3	17.6	17.7	17.2	16.7
FCF per share	-5.08	-35.2	-19.8	-4.7	1.52	4.11	-4.91	3.4	-0.42	0.46	2.06
Cash per share	3.37	7.11	0.39	0.72	0.93	1.82	0.93	0.77	0.83	0.4	1.74

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	0%	40.2%	153.8%	82.8%	1K%	73.3%	83.2%	80.6%	95.7%	147.7%	169.7%
Dividend yield	—	—	—	—	—	—	11.5%	10.3%	10.2%	16.2%	15.1%

Yield

15.1%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.42

ex-dividend Sep 15, 2026

Payout ratio

170%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.42
Jun 15, 2026	$0.42
Mar 16, 2026	$0.42
Dec 31, 2025	$0.1485
Dec 16, 2025	$0.45
Sep 16, 2025	$0.45
Jun 16, 2025	$0.03
Mar 17, 2025	$0.03

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$37.7M	$35.6M	$39.5M	$33.9M	$37.6M	$27.1M	$33.1M	$27.6M	$22.4M	$31.4M	$7.2M	$17.3M
YoY change	+163.5%	-24.5%	+22.4%	+4.72%	-0.14%	-23.9%	-16.3%	-18.6%	-40.5%	+16%	-78.1%	-37.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	66.7M	140.9M	15.3M	37.3M	54.7M	117.4M	59.8M	49.4M	53.5M	26.2M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	150.7M	59.2M	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	—	988.3M	1.8B	—	—	—	—	—	2.6B	2.7B
Accounts payable	6.8M	24.5M	146.4M	39.2M	44.4M	42.7M	72.6M	61.4M	87.2M	37.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	30.3M	154.5M	—	—	—	—	—	—	—
Long-term debt	59.1M	451M	634.9M	1.6B	1.5B	1.4B	1.4B	1.3B	1.4B	1.5B
Total liabilities	—	481.3M	789.4M	—	—	—	—	—	1.5B	1.5B
Shareholders' equity	110.3M	507M	1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Total debt	59.1M	451M	634.9M	1.6B	1.5B	1.4B	1.4B	1.3B	1.4B	1.5B
Net debt	-7.6M	310.1M	619.6M	1.5B	1.4B	1.3B	1.3B	1.2B	1.3B	1.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	79.5M	49.4M	48.9M	31.1M	30.5M	53.5M	38.4M	37.6M	60.6M	26.2M	16.6M	112.1M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	2.6B	2.4B	2.5B	2.6B	2.6B	2.8B	2.7B	2.7B	2.6B	2.6B
Accounts payable	51.5M	61.4M	60M	80.2M	74M	87.2M	29.3M	31.9M	58.2M	37.1M	31.3M	23.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.4B	1.3B	1.4B	1.2B	1.3B	1.4B	1.5B	1.6B	1.5B	1.5B	1.5B	1.5B
Total liabilities	—	—	1.4B	1.3B	1.4B	1.5B	1.5B	1.6B	1.6B	1.5B	1.5B	1.5B
Shareholders' equity	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Total debt	1.4B	1.3B	1.4B	1.2B	1.3B	1.4B	1.5B	1.6B	1.5B	1.5B	1.5B	1.5B
Net debt	1.3B	1.2B	1.3B	1.1B	1.3B	1.3B	1.4B	1.5B	1.4B	1.4B	1.4B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	609K	19.3M	26.6M	98.1M	8.3M	119.8M	105.5M	123.4M	119.4M	98.8M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-601.9K	-10.5M	-7.5M	-8.5M	-4.8M	-12.2M	-17.1M	3.4M	-465K	224K
Operating cash flow	59.4K	9.1M	19.2M	86.6M	248K	112.5M	88.1M	125M	117.8M	29.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	0	-7.8M	-41M	-81.2M	-86.3M	-87.8M	-87.8M	-99.4M	-114.3M	-145.8M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	168.9M	776.3M	669.3M	283.3M	-67.9M	-124.6M	242.7M	-231.4M	17.4M	-62.5M
Net change in cash	169M	785.4M	688.5M	369.9M	-67.6M	-12.1M	330.8M	-106.4M	135.3M	-33M
Free cash flow	-100.8M	-697.4M	-774.2M	-242.8M	89.4M	265.6M	-316.8M	219.3M	-27.1M	29.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	33.9M	31.1M	35.1M	29.1M	33.1M	22.1M	28.5M	23.7M	18.7M	27.8M	3.4M	14.1M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	3M	4.5M	9.2M	-3.7M	-4.2M	-1.8M	14.5M	-10.4M	-2M	-1.9M	4.4M	358K
Operating cash flow	36.4M	35.6M	43.7M	25.3M	28.9M	19.9M	42.7M	646K	9M	27.2M	26.6M	70.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	-24.5M	-27.1M	-27.1M	-29.1M	-29.1M	-29.1M	-58.2M	-29.2M	-29.2M	-29.2M	-37M	-27.2M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-144.5M	-142.1M	73.9M	-213.4M	96.9M	59.9M	10.5M	77.8M	-96.1M	-54.8M	-43M	26.8M
Net change in cash	-108.1M	-106.5M	117.6M	-188M	125.9M	79.9M	53.2M	78.5M	-87.1M	-27.7M	-16.3M	97.5M
Free cash flow	122.3M	148.7M	-63.7M	192.4M	-135.9M	-20M	-7.3M	646K	9M	27.2M	26.6M	70.8M

Date	Ratio
Dec 31, 2025	101:100
May 12, 2020	1019:1000

Bain Capital Specialty Finance, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement