MidCap Financial Investment (MFIC)
Market Price (12/4/2025): $12.21 | Market Cap: $1.1 BilSector: Financials | Industry: Asset Management & Custody Banks
MidCap Financial Investment (MFIC)
Market Price (12/4/2025): $12.21Market Cap: $1.1 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18% | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -29% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 168% |
| Low stock price volatilityVol 12M is 25% | Expensive valuation multiplesP/SPrice/Sales ratio is 11x | |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -19% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -163%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -163% |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -29% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 168% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 11x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -19% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -163%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -163% |
Valuation, Metrics & Events
MFIC Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
1. Revenue Shortfall in Q3 2025 Earnings. MidCap Financial Investment's Q3 2025 revenue of $82.58 million fell short of analyst expectations, which were estimated at $85.01 million, leading to investor concerns. This revenue miss was a primary focus for investors assessing the quarter's results.
2. Decline in Net Asset Value (NAV) per Share. The company's net asset value per share decreased to $14.66 from $14.75 at the end of the previous quarter, reflecting a 0.6% decline.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MFIC Return | -29% | 34% | 0% | 35% | 11% | -2% | 41% |
| Peers Return | 23% | 18% | -13% | 10% | 1% | 1% | 42% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| MFIC Win Rate | 33% | 58% | 58% | 67% | 50% | 40% | |
| Peers Win Rate | 67% | 50% | 35% | 56% | 48% | 45% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| MFIC Max Drawdown | -67% | -1% | -16% | -4% | -2% | -20% | |
| Peers Max Drawdown | -39% | -13% | -31% | -11% | -12% | -16% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTS, SLRC, DHIL, GEG, BLKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | MFIC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.9% | -25.4% |
| % Gain to Breakeven | 35.0% | 34.1% |
| Time to Breakeven | 57 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -69.2% | -33.9% |
| % Gain to Breakeven | 225.0% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -39.3% | -19.8% |
| % Gain to Breakeven | 64.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -56.9% | -56.8% |
| % Gain to Breakeven | 131.9% | 131.3% |
| Time to Breakeven | 56 days | 1480 days |
Compare to VRTS, SLRC, DHIL, GEG, BLKS
In The Past
MidCap Financial Investment's stock fell -25.9% during the 2022 Inflation Shock from a high on 4/20/2022. A -25.9% loss requires a 35.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to MFIC. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for MidCap Financial Investment
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.02 |
| Mkt Cap | 0.9 |
| Rev LTM | 109 |
| Op Inc LTM | 44 |
| FCF LTM | -9 |
| FCF 3Y Avg | 17 |
| CFO LTM | -9 |
| CFO 3Y Avg | 17 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.2% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | -4.8% |
| QoQ Delta Rev Chg LTM | -1.2% |
| Op Mgn LTM | 20.5% |
| Op Mgn 3Y Avg | 18.9% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | -21.2% |
| CFO/Rev 3Y Avg | 15.6% |
| FCF/Rev LTM | -23.1% |
| FCF/Rev 3Y Avg | 14.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.9 |
| P/S | 3.4 |
| P/EBIT | 3.6 |
| P/E | 9.3 |
| P/CFO | -6.1 |
| Total Yield | 21.5% |
| Dividend Yield | 5.0% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 1.4 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.8% |
| 3M Rtn | -14.0% |
| 6M Rtn | -0.3% |
| 12M Rtn | -2.7% |
| 3Y Rtn | 31.3% |
| 1M Excs Rtn | 1.8% |
| 3M Excs Rtn | -18.7% |
| 6M Excs Rtn | -15.0% |
| 12M Excs Rtn | -16.8% |
| 3Y Excs Rtn | -43.4% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8112025 | 10-Q 6/30/2025 |
| 3312025 | 5122025 | 10-Q 3/31/2025 |
| 12312024 | 2252025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5072024 | 10-Q 3/31/2024 |
| 12312023 | 2262024 | 10-K 12/31/2023 |
| 9302023 | 11072023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5022023 | 10-Q 3/31/2023 |
| 12312022 | 2212023 | 10-KT 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8022022 | 10-Q 6/30/2022 |
| 3312022 | 5192022 | 10-K 3/31/2022 |
| 12312021 | 2032022 | 10-Q 12/31/2021 |
| 9302021 | 11042021 | 10-Q 9/30/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |