New Mountain Finance (NMFC)
Market Price (4/16/2026): $8.42 | Market Cap: $867.3 MilSector: Financials | Industry: Asset Management & Custody Banks
New Mountain Finance (NMFC)
Market Price (4/16/2026): $8.42Market Cap: $867.3 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 44% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 2553%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 2553% Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -69% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 184% Expensive valuation multiplesP/SPrice/Sales ratio is 58x, P/EPrice/Earnings or Price/(Net Income) is 53x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -88%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -194% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 314% Key risksNMFC key risks include [1] a concentrated portfolio of speculative, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 44% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 2553%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 2553% |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -69% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 184% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 58x, P/EPrice/Earnings or Price/(Net Income) is 53x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -88%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -194% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 314% |
| Key risksNMFC key risks include [1] a concentrated portfolio of speculative, Show more. |
Qualitative Assessment
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1. Declining Net Asset Value (NAV) and Q4 2025 Revenue Shortfall.
New Mountain Finance experienced a 4.5% decrease in Net Asset Value (NAV) per share, falling from $12.06 as of September 30, 2025, to $11.52 as of December 31, 2025, largely due to a lower valuation on the common equity portion of an investment in Edmentum. Concurrently, the company reported Q4 2025 revenue of $77.38 million, missing analyst forecasts of $82.53 million by 6.24%, which led to a 3.49% decline in stock price during pre-market trading following the earnings announcement.
2. Anticipated Dividend Reduction.
Management announced an expected reduction in the quarterly dividend from $0.32 per share to approximately $0.25 per share, projected to begin in Q2 2026. This forward-looking adjustment is attributed to base rate compression, lower market spreads, and a strategic shift towards an increasingly senior asset mix.
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Stock Movement Drivers
Fundamental Drivers
The -4.8% change in NMFC stock from 12/31/2025 to 4/15/2026 was primarily driven by a -79.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.83 | 8.41 | -4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 73 | 15 | -79.5% |
| Net Income Margin (%) | 98.0% | 111.1% | 13.4% |
| P/E Multiple | 13.2 | 52.5 | 298.7% |
| Shares Outstanding (Mil) | 106 | 103 | 2.9% |
| Cumulative Contribution | -4.8% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| NMFC | -4.8% | |
| Market (SPY) | -5.4% | 18.1% |
| Sector (XLF) | -4.7% | 19.2% |
Fundamental Drivers
The -5.9% change in NMFC stock from 9/30/2025 to 4/15/2026 was primarily driven by a -83.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.93 | 8.41 | -5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 15 | -83.3% |
| Net Income Margin (%) | 92.9% | 111.1% | 19.5% |
| P/E Multiple | 11.6 | 52.5 | 351.6% |
| Shares Outstanding (Mil) | 108 | 103 | 4.6% |
| Cumulative Contribution | -5.9% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| NMFC | -5.9% | |
| Market (SPY) | -2.9% | 30.2% |
| Sector (XLF) | -2.8% | 29.5% |
Fundamental Drivers
The -12.3% change in NMFC stock from 3/31/2025 to 4/15/2026 was primarily driven by a -88.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.59 | 8.41 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 124 | 15 | -88.0% |
| Net Income Margin (%) | 91.6% | 111.1% | 21.2% |
| P/E Multiple | 9.1 | 52.5 | 476.0% |
| Shares Outstanding (Mil) | 108 | 103 | 4.7% |
| Cumulative Contribution | -12.3% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| NMFC | -12.3% | |
| Market (SPY) | 16.3% | 52.6% |
| Sector (XLF) | 5.8% | 48.7% |
Fundamental Drivers
The 0.3% change in NMFC stock from 3/31/2023 to 4/15/2026 was primarily driven by a 363.8% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.39 | 8.41 | 0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 15 | -83.3% |
| Net Income Margin (%) | 83.9% | 111.1% | 32.4% |
| P/E Multiple | 11.3 | 52.5 | 363.8% |
| Shares Outstanding (Mil) | 101 | 103 | -2.0% |
| Cumulative Contribution | 0.3% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| NMFC | 0.3% | |
| Market (SPY) | 63.3% | 46.9% |
| Sector (XLF) | 69.4% | 46.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NMFC Return | 32% | -1% | 16% | -1% | -7% | -7% | 30% |
| Peers Return | 35% | -9% | 29% | 24% | 0% | -9% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| NMFC Win Rate | 92% | 50% | 67% | 58% | 42% | 50% | |
| Peers Win Rate | 75% | 42% | 67% | 73% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NMFC Max Drawdown | 0% | -14% | -6% | -9% | -17% | -17% | |
| Peers Max Drawdown | -2% | -18% | -2% | -2% | -15% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, MAIN, GBDC, TSLX.
