Oaktree Specialty Lending Corporation (OCSL) Key Metrics
OCSL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.02B
- Enterprise value
- $2.42B
- P/E (TTM)
- 24.1 10-yr median 16.2
- Forward P/E
- 8.9
- PEG ratio
- 0.93
- Price / sales
- 3.5 10-yr median 6.4
- Price / book
- 0.8 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 16.4
- Dividend yield
- 11.41% $1.32 a year
- Beta
- 0.58
OCSL key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsOCSL valuation Price multiples at each fiscal year-end price.
OCSL returns How much profit the business earns on the capital it uses.
OCSL per-share figures Results divided by the shares outstanding at year-end.
OCSL financial health Debt, liquidity and how easily interest is covered.
OCSL efficiency & capital use Working capital cycle and where the cash goes.
OCSL valuation history
OCSL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OCSL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OCSL cash returned to shareholders
OCSL price vs earnings per share
OCSL key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.12B | $1.31B | $1.45B | $1.09B | $1.14B | $682.3M | $730.2M | $699.2M | $773.7M | $879.3M |
| Enterprise value | $2.53B | $2.89B | $2.92B | $2.37B | $2.38B | $1.35B | $1.35B | $1.32B | $1.82B | $2.54B |
| P/E ratio | 33.1 | 22.7 | 12.4 | 37.4 | 4.8 | 17.4 | 5.8 | 15.0 | — | — |
| Price / sales | 3.7 | 7.0 | 11.6 | 27.9 | 4.6 | 13.0 | 5.7 | 12.2 | 4.3 | 3.5 |
| Price / book | 0.8 | 0.9 | 1.0 | 0.9 | 0.9 | 0.7 | 0.8 | 0.8 | 0.9 | 0.8 |
| Price / free cash flow | 7.9 | 68.8 | 6.3 | 48.8 | — | — | 3.4 | 13.1 | 1.6 | 5.3 |
| Price / operating cash flow | 7.9 | 68.8 | 6.3 | 48.8 | — | — | 3.4 | 13.1 | 1.6 | 5.3 |
| EV / sales | 8.4 | 15.5 | 23.3 | 60.6 | 9.6 | 25.9 | 10.6 | 23.1 | 10.2 | 10.3 |
| EV / EBITDA | 16.8 | 49.9 | 16.1 | 11.0 | 18.9 | 36.1 | 10.6 | 15.9 | — | — |
| EV / free cash flow | 17.8 | 151.3 | 12.7 | 105.9 | — | — | 6.2 | 24.7 | 3.7 | 15.4 |
| Earnings yield | 3.0% | 4.4% | 8.1% | 2.7% | 20.7% | 5.7% | 17.3% | 6.7% | −25.5% | −7.6% |
| Free cash flow yield | 12.7% | 1.5% | 15.8% | 2.0% | −20.1% | −22.4% | 29.6% | 7.7% | 62.9% | 18.7% |
| Dividend yield | 13.2% | 13.5% | 12.4% | 10.5% | 7.0% | 7.8% | 7.2% | 7.9% | 8.1% | 11.4% |
| Shareholder yield (dividends + buybacks) | 14.1% | 13.6% | 12.6% | 10.7% | 7.2% | 8.1% | 7.3% | 8.1% | 10.1% | 16.4% |
| Share price at fiscal year-end | $13.05 | $16.31 | $20.12 | $18.00 | $21.18 | $14.52 | $15.54 | $14.88 | $16.41 | $17.43 |
| Per share | ||||||||||
| Revenue per share | $3.48 | $2.32 | $1.74 | $0.64 | $4.59 | $1.11 | $2.71 | $1.22 | $3.77 | $4.91 |
| Earnings per share | $0.39 | $0.72 | $1.63 | $0.48 | $4.39 | $0.83 | $2.68 | $1.00 | −$4.18 | −$1.32 |
| Operating cash flow per share | $1.65 | $0.24 | $3.17 | $0.37 | −$4.27 | −$3.25 | $4.59 | $1.14 | $10.33 | $3.27 |
| Free cash flow per share | $1.65 | $0.24 | $3.17 | $0.37 | −$4.27 | −$3.25 | $4.59 | $1.14 | $10.33 | $3.27 |
| Cash per share | $0.93 | $0.80 | $1.89 | $0.39 | $0.54 | $0.83 | $0.33 | $0.28 | $1.12 | $2.34 |
| Book value per share | $17.03 | $18.50 | $21.02 | $20.51 | $24.29 | $19.47 | $19.81 | $18.26 | $18.40 | $22.64 |
| Tangible book value per share | $17.03 | $18.50 | $21.02 | $20.48 | $24.28 | $19.45 | $19.81 | $18.26 | $18.40 | $22.64 |
| Dividends per share | $1.72 | $2.20 | $2.50 | $1.90 | $1.48 | $1.13 | $1.11 | $1.17 | $1.33 | $1.99 |
| 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 | $17.27 | $20.38 | $22.20 | $21.42 | $23.48 | $15.10 | $13.45 | $13.56 | $23.22 | $35.33 |
| Shares outstanding | 86.1M | 80.4M | 72.1M | 60.7M | 54.0M | 47.0M | 47.0M | 47.0M | 47.1M | 50.4M |
