Sixth Street Specialty Lending, Inc. (TSLX) Key Metrics
TSLX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.62B
- Enterprise value
- $3.40B
- P/E (TTM)
- 18.3 10-yr median 9.6
- Forward P/E
- 10.2
- PEG ratio
- 1.28
- Price / sales
- 4.0 10-yr median 7.3
- Price / book
- 1.1 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 15.4
- Dividend yield
- 9.86% $1.68 a year
- Beta
- 0.66
TSLX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTSLX valuation Price multiples at each fiscal year-end price.
TSLX returns How much profit the business earns on the capital it uses.
TSLX per-share figures Results divided by the shares outstanding at year-end.
TSLX financial health Debt, liquidity and how easily interest is covered.
TSLX efficiency & capital use Working capital cycle and where the cash goes.
TSLX valuation history
TSLX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TSLX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TSLX cash returned to shareholders
TSLX price vs earnings per share
TSLX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.06B | $1.96B | $1.84B | $1.39B | $1.82B | $1.39B | $1.42B | $1.18B | $1.19B | $1.09B |
| Enterprise value | $3.80B | $3.86B | $3.62B | $947.0M | $3.00B | $2.50B | $2.51B | $1.90B | $1.89B | $1.77B |
| P/E ratio | 12.1 | 10.5 | 8.3 | 12.9 | 8.6 | 7.8 | 9.2 | 9.9 | 10.6 | 8.0 |
| Price / sales | 5.7 | 5.4 | 5.0 | 7.4 | 8.1 | 7.0 | 8.3 | 8.8 | 9.2 | 7.1 |
| Price / book | 1.3 | 1.2 | 1.2 | 1.0 | 1.4 | 1.2 | 1.3 | 1.1 | 1.2 | 1.1 |
| Price / free cash flow | 11.4 | 10.5 | 9.6 | — | 741.2 | 9.6 | — | 8.9 | 14.1 | 13.1 |
| Price / operating cash flow | 11.4 | 10.5 | 9.6 | — | 741.2 | 9.6 | — | 8.9 | 14.1 | 13.1 |
| EV / sales | 10.5 | 10.7 | 9.8 | 5.1 | 13.4 | 12.6 | 14.6 | 14.1 | 14.7 | 11.5 |
| EV / EBITDA | 16.5 | 20.0 | 16.2 | 8.5 | 15.0 | 15.8 | 15.8 | 11.9 | 13.7 | 11.0 |
| EV / free cash flow | 21.1 | 20.6 | 18.8 | — | — | 17.3 | — | 14.3 | 22.4 | 21.2 |
| Earnings yield | 8.3% | 9.5% | 12.1% | 7.8% | 11.7% | 12.8% | 10.9% | 10.1% | 9.4% | 12.5% |
| Free cash flow yield | 8.8% | 9.6% | 10.4% | −16.1% | 0.1% | 10.4% | −26.7% | 11.3% | 7.1% | 7.6% |
| Dividend yield | 8.3% | 8.6% | 8.5% | 10.4% | 12.2% | 9.4% | 6.9% | 8.1% | 8.0% | 7.3% |
| Shareholder yield (dividends + buybacks) | 8.3% | 8.6% | 28.8% | 10.8% | 12.2% | 9.6% | 6.9% | 8.1% | 8.0% | 7.5% |
| Share price at fiscal year-end | $21.72 | $21.30 | $21.60 | $17.80 | $23.39 | $20.75 | $21.47 | $18.09 | $19.80 | $18.68 |
| Per share | ||||||||||
| Revenue per share | $3.80 | $3.91 | $4.34 | $2.39 | $2.88 | $2.95 | $2.59 | $2.07 | $2.15 | $2.63 |
| Earnings per share | $1.80 | $2.03 | $2.61 | $1.38 | $2.73 | $2.65 | $2.34 | $1.82 | $1.86 | $2.34 |
| Operating cash flow per share | $1.90 | $2.03 | $2.26 | −$2.87 | $0.03 | $2.16 | −$5.72 | $2.04 | $1.41 | $1.42 |
| Free cash flow per share | $1.90 | $2.03 | $2.26 | −$2.87 | $0.03 | $2.16 | −$5.72 | $2.04 | $1.41 | $1.42 |
| Cash per share | $0.03 | $0.05 | $0.01 | $35.08 | $0.02 | $0.04 | $0.07 | $0.05 | $0.06 | $0.08 |
| Book value per share | $16.98 | $17.47 | $17.58 | $17.16 | $16.42 | $17.28 | $16.94 | $16.25 | $16.16 | $16.25 |
| Tangible book value per share | $16.98 | $17.47 | $17.58 | $17.16 | $16.42 | $17.28 | $16.94 | $16.25 | $16.16 | $16.25 |
| Dividends per share | $1.80 | $1.83 | $1.84 | $1.85 | $2.86 | $1.94 | $1.48 | $1.47 | $1.58 | $1.37 |
| 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 | $18.41 | $20.66 | $20.91 | $29.39 | $15.26 | $16.52 | $16.57 | $11.03 | $11.72 | $11.62 |