[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] 2026 data is for the year up to 4/15/2026 (YTD)
How Low Can It Go
| Event | NMFC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -19.5% | -25.4% |
| % Gain to Breakeven | 24.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -65.2% | -33.9% |
| % Gain to Breakeven | 187.6% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -13.4% | -19.8% |
| % Gain to Breakeven | 15.5% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to ARCC, FSK, MAIN, GBDC, TSLX
In The Past
New Mountain Finance's stock fell -19.5% during the 2022 Inflation Shock from a high on 4/1/2022. A -19.5% loss requires a 24.2% gain to breakeven.
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About New Mountain Finance (NMFC)
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Here are a few analogies for New Mountain Finance (NMFC):
It's like a publicly traded private equity firm that also acts as a specialized lender for established, medium-sized American companies.
Think of it as a publicly traded, scaled-down version of a firm like Blackstone or KKR, specifically focused on providing debt and equity financing to medium-sized private businesses.
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- Debt Financing: New Mountain Finance provides direct loans to middle market companies, including first and second lien debt, unsecured notes, and mezzanine securities.
- Equity Investments: The firm makes direct equity investments, often seeking majority stakes in portfolio companies primarily through buyouts of middle market businesses.
- Secondary Market Investments: NMFC also acquires existing debt and equity securities through purchases in the open market.
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New Mountain Finance Corporation (NMFC) is a business development company (BDC) that specializes in directly investing and lending to middle market companies. Therefore, its "customers" are the portfolio companies to which it provides capital (debt and equity investments).
The provided background information does not list the specific names of these customer companies. However, based on the description, NMFC primarily serves the following categories of companies:
- Middle Market Companies: NMFC targets companies with EBITDA typically between $10 million and $200 million. These are generally privately held companies, as NMFC operates as a private equity / buyouts and loan fund, investing through primary originations and secondary purchases.
- Companies in "Defensive Growth" Industries: NMFC focuses on companies in sectors that demonstrate resilience and growth potential. The background lists a broad range of targeted industries, including but not limited to, energy, specialty chemicals and materials, health care services and facilities, application and systems software, education services, business services, distribution and logistics, and telecommunication services.
- Companies Seeking Capital for Buyouts and Growth: NMFC makes investments across the capital structure, including first and second lien debt, unsecured notes, mezzanine securities, and equity interests. Its customers are companies seeking financing for various purposes, often involving buyouts or strategic growth initiatives.
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John P. Kline, President and Chief Executive Officer
Mr. Kline joined New Mountain in 2008 as a founding member of its credit platform. Prior to joining New Mountain, he worked at GSC Group from 2001 to 2008 as an Investment Analyst and Trader for their control distressed and corporate credit funds. From 1999 to 2001, he was with Goldman Sachs in the Credit Risk Management and Advisory Group. Mr. Kline currently serves on the board of Unitek Global Services, an NMFC portfolio company, and also on the boards of New Mountain Private Credit Fund and other New Mountain private credit funds.
Kris Corbett, Chief Financial Officer
Mr. Corbett joined New Mountain in 2023. Before joining New Mountain, he worked at Blackstone Credit as a Senior Vice President, Controller, and Treasurer of both the Blackstone Private Credit Fund (BCRED) and the Blackstone Secured Lending Fund. Prior to Blackstone, Mr. Corbett was a Managing Director at Perella Weinberg Partners, where he held roles in finance, accounting, and financial reporting within alternative asset management. He is a Certified Public Accountant and a CFA Charterholder.
Robert Hamwee, Vice Chairman and Director
Mr. Hamwee joined New Mountain in 2008 and served as CEO of NMFC from its inception until the end of 2022. He has also been a Managing Director of New Mountain Capital since 2008 and is currently a Senior Advisor. Prior to New Mountain, he was President of GSC Group, where he was responsible for managing their control distressed debt funds. He was with Greenwich Street Capital Partners, the predecessor to GSC, from 1994 to 1999, and with The Blackstone Group from 1992 to 1994, working in their Restructuring and Merchant Banking Departments. Mr. Hamwee has chaired numerous creditor committees and has been a lead director for various corporate boards, including Purina Mills, Envirosource, and Viasystems.
