Main Street Capital Corporation (MAIN) Balance Sheet
MAIN balance sheet, 2025
December 31, 2025 · U.S. dollars$5.71B assets = $2.72B liabilities + $2.99B equity
Both columns are drawn to the same scale: what MAIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MAIN financial health
Descriptive bands, not a rating. Fiscal 2025.
MAIN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.08B2016 | $5.71B2025 | +11.9%/yr | |
| Total liabilities | $878.8M2016 | $2.72B2025 | +13.4%/yr | |
| Shareholders’ equity | $1.20B2016 | $2.99B2025 | +10.7%/yr | |
| Cash & short-term investments | $24.5M2016 | $42.0M2025 | +6.2%/yr | |
| Total debt | $848.3M2016 | $2.46B2025 | +12.5%/yr | |
| Net cash (debt) | −$823.8M2016 | −$2.42B2025 | −$1.6B | |
| Working capital | $6.6M2016 | $539.5M2025 | +$532.9M | |
| Book value per share | $23.092016 | $33.502025 | +4.2%/yr | |
| Debt / equity | 0.712016 | 0.822025 | +0.11 | |
| Shares outstanding | 52.0M2016 | 89.4M2025 | +6.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MAIN assets
MAIN liabilities and equity
MAIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MAIN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $42.0M | $78.3M | $60.1M | $49.1M | $32.6M | $31.9M | $55.2M | $54.2M | $51.5M | $24.5M |
| Cash & equivalents | $42.0M | $78.3M | $60.1M | $49.1M | $32.6M | $31.9M | $55.2M | $54.2M | $51.5M | $24.5M |
| Short-term investments | — | — | −$1 | $1.9M | $2.0M | — | — | — | — | — |
| Receivables | $107.9M | $98.1M | $89.3M | $381,000 | $35.1M | $49.8M | $50.5M | $40.9M | $38.7M | $37.1M |
| Inventory | $0 | $0 | $0 | $134.1M | $69.7M | $31.9M | $55.2M | $0 | $0 | $0 |
| Other current assets | $390.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $540.7M | $176.3M | $149.4M | $49.5M | $67.8M | $31.9M | $105.7M | $40.9M | $38.7M | $37.1M |
| Property, plant & equipment (net) | $0 | $0 | $4.29B | $8.7M | $3.8M | $4.3M | $4.8M | −$39.1M | −$30.3M | −$44.1M |
| Goodwill & intangible assets | $0 | $0 | $63.4M | $4.05B | $3.51B | $2.63B | $2.55B | $0 | $0 | $0 |
| Long-term investments | $5.52B | $4.93B | $4.29B | $4.10B | $3.56B | $2.68B | $2.60B | $2.45B | $2.17B | $2.00B |
| Other non-current assets | $0 | $12.3M | $0 | $0 | $0 | $0 | $0 | $97.7M | $85.7M | $90.3M |
| Total assets | $5.71B | $5.12B | $4.44B | $4.24B | $3.69B | $2.77B | $2.71B | $2.55B | $2.27B | $2.08B |
| Liabilities | ||||||||||
| Accounts payable | $53.5M | $45.4M | $37.4M | $34.3M | $35.2M | $22.5M | $45.0M | $64.2M | $77.3M | $30.5M |
| Short-term debt | $1.2M | $151.1M | $514.8M | $16.4M | $188.8M | $45.0M | $42.6M | $191.0M | $797.2M | $840.3M |
| Deferred revenue | — | — | — | $70.0M | −$113.2M | −$1.6M | $2.4M | −$209.0M | −$1.71B | −$1.75B |
| Total current liabilities | $1.2M | $45.4M | $37.4M | $34.3M | $35.2M | $22.5M | $45.0M | $64.2M | $77.3M | $30.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $1.11B | $996.1M | $797.2M | $840.3M |
| Other long-term liabilities | $2.72B | $2.28B | $1.93B | $2.10B | $1.87B | $1.23B | $0 | $81.2M | $87.9M | $38.5M |
| Total liabilities | $2.72B | $2.32B | $1.97B | $2.13B | $1.90B | $1.25B | $1.18B | $1.08B | $885.0M | $878.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $898,000 | $884,000 | $848,000 | $784,000 | $707,000 | $677,000 | $643,000 | $613,000 | $586,000 | $543,000 |
