MidCap Financial Investment Corporation (MFIC) Key Metrics
MFIC valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $687.0M
- Enterprise value
- $2.38B
- P/E (TTM)
- — 10-yr median 12.2
- Forward P/E
- 7.2
- PEG ratio
- 3.12
- Price / sales
- 2.3 10-yr median 5.5
- Price / book
- 0.7 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 18.8
- Dividend yield
- 14.87% $1.24 a year
- Beta
- 0.68
MFIC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMFIC valuation Price multiples at each fiscal year-end price.
MFIC returns How much profit the business earns on the capital it uses.
MFIC per-share figures Results divided by the shares outstanding at year-end.
MFIC financial health Debt, liquidity and how easily interest is covered.
MFIC efficiency & capital use Working capital cycle and where the cash goes.
MFIC valuation history
MFIC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MFIC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MFIC cash returned to shareholders
MFIC price vs earnings per share
MFIC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.07B | $1.05B | $893.7M | $736.3M | $825.2M | $693.7M | $1.17B | $876.0M | $1.24B | $1.30B |
| Enterprise value | $2.96B | $2.73B | $2.23B | $2.13B | $2.35B | $2.10B | $2.92B | $1.96B | $2.01B | $2.14B |
| P/E ratio | 16.9 | 10.6 | 7.5 | 24.1 | 10.0 | 6.2 | — | 12.2 | 14.2 | 71.0 |
| Price / sales | 3.9 | 4.6 | 3.8 | 5.2 | 8.5 | 5.5 | — | 10.4 | 13.9 | 74.4 |
| Price / book | 0.8 | 0.7 | 0.9 | 0.7 | 0.8 | 0.7 | 1.1 | 0.7 | 0.9 | 0.9 |
| Price / free cash flow | 10.5 | — | 4.6 | 9.7 | — | 1.5 | — | — | 4.7 | 2.0 |
| Price / operating cash flow | 10.5 | — | 4.6 | 9.7 | — | 1.5 | — | — | 4.7 | 2.0 |
| EV / sales | 10.8 | 12.1 | 9.4 | 15.1 | 24.2 | 16.6 | — | 23.4 | 22.6 | 122.2 |
| EV / EBITDA | 15.0 | 27.6 | 18.8 | 19.5 | 17.6 | 18.8 | — | 15.1 | 14.4 | 27.4 |
| EV / free cash flow | 29.2 | — | 11.4 | 28.0 | — | 4.5 | — | — | 7.6 | 3.3 |
| Earnings yield | 5.9% | 9.4% | 13.3% | 4.2% | 10.0% | 16.1% | −9.9% | 8.2% | 7.0% | 1.4% |
| Free cash flow yield | 9.5% | −0.9% | 22.0% | 10.3% | −0.3% | 67.8% | −41.1% | −15.1% | 21.3% | 49.3% |
| Dividend yield | 13.3% | 13.3% | 13.8% | 9.1% | 11.3% | 15.2% | 10.4% | 14.6% | 10.6% | 12.0% |
| Shareholder yield (dividends + buybacks) | 15.0% | 13.3% | 14.1% | 9.3% | 13.9% | 17.4% | 14.8% | 20.4% | 12.2% | 14.9% |
| Share price at fiscal year-end | $11.44 | $13.49 | $13.68 | $11.40 | $12.79 | $10.63 | $17.46 | $12.40 | $16.98 | $17.58 |
| Per share | ||||||||||
| Revenue per share | $2.94 | $2.90 | $3.63 | $2.19 | $1.50 | $1.94 | $0.00 | $1.19 | $1.22 | $0.24 |
| Earnings per share | $0.68 | $1.27 | $1.82 | $0.47 | $1.28 | $1.71 | −$1.73 | $1.02 | $1.19 | $0.25 |
| Operating cash flow per share | $1.09 | −$0.12 | $3.01 | $1.18 | −$0.04 | $7.21 | −$7.18 | −$1.88 | $3.62 | $8.67 |
| Free cash flow per share | $1.09 | −$0.12 | $3.01 | $1.18 | −$0.04 | $7.21 | −$7.18 | −$1.88 | $3.62 | $8.67 |
| Cash per share | $1.07 | $0.97 | $1.87 | $1.35 | $0.47 | $0.84 | $0.65 | $0.58 | $0.21 | $0.15 |
| Book value per share | $14.02 | $18.02 | $15.39 | $15.30 | $15.57 | $15.88 | $15.24 | $18.58 | $19.46 | $19.99 |
| Tangible book value per share | $14.02 | $18.02 | $15.39 | $15.30 | $15.57 | $15.88 | $15.24 | $18.58 | $19.46 | $19.99 |
| Dividends per share | $1.52 | $1.79 | $1.89 | $1.03 | $1.45 | $1.62 | $1.81 | $1.81 | $1.80 | $2.11 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $21.39 | $22.47 | $22.38 | $22.97 | $24.03 | $22.45 | $26.69 | $15.98 | $10.84 | $11.44 |