Adam Weinstein, Executive Vice President and Chief Administrative Officer
Mr. Weinstein joined New Mountain Capital in 2005. He initially served as the Chief Financial Officer and Treasurer of New Mountain Finance Corporation from July 2010 until January 2013, when he was promoted to Executive Vice President and Chief Administrative Officer. He also serves as President and Chief Operating Officer of New Mountain Capital. Before joining New Mountain, Mr. Weinstein was a Manager at Deloitte & Touche, LLP, working in their merger and acquisition and private equity investor services areas. He is involved with portfolio company oversight and sits on the boards of various professional and philanthropic organizations, including Zep, Inc., Citrin Cooperman, Sonrava Health, and the Private Equity CFO Association.
Laura C. Holson, Chief Operating Officer
Ms. Holson joined New Mountain in 2009. Prior to New Mountain, she worked at Morgan Stanley from 2007 to 2009 in the Healthcare investment banking group.
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```htmlKey Risks to New Mountain Finance (NMFC)
- Credit Quality Deterioration and Rising Default Rates: As a business development company specializing in lending to middle-market companies, New Mountain Finance (NMFC) is inherently exposed to the credit risk of its borrowers. Economic uncertainty and a challenging private credit market environment have led to increased scrutiny over potential rising default rates, with some forecasts suggesting a possible increase to 15% in a worst-case scenario for the sector. Although NMFC actively manages its portfolio with a high percentage of "Green" risk-rated investments, it still holds investments with "Yellow" and "Orange" risk ratings, indicating some level of elevated risk. The company's recent strategic divestiture of $477 million in assets at 94% of fair value, partly to reduce exposure to higher-yielding but riskier subordinated and Payment-in-Kind (PIK) assets, underscores its active efforts to mitigate credit and concentration risk in a challenging market.
- Interest Rate Fluctuations and Broader Economic Headwinds: New Mountain Finance operates in a "higher-for-longer" interest rate environment, which presents a dual-edged sword. While a significant portion of NMFC's assets are floating-rate loans, allowing it to benefit from higher interest income, these elevated rates also increase the debt service burden on its portfolio companies. This increased burden can heighten the risk of default, particularly for lower-quality credits, and can limit growth opportunities as fewer businesses may seek expensive debt financing. Furthermore, broader capital markets disruption and economic uncertainty can lead to illiquidity and increased spreads, adversely affecting NMFC's business and its ability to find new investment opportunities.
- Portfolio Concentration and Industry-Specific Downturns: Despite aiming for a diversified portfolio across "defensive growth" industries, analyses indicate that NMFC's portfolio may still exhibit a lack of meaningful industry diversity compared to some peers, particularly with significant exposure to sectors like software, business services, and healthcare. While these sectors are generally considered acyclical and resilient, a concentrated focus could expose the company to vulnerabilities if these specific industries face unexpected downturns or disruptions. The strategic asset sale in late 2025 was explicitly cited by management as a move to increase portfolio diversification, suggesting an acknowledgment of this risk.
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The increasing trend of large institutional investors (e.g., pension funds, sovereign wealth funds, endowments) building out direct private credit and equity investment capabilities. This allows them to bypass traditional intermediaries like BDCs, directly allocating capital to middle-market companies. This development presents an emerging threat by potentially reducing the pool of available deals for NMFC, increasing competition for remaining opportunities, and putting downward pressure on pricing and returns for traditional fund structures.
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New Mountain Finance (NMFC) participates in the U.S. middle-market direct lending and private equity sectors. The addressable markets for its main products and services, which involve providing debt and equity financing to middle-market companies, are substantial within the United States.
The U.S. direct lending market, a key component of private credit, was estimated to be approximately $1 trillion as of early 2025 and March 31, 2022. Direct lending primarily serves middle-market companies, often those with annual EBITDA ranging from $10 million to $100 million, which aligns with New Mountain Finance's target of companies with EBITDA between $10 million and $200 million. North America's direct lending market was estimated at around $1.5 trillion in 2024, with projections to reach nearly $2 trillion by the end of the decade, with the U.S. comprising a significant portion of this market. The total direct lending volume in the U.S. reached approximately $369 billion across 3,533 deals in 2025.
