Oaktree Specialty Lending Corporation Financial Ratios — OCSL

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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	3.25	6.11	5.88	4.75	0.59	-2.7	-9.95	2.95	8.32	2.51	11.09	1.11	4	1.8	1.09
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	82.38	90.78	91.64	89.85	52.93	152.63	107.24	82.67	100.03	71.59	96.99	84.01	95.1	100.32	140.98
Profit Margin (%)	82.38	90.78	91.64	89.85	52.93	152.63	107.24	81.59	99.24	74.98	95.55	74.71	93.71	100.51	135.95
Net Income to Common Margin (%)	82.38	90.78	91.64	89.85	52.93	152.63	107.24	81.59	99.24	74.98	95.55	74.71	93.71	100.51	135.95
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	1.31	0.79	- -	1.49	11.07	1.46	- -	3.57
Dvd Payout Ratio (%)	253.91	115.7	113.37	117.72	745.01	-150.64	-31.74	117.56	41.39	135.37	33.66	394.37	153.45	305.35	436.91
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
Total Debt	598	466	646	1,152	1,199	1,149	675	637	473	709	1,269	1,301	1,601	1,639	1,487
ST Debt	135	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	463	466	646	1,152	1,199	1,149	675	637	473	709	1,269	1,301	1,601	1,639	1,487
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.13	-0.53	-0.94	-0.73	-0.97	-1.07	-44.03	-40.91	-37.62	-34.92	-18.64	-22	-20.22	-24.28	-29.45
Long-Term Debt/Equity (%)	63.55	51.6	47.19	77.92	88.6	100.62	77.84	74.26	50.87	77.53	96.64	104.45	105.61	110.14	101.44
Long-Term Debt/Capital (%)	77.62	101.62	103.11	101.71	102.14	102.23	-1,862.82	25,397.09	-565.03	519.95	163.24	180.98	168.47	190.09	246.74
Long-Term Debt/Total Assets (%)	38.28	33.57	31.17	43.18	46.36	49.05	41.79	41.07	31.96	43.23	48.12	49.16	49.75	51.24	49.51
Total Debt/Equity (%)	82.08	51.6	47.19	77.92	88.6	100.62	77.84	74.26	50.87	77.53	96.64	104.45	105.61	110.14	101.44
Total Debt/Capital (%)	100.26	101.62	103.11	101.71	102.14	102.23	-1,862.82	25,397.09	-565.03	519.95	163.24	180.98	168.47	190.09	246.74
Total Debt/Total Assets (%)	49.44	33.57	31.17	43.18	46.36	49.05	41.79	41.07	31.96	43.23	48.12	49.16	49.75	51.24	49.51
Net Debt to Equity	9.24	43.37	-10.47	-5.87	-10.23	-10.32	-6.11	-1.56	-1.66	-4.27	-2.23	-1.89	-9	-4.3	-5.43
Net Debt/Capital (%)	12.74	101.93	-29.65	-8.29	-13.37	-11.72	59.39	123.08	15.53	-40.17	-3.92	-3.38	-16.77	-8.01	-15.23
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.13	-0.53	-0.94	-0.73	-0.97	-1.07	-44.03	-40.91	-37.62	-34.92	-18.64	-22	-20.22	-24.28	-29.45
Long-Term Debt/Equity (%)	63.55	51.6	47.19	77.92	88.6	100.62	77.84	74.26	50.87	77.53	96.64	104.45	105.61	110.14	101.44
Long-Term Debt/Capital (%)	77.62	101.62	103.11	101.71	102.14	102.23	-1,862.82	25,397.09	-565.03	519.95	163.24	180.98	168.47	190.09	246.74
