Capital Southwest Corporation (CSWC) Balance Sheet
CSWC balance sheet, FY2026
March 31, 2026 · U.S. dollars$2.18B assets = $1.17B liabilities + $1.01B equity
Both columns are drawn to the same scale: what CSWC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CSWC financial health
Debt / equity1.12
Moderate leverage · $1.12 of debt for each $1 of equity
Equity / assets46.4%
Equity-funded · of assets funded by shareholders
Cash / debt2.6%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
CSWC balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $325.8MFY2017 | $2.18BFY2026 | +23.5%/yr | |
| Total liabilities | $40.7MFY2017 | $1.17BFY2026 | +45.2%/yr | |
| Shareholders’ equity | $285.1MFY2017 | $1.01BFY2026 | +15.1%/yr | |
| Cash & short-term investments | $22.4MFY2017 | $29.4MFY2026 | +3.1%/yr | |
| Total debt | $25.0MFY2017 | $1.13BFY2026 | +52.7%/yr | |
| Net cash (debt) | −$2.6MFY2017 | −$1.10BFY2026 | −$1.1B | |
| Working capital | −$13.6MFY2017 | −$150.3MFY2025 | −$136.7M | |
| Book value per share | $17.95FY2017 | $15.36FY2026 | −1.7%/yr | |
| Debt / equity | 0.09FY2017 | 1.12FY2026 | +1.03 | |
| Shares outstanding | 15.9MFY2017 | 65.8MFY2026 | +17.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSWC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CSWC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CSWC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CSWC balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $29.4M | $43.2M | $32.3M | $21.6M | $11.4M | $31.6M | $13.7M | $9.9M | $7.9M | $22.4M |
| Cash & equivalents | $29.4M | $43.2M | $32.3M | $21.6M | $11.4M | $31.6M | $13.7M | $9.9M | $7.9M | $22.4M |
| Short-term investments | — | — | — | $1.21B | — | — | — | — | — | — |
| Receivables | $35.2M | $32.3M | $30.2M | $19.1M | $14.3M | $10.7M | $10.4M | $10.5M | $5.7M | $3.8M |
| Inventory | $0 | $0 | $1 | $22.3M | $27.3M | $43.6M | $26.0M | $1 | $1 | $1 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $64.6M | $75.5M | $62.5M | $40.7M | $25.8M | $42.3M | $24.2M | $20.4M | $7.9M | $22.4M |
| Property, plant & equipment (net) | $0 | $0 | $2.4M | $1.8M | $1.8M | $200,000 | −$1.4M | −$1.8M | $0 | −$2.2M |
| Goodwill & intangible assets | $0 | $0 | −$1.1M | $1.20B | −$1.8M | −$200,000 | $1.4M | $10.5M | $0 | $0 |
| Long-term investments | $2.10B | $1.79B | $1.48B | $1.21B | $936.6M | $688.4M | $553.1M | $524.1M | $393.1M | $286.9M |
| Other non-current assets | $15.4M | $22.0M | $16.4M | $0 | $11.6M | $4.8M | $7.7M | $0 | $16.5M | $18.6M |
| Total assets | $2.18B | $1.88B | $1.56B | $1.26B | $974.0M | $735.6M | $585.0M | $551.8M | $417.5M | $325.8M |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $156,000 | — | — | $10.4M | $4.5M | $4.5M | $7.2M |
| Short-term debt | — | $223.1M | $43.1M | $23.8M | $16.7M | $17.3M | $16.2M | — | $5.5M | $25.0M |
| Deferred revenue | — | — | — | — | — | — | — | −$5.5M | −$5.5M | −$25.0M |
| Total current liabilities | — | $225.9M | $281,000 | $156,000 | $1.2M | $50,000 | $513,000 | $4.5M | $57.5M | $36.0M |
| Long-term debt | $0 | $0 | $0 | $116.3M | $0 | $0 | $303.3M | $216.1M | $95.3M | $25.0M |
| Other long-term liabilities | $1.17B | $999.2M | $801.1M | $550.9M | $553.1M | $399.3M | $0 | $9.8M | $0 | $0 |
| Total liabilities | $1.17B | $999.2M | $801.1M | $667.3M | $553.1M | $399.3M | $303.3M | $225.9M | $109.2M | $40.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $15.1M | $13.2M | $11.3M | $9.6M | $6.8M | $5.8M | $5.1M | $5.0M | $4.6M | $4.6M |
| Retained earnings (deficit) | −$79.0M | −$88.7M | −$52.5M | −$41.8M | −$10.3M | −$2.1M | −$19.8M | $63.7M | $6.1M | −$1.5M |
| Treasury stock | — | — | — | — | — | — | −$23.9M | −$23.9M | −$23.9M | −$23.9M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.9M |
| Total shareholders' equity | $1.01B | $883.6M | $755.7M | $590.4M | $420.9M | $336.3M | $281.7M | $326.0M | $308.3M | $285.1M |
| Key figures | ||||||||||
| Total debt | $1.13B | $956.1M | $770.9M | $637.6M | $528.6M | $381.3M | $319.5M | $216.1M | $100.8M | $25.0M |
| Net cash (debt) | −$1.10B | −$912.8M | −$738.6M | −$616.1M | −$517.2M | −$349.7M | −$305.8M | −$206.2M | −$92.9M | −$2.6M |
| Working capital | — | −$150.3M | $62.2M | $40.5M | $24.5M | $42.3M | $23.7M | $15.9M | −$49.6M | −$13.6M |
| Tangible book value | $1.01B | $883.6M | $756.8M | −$614.0M | $422.7M | $336.5M | $280.3M | $315.5M | $308.3M | $285.1M |
| Book value per share | $15.36 | $17.26 | $18.55 | $19.67 | $18.43 | $17.64 | $15.65 | $19.48 | $19.10 | $17.95 |
| Shares outstanding | 65.8M | 51.2M | 40.7M | 30.0M | 22.8M | 19.1M | 18.0M | 16.7M | 16.1M | 15.9M |
| Current ratio | — | 0.33 | 222.34 | 260.65 | 20.79 | 846.34 | 47.14 | 4.51 | 0.14 | 0.62 |
| Quick ratio | — | 0.33 | 222.34 | 260.65 | 20.79 | 846.34 | 47.14 | 4.51 | 0.24 | 0.73 |
| Debt / equity | 1.12 | 1.08 | 1.02 | 1.08 | 1.26 | 1.13 | 1.13 | 0.66 | 0.33 | 0.09 |
| Equity / assets | 46.4% | 46.9% | 48.5% | 46.9% | 43.2% | 45.7% | 48.2% | 59.1% | 73.8% | 87.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $58.5M | $29.4M | $42.6M | $87.4M | $46.9M | $36.0M | $47.2M | $47.2M | $33.3M | $32.3M | $23.6M | $23.0M |
| Cash & equivalents | $58.5M | $29.4M | $42.6M | $87.4M | $46.9M | $36.0M | $47.2M | $47.2M | $33.3M | $32.3M | $23.6M | $23.0M |
| Receivables | $48,000 | $35.2M | $39.4M | $35.7M | $30.1M | $32.3M | $31.5M | $31.5M | $25.5M | $22.9M | $23.6M | $24.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $24.0M | $23.4M |
| Other current assets | $0 | $0 | $0 | $0 | $3.7M | $0 | $0 | $0 | $0 | $7.6M | $0 | $0 |
| Total current assets | $58.5M | $64.6M | $82.0M | $123.2M | $80.7M | $68.3M | $78.7M | $78.7M | $58.8M | $62.8M | $48.8M | $48.3M |
| Property, plant & equipment (net) | $0 | $0 | $3.7M | $0 | $0 | $0 | $0 | $2.4M | $2.3M | $2.4M | $1.8M | $1.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.20B | $2.10B | $2.01B | $1.88B | $1.78B | $1.79B | $1.70B | $1.51B | $1.47B | $1.48B | $1.37B | $1.35B |
| Other non-current assets | $54.8M | $15.4M | $17.0M | $20.3M | $21.5M | $0 | $0 | $14.9M | $14.8M | $15.0M | $13.8M | $13.3M |
| Total assets | $2.32B | $2.18B | $2.12B | $2.02B | $1.88B | $1.79B | $1.60B | $1.60B | $1.54B | $1.56B | $1.43B | $1.42B |
| Liabilities | ||||||||||||
| Short-term debt | $225.0M | — | $224.2M | $223.8M | $223.5M | $56.2M | $222.7M | — | $41.7M | $43.1M | $33.0M | $411,000 |
| Total current liabilities | $226.3M | — | $226.5M | $226.9M | $230.9M | $2.8M | $1.3M | $799,000 | $449,000 | $281,000 | $802,000 | $874,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.03B | $1.17B | $893.8M | $847.4M | $735.1M | $958.6M | $813.2M | $813.2M | $766.7M | $800.8M | $707.7M | $758.3M |