| Retained earnings (deficit) | $535.3M | $402.5M | $206.0M | $77.3M | $51.8M | −$101.8M | $23.3M | $65.5M | $7.9M | $19.0M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $65.0M | $69.0M | $57.0M |
| Total shareholders' equity | $2.99B | $2.80B | $2.48B | $2.11B | $1.79B | $1.51B | $1.54B | $1.48B | $1.38B | $1.20B |
| Key figures | ||||||||||
| Total debt | $2.46B | $2.12B | $1.80B | $2.00B | $1.80B | $1.21B | $1.16B | $1.19B | $797.2M | $848.3M |
| Net cash (debt) | −$2.42B | −$2.04B | −$1.74B | −$1.95B | −$1.76B | −$1.18B | −$1.10B | −$1.13B | −$745.6M | −$823.8M |
| Working capital | $539.5M | $130.9M | $112.0M | $15.2M | $32.6M | $9.4M | $60.7M | −$23.3M | −$38.6M | $6.6M |
| Tangible book value | $2.99B | $2.80B | $2.41B | −$1.94B | −$1.72B | −$1.11B | −$1.02B | $1.48B | $1.38B | $1.20B |
| Book value per share | $33.50 | $31.59 | $30.24 | $28.31 | $25.94 | $23.05 | $24.40 | $24.53 | $24.35 | $23.09 |
| Shares outstanding | 89.4M | 88.6M | 81.9M | 74.5M | 69.0M | 65.7M | 63.0M | 60.2M | 56.7M | 52.0M |
| Current ratio | 449.84 | 3.88 | 4.00 | 1.45 | 1.93 | 1.42 | 2.35 | 0.64 | 0.50 | 1.22 |
| Quick ratio | 124.68 | 3.88 | 4.00 | 1.45 | 1.93 | 3.62 | 2.35 | 1.48 | 1.17 | 2.02 |
| Debt / equity | 0.82 | 0.76 | 0.73 | 0.95 | 1.00 | 0.80 | 0.75 | 0.80 | 0.58 | 0.71 |
| Equity / assets | 52.4% | 54.6% | 55.8% | 49.7% | 48.5% | 54.7% | 56.7% | 57.8% | 60.9% | 57.8% |
| 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 | $58.3M | $20.8M | $42.0M | $30.6M | $87.0M | $109.2M | $78.3M | $84.4M | $30.5M | $115.0M | $60.1M | $77.0M |
| Cash & equivalents | $58.3M | $20.8M | $42.0M | $30.6M | $87.0M | $109.2M | $78.3M | $84.4M | $30.5M | $115.0M | $60.1M | $77.0M |
| Short-term investments | — | — | — | — | $257.6M | — | — | — | — | $103.4M | — | — |
| Receivables | $51.5M | $119.8M | $107.9M | $0 | $92.5M | $98.4M | $98.1M | $86.4M | $63.6M | $212,000 | $89.3M | $4.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $390.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $109.8M | $140.6M | $540.7M | $30.6M | $87.0M | $109.2M | $176.3M | $170.8M | $94.1M | $115.2M | $149.4M | $81.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $5.75B | $5.67B | $5.52B | $5.15B | $5.09B | $5.05B | $4.93B | $4.91B | $4.74B | $4.55B | $4.29B | $4.29B |
| Other non-current assets | $85.2M | $13.1M | $0 | $104.6M | $107.7M | $110.1M | $12.3M | $12.9M | $125.7M | $95.6M | $7.9M | $91.6M |
| Total assets | $5.94B | $5.83B | $5.71B | $5.28B | $5.29B | $5.27B | $5.12B | $5.09B | $4.96B | $4.76B | $4.44B | $4.47B |
| Liabilities | ||||||||||||
| Accounts payable | $54.9M | $44.4M | $53.5M | $41.4M | $46.5M | $42.2M | $45.4M | $40.1M | $47.0M | $45.4M | $37.4M | $38.4M |
| Short-term debt | — | $886.9M | $1.2M | — | $150.3M | $150.9M | $151.1M | $803.4M | $906.2M | $604.8M | $514.8M | $63.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | $808.0M | $483.1M | — | $31.5M |
| Total current liabilities | $116.4M | $886.9M | $1.2M | $41.4M | $46.5M | $42.2M | $45.4M | $40.1M | $47.0M | $45.4M | $37.4M | $38.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.65B | $1.85B | $2.72B | $2.31B | $2.36B | $2.39B | $2.28B | $2.36B | $2.33B | $2.20B | $1.93B | $2.06B |