Long-Term Debt/Total Assets (%)	38.28	33.57	31.17	43.18	46.36	49.05	41.79	41.07	31.96	43.23	48.12	49.16	49.75	51.24	49.51
Total Debt/Equity (%)	82.08	51.6	47.19	77.92	88.6	100.62	77.84	74.26	50.87	77.53	96.64	104.45	105.61	110.14	101.44
Total Debt/Capital (%)	100.26	101.62	103.11	101.71	102.14	102.23	-1,862.82	25,397.09	-565.03	519.95	163.24	180.98	168.47	190.09	246.74
Total Debt/Total Assets (%)	49.44	33.57	31.17	43.18	46.36	49.05	41.79	41.07	31.96	43.23	48.12	49.16	49.75	51.24	49.51
CFO/Total Liabilities	-107.66	-18.86	-65.63	-45.92	11.86	13.72	65.06	7.72	39.21	-21.06	-17.42	1.6	13.44	1.12	14.86
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.22	0.37	0.35	0.27	0.18	0.16	-0.42	-0.21	0.02	-0.1	0.19	0.06	0.19	0.12	0.03

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
Accounts Receivable Turnover	6.94	12.14	29.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	52.59	30.05	12.57	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
Market Capitalization	154	254	366	467	376	388	383	377	424	431	781	820	1,241	1,267	1,123
- Cash & Cash Equivalents	68	74	143	87	138	118	53	13	15	39	29	24	136	64	80
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	598	466	646	1,152	1,199	1,149	675	637	473	709	1,269	1,301	1,601	1,639	1,487
Enterprise Value	684	645	869	1,532	1,437	1,420	1,006	1,001	882	1,101	2,021	2,097	2,705	2,841	2,531
Total Capital	596	459	627	1,133	1,174	1,124	-36	3	-84	136	777	719	950	862	603
Total Debt/Capital (%)	100.26	101.62	103.11	101.71	102.14	102.23	-1,862.82	25,397.09	-565.03	519.95	163.24	180.98	168.47	190.09	246.74
Total Debt / EV	0.87	0.72	0.74	0.75	0.83	0.81	0.67	0.64	0.54	0.64	0.63	0.62	0.59	0.58	0.59
EV/Sales	18.66	7.38	7.82	12.24	49.39	- -	- -	17.46	6.94	21.05	8.14	53.62	21.61	49.32	101.42
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	9.83	8.62	2.07	18.7	4.09	- -	- -	93.65	11.83	148.95	11.08
EV/Free Cash Flow to Firm	- -	- -	- -	- -	9.83	8.62	2.07	18.7	4.09	- -	- -	93.65	11.83	148.95	11.08
Diluted Market Cap	165	280	392	493	395	399	383	377	424	431	781	820	1,241	1,267	1,123
Diluted Enterprise Value	696	671	895	1,558	1,456	1,430	1,006	1,001	882	1,101	2,021	2,097	2,705	2,841	2,531
EV per Share	32.05	24.33	23.65	32.38	28.14	28.89	21.33	21.3	18.78	23.43	37.4	34.54	37.51	35.33	29.4
TTM Sales	37	87	111	125	29	-44	-184	57	127	52	248	39	125	58	25
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-518	-92	-462	-546	146	165	487	54	216	-153	-231	22	229	19	228
TTM Free Cash Flow to Firm	-518	-92	-462	-546	146	165	487	54	216	-153	-231	22	229	19	228

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
