Main Street Capital Corporation (MAIN UN) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	566.05	425.96	326.16	426.07	656.82	1,019.03	1,215.13	450.91	287.74	- -	- -	370.12	300.76
Return on Assets (%)	6.51	12.01	10.61	11.77	8.08	6.6	5.85	7.02	7.85	6.98	4.92	1.07	10.24	6.09	9.87
Return on Capital (%)	- -	30.51	25.8	25.51	- -	12.38	- -	- -	16.58	13.52	7.25	- -	18.76	8.67	16.2
Return on Invested Capital (%)	- -	8.16	7.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	107.66	76.59	79.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	107.66	76.59	79.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-50.51	61.5	83.64	-89.99	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	79.98	110.65	106.27	92.28	87.96	76.67	78.46	82.18	87.58	83.35	77.96	31.06	88.44	83.26	88.47
Profit Margin (%)	98.92	104.78	95.06	83.57	87.99	72.17	85.58	82.91	76.59	80.41	77.22	57.62	80.44	75.93	84.03
Net Income to Common Margin (%)	98.92	104.78	95.06	83.57	87.99	72.17	85.58	82.91	76.59	80.41	77.22	57.62	80.44	75.93	84.03
Effective Tax Rate (%)	- -	2.3	8.93	9.39	- -	5.87	- -	- -	12.54	3.53	0.95	- -	9.04	8.8	5.02
Dvd Payout Ratio (%)	93.41	39.48	43.42	38.2	85.88	95.22	105.97	91.81	86.99	92.77	126.79	491.65	48.54	80.37	63.39
Sustainable Growth Rate (%)	- -	- -	320.26	263.23	46.05	20.35	-39.22	83.47	158.11	32.61	-77.08	- -	- -	72.66	110.11

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	65	234	309	343	515	707	780	848	797	996	1,114	1,209	1,796	1,999	1,802
ST Debt	- -	39	107	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	65	195	202	343	515	707	780	848	797	996	1,114	1,209	1,796	1,999	1,802
Total Debt/EBITDA	5	8.25	5.85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	2.64	6.08	5.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	5	8.25	5.85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	2.64	6.08	5.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	3.43	3.13	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	3.43	3.13	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	3.43	3.13	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	4	9	14	-16	-20	-24	-32	-34	-36	-43	-50	-50	-59	-78	-103
Common Equity/Total Assets	-4.35	2.1	1.73	3.49	1.7	1.42	0.41	0.94	0.38	2.59	0.88	-3.65	1.42	1.84	4.66
Long-Term Debt/Equity (%)	50.13	77.83	49.1	53.42	64.97	75.17	72.87	70.6	57.75	67.49	72.51	79.79	100.4	94.81	72.75
Long-Term Debt/Capital (%)	115.13	78.62	61.71	90.46	95.69	96.7	99.02	97.74	98.94	93.78	97.89	109.14	97.16	96.24	89.7
Long-Term Debt/Total Assets (%)	33.09	43.34	27.37	33.15	37.86	41.72	41.53	40.78	35.19	39.01	41.08	43.64	48.67	47.13	40.56
Total Debt/Equity (%)	50.13	93.43	75.12	53.42	64.97	75.17	72.87	70.6	57.75	67.49	72.51	79.79	100.4	94.81	72.75
Total Debt/Capital (%)	115.13	94.38	94.41	90.46	95.69	96.7	99.02	97.74	98.94	93.78	97.89	109.14	97.16	96.24	89.7
Total Debt/Total Assets (%)	33.09	52.03	41.87	33.15	37.86	41.72	41.53	40.78	35.19	39.01	41.08	43.64	48.67	47.13	40.56
Net Debt to Equity	26.52	68.89	64.75	-9.88	-4.38	-6.43	-1.9	-2.04	-3.73	-3.67	-3.6	-2.11	-1.82	-2.33	-2.43
Net Debt/Capital (%)	133.07	76.5	93.58	-20.09	-6.89	-9.02	-2.65	-2.9	-6.83	-5.37	-5.1	-2.97	-1.8	-2.42	-3.08
EBITDA	13	28	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	13	28	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	13	28	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	27.2	2.1	1.31	1.67	0.74	1.59	0.74	0.8	0.67	0.84	1.23	0.74	0.43	0.57	0.6
Current Ratio	29.56	2.25	1.36	2.05	1.09	2.81	2.1	2.02	1.17	1.48	2.35	1.88	1.64	1.53	1.49
Quick Ratio	28.04	2.2	1.36	2.05	1.09	2.81	2.1	2.02	1.17	1.48	2.35	1.88	1.64	1.53	1.49
CFO/Avg Current Liab	3.18	0.74	0.44	0.6	-5.68	-4.51	-4	-1.47	1.35	-1.54	-0.62	-1.22	-8.66	-3.05	3.06
Common Equity/Total Assets	-4.35	2.1	1.73	3.49	1.7	1.42	0.41	0.94	0.38	2.59	0.88	-3.65	1.42	1.84	4.66
Long-Term Debt/Equity (%)	50.13	77.83	49.1	53.42	64.97	75.17	72.87	70.6	57.75	67.49	72.51	79.79	100.4	94.81	72.75
Long-Term Debt/Capital (%)	115.13	78.62	61.71	90.46	95.69	96.7	99.02	97.74	98.94	93.78	97.89	109.14	97.16	96.24	89.7
Long-Term Debt/Total Assets (%)	33.09	43.34	27.37	33.15	37.86	41.72	41.53	40.78	35.19	39.01	41.08	43.64	48.67	47.13	40.56
Total Debt/Equity (%)	50.13	93.43	75.12	53.42	64.97	75.17	72.87	70.6	57.75	67.49	72.51	79.79	100.4	94.81	72.75
Total Debt/Capital (%)	115.13	94.38	94.41	90.46	95.69	96.7	99.02	97.74	98.94	93.78	97.89	109.14	97.16	96.24	89.7
Total Debt/Total Assets (%)	33.09	52.03	41.87	33.15	37.86	41.72	41.53	40.78	35.19	39.01	41.08	43.64	48.67	47.13	40.56
CFO/Total Liabilities	12.04	8.35	11.38	12.43	-42.4	-25.33	-16.26	-4.86	8.24	-10.12	-2.88	-4.31	-27.1	-11.58	14.51
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.09	1.48	1.46	1.77	1.48	1.21	1.18	1.49	1.7	1.31	1.52	1.04	1.14	0.93	1.33

