MidCap Financial Investment Corp
MFIC Nasdaq Financials FY2020–FY2025
Last close · Oct 23, 2026
$8.38
0.4%
Revenue
Total sales reported in the income statement.
$321M
6.3%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$63.2M
36.1%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What MidCap Financial Investment Corp does
No business description yet.
- Legal name
- MidCap Financial Investment Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076499
0001278752
Revenue and margins
MidCap Financial Investment Corp had $321M of revenue in fiscal 2025, up 6.3% on the year before.
FY20
Revenue $217M
FY21
Revenue $213M
FY23
Revenue —
FY24
Revenue $302M
FY25
Revenue $321M
Q3 '23
Revenue $63.3M
Q4 '23
Revenue $72.0M
Q1 '24
Revenue $68.3M
Q2 '24
Revenue $69.2M
Q3 '24
Revenue $82.1M
Q4 '24
Revenue $82.2M
Q1 '25
Revenue $78.7M
Q2 '25
Revenue $81.2M
Q3 '25
Revenue $82.6M
Q4 '25
Revenue $78.4M
Q1 '26
Revenue $71.8M
Q2 '26
Revenue $68.2M
FY20
Gross —
Operating —
Net 51.6%
FCF —
FY21
Gross —
Operating —
Net 38.6%
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net 32.7%
FCF —
FY25
Gross —
Operating —
Net 19.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 2.0%
FCF —
Q4 '23
Gross —
Operating —
Net 46.2%
FCF —
Q1 '24
Gross —
Operating —
Net 37.3%
FCF —
Q2 '24
Gross —
Operating —
Net 32.6%
FCF —
Q3 '24
Gross —
Operating —
Net 32.5%
FCF —
Q4 '24
Gross —
Operating —
Net 29.3%
FCF —
Q1 '25
Gross —
Operating —
Net 38.5%
FCF —
Q2 '25
Gross —
Operating —
Net 22.3%
FCF —
Q3 '25
Gross —
Operating —
Net 33.2%
FCF —
Q4 '25
Gross —
Operating —
Net −16.2%
FCF —
Q1 '26
Gross —
Operating —
Net −37.4%
FCF —
Q2 '26
Gross —
Operating —
Net −25.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $112M
FY21
Net income $82.4M
FY23
Net income —
FY24
Net income $98.8M
FY25
Net income $63.2M
Q3 '23
Net income $1.3M
Q4 '23
Net income $33.3M
Q1 '24
Net income $25.5M
Q2 '24
Net income $22.6M
Q3 '24
Net income $26.7M
Q4 '24
Net income $24.1M
Q1 '25
Net income $30.3M
Q2 '25
Net income $18.1M
Q3 '25
Net income $27.5M
Q4 '25
Net income −$12.7M
Q1 '26
Net income −$26.9M
Q2 '26
Net income −$17.5M
FY20
Diluted EPS —
FY21
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets 3.2%
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity 7.0%
Return on assets 3.5%
FY25
Return on capital —
Return on equity 4.7%
Return on assets 1.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations $471M
Capital spending —
FY21
Cash from operations −$2.7M
Capital spending —
FY23
Cash from operations —
Capital spending —
FY24
Cash from operations −$9.5M
Capital spending —
FY25
Cash from operations −$49.7M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $71.1M
Capital spending —
Q4 '23
Cash from operations $45.9M
Capital spending —
Q1 '24
Cash from operations $9.4M
Capital spending —
Q2 '24
Cash from operations −$63.5M
Capital spending —
Q3 '24
Cash from operations −$10.1M
Capital spending —
Q4 '24
Cash from operations $54.8M
Capital spending —
Q1 '25
Cash from operations −$131M
Capital spending —
Q2 '25
Cash from operations −$91.0M
Capital spending —
Q3 '25
Cash from operations $166M
Capital spending —
Q4 '25
Cash from operations $6.3M
Capital spending —
Q1 '26
Cash from operations $169M
Capital spending —
Q2 '26
Cash from operations $189M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
MidCap Financial Investment Corp returned $161M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends $106M
Buybacks —
FY21
Dividends $93.3M
Buybacks $21.1M
FY23
Dividends —
Buybacks —
FY24
Dividends $140M
Buybacks —
FY25
Dividends $142M
Buybacks $19.0M
Dividends
Buybacks
Q3 '23
Dividends $20.9M
Buybacks $0.0M
Q4 '23
Dividends $49.1M
Buybacks —
Q1 '24
Dividends $24.8M
Buybacks —
Q2 '24
Dividends $24.8M
Buybacks —
Q3 '24
Dividends $54.4M
Buybacks —
Q4 '24
Dividends $35.6M
Buybacks —
Q1 '25
Dividends $35.6M
Buybacks $6.1M
Q2 '25
Dividends $35.5M
Buybacks $0.0M
Q3 '25
Dividends $35.5M
Buybacks $0.0M
Q4 '25
Dividends $35.0M
Buybacks $12.9M
Q1 '26
Dividends $28.1M
Buybacks $76.0M
Q2 '26
Dividends $25.5M
Buybacks $31.9M
Dividends
Buybacks
FY20
Diluted shares —
FY21
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably MidCap Financial Investment Corp can carry it.