| Change in shares outstanding | +7.0% | +11.5% | +18.8% | +12.4% | +15.0% | +0.0% | −0.0% | −0.3% | −6.5% | −6.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.3% | 3.9% | 8.5% | 2.3% | 21.3% | 4.3% | 14.1% | 5.4% | −19.6% | −5.3% |
| Return on invested capital (ROIC) | 4.9% | 1.9% | 6.5% | 2.8% | 11.5% | 2.4% | 8.3% | 4.8% | −4.9% | −0.4% |
| Return on assets (ROA) | 1.1% | 1.8% | 4.0% | 1.1% | 11.1% | 2.5% | 8.3% | 3.0% | −9.9% | −2.7% |
| Return on tangible assets | 1.1% | 1.8% | 3.6% | 1.1% | 9.0% | 2.4% | 8.5% | 3.0% | −12.2% | −2.8% |
| Free cash flow margin | 47.5% | 10.2% | 182.7% | 57.3% | −92.8% | −292.2% | 169.8% | 93.4% | 273.6% | 66.5% |
| Income quality (OCF / net income) | 4.20 | 0.33 | 1.95 | 0.77 | −0.97 | −3.90 | 1.71 | 1.14 | — | — |
| Financial health | ||||||||||
| Total debt | $1.49B | $1.64B | $1.60B | $1.30B | $1.27B | $709.3M | $631.9M | $637.2M | $1.09B | $1.78B |
| Cash & short-term investments | $79.6M | $64.0M | $136.4M | $23.5M | $29.3M | $39.1M | $15.4M | $13.4M | $53.0M | $117.9M |
| Net debt | $1.41B | $1.57B | $1.46B | $1.28B | $1.24B | $670.2M | $616.5M | $623.8M | $1.04B | $1.66B |
| Debt / equity | 1.01 | 1.10 | 1.06 | 1.04 | 0.97 | 0.78 | 0.68 | 0.74 | 1.26 | 1.56 |
| Debt / assets | 0.50 | 0.51 | 0.50 | 0.49 | 0.48 | 0.43 | 0.43 | 0.41 | 0.68 | 0.76 |
| Net debt / EBITDA | 9.32 | 27.25 | 8.10 | 5.91 | 9.81 | 17.89 | 4.85 | 7.51 | — | — |
| Current ratio | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 8.69 | 15.38 | 0.20 | 0.29 |
| Quick ratio | 11.20 | 9.24 | 6.68 | −0.36 | 13.76 | 35.60 | 8.69 | 15.38 | 0.20 | 0.29 |
| Interest coverage | 1.3 | 0.4 | 1.6 | 1.7 | 7.9 | 1.4 | 3.9 | 2.3 | -2.9 | -0.2 |
| Working capital | $123.1M | $133.7M | $281.0M | $123.9M | $58.6M | $56.3M | $29.9M | $48.4M | −$263.4M | −$405.3M |
| Invested capital | $2.87B | $3.06B | $2.98B | $2.52B | $2.55B | $1.59B | $1.55B | $1.48B | $1.91B | $2.81B |
| Tangible asset value | $1.47B | $1.49B | $1.52B | $1.24B | $1.31B | $914.0M | $930.6M | $858.0M | $867.7M | $1.14B |
| Net current asset value | −$1.40B | −$1.56B | −$1.41B | −$1.27B | −$1.26B | −$668.0M | −$516.6M | −$641.7M | −$682.8M | −$1.05B |
| Graham number | $12.29 | $17.31 | $27.74 | $14.90 | $48.99 | $19.12 | $34.59 | $20.22 | — | — |
| Graham net-net per share | −$16.45 | −$19.67 | −$18.72 | −$20.23 | −$23.48 | −$14.32 | −$11.09 | −$13.86 | −$14.55 | −$20.99 |
| Capital allocation | ||||||||||
| Dividends paid | $148.2M | $176.8M | $180.0M | $115.2M | $79.8M | $53.1M | $52.2M | $55.0M | $62.5M | $100.3M |
| Share buybacks (net) | $10.7M | $1.6M | $2.4M | $1.9M | $2.2M | $1.9M | $1.3M | $1.4M | $15.4M | $44.0M |
| Dividend payout ratio | 436.9% | 305.4% | 153.5% | 394.4% | 33.7% | 135.4% | 41.4% | 117.6% | — | — |
| Dividends + buybacks / free cash flow | 111.6% | 935.0% | 79.8% | 522.9% | — | — | 24.8% | 105.4% | 16.0% | 87.6% |
| Capex / revenue | 0.0% | 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% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | — | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 42.4% | — | 46.1% | −36.4% | 30.0% | 278.5% | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 2.8% | 5.1% | 9.3% | 23.7% | 3.7% | 13.6% | 6.3% | 19.5% | 8.3% | 9.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 86.2 | 241.6 | 392.0 | 663.6 | 38.7 | 129.6 | 81.5 | 162.2 | 58.7 | 50.2 |
| Days of inventory on hand | — | — | -265.1 | 441.6 | 0.0 | — | — | 0.0 | 0.0 | 0.0 |
| Days payables outstanding | 134.7 | 45.7 | -19.5 | 41.1 | 15.9 | 25.6 | 26.3 | 13,609.9 | 6.1 | 6.7 |