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	174	338	567	1,019	1,296	1,325	1,465	2,012	2,349	2,120	2,775	2,199	3,160	2,903	3,734
- Cash & Cash Equivalents	31	22	43	64	35	60	20	24	52	54	55	32	33	49	60
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	4	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	65	234	309	343	515	707	780	848	797	996	1,114	1,209	1,796	1,999	1,802
Enterprise Value	190	485	718	1,299	1,776	1,971	2,225	2,836	3,095	3,062	3,834	3,376	4,924	4,853	5,477
Total Capital	56	247	327	380	538	731	788	868	806	1,062	1,138	1,107	1,849	2,077	2,009
Total Debt/Capital (%)	115.13	94.38	94.41	90.46	95.69	96.7	99.02	97.74	98.94	93.78	97.89	109.14	97.16	96.24	89.7
Total Debt / EV	0.34	0.48	0.43	0.26	0.29	0.36	0.35	0.3	0.26	0.33	0.29	0.36	0.36	0.41	0.33
EV/Sales	15.71	13.12	10.84	10.4	16.14	14.12	18.23	16.93	13.89	14.64	22.85	66.2	11.97	15.25	10.74
EV/EBITDA	14.59	17.14	13.6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	14.59	17.14	13.6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	14.91	19.06	14.51	37.44	- -	- -	- -	- -	75.49	- -	- -	- -	- -	- -	29.15
EV/Free Cash Flow to Firm	14.91	19.06	14.51	37.44	- -	- -	- -	- -	75.49	- -	- -	- -	- -	- -	29.15
Diluted Market Cap	161	293	485	871	1,191	1,279	1,426	1,928	2,271	2,082	2,720	2,135	3,083	2,756	3,606
Diluted Enterprise Value	195	509	756	1,150	1,671	1,925	2,186	2,751	3,016	3,024	3,779	3,312	4,846	4,706	5,348
EV per Share	17.51	25.82	26.87	37.56	44.57	43.72	44.14	52.22	52.76	49.98	59.68	49.89	69.64	61.85	64.56
TTM Sales	12	37	66	125	110	140	122	168	223	209	168	51	411	318	510
TTM EBITDA	13	28	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	13	28	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	13	25	49	35	-261	-213	-166	-77	41	-151	-84	-146	-569	-318	188
TTM Free Cash Flow to Firm	13	25	49	35	-261	-213	-166	-77	41	-151	-84	-146	-569	-318	188