For its equity investments, specifically buyouts in middle-market companies, the United States Private Equity Market was valued at approximately $475.08 billion in 2024 and is projected to grow to $860.39 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 10.46%. Middle-market private equity deals often involve companies acquired through buyout transactions between $25 million and $1 billion.
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New Mountain Finance (NMFC) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, stemming from its strategic investment approach, capital management, and market positioning.
- Expansion of Investment Portfolio through Net Originations: The company focuses on expanding its investment portfolio by originating new loans and investments, particularly within its "disciplined, defensive growth strategy." This involves actively seeking new lending opportunities in middle-market companies, aiming for originations to outpace repayments and asset sales. For example, in Q3 2024, NMFC generated $146.2 million in gross originations.
- Optimization of Capital Structure and Reduction in Cost of Funds: New Mountain Finance is actively managing its liabilities to improve financial flexibility and reduce costs. This includes extending and upsizing credit facilities at lower costs and refinancing higher-cost debt, such as repaying convertible notes with lower-cost credit lines. These actions are expected to enhance net investment income.
- Strategic Shift Towards Senior-Oriented Asset Mix: The company has been making progress in increasing its allocation to senior-oriented assets, which typically offer more stable and predictable interest income. This focus on rotating from second-lien to first-lien positions, based on credit selection, aims to preserve credit quality and contribute to consistent recurring revenue.
- Increased Middle-Market M&A Activity: New Mountain Finance anticipates that bullish medium to long-term merger and acquisition (M&A) activity, driven by substantial private equity dry powder and favorable financing markets, will create a robust environment for new lending opportunities. This external market dynamic is expected to increase deal flow and, consequently, NMFC's investment activity and related revenue.
- Proactive Portfolio Management, Including Exiting PIK Positions: The company prioritizes proactive management of its existing portfolio, which includes diversifying top positions and strategically exiting Payment-in-Kind (PIK) positions. Converting PIK assets to cash-paying investments or realizing gains from their exit is expected to improve the quality of recurring income and overall revenue generation.
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Share Repurchases
- New Mountain Finance had an existing share repurchase program of up to $50 million, which was extended through December 31, 2025. Approximately $2.9 million had been repurchased under this program by December 2023.
- The company repurchased approximately $52 million of its common stock in 2025.
- A new stock repurchase plan authorizing up to $100 million worth of common shares was established in Q3 2025. As of February 2026, approximately $15 million had been repurchased under this new plan in 2026, with $80 million of authorization remaining.
Share Issuance
- Since its initial public offering (IPO) in May 2011 through December 31, 2025, New Mountain Finance has raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.
Outbound Investments
- As of December 31, 2025, New Mountain Finance's investment portfolio had a fair value of $2,755.5 million, comprising investments in 114 portfolio companies.
- In March 2026, the company completed the sale of approximately $468 million of assets to a third party at 94% of their December 31, 2025 fair value. This sale was aimed at increasing portfolio diversification and reducing Payment-in-Kind (PIK) income.
- The company's investment strategy continues to focus on providing direct lending solutions, primarily senior secured loans and select junior capital positions, to U.S. upper middle-market companies within defensive growth industries.
