Main Street Capital Corporation Financial Ratios — MAIN

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	566.06	425.97	326.16	426.07	656.82	1,019.03	382.71	247.93	287.74	- -	- -	370.12	300.76	166.53	105.03
Return on Assets (%)	10.61	11.77	8.08	6.6	5.85	7.03	7.87	6.98	4.92	1.07	10.24	6.09	9.87	10.62	9.13
Return on Capital (%)	21.75	25.64	- -	15.88	- -	- -	19.76	17.44	11.78	- -	22.38	12.31	20.97	22.41	17.88
Return on Invested Capital (%)	7.32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	64.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	64.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	55.28	-120.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	86.64	92.28	87.96	76.67	78.46	82.18	85.57	83.35	77.96	31.06	88.44	83.26	88.47	89.6	87.89
Profit Margin (%)	77.49	83.57	87.99	72.17	85.58	82.91	74.84	80.41	77.22	57.62	80.44	75.93	84.03	84.5	83.37
Net Income to Common Margin (%)	77.49	83.57	87.99	72.17	85.58	82.91	74.84	80.41	77.22	57.62	80.44	75.93	84.03	84.5	83.37
Effective Tax Rate (%)	8.93	9.39	- -	5.87	- -	- -	12.54	3.53	0.95	- -	9.04	8.8	5.02	5.69	5.15
Dvd Payout Ratio (%)	43.42	38.2	85.88	95.22	105.97	91.81	86.99	92.77	126.79	491.65	48.54	80.37	63.39	63.07	68.76
Sustainable Growth Rate (%)	320.27	263.23	46.05	20.35	-39.22	83.47	49.8	17.93	-77.08	- -	- -	72.66	110.11	61.51	32.81

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	416	343	515	707	780	840	797	996	1,114	1,209	1,796	1,999	1,802	2,122	2,458
ST Debt	107	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	309	343	515	707	780	840	797	996	1,114	1,209	1,796	1,999	1,802	2,122	2,458
Total Debt/EBITDA	7.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	5.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	7.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	5.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.73	3.49	1.7	1.42	0.41	0.94	3.07	2.59	0.88	-3.65	1.42	1.84	4.66	7.88	9.44
Long-Term Debt/Equity (%)	75.12	53.42	64.97	75.17	72.87	69.94	57.75	67.49	72.51	79.79	100.4	94.81	72.75	75.86	82.09
Long-Term Debt/Capital (%)	71.15	90.46	95.69	96.7	99.02	97.72	91.97	93.78	97.89	109.14	97.16	96.24	89.7	84.03	82.09
Long-Term Debt/Total Assets (%)	41.87	33.15	37.86	41.72	41.53	40.55	35.19	39.01	41.08	43.64	48.67	47.13	40.56	41.44	43.25
Total Debt/Equity (%)	101.14	53.42	64.97	75.17	72.87	69.94	57.75	67.49	72.51	79.79	100.4	94.81	72.75	75.86	82.09
Total Debt/Capital (%)	95.79	90.46	95.69	96.7	99.02	97.72	91.97	93.78	97.89	109.14	97.16	96.24	89.7	84.03	82.09
Total Debt/Total Assets (%)	56.38	33.15	37.86	41.72	41.53	40.55	35.19	39.01	41.08	43.64	48.67	47.13	40.56	41.44	43.25
Net Debt to Equity	64.75	-9.88	-4.38	-6.43	-1.9	-2.04	-3.73	-3.67	-3.6	-2.11	-1.82	-2.33	-2.43	-2.8	-1.4
Net Debt/Capital (%)	68	-20.09	-6.89	-9.02	-2.65	-2.93	-6.32	-5.37	-5.1	-2.97	-1.8	-2.42	-3.08	-3.2	-1.42
EBITDA	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	1.36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	1.36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	-2.18	-2.18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.73	3.49	1.7	1.42	0.41	0.94	3.07	2.59	0.88	-3.65	1.42	1.84	4.66	7.88	9.44
Long-Term Debt/Equity (%)	75.12	53.42	64.97	75.17	72.87	69.94	57.75	67.49	72.51	79.79	100.4	94.81	72.75	75.86	82.09
Long-Term Debt/Capital (%)	71.15	90.46	95.69	96.7	99.02	97.72	91.97	93.78	97.89	109.14	97.16	96.24	89.7	84.03	82.09
Long-Term Debt/Total Assets (%)	41.87	33.15	37.86	41.72	41.53	40.55	35.19	39.01	41.08	43.64	48.67	47.13	40.56	41.44	43.25
Total Debt/Equity (%)	101.14	53.42	64.97	75.17	72.87	69.94	57.75	67.49	72.51	79.79	100.4	94.81	72.75	75.86	82.09
Total Debt/Capital (%)	95.79	90.46	95.69	96.7	99.02	97.72	91.97	93.78	97.89	109.14	97.16	96.24	89.7	84.03	82.09
Total Debt/Total Assets (%)	56.38	33.15	37.86	41.72	41.53	40.55	35.19	39.01	41.08	43.64	48.67	47.13	40.56	41.44	43.25
CFO/Total Liabilities	-56.14	-34.5	-42.4	-25.33	-16.26	-4.91	8.24	-10.12	-2.88	-4.31	-27.1	-11.58	14.51	-3.75	-1.7
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.34	1.54	1.37	1.11	1.13	1.41	1.67	1.25	1.46	0.98	1.11	0.87	1.26	1.54	1.44