Price/Free Cash Flow	-0.32	-3.05	-0.85	-0.9	2.7	2.42	0.79	7.04	1.97	-2.82	-3.39	36.61	5.43	66.4	4.92
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	684	645	869	1,532	1,437	1,420	1,006	1,001	882	1,101	2,021	2,097	2,705	2,841	2,531
Low Price	25.14	25.8	28.98	26.82	18.03	13.2	11.7	12.51	12.24	6.99	13.56	17.61	17.59	15.56	12.5
EV/Sales	18.66	7.38	7.82	12.24	49.39	- -	- -	17.46	6.94	21.05	8.14	53.62	21.61	49.32	101.42
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	5.1	3.19	3.6	4.15	24.44	- -	- -	8.06	3.36	10.98	3.29	28.05	10.58	21.87	33.12
Price/Earnings Average	6.16	2.73	3.54	4.14	27.7	-5.23	-1.72	7.56	3.14	10.27	2.78	31.63	9.68	23.8	37.36
Price/Earnings High	29.58	11.03	12.05	13.08	92.92	-14.46	-4.27	17.82	6.42	20.3	5.06	48.69	13.33	30.05	42.28
Price/Earnings Low	17.77	8.62	10.46	11.28	59.79	-9.75	-2.8	12.57	4.56	8.37	3.09	36.59	10.81	21.61	31.72
Price/Book Value	-100.49	-34.18	-18.81	-24.11	-14.99	-15.46	-0.54	-0.59	-0.76	-0.75	-1.59	-1.41	-1.91	-1.63	-1.27
Price/Book Value Average	-121.37	-29.27	-18.52	-24.03	-16.98	-13.85	-0.48	-0.56	-0.71	-0.7	-1.34	-1.59	-1.75	-1.77	-1.43
Price/Book Value High	-583.29	-118.08	-63.01	-76.01	-56.98	-38.33	-1.18	-1.31	-1.45	-1.39	-2.44	-2.44	-2.4	-2.24	-1.62
Price/Book Value Low	-350.39	-92.24	-54.69	-65.52	-36.66	-25.83	-0.78	-0.93	-1.03	-0.57	-1.49	-1.84	-1.95	-1.61	-1.22
Price/Tangible Book Value	0.21	0.28	0.27	0.32	0.28	0.34	0.44	0.44	0.46	0.47	0.6	0.66	0.82	0.85	0.77
Price/Tangible Book Value Average	0.26	0.24	0.26	0.31	0.32	0.3	0.39	0.41	0.43	0.44	0.5	0.74	0.75	0.93	0.86
Price/Tangible Book Value High	1.23	0.97	0.9	1	1.06	0.84	0.97	0.97	0.87	0.87	0.91	1.14	1.03	1.17	0.98
Price/Tangible Book Value Low	0.74	0.76	0.78	0.86	0.68	0.57	0.64	0.69	0.62	0.36	0.56	0.86	0.84	0.84	0.73
Price/Sales	4.2	2.9	3.3	3.73	12.94	-8.9	-2.09	6.57	3.34	8.24	3.15	20.96	9.91	21.98	45.02
Price/Sales Average	5.07	2.48	3.25	3.72	14.66	-7.98	-1.84	6.17	3.12	7.7	2.66	23.63	9.08	23.92	50.79
Price/Sales High	24.37	10.02	11.05	11.76	49.18	-22.08	-4.58	14.54	6.38	15.22	4.83	36.38	12.49	30.21	57.48
Price/Sales Low	14.64	7.82	9.59	10.14	31.65	-14.88	-3	10.26	4.52	6.28	2.95	27.34	10.13	21.72	43.12
Price/Cash Flow	-0.3	-2.77	-0.79	-0.86	2.57	2.36	0.79	7.04	1.97	-2.82	-3.39	36.61	5.43	66.4	4.92
Price/Cash Flow Average	-0.36	-2.37	-0.78	-0.85	2.92	2.11	0.69	6.61	1.84	-2.63	-2.87	41.27	4.97	72.24	5.55
Price/Cash Flow High	-1.73	-9.57	-2.66	-2.7	9.79	5.84	1.73	15.57	3.76	-5.21	-5.2	63.53	6.84	91.23	6.28
Price/Cash Flow Low	-1.04	-7.47	-2.31	-2.32	6.3	3.94	1.13	10.99	2.66	-2.15	-3.18	47.75	5.55	65.6	4.71