| Total liabilities | $2.77B | $2.73B | $2.72B | $2.35B | $2.40B | $2.43B | $2.32B | $2.40B | $2.38B | $2.24B | $1.97B | $2.10B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $934,000 | $925,000 | $898,000 | $895,000 | $893,000 | $887,000 | $884,000 | $880,000 | $865,000 | $851,000 | $848,000 | $836,000 |
| Retained earnings (deficit) | $531.7M | $485.4M | $535.3M | $481.7M | $453.5M | $425.3M | $402.5M | $273.3M | $240.2M | $226.1M | $206.0M | $144.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $3.17B | $3.09B | $2.99B | $2.93B | $2.88B | $2.84B | $2.80B | $2.69B | $2.58B | $2.52B | $2.48B | $2.37B |
| Key figures | ||||||||||||
| Total debt | $2.53B | $2.54B | $2.46B | $2.15B | $2.22B | $2.25B | $2.12B | $2.20B | $2.20B | $2.05B | $1.80B | $1.93B |
| Net cash (debt) | −$2.48B | −$2.52B | −$2.42B | −$2.12B | −$2.13B | −$2.14B | −$2.04B | −$2.12B | −$2.17B | −$1.93B | −$1.74B | −$1.86B |
| Working capital | −$6.5M | −$746.3M | $539.5M | −$10.8M | $40.5M | $67.0M | $130.9M | $130.8M | $47.1M | $69.8M | $112.0M | $43.0M |
| Tangible book value | $3.17B | $3.09B | $2.99B | $2.93B | $2.88B | $2.84B | $2.80B | $2.69B | $2.58B | $2.52B | $2.48B | $2.37B |
| Book value per share | $34.43 | $34.13 | $33.32 | $32.90 | $32.31 | $32.02 | $31.65 | $30.78 | $29.92 | $29.55 | $29.34 | $28.59 |
| Shares outstanding | 92.0M | 90.7M | 89.8M | 89.2M | 89.3M | 88.7M | 88.4M | 87.5M | 86.2M | 85.1M | 84.4M | 82.9M |
| Current ratio | 0.94 | 0.16 | 449.84 | 0.74 | 1.87 | 2.59 | 3.88 | 4.26 | 2.00 | 2.54 | 4.00 | 2.12 |
| Quick ratio | 0.94 | 0.16 | 124.68 | 0.74 | 3.86 | 4.92 | 3.88 | 4.26 | 2.00 | 2.54 | 4.00 | 2.12 |
| Debt / equity | 0.80 | 0.82 | 0.82 | 0.73 | 0.77 | 0.79 | 0.76 | 0.82 | 0.85 | 0.81 | 0.73 | 0.82 |
| Equity / assets | 53.3% | 53.1% | 52.4% | 55.5% | 54.5% | 53.9% | 54.6% | 52.8% | 52.0% | 52.9% | 55.8% | 53.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
MAIN financial position
At the end of fiscal 2025 (December 31, 2025), Main Street Capital had total assets of $5.7 billion (up 11.6% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $3.0 billion. It held $42.0 million in cash and short-term investments against $2.5 billion of debt, net debt of $2.4 billion. Its current ratio was 449.84. In the latest quarter (ended June 30, 2026) total assets were $5.9 billion and equity $3.2 billion.
Related: MAIN income statement, MAIN cash flow statement, MAIN key metrics. See the MAIN stock overview for the latest quote and news.
MAIN balance sheet FAQ
What are Main Street Capital's total assets?
Main Street Capital reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.1 billion a year earlier.
How much debt does Main Street Capital have?
Main Street Capital had $2.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.82.
How much cash does Main Street Capital have?
Main Street Capital held $42.0 million in cash and short-term investments at the end of fiscal 2025; with $2.5 billion of debt that is net debt of $2.4 billion.
What is Main Street Capital's book value?
Main Street Capital's shareholders' equity (book value) was $3.0 billion at the end of fiscal 2025, or $33.50 per share.
What is Main Street Capital's current ratio?
Main Street Capital had current assets of $540.7 million and current liabilities of $1.2 million, a current ratio of 449.84 (it can cover its short-term obligations).