| Shares outstanding | 94.7M | 92.0M | 85.1M | 78.2M | 77.7M | 67.2M | 66.1M | 65.4M | 60.0M | 58.6M |
| Change in shares outstanding | +2.9% | +8.1% | +8.9% | +0.6% | +15.6% | +1.7% | +1.0% | +9.0% | +2.4% | +8.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.6% | 12.0% | 15.6% | 8.3% | 17.4% | 15.6% | 14.2% | 11.7% | 11.6% | 15.5% |
| Return on invested capital (ROIC) | 5.4% | 5.5% | 10.6% | 6.4% | 9.0% | 8.0% | 7.7% | 9.0% | 8.2% | 10.2% |
| Return on assets (ROA) | 4.9% | 5.4% | 7.2% | 4.0% | 8.7% | 7.7% | 7.7% | 6.9% | 6.6% | 8.6% |
| Return on tangible assets | 5.0% | 5.2% | 6.6% | 3.8% | 8.3% | 7.6% | 6.8% | 6.9% | 6.5% | 8.2% |
| Free cash flow margin | 50.0% | 52.1% | 51.9% | −120.0% | 1.1% | 73.1% | −220.6% | 98.7% | 65.4% | 54.1% |
| Income quality (OCF / net income) | 1.06 | 1.00 | 0.86 | −2.08 | 0.01 | 0.81 | −2.45 | 1.12 | 0.76 | 0.61 |
| Financial health | ||||||||||
| Total debt | $1.74B | $1.90B | $1.78B | $2.30B | $1.19B | $1.11B | $1.09B | $721.6M | $703.4M | $680.7M |
| Cash & short-term investments | $2.9M | $5.0M | $1.2M | $2.74B | $1.6M | $2.5M | $4.8M | $3.3M | $3.5M | $4.9M |
| Net debt | $1.74B | $1.90B | $1.78B | −$444.9M | $1.18B | $1.11B | $1.09B | $718.3M | $699.9M | $675.8M |
| Debt / equity | 1.08 | 1.18 | 1.19 | 1.71 | 0.93 | 0.96 | 0.98 | 0.68 | 0.73 | 0.71 |
| Debt / assets | 0.51 | 0.53 | 0.53 | 0.81 | 0.46 | 0.47 | 0.48 | 0.42 | 0.41 | 0.41 |
| Net debt / EBITDA | 7.54 | 9.82 | 7.95 | −4.00 | 5.92 | 7.00 | 6.88 | 4.51 | 5.07 | 4.22 |
| Current ratio | 0.11 | 0.38 | 0.34 | 89.74 | 0.10 | 1.04 | 0.99 | 0.47 | 571.65 | 627.46 |
| Quick ratio | 0.11 | 0.38 | 0.34 | 89.74 | −0.41 | 1.04 | 0.99 | 68.33 | 73.68 | 627.47 |
| Interest coverage | 1.8 | 1.8 | 2.3 | 2.2 | 5.3 | 5.0 | 3.2 | 3.7 | 5.8 | 7.6 |
| Working capital | −$23.4M | −$17.7M | −$17.4M | $2.73B | −$48.2M | $1.2M | −$239,000 | −$13.4M | $13.40B | $14.59B |
| Invested capital | $3.35B | $3.50B | $3.28B | $896.7M | $2.46B | $2.27B | $2.21B | $1.78B | $1.67B | $1.63B |
| Tangible asset value | $1.61B | $1.61B | $1.50B | $1.34B | $1.28B | $1.16B | $1.12B | $1.06B | $969.3M | $952.2M |
| Net current asset value | −$1.81B | −$1.96B | −$1.84B | $1.27B | −$1.27B | −$1.15B | −$1.14B | −$655.0M | $12.68B | $13.89B |
| Graham number | $26.22 | $28.22 | $32.12 | $23.10 | $31.73 | $32.10 | $29.86 | $25.80 | $26.00 | $29.24 |
| Graham net-net per share | −$18.85 | −$21.15 | −$21.44 | $16.13 | −$16.13 | −$17.38 | −$17.36 | −$23.27 | $85.10 | −$12.14 |
| Capital allocation | ||||||||||
| Dividends paid | $170.3M | $168.7M | $156.4M | $144.7M | $221.9M | $130.4M | $98.1M | $95.9M | $94.7M | $80.3M |
| Share buybacks (net) | — | $0 | $373.4M | $6.2M | $0 | $2.9M | — | $0 | $0 | $1.3M |
| Dividend payout ratio | 99.9% | 90.4% | 70.5% | 133.9% | 104.8% | 73.2% | 63.4% | 80.6% | 84.8% | 58.6% |
| Dividends + buybacks / free cash flow | 94.5% | 90.1% | 276.0% | — | — | 91.9% | — | 71.9% | 112.3% | 97.9% |
| 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 | — | — | — | — | — | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.1% | 7.5% | 3.6% | 7.1% | 6.1% | 6.5% | 7.6% | 9.5% | 8.3% | 8.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.8 | 29.7 | 23.1 | 28.9 | 15.8 | 19.9 | 23.3 | 21.0 | 23.4 | 24.0 |
| Days of inventory on hand | — | — | — | 96.3 | 58.5 | 0.0 | — | -311,389.2 | -1,547,930.3 | 81.3 |
| Days payables outstanding | — | — | — | 161.1 | 128.3 | 150.6 | 88.2 | -1,530.6 | -6,190.6 | -8,434.0 |
