BCSF
Bain Capital Specialty Finance, Inc.
Next earnings Aug 3, 2026 · consensus $0.44 EPS, $65.7M rev
Last earnings +1.5% on 2026-05-12
$12.27
▲ +1.91%$12.27▼ -4.12%
over 1Y
L $11.52EODHDH $13.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.9%
1W+0.7%
1M-5.4%
3M+5.3%
YTD-5.9%
1Y-4.1%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Cheap externally-managed BDC trading below NAV with a fat dividend, but earnings are sliding and the payout is outrunning operating cash flow.
Price $11.96 · current
The read
Fundamentals and price both look middling — no strong edge either way.
BCSF is an externally-managed middle-market BDC (Advisor is a Bain Capital Credit subsidiary) that has invested ~$9.8B cumulatively since October 2016 in primarily senior secured direct lending — first lien, unitranche, and second lien — to North American, European and Australian middle-market companies ($10–150M EBITDA). The structural appeal is real: as a RIC, it must distribute ≥90% of investment-company taxable income, which is why dividends paid in FY2025 were $146M (+27.6% YoY) — a yield engine on a $11.96 stock with $1.53 in diluted EPS and a P/E of 7.8x. Stockholders' equity of $1.12B on 64.9M shares implies a NAV around ~$17.2/share, and the 10-K explicitly acknowledges the common 'has historically traded below our NAV per share' — i.e., the discount embedded in today's price is a known feature, not a one-off dislocation.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $120M | $105M | $123M | $119M | $98.8M |
| Diluted EPS | $1.86 | $1.63 | $1.91 | $1.85 | $1.53 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield12.4%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$1.47B
Net cash-$1.45B
Piotroski F-Score2/6
Capital returns
Buyback yield—
Dividend yield (est.)18.3%
Shareholder yield18.3%
Shares Δ YoY+0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-05-22
Annual meeting results: directors elected and routine proposals ratified.
- 8-K Earnings results2026-05-12
Q1'26 earnings release; quarterly dividend declared alongside results.
- 10-Q Quarterly report2026-05-11
Q1'26 10-Q: portfolio steady; leverage ~1.38x equity, NAV holding near book.
- 8-K Earnings results2026-04-29
Preliminary Q1'26 results / dividend declaration ahead of full release.
- DEF 14A Proxy statement2026-04-20
Proxy: routine director election and auditor ratification, no governance changes.
- 8-K Earnings results2026-02-27
FY25 10-K: NI -17% to $98.8M, EPS $1.53, dividends $146M exceed earnings.
- 10-K Annual report2026-02-27
FY25 10-K: NI -17% to $98.8M, EPS $1.53, dividends $146M exceed earnings.
- 8-K Earnings results2026-02-12
Q4'25 dividend/results pre-announcement filed.
- 8-K Material agreement2026-01-29
Entered new material agreement and incurred debt obligation (likely credit facility).
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-212026-05-22open ↗8-KPeriod ending 2026-05-112026-05-12open ↗10-QPeriod ending 2026-03-312026-05-11open ↗8-KPeriod ending 2026-04-282026-04-29open ↗SCHEDULE 13G/AFiling2026-04-27open ↗DEF 14APeriod ending 2026-05-212026-04-20open ↗40-17GFiling2026-04-03open ↗3Period ending 2026-02-182026-03-05open ↗4Period ending 2026-03-032026-03-03open ↗8-KPeriod ending 2026-02-262026-02-27open ↗10-KPeriod ending 2025-12-312026-02-27open ↗8-KPeriod ending 2026-02-122026-02-12open ↗
Frequently asked
- Is Bain Capital Specialty Finance, Inc. (BCSF) a buy?
- BCSF currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cheap externally-managed BDC trading below NAV with a fat dividend, but earnings are sliding and the payout is outrunning operating cash flow.
- What is BCSF's fair value?
- A Modified-Graham model based on BCSF's SEC fundamentals estimates a fair value of about $13.01. It is an estimate from reported earnings, not a price target.
- Is BCSF overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BCSF currently appears fairly valued relative to its SEC-grounded earnings power.
- What is Bain Capital Specialty Finance, Inc.'s quality score?
- BCSF scores 64.52941176470588/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001655050, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/25/2026, 3:03:02 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.