FY20
Cash $54.6M
Debt —
FY21
Cash $30.0M
Debt $1.6B
FY23
Cash $93.6M
Debt $1.8B
FY24
Cash $74.4M
Debt $1.8B
FY25
Cash $98.2M
Debt $2.0B
Cash
Debt
| Fiscal year end | FY20 | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $54.6M | $30.0M | $93.6M | $74.4M | $98.2M |
| Debt incl. finance leases | — | $1.6B | $1.8B | $1.8B | $2.0B |
| Debt / equity | — | — | — | 1.2x | 1.5x |
| Total assets | — | $2.6B | $2.5B | $3.2B | $3.3B |
| Total liabilities | — | $1.6B | $1.5B | $1.8B | $2.0B |
| Shareholders' equity | — | — | — | $1.4B | $1.3B |
| Net debt (− = net cash) | — | $1.5B | $1.7B | $1.7B | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✓ | ✕ |
| Current ratio rose | — | — | — | — |
| Share count didn't rise | — | — | — | — |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | — | — | ✓ |
| F-score | — / 3 | — / 3 | — / 4 | — / 6 |
| Accruals ratio | — | 3.3% | 3.8% | 3.5% |
| Altman Z'' | — | — | — | — |
5 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $217M | $213M | — | $302M | $321M |
| Interest expense | $55.4M | $55.0M | — | — | — |
| Income tax | — | — | — | $0.0M | $0.0M |
| Net income | $112M | $82.4M | — | $98.8M | $63.2M |
| Cash flow | |||||
| Cash from operations | $471M | −$2.7M | — | −$9.5M | −$49.7M |
| Share buybacks | — | $21.1M | — | — | $19.0M |
| Dividends paid | $106M | $93.3M | — | $140M | $142M |
| Dividends and buybacks | $106M | $114M | — | $140M | $161M |
| Balance sheet | |||||
| Cash and short-term investments | $54.6M | $30.0M | $93.6M | $74.4M | $98.2M |
| Total debt | — | $1.6B | $1.8B | $1.8B | $2.0B |
| Total assets | — | $2.6B | $2.5B | $3.2B | $3.3B |
| Total liabilities | — | $1.6B | $1.5B | $1.8B | $2.0B |
| Shareholders' equity | — | — | — | $1.4B | $1.3B |
| Margins | |||||
| Net margin | 51.6% | 38.6% | — | 32.7% | 19.7% |
| Returns | |||||
| Return on equity | — | — | — | 7.0% | 4.7% |
| Return on assets | — | 3.2% | — | 3.5% | 1.9% |
| Return on tangible equity | — | — | — | 7.0% | 4.8% |
| Growth | |||||
| Revenue growth | — | −1.7% | — | — | 6.3% |
| Net income growth | — | −26.4% | — | — | −36.1% |
| Financial health | |||||
| Debt / equity | — | — | — | 1.2x | 1.5x |
| Quality scores | |||||
| Accruals ratio | — | 3.3% | — | 3.8% | 3.5% |
Source: SEC EDGAR XBRL filings (CIK 0001278752). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.