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

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Cash Conversion Cycle

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Inventory to Cash Days

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Inventories

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Raw Materials

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Work In Process

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Finished Goods

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Other Inventory

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Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	485	901	1,197	1,273	1,427	1,913	2,252	2,035	2,714	2,120	3,094	2,752	3,541	5,085	5,397
- Cash & Cash Equivalents	43	64	35	60	20	24	52	54	55	32	33	49	60	78	42
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	416	343	515	707	780	840	797	996	1,114	1,209	1,796	1,999	1,802	2,122	2,458
Enterprise Value	744	1,181	1,677	1,919	2,187	2,729	2,998	2,977	3,773	3,296	4,857	4,702	5,284	7,129	7,812
Total Capital	434	380	538	731	788	860	867	1,062	1,138	1,107	1,849	2,077	2,009	2,526	2,994
Total Debt/Capital (%)	95.79	90.46	95.69	96.7	99.02	97.72	91.97	93.78	97.89	109.14	97.16	96.24	89.7	84.03	82.09
Total Debt / EV	0.56	0.29	0.31	0.37	0.36	0.31	0.27	0.33	0.3	0.37	0.37	0.43	0.34	0.3	0.31
EV/Sales	9.15	9.46	15.24	13.74	17.92	16.29	13.15	14.23	22.49	64.64	11.81	14.78	10.36	11.86	13.2
EV/EBITDA	14.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	14.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	41.12	- -	- -	- -	- -	- -	18.52	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	41.12	- -	- -	- -	- -	- -	18.52	- -	- -
Diluted Market Cap	485	901	1,197	1,273	1,427	1,913	2,252	2,035	2,714	2,120	3,094	2,752	3,541	5,085	5,397
Diluted Enterprise Value	864	1,181	1,677	1,919	2,187	2,729	2,998	2,977	3,773	3,296	4,857	4,702	5,284	7,129	7,812
EV per Share	32.54	39.99	45.8	44.09	44.57	52.45	52.88	49.46	59.93	50.17	70.43	63.13	64.5	82.13	87.42
TTM Sales	81	125	110	140	122	168	228	209	168	51	411	318	510	601	592
TTM EBITDA	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-171	-136	-241	-191	-131	-43	73	-109	-34	-54	-515	-247	285	-87	-46
TTM Free Cash Flow to Firm	-171	-136	-241	-191	-131	-43	73	-109	-34	-54	-515	-247	285	-87	-46