Price/Free Cash Flow Average	-0.39	-2.61	-0.84	-0.9	3.06	2.17	0.69	6.61	1.84	-2.63	-2.87	41.27	4.97	72.24	5.55
Price/Free Cash Flow High	-1.85	-10.55	-2.85	-2.84	10.28	6	1.73	15.57	3.76	-5.21	-5.2	63.53	6.84	91.23	6.28
Price/Free Cash Flow Low	-1.11	-8.24	-2.47	-2.45	6.62	4.04	1.13	10.99	2.66	-2.15	-3.18	47.75	5.55	65.6	4.71
EV/Sales Average	19.53	6.96	7.77	12.22	51.12	- -	- -	17.05	6.72	20.51	7.65	56.29	20.77	51.25	107.19
EV/Sales High	38.83	14.5	15.57	20.26	85.64	- -	- -	25.42	9.98	28.03	9.82	69.04	24.19	57.54	113.88
EV/Sales Low	29.1	12.3	14.11	18.64	68.11	- -	- -	21.14	8.13	19.09	7.94	60	21.83	49.05	99.52
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	7.21	9.56	9.97	9.87	7.37	7.9	8.13	8.02	9.03	9.17	14.46	13.5	17.21	15.75	13.05
High Price	41.85	33.03	33.39	31.11	28.02	19.59	17.85	17.73	17.25	16.95	22.2	23.43	21.69	21.64	16.66
Enterprise Value Average	716	609	863	1,531	1,487	1,379	961	977	855	1,073	1,900	2,202	2,601	2,953	2,674
Enterprise Value High	1,424	1,268	1,730	2,538	2,491	1,994	1,464	1,457	1,268	1,467	2,439	2,700	3,029	3,315	2,841
Enterprise Value Low	1,067	1,076	1,568	2,335	1,981	1,680	1,174	1,212	1,033	999	1,972	2,347	2,733	2,826	2,483

	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
Shares Outstanding	24	30	46	51	50	48	47	47	47	47	60	61	77	82	88
Diluted Weighted Avg Shares	23	29	39	50	54	50	47	47	47	47	54	61	72	80	86
Basic Weighted Avg Shares	21	27	37	47	51	49	47	47	47	47	54	61	72	80	86
Revenue per Share	1.72	3.3	3.02	2.65	0.57	-0.89	-3.9	1.22	2.71	1.11	4.59	0.64	1.74	0.72	0.29
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.41	2.99	2.77	2.38	0.3	-1.35	-4.18	1	2.68	0.83	4.39	0.48	1.63	0.72	0.39
Basic EPS from Cont Ops	1.41	2.99	2.77	2.38	0.3	-1.35	-4.18	1	2.68	0.83	4.39	0.48	1.63	0.72	0.39
Diluted EPS, GAAP	1.32	2.72	2.59	2.25	0.29	-1.32	-4.18	1	2.68	0.83	4.39	0.48	1.63	0.72	0.39
Diluted EPS from Cont Ops	1.32	2.72	2.59	2.25	0.29	-1.32	-4.18	1	2.68	0.83	4.39	0.48	1.63	0.72	0.39
Dividend per Share	3.59	3.46	3.14	2.8	2.25	2.04	1.33	1.17	1.11	1.13	1.48	1.9	2.5	2.2	1.72
Cash Flow per Share	-24.26	-3.45	-12.56	-11.54	2.86	3.35	10.33	1.14	4.59	-3.25	-4.27	0.37	3.17	0.24	2.65
Free Cash Flow per Basic Share	-24.26	-3.45	-12.56	-11.54	2.86	3.35	10.33	1.14	4.59	-3.25	-4.27	0.37	3.17	0.24	2.65
Cash & Equivalents per Share	3.17	2.8	3.9	1.83	2.71	2.4	1.12	0.28	0.33	0.83	0.54	0.39	1.89	0.8	0.93
Book Value per Share	-0.07	-0.28	-0.53	-0.41	-0.49	-0.51	-15.09	-13.51	-11.86	-12.19	-9.1	-9.59	-9.02	-9.66	-10.27
Tangible Book Value per Share	34.12	34.07	37.24	31.24	26.5	23.25	18.4	18.26	19.81	19.47	24.29	20.51	21.02	18.5	17.03

Oaktree Specialty Lending Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)