NASDAQ : CSWC
Capital Southwest Corporation — Financial statements
Financials · Asset Management · United States
Last price 23.17 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.48B
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Financial statements
Capital Southwest Corporation (CSWC) reported revenue of 237.21M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 13.06M | 10.94M | 10.65M | 5.10M | 4.79M | 5.33M |
| Other Revenue | 224.14M | 221.17M | 193.78M | 173.04M | 114.50M | 76.89M |
| Revenue | 237.21M | 232.10M | 204.44M | 178.13M | 119.30M | 82.22M |
| Gross Profit | 237.21M | 232.10M | 204.44M | 178.13M | 119.30M | 82.22M |
| Selling, General & Admin | 28.51M | 28.90M | 29.03M | 24.10M | 21.39M | 18.99M |
| Operating Expenses | 28.51M | 28.90M | 29.03M | 24.10M | 21.39M | 18.99M |
| Operating Income | 208.69M | 203.21M | 175.41M | 154.04M | 97.91M | 63.23M |
| Interest Expense | -69.85M | -66.62M | -54.96M | -43.09M | -28.87M | -19.92M |
| EBT Excluding Unusual Items | 138.84M | 136.59M | 120.45M | 110.95M | 69.04M | 43.30M |
| Gain (Loss) on Sale of Investments | -26.37