Stock

Main Street Capital Corporation

MAIN

Asset Management · Financial Services

Also trades as: 0JXQ.L GBP 0.54 (+1.06%)

Price

$54.10

+0.80 (+1.50%)

Market Cap

$5.06B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

22/30

Growth

Mixed

5/20

Cash Flow

Strong

7/10

Stability

Good

5/10

Valuation

Good

5/10

Ownership

Mixed

6/15

Dividends

Good

3/5

53 of 100 counted points = Winston Score 53.

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Share count rising — dilution

+29.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 69.0M (2021) → 89.4M (2025)

§Winston Score History

The full picture

Main Street Capital is a company that lends money and invests in small and medium-sized businesses across the United States. These businesses are often too small to borrow from big banks or sell stock on public markets, so they turn to firms like Main Street for funding. Main Street provides both loans and equity investments, meaning it can own a piece of the companies it backs.

Main Street makes money by collecting interest on its loans and earning returns when its portfolio companies grow or are sold. It is structured as a Business Development Company, or BDC, which requires it to pay out most of its income to shareholders as dividends. With a market cap near $4.8 billion, it is one of the largest BDCs in the country, and its internally managed structure keeps costs lower than many competitors. The main risk is that an economic slowdown could cause small businesses in its portfolio to struggle to repay their loans.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.5%

Premium pricing power — 75.5% gross margin

Profit after running costs

Operating Margin

62.7%

Excellent — 62.7% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-7.2%

Shrinking sales (-7.2% YoY)

Profit growth

EPS YoY

-18.3%

Earnings shrinking (-18.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

79%

Modest — 79% of profit becomes cash

Spare cash per sale

FCF Margin

50.9%

Converts sales into free cash efficiently (50.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Covers its interest

Interest Cover

3.36x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.9x

Attractive valuation — P/E 10.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-3.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.77%

Healthy income — 5.77% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Payout Ratio

77%

no trend

Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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