| Cash conversion cycle (days) | — | — | — | -35.9 | -54.0 | -130.7 | -64.9 | -309,837.6 | -1,541,716.4 | 8,539.4 |
| Receivables turnover | 11.14 | 12.30 | 15.80 | 12.64 | 23.14 | 18.33 | 15.66 | 17.34 | 15.61 | 15.18 |
| Payables turnover | — | — | — | 2.27 | 2.85 | 2.42 | 4.14 | −0.24 | −0.06 | −0.04 |
| Inventory turnover | — | — | — | 3.79 | 6.24 | 65,009,000.00 | — | — | −0.00 | — |
| Asset turnover | 0.10 | 0.10 | 0.12 | 0.07 | 0.09 | 0.09 | 0.09 | 0.08 | 0.08 | 0.10 |
| Average receivables | $32.3M | $29.2M | $23.4M | $14.8M | $9.7M | $10.8M | $10.9M | $7.8M | $8.3M | $10.1M |
| Average payables | — | — | — | $22.4M | $29.3M | $26.8M | $25.7M | $24.5M | $23.4M | $24.4M |
| Average inventory | — | — | — | $13.4M | $13.4M | $1 | — | $4.98B | $5.85B | −$235,500 |
| 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 TSLX's annual financial statements (latest annual report filed February 12, 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.
TSLX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Sixth Street Specialty Lending traded at 12.1 times earnings, against a 10-year median of 9.6. Based on the latest twelve months, the trailing P/E is 18.3 and the forward P/E is 10.2. Sixth Street Specialty Lending earned a return on equity of 10.6% and a return on invested capital of 5.4% in fiscal 2025. It ended the year with $1.7 billion of debt and $2.9 million in cash and short-term investments, net debt of $1.7 billion. It returned $170.3 million to shareholders: $170.3 million in dividends and $0 in share buybacks, 94% of free cash flow. The share count rose 61.6% from 58.6M to 94.7M over 9 years.
See the TSLX income statement, the TSLX chart for price history, or the TSLX stock overview for the latest quote and news.
TSLX key metrics FAQ
What is Sixth Street Specialty Lending's P/E ratio?
Sixth Street Specialty Lending's trailing P/E ratio is 18.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.2. At the end of fiscal 2025 it was 12.1, compared with a 10-year median of 9.6.
What is Sixth Street Specialty Lending's EV/EBITDA?
Sixth Street Specialty Lending's enterprise value was 16.5 times EBITDA at the end of fiscal 2025 (enterprise value $3.8 billion, EBITDA $230.8 million).
What is Sixth Street Specialty Lending's return on equity?
Sixth Street Specialty Lending's return on equity (ROE) was 10.6% in fiscal 2025: net income of $170.5 million on average shareholders' equity of $1.6 billion.
What is Sixth Street Specialty Lending's ROIC?
Sixth Street Specialty Lending's return on invested capital was 5.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Sixth Street Specialty Lending have?
Sixth Street Specialty Lending had total debt of $1.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.08 and $1.7 billion of net debt (7.54 times EBITDA).
What is Sixth Street Specialty Lending's dividend yield?
Sixth Street Specialty Lending's forward dividend yield is 9.86%. Sixth Street Specialty Lending paid $170.3 million in dividends in fiscal 2025 ($1.80 per share), a payout ratio of 99.9%.
What is Sixth Street Specialty Lending's free cash flow yield?
Sixth Street Specialty Lending generated $180.3 million of free cash flow in fiscal 2025, a free cash flow yield of 8.8% on its market value at year-end ($2.1 billion).
What is Sixth Street Specialty Lending's current ratio?
Sixth Street Specialty Lending's current ratio was 0.11 at the end of fiscal 2025: current assets were 0.11 times current liabilities.