| Cash conversion cycle (days) | -48.6 | 195.8 | 146.4 | 1,064.1 | 22.8 | 104.0 | 55.2 | -13,447.7 | 52.7 | 43.5 |
| Receivables turnover | 4.24 | 1.51 | 0.93 | 0.55 | 9.43 | 2.82 | 4.48 | 2.25 | 6.21 | 7.27 |
| Payables turnover | 2.71 | 7.98 | −18.67 | 8.88 | 22.95 | 14.25 | 13.88 | 0.03 | 60.13 | 54.25 |
| Inventory turnover | — | — | −1.38 | 0.83 | 71,403,000.00 | — | — | 120,000.00 | 361,636,000.00 | 291,478,000.00 |
| Asset turnover | 0.10 | 0.06 | 0.04 | 0.01 | 0.12 | 0.03 | 0.08 | 0.04 | 0.09 | 0.10 |
| Average receivables | $70.7M | $123.3M | $134.5M | $71.1M | $26.3M | $18.6M | $28.4M | $25.5M | $28.6M | $34.1M |
| Average payables | $14.1M | $16.1M | $12.0M | $6.3M | $3.1M | $2.8M | $3.6M | $4.5M | $6.0M | $5.4M |
| Average inventory | — | — | $162.4M | $67.3M | $1 | — | — | $1 | $1 | $1 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from OCSL's annual financial statements (latest annual report filed November 18, 2025) 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.
OCSL valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Oaktree Specialty Lending traded at 33.1 times earnings, against a 10-year median of 16.2. Based on the latest twelve months, the trailing P/E is 24.1 and the forward P/E is 8.9. Oaktree Specialty Lending earned a return on equity of 2.3% and a return on invested capital of 4.9% in fiscal 2025. It ended the year with $1.5 billion of debt and $79.6 million in cash and short-term investments, net debt of $1.4 billion. It returned $158.9 million to shareholders: $148.2 million in dividends and $10.7 million in share buybacks, 112% of free cash flow. The share count rose 70.6% from 50.4M to 86.1M over 9 years.
See the OCSL income statement, the OCSL chart for price history, or the OCSL stock overview for the latest quote and news.
OCSL key metrics FAQ
What is Oaktree Specialty Lending's P/E ratio?
Oaktree Specialty Lending's trailing P/E ratio is 24.1 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 8.9. At the end of fiscal 2025 it was 33.1, compared with a 10-year median of 16.2.
What is Oaktree Specialty Lending's EV/EBITDA?
Oaktree Specialty Lending's enterprise value was 16.8 times EBITDA at the end of fiscal 2025 (enterprise value $2.5 billion, EBITDA $151.0 million).
What is Oaktree Specialty Lending's return on equity?
Oaktree Specialty Lending's return on equity (ROE) was 2.3% in fiscal 2025: net income of $33.9 million on average shareholders' equity of $1.5 billion.
What is Oaktree Specialty Lending's ROIC?
Oaktree Specialty Lending'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 Oaktree Specialty Lending have?
Oaktree Specialty Lending had total debt of $1.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.01 and $1.4 billion of net debt (9.32 times EBITDA).
What is Oaktree Specialty Lending's dividend yield?
Oaktree Specialty Lending's forward dividend yield is 11.41%. Oaktree Specialty Lending paid $148.2 million in dividends in fiscal 2025 ($1.72 per share), a payout ratio of 436.9%.
Does Oaktree Specialty Lending buy back its shares?
Yes. Oaktree Specialty Lending spent $10.7 million on net share repurchases in fiscal 2025 Shares outstanding changed +7.0% over the year, to 86.1M..
What is Oaktree Specialty Lending's free cash flow yield?
Oaktree Specialty Lending generated $142.4 million of free cash flow in fiscal 2025, a free cash flow yield of 12.7% on its market value at year-end ($1.1 billion).
What is Oaktree Specialty Lending's current ratio?
Oaktree Specialty Lending's current ratio was 11.20 at the end of fiscal 2025: current assets were 11.20 times current liabilities.