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	13.45	7.57	7.7	8.34	12.29	12.7	13.65	13.88	13.31	12.38	20.99	72.68	9.32	11.41	8.42
Price/Earnings Average	10.54	6.63	6.76	7.33	11.58	13.87	14.21	12.18	12.91	13.64	19.75	71.11	8.47	12.31	7.68
Price/Earnings High	13.59	7.58	7.58	8.64	12.91	15.17	15.35	13.94	13.73	14.51	21.34	99.87	9.69	13.76	8.31
Price/Earnings Low	7.62	5.77	5.8	5.99	9.99	11.87	12.39	9.87	11.76	11.66	16.52	35.2	6.54	10.04	7.05
Price/Book Value	-20.32	35.81	44.27	28.15	55.92	54.94	190.64	102.79	276.17	32.07	115.85	-21.74	60.2	37.19	18.05
Price/Book Value Average	-15.92	31.37	38.9	24.74	52.65	60	198.44	90.23	267.91	35.34	108.99	-21.27	54.7	40.13	16.48
Price/Book Value High	-20.53	35.85	43.62	29.18	58.72	65.65	214.25	103.26	285	37.6	117.78	-29.87	62.57	44.88	17.82
Price/Book Value Low	-11.51	27.27	33.35	20.23	45.45	51.37	173.05	73.11	244.04	30.2	91.15	-10.53	42.22	32.74	15.12
Price/Tangible Book Value	1.34	1.35	1.38	1.59	1.64	1.41	1.37	1.67	1.7	1.44	1.81	1.45	1.77	1.38	1.51
Price/Tangible Book Value Average	1.05	1.19	1.21	1.39	1.54	1.54	1.42	1.47	1.65	1.58	1.7	1.42	1.61	1.49	1.38
Price/Tangible Book Value High	1.35	1.35	1.36	1.64	1.72	1.68	1.54	1.68	1.76	1.68	1.84	2	1.84	1.66	1.49
Price/Tangible Book Value Low	0.76	1.03	1.04	1.14	1.33	1.32	1.24	1.19	1.5	1.35	1.42	0.7	1.24	1.21	1.26
Price/Sales	13.3	7.93	7.32	6.97	10.82	9.16	11.69	11.51	10.19	9.95	16.21	41.87	7.5	8.66	7.07
Price/Sales Average	10.43	6.95	6.43	6.13	10.18	10.01	12.16	10.1	9.89	10.97	15.25	40.97	6.81	9.34	6.46
Price/Sales High	13.44	7.94	7.21	7.22	11.36	10.95	13.13	11.56	10.52	11.67	16.48	57.54	7.79	10.45	6.98
Price/Sales Low	7.54	6.04	5.51	5.01	8.79	8.57	10.61	8.18	9.01	9.37	12.75	20.28	5.26	7.62	5.92
Price/Cash Flow	19.99	17.66	13.04	17.81	-4.95	-6.7	-10.85	-45.11	31.14	-19.09	-80.39	-39.48	-5.98	-11.16	12.64
Price/Cash Flow Average	15.67	15.47	11.46	15.66	-4.66	-7.32	-11.3	-39.6	30.21	-21.04	-75.63	-38.63	-5.44	-12.04	11.54
Price/Cash Flow High	20.2	17.68	12.85	18.47	-5.2	-8.01	-12.2	-45.32	32.14	-22.38	-81.73	-54.26	-6.22	-13.47	12.48
Price/Cash Flow Low	11.32	13.45	9.83	12.8	-4.02	-6.26	-9.85	-32.08	27.52	-17.98	-63.25	-19.12	-4.19	-9.82	10.59
Price/Free Cash Flow	19.99	17.66	13.04	17.81	-4.95	-6.7	-10.85	-45.11	31.14	-19.09	-80.39	-39.48	-5.98	-11.16	12.64
Price/Free Cash Flow Average	15.67	15.47	11.46	15.66	-4.66	-7.32	-11.3	-39.6	30.21	-21.04	-75.63	-38.63	-5.44	-12.04	11.54
Price/Free Cash Flow High	20.2	17.68	12.85	18.47	-5.2	-8.01	-12.2	-45.32	32.14	-22.38	-81.73	-54.26	-6.22	-13.47	12.48
Price/Free Cash Flow Low	11.32	13.45	9.83	12.8	-4.02	-6.26	-9.85	-32.08	27.52	-17.98	-63.25	-19.12	-4.19	-9.82	10.59
EV/Sales	15.71	13.12	10.84	10.4	16.14	14.12	18.23	16.93	13.89	14.64	22.85	66.2	11.97	15.25	10.74
EV/Sales Average	14.1	13.85	11.62	9.41	15.45	14.99	18.73	15.46	13.58	15.67	21.87	65.27	11.27	15.97	10.1
EV/Sales High	17.36	14.99	12.53	10.7	16.73	15.97	19.72	16.98	14.23	16.39	23.12	82.34	12.28	17.14	10.65
EV/Sales Low	10.98	12.8	10.55	8.11	13.93	13.5	17.13	13.46	12.67	14.04	19.32	43.96	9.68	14.16	9.55
EV/EBITDA	14.59	17.14	13.6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	13.1	18.08	14.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	16.12	19.58	15.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	10.2	16.72	13.23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	14.59	17.14	13.6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	13.1	18.08	14.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	16.12	19.58	15.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	10.2	16.72	13.23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	16.01	18	21.21	29.47	32.52	29.39	29.06	37.05	40.05	34.6	43.2	32.5	44.7	37	44.02
High Price	16.18	18.02	20.9	30.55	34.15	35.12	32.66	37.22	41.33	40.57	43.92	44.66	46.46	44.65	43.46
Low Price	9.07	13.71	15.98	21.18	26.43	27.48	26.38	26.35	35.39	32.58	33.99	15.74	31.35	32.57	36.87
Enterprise Value	190	485	718	1,299	1,776	1,971	2,225	2,836	3,095	3,062	3,834	3,376	4,924	4,853	5,477
Enterprise Value Average	170	512	770	1,176	1,700	2,093	2,285	2,590	3,025	3,278	3,670	3,329	4,635	5,082	5,152
Enterprise Value High	210	554	830	1,337	1,841	2,229	2,407	2,845	3,170	3,427	3,880	4,199	5,048	5,453	5,429
Enterprise Value Low	133	473	699	1,013	1,534	1,885	2,090	2,255	2,822	2,938	3,242	2,242	3,980	4,506	4,870