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| 09302025 | NMFC | New Mountain Finance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -13.1% | -13.1% | -17.9% |
| 11302024 | NMFC | New Mountain Finance | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -4.5% | -8.6% | -19.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.20 |
| Mkt Cap | 3.3 |
| Rev LTM | 289 |
| Op Inc LTM | - |
| FCF LTM | 390 |
| FCF 3Y Avg | 123 |
| CFO LTM | 390 |
| CFO 3Y Avg | 123 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -13.9% |
| Rev Chg 3Y Avg | 30.7% |
| Rev Chg Q | -37.9% |
| QoQ Delta Rev Chg LTM | -10.7% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 158.0% |
| CFO/Rev 3Y Avg | 40.4% |
| FCF/Rev LTM | 158.0% |
| FCF/Rev 3Y Avg | 40.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.3 |
| P/S | 9.6 |
| P/EBIT | - |
| P/E | 10.7 |
| P/CFO | 3.4 |
| Total Yield | 18.9% |
| Dividend Yield | 9.6% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 1.3 |
| Net D/E | 1.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.4% |
| 3M Rtn | -6.0% |
| 6M Rtn | -2.1% |
| 12M Rtn | 3.7% |
| 3Y Rtn | 39.3% |
| 1M Excs Rtn | 3.5% |
| 3M Excs Rtn | -4.9% |
| 6M Excs Rtn | -5.5% |
| 12M Excs Rtn | -25.4% |
| 3Y Excs Rtn | -29.5% |
Price Behavior
| Market Price | $8.41 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 05/20/2011 | |
| Distance from 52W High | -13.5% | |
| 50 Days | 200 Days | |
| DMA Price | $7.84 | $8.72 |
| DMA Trend | down | down |
| Distance from DMA | 7.2% | -3.6% |
| 3M | 1YR | |
| Volatility | 29.0% | 22.3% |
| Downside Capture | 0.08 | 0.18 |
| Upside Capture | -15.06 | 28.07 |
| Correlation (SPY) | 18.5% | 31.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 0.52 | 0.40 | 0.59 | 0.72 | 0.56 |
| Up Beta | -1.93 | -0.70 | -0.14 | 0.66 | 0.79 | 0.67 |
| Down Beta | 1.66 | 1.56 | 1.13 | 0.82 | 0.91 | 0.70 |
| Up Capture | 113% | 11% | -21% | 22% | 22% | 12% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 15 | 24 | 54 | 115 | 371 |
| Down Capture | 9% | 54% | 49% | 68% | 75% | 72% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 26 | 38 | 70 | 130 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMFC | |
|---|---|---|---|---|
| NMFC | 4.7% | 22.3% | 0.13 | - |
| Sector ETF (XLF) | 13.0% | 15.3% | 0.60 | 32.9% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 32.5% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | -5.4% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | 11.1% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 29.7% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 20.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMFC | |
|---|---|---|---|---|
| NMFC | 2.8% | 18.2% | 0.05 | - |
| Sector ETF (XLF) | 10.2% | 18.7% | 0.43 | 49.3% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 49.9% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 8.3% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 20.0% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 45.3% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 22.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMFC | |
|---|---|---|---|---|
| NMFC | 7.1% | 25.7% | 0.29 | - |
| Sector ETF (XLF) | 13.2% | 22.2% | 0.55 | 52.3% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 49.0% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 6.2% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 22.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 54.0% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 13.5% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/24/2026 | -4.0% | -2.1% | -1.0% |
| 11/3/2025 | -0.6% | -1.2% | -0.2% |
| 8/4/2025 | -1.5% | -1.0% | 2.0% |
| 2/26/2025 | -2.1% | -3.7% | -2.7% |
| 10/30/2024 | 0.9% | -3.5% | 5.4% |
| 7/31/2024 | -0.2% | -4.2% | -1.3% |
| 5/1/2024 | -0.4% | -0.4% | -0.6% |
| 1/18/2024 | -0.4% | 0.4% | -0.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 14 |
| # Negative | 11 | 14 | 9 |
| Median Positive | 0.8% | 2.4% | 3.1% |
| Median Negative | -1.5% | -1.0% | -1.0% |
| Max Positive | 9.7% | 16.4% | 33.0% |
| Max Negative | -4.0% | -4.2% | -3.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Dividends | 0.32 | 0 | Same New | Actual: 0.32 for Q4 2025 | |||
| Q2 2026 Dividends | 0.25 | -21.9% | Lower New | Actual: 0.32 for Q1 2026 | |||
Prior: Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Dividends | 0.32 | 0 | Same New | Actual: 0.32 for Q3 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Klinsky, Steven B | See Note | Buy | 9182025 | 9.78 | 106,691 | 1,043,577 | 42,752,664 | Form | |
| 2 | Weinstein, Adam B | EVP, CAO and Director | Direct | Buy | 9162025 | 10.03 | 49,750 | 498,828 | 6,542,322 | Form |
| 3 | Ogens, David | Direct | Buy | 8122025 | 10.23 | 18,000 | 184,140 | 2,211,613 | Form | |
| 4 | Ogens, David | Trust | Buy | 8122025 | 10.24 | 8,000 | 81,908 | 163,815 | Form | |
| 5 | Corbett, Kris | CFO and Treasurer | Trust | Buy | 8112025 | 10.14 | 750 | 7,602 | 98,829 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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