| Shares outstanding | 93.3M | 78.0M | 65.3M | 64.6M | 64.5M | 65.3M | 67.2M | 70.6M | 72.9M | 74.1M |
| Change in shares outstanding | +19.6% | +19.3% | +1.2% | +0.1% | −1.1% | −2.9% | −4.8% | −3.1% | −1.7% | −4.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.7% | 8.2% | 11.9% | 3.1% | 8.1% | 10.9% | −9.9% | 5.3% | 6.0% | 1.2% |
| Return on invested capital (ROIC) | 4.9% | 2.9% | 4.0% | 3.3% | 4.4% | 3.4% | −3.5% | 4.5% | 4.9% | 2.3% |
| Return on assets (ROA) | 1.9% | 3.5% | 4.7% | 1.2% | 3.2% | 4.1% | −4.3% | 3.0% | 3.7% | 0.7% |
| Return on tangible assets | 1.9% | 3.1% | 4.7% | 1.2% | 3.2% | 4.4% | −4.0% | 2.9% | 3.8% | 0.8% |
| Free cash flow margin | 36.9% | −4.2% | 82.7% | 53.8% | −2.8% | 371.4% | — | −157.8% | 296.3% | — |
| Income quality (OCF / net income) | 1.60 | −0.10 | 1.65 | 2.49 | −0.03 | 4.21 | — | −1.84 | 3.03 | 34.97 |
| Financial health | ||||||||||
| Total debt | $2.00B | $1.75B | $1.46B | $1.48B | $1.55B | $1.47B | $1.79B | $1.13B | $789.8M | $848.4M |
| Cash & short-term investments | $99.4M | $75.8M | $122.1M | $87.1M | $30.6M | $54.6M | $43.7M | $41.2M | $15.3M | $11.3M |
| Net debt | $1.90B | $1.68B | $1.34B | $1.40B | $1.52B | $1.41B | $1.75B | $1.09B | $774.5M | $837.2M |
| Debt / equity | 1.53 | 1.25 | 1.45 | 1.50 | 1.54 | 1.41 | 1.75 | 0.86 | 0.56 | 0.57 |
| Debt / assets | 0.60 | 0.55 | 0.58 | 0.59 | 0.60 | 0.58 | 0.63 | 0.45 | 0.34 | 0.35 |
| Net debt / EBITDA | 9.62 | 16.96 | 11.28 | 12.78 | 11.43 | 12.61 | — | 8.35 | 5.53 | 10.71 |
| Current ratio | 1.04 | 9.00 | 10.19 | 2.40 | 2.28 | 2.88 | 2.16 | 1.85 | 0.56 | 1.38 |
| Quick ratio | 1.04 | 9.00 | 20.38 | 2.40 | 2.28 | 2.88 | 2.16 | 1.85 | 0.56 | 1.38 |
| Interest coverage | — | 0.9 | 1.1 | 1.3 | 2.5 | 2.0 | -1.6 | 2.2 | 2.6 | 1.3 |
| Working capital | $5.0M | $136.0M | $133.2M | $66.4M | $33.7M | $48.2M | $37.3M | $32.0M | −$35.4M | $20.8M |
| Invested capital | $3.20B | $3.08B | $2.35B | $2.38B | $2.52B | $2.45B | $2.78B | $2.40B | $2.19B | $2.32B |
| Tangible asset value | $1.31B | $1.40B | $1.01B | $988.1M | $1.00B | $1.04B | $1.02B | $1.31B | $1.42B | $1.48B |
| Net current asset value | −$1.89B | −$1.63B | −$1.35B | −$1.42B | −$1.54B | −$1.43B | −$1.78B | −$1.12B | −$849.5M | −$853.3M |
| Graham number | $14.62 | $22.67 | $25.09 | $12.77 | $21.15 | $24.75 | — | $20.63 | $22.87 | $10.56 |
| Graham net-net per share | −$20.31 | −$21.20 | −$21.87 | −$22.16 | −$23.92 | −$22.06 | −$26.54 | −$15.89 | −$11.76 | −$11.72 |
| Capital allocation | ||||||||||
| Dividends paid | $141.6M | $139.6M | $123.5M | $66.7M | $93.3M | $105.7M | $121.8M | $128.0M | $131.5M | $156.5M |
| Share buybacks (net) | $19.0M | $0 | $2.3M | $1.6M | $21.1M | $15.0M | $52.1M | $50.8M | $19.7M | $37.9M |
| Dividend payout ratio | 224.1% | 141.3% | 104.0% | 218.1% | 113.3% | 94.5% | — | 177.9% | 151.1% | 852.0% |
| Dividends + buybacks / free cash flow | 158.4% | — | 64.0% | 89.9% | — | 25.6% | — | — | 57.3% | 30.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | — | 0.0% | 0.0% | — | 0.0% | — | — | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | — | — | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| SG&A / revenue | 0.0% | 5.4% | 6.7% | 39.4% | 15.4% | 12.0% | — | 21.6% | 18.5% | 118.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 71.7 | 82.9 | 39.0 | 69.3 | 88.5 | 62.6 | — | 124.3 | 189.9 | 1,903.5 |