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	-2.65	-6.64	-4.97	-6.67	-10.86	-44.77	30.9	-18.65	-80.22	-39.19	-6	-11.15	12.41	-58.37	-118.08
EV/EBIT	14.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	744	1,181	1,677	1,919	2,187	2,729	2,998	2,977	3,773	3,296	4,857	4,702	5,284	7,129	7,812
Low Price	15.98	20.83	25.52	26.42	26.08	24.21	35.25	31.95	33.43	14.11	31	31.66	36.48	42.68	47
EV/Sales	9.15	9.46	15.24	13.74	17.92	16.29	13.15	14.23	22.49	64.64	11.81	14.78	10.36	11.86	13.2
EV/EBITDA	14.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	7.71	8.63	12.36	12.63	13.66	13.77	13.2	12.1	20.95	72.14	9.35	11.39	8.27	10.01	10.94
Price/Earnings Average	6.77	7.33	11.56	13.85	14.21	12.19	12.91	13.63	19.76	70.91	8.47	12.3	7.68	8.44	10.8
Price/Earnings High	7.71	8.77	13.02	15.43	15.58	14.07	13.89	14.59	21.55	100.85	9.83	14.08	8.45	10.05	12.27
Price/Earnings Low	5.8	5.89	9.65	11.41	12.25	9.07	11.71	11.43	16.24	31.55	6.46	9.76	6.97	7.29	8.51
Price/Book Value	37.92	24.89	51.65	52.77	185.69	97.72	32.37	30.78	113.31	-20.95	58.93	35.26	17.12	12.61	10.06
Price/Book Value Average	33.29	21.14	48.33	57.86	193.08	86.49	31.65	34.67	106.89	-20.59	53.35	38.08	15.92	10.63	9.93
Price/Book Value High	37.94	25.27	54.43	64.46	211.67	99.85	34.05	37.11	116.56	-29.29	61.91	43.58	17.5	12.66	11.29
Price/Book Value Low	28.53	16.99	40.32	47.68	166.53	64.34	28.72	29.09	87.86	-9.16	40.72	30.21	14.45	9.19	7.83
Price/Tangible Book Value	1.18	1.4	1.51	1.35	1.33	1.59	1.63	1.38	1.77	1.4	1.73	1.31	1.43	1.82	1.8
Price/Tangible Book Value Average	1.04	1.19	1.41	1.48	1.39	1.41	1.6	1.55	1.67	1.38	1.57	1.41	1.33	1.53	1.78
Price/Tangible Book Value High	1.18	1.42	1.59	1.65	1.52	1.63	1.72	1.66	1.82	1.96	1.82	1.61	1.46	1.82	2.02
Price/Tangible Book Value Low	0.89	0.96	1.18	1.22	1.2	1.05	1.45	1.3	1.37	0.61	1.2	1.12	1.21	1.32	1.4
Price/Sales	5.97	7.22	10.87	9.12	11.69	11.42	9.88	9.73	16.18	41.56	7.52	8.65	6.95	8.46	9.12
Price/Sales Average	5.24	6.13	10.17	10	12.16	10.11	9.66	10.96	15.26	40.85	6.81	9.34	6.46	7.13	9
Price/Sales High	5.98	7.33	11.46	11.14	13.33	11.67	10.39	11.73	16.64	58.11	7.9	10.69	7.1	8.49	10.23
Price/Sales Low	4.49	4.93	8.49	8.24	10.49	7.52	8.77	9.19	12.54	18.18	5.2	7.41	5.86	6.16	7.1
Price/Cash Flow	-2.65	-6.64	-4.97	-6.67	-10.86	-44.77	30.9	-18.65	-80.22	-39.19	-6	-11.15	12.41	-58.37	-118.08
Price/Cash Flow Average	-2.32	-5.64	-4.65	-7.31	-11.29	-39.62	30.21	-21.01	-75.68	-38.52	-5.43	-12.04	11.54	-49.19	-116.56
Price/Cash Flow High	-2.65	-6.75	-5.24	-8.14	-12.38	-45.74	32.5	-22.49	-82.53	-54.79	-6.31	-13.78	12.69	-58.6	-132.5
Price/Cash Flow Low	-1.99	-4.54	-3.88	-6.02	-9.74	-29.48	27.41	-17.63	-62.21	-17.14	-4.15	-9.55	10.47	-42.53	-91.9
Price/Free Cash Flow Average	-2.32	-5.64	-4.65	-7.31	-11.29	-39.62	30.21	-21.01	-75.68	-38.52	-5.43	-12.04	11.54	-49.19	-116.56
Price/Free Cash Flow High	-2.65	-6.75	-5.24	-8.14	-12.38	-45.74	32.5	-22.49	-82.53	-54.79	-6.31	-13.78	12.69	-58.6	-132.5
Price/Free Cash Flow Low	-1.99	-4.54	-3.88	-6.02	-9.74	-29.48	27.41	-17.63	-62.21	-17.14	-4.15	-9.55	10.47	-42.53	-91.9
EV/Sales Average	9.9	8.37	14.54	14.62	18.39	14.98	12.93	15.46	21.57	63.93	11.1	15.47	9.87	10.53	13.08
EV/Sales High	10.64	9.57	15.82	15.76	19.56	16.54	13.66	16.23	22.95	81.18	12.19	16.82	10.52	11.89	14.31
EV/Sales Low	9.15	7.17	12.85	12.87	16.72	12.39	12.04	13.69	18.85	41.25	9.49	13.54	9.28	9.56	11.18
EV/EBITDA Average	15.24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	16.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	14.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	15.24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	16.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	14.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	21.24	30.51	32.69	29.24	29.08	36.77	39.73	33.81	43.11	32.26	44.86	36.95	43.23	58.58	60.39
High Price	21.25	30.98	34.45	35.72	33.15	37.57	41.79	40.77	44.35	45.1	47.13	45.67	44.19	58.81	67.77
Enterprise Value Average	805	1,046	1,600	2,042	2,244	2,509	2,948	3,234	3,619	3,260	4,564	4,922	5,035	6,330	7,743
Enterprise Value High	864	1,195	1,742	2,201	2,387	2,770	3,115	3,395	3,851	4,140	5,014	5,352	5,362	7,149	8,472
Enterprise Value Low	744	895	1,415	1,796	2,040	2,075	2,744	2,865	3,164	2,104	3,901	4,308	4,731	5,749	6,616