| Total liabilities | $1.26B | $1.17B | $1.12B | $1.07B | $965.9M | $958.6M | $813.2M | $813.2M | $766.7M | $801.1M | $708.5M | $759.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $15.9M | $15.1M | $14.9M | $14.2M | $13.8M | $12.5M | $11.9M | $11.9M | $11.7M | $11.3M | $10.7M | $10.0M |
| Retained earnings (deficit) | −$93.9M | −$79.0M | −$76.5M | −$107.5M | −$97.1M | −$85.6M | −$75.8M | −$75.8M | −$68.0M | −$52.5M | −$41.2M | −$43.1M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $1.06B | $1.01B | $995.6M | $947.0M | $916.5M | $830.4M | $791.3M | $791.3M | $777.3M | $755.7M | $721.0M | $657.8M |
| Key figures | ||||||||||||
| Total debt | $483.9M | $1.13B | $414.8M | $394.8M | $394.6M | $920.2M | $785.0M | $785.0M | $735.4M | $774.1M | $680.5M | $735.4M |
| Net cash (debt) | −$425.4M | −$1.10B | −$372.3M | −$307.3M | −$347.7M | −$884.2M | −$737.8M | −$737.8M | −$702.1M | −$741.8M | −$656.9M | −$712.3M |
| Working capital | −$167.8M | — | −$144.5M | −$103.8M | −$150.1M | $65.5M | $77.4M | $77.9M | $58.4M | $62.5M | $48.0M | $47.4M |
| Tangible book value | $1.06B | $1.01B | $995.6M | $947.0M | $916.5M | $830.4M | $791.3M | $791.3M | $777.3M | $755.7M | $721.0M | $657.8M |
| Book value per share | $15.01 | $16.19 | $14.90 | $14.61 | $14.60 | $16.22 | $14.62 | $16.75 | $17.02 | $17.14 | $17.37 | $16.57 |
| Shares outstanding | 70.5M | 62.5M | 66.8M | 64.8M | 62.8M | 51.2M | 54.1M | 47.2M | 45.7M | 44.1M | 41.5M | 39.7M |
| Current ratio | 0.26 | — | 0.36 | 0.54 | 0.35 | 24.67 | 62.91 | 98.49 | 130.97 | 223.59 | 60.90 | 55.24 |
| Quick ratio | 0.26 | — | 0.36 | 0.54 | 0.33 | 24.67 | 62.91 | 98.49 | 130.97 | 196.44 | 58.87 | 54.01 |
| Debt / equity | 0.46 | 1.12 | 0.42 | 0.42 | 0.43 | 1.11 | 0.99 | 0.99 | 0.95 | 1.02 | 0.94 | 1.12 |
| Equity / assets | 45.7% | 46.4% | 47.1% | 46.9% | 48.7% | 46.4% | 49.3% | 49.3% | 50.3% | 48.5% | 50.4% | 46.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 19, 2026); data from EODHD.
CSWC financial position
At the end of fiscal 2026 (March 31, 2026), Capital Southwest had total assets of $2.2 billion (up 15.7% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $1.0 billion. It held $29.4 million in cash and short-term investments against $1.1 billion of debt, net debt of $1.1 billion. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity $1.1 billion.
Related: CSWC income statement, CSWC cash flow statement, CSWC key metrics. See the CSWC stock overview for the latest quote and news.
CSWC balance sheet FAQ
What are Capital Southwest's total assets?
Capital Southwest reported total assets of $2.2 billion at the end of fiscal 2026 (March 31, 2026), compared with $1.9 billion a year earlier.
How much debt does Capital Southwest have?
Capital Southwest had $1.1 billion of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 1.12.
How much cash does Capital Southwest have?
Capital Southwest held $29.4 million in cash and short-term investments at the end of fiscal 2026; with $1.1 billion of debt that is net debt of $1.1 billion.
What is Capital Southwest's book value?
Capital Southwest's shareholders' equity (book value) was $1.0 billion at the end of fiscal 2026, or $15.36 per share.