| Days of inventory on hand | — | — | -517.4 | — | — | — | — | — | — | — |
| Days payables outstanding | 121.9 | 49.6 | 50.8 | — | 171.9 | 258.7 | 133.0 | 194.8 | 222.1 | 218.5 |
| Cash conversion cycle (days) | -50.3 | 33.3 | -529.2 | — | -83.4 | -196.1 | — | -70.6 | -32.2 | 1,684.9 |
| Receivables turnover | 5.09 | 4.40 | 9.37 | 5.27 | 4.12 | 5.83 | 0.00 | 2.94 | 1.92 | 0.19 |
| Payables turnover | 2.99 | 7.36 | 7.19 | — | 2.12 | 1.41 | 2.75 | 1.87 | 1.64 | 1.67 |
| Asset turnover | 0.08 | 0.08 | 0.09 | 0.06 | 0.04 | 0.05 | 0.00 | 0.03 | 0.04 | 0.01 |
| Average receivables | $53.9M | $51.4M | $25.3M | $26.9M | $23.5M | $21.7M | $26.8M | $28.6M | $46.3M | $91.3M |
| Average payables | $15.2M | $15.7M | $14.5M | — | $25.9M | $28.9M | $34.9M | $58.6M | $66.9M | $66.0M |
| Average inventory | — | — | −$147.7M | — | — | — | — | — | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MFIC's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MFIC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MidCap Financial Investment traded at 16.9 times earnings, against a 10-year median of 12.2. MidCap Financial Investment earned a return on equity of 4.7% and a return on invested capital of 4.9% in fiscal 2025. It ended the year with $2.0 billion of debt and $99.4 million in cash and short-term investments, net debt of $1.9 billion. It returned $160.6 million to shareholders: $141.6 million in dividends and $19.0 million in share buybacks, 158% of free cash flow. The share count rose 25.8% from 74.1M to 93.3M over 9 years.
See the MFIC income statement, the MFIC chart for price history, or the MFIC stock overview for the latest quote and news.
MFIC key metrics FAQ
What is MidCap Financial Investment's P/E ratio?
MidCap Financial Investment traded at 16.9 times earnings at the end of fiscal 2025.
What is MidCap Financial Investment's EV/EBITDA?
MidCap Financial Investment's enterprise value was 15.0 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $197.1 million).
What is MidCap Financial Investment's return on equity?
MidCap Financial Investment's return on equity (ROE) was 4.7% in fiscal 2025: net income of $63.2 million on average shareholders' equity of $1.4 billion.
What is MidCap Financial Investment's ROIC?
MidCap Financial Investment's return on invested capital was 4.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MidCap Financial Investment have?
MidCap Financial Investment had total debt of $2.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.53 and $1.9 billion of net debt (9.62 times EBITDA).
What is MidCap Financial Investment's dividend yield?
MidCap Financial Investment's forward dividend yield is 14.87%. MidCap Financial Investment paid $141.6 million in dividends in fiscal 2025 ($1.52 per share), a payout ratio of 224.1%.
Does MidCap Financial Investment buy back its shares?
Yes. MidCap Financial Investment spent $19.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +19.6% over the year, to 93.3M..
What is MidCap Financial Investment's free cash flow yield?
MidCap Financial Investment generated $101.4 million of free cash flow in fiscal 2025, a free cash flow yield of 9.5% on its market value at year-end ($1.1 billion).
What is MidCap Financial Investment's current ratio?
MidCap Financial Investment's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.