Shares Outstanding	27	35	40	45	50	54	59	61	64	68	71	78	85	88	90
Diluted Weighted Avg Shares	23	30	37	44	49	52	57	60	63	66	69	74	82	87	89
Basic Weighted Avg Shares	23	30	37	44	49	52	57	60	63	66	69	74	82	87	89
Revenue per Share	3.56	4.23	3.01	3.21	2.49	3.22	4.02	3.48	2.67	0.78	5.96	4.27	6.22	6.93	6.62
EBITDA per Share	2.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	2.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.76	3.53	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23	5.85	5.52
Basic EPS from Cont Ops	2.81	3.54	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23	5.85	5.52
Diluted EPS, GAAP	2.76	3.53	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23	5.85	5.52
Diluted EPS from Cont Ops	2.81	3.54	2.65	2.31	2.13	2.67	3.01	2.8	2.06	0.45	4.8	3.24	5.23	5.85	5.52
Dividend per Share	1.24	1.35	2.27	2.2	2.26	2.45	2.62	2.59	2.61	2.2	2.33	2.61	3.32	3.69	3.8
Cash Flow per Share	-8.02	-4.59	-6.57	-4.39	-2.68	-0.82	1.29	-1.81	-0.54	-0.82	-7.47	-3.32	3.48	-1	-0.51
Free Cash Flow per Basic Share	-8.02	-4.59	-6.57	-4.39	-2.68	-0.82	1.29	-1.81	-0.54	-0.82	-7.47	-3.32	3.48	-1	-0.51
Cash & Equivalents per Share	7.14	2.15	0.95	1.39	0.41	0.47	0.91	0.9	0.88	0.49	0.47	0.66	0.73	0.9	0.47
Book Value per Share	0.56	1.23	0.63	0.55	0.16	0.38	1.23	1.1	0.38	-1.54	0.76	1.05	2.53	4.65	6
Tangible Book Value per Share	17.99	21.77	21.64	21.6	21.82	23.09	24.35	24.53	24.4	23.05	25.94	28.31	30.24	32.23	33.5

Main Street Capital Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)