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	11	19	27	35	40	45	50	54	59	61	64	68	71	78	85
Diluted Weighted Avg Shares	10	16	23	30	37	44	49	52	57	60	63	66	69	74	82
Basic Weighted Avg Shares	10	16	23	30	37	44	49	52	57	60	63	66	69	74	82
Revenue per Share	1.2	2.27	2.9	4.23	3.01	3.21	2.49	3.22	3.93	3.48	2.67	0.78	5.96	4.27	6.22
EBITDA per Share	1.3	1.74	2.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.3	1.74	2.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.19	2.38	2.76	3.53	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23
Basic EPS from Cont Ops	1.19	2.45	2.81	3.54	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23
Diluted EPS, GAAP	1.19	2.38	2.76	3.53	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23
Diluted EPS from Cont Ops	1.19	2.45	2.81	3.54	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23
Dividend per Share	1.11	1	1.24	1.35	2.27	2.2	2.26	2.45	2.62	2.59	2.61	2.2	2.33	2.61	3.32
Cash Flow per Share	0.8	1.02	1.63	1.65	-6.57	-4.39	-2.68	-0.82	1.29	-1.81	-0.54	-0.82	-7.47	-3.32	3.48
Free Cash Flow per Basic Share	0.8	1.02	1.63	1.65	-6.57	-4.39	-2.68	-0.82	1.29	-1.81	-0.54	-0.82	-7.47	-3.32	3.48
Cash & Equivalents per Share	4.49	4.85	6.11	1.84	0.87	1.34	0.4	0.45	0.88	0.88	0.86	0.47	0.46	0.63	0.71
Book Value per Share	-0.79	0.5	0.48	1.05	0.58	0.53	0.15	0.36	0.15	1.08	0.37	-1.49	0.74	0.99	2.44
Tangible Book Value per Share	11.96	13.3	15.39	18.59	19.89	20.85	21.24	22.12	23.53	24.09	23.92	22.38	25.3	26.87	29.2

Main Street Capital Corporation

MAIN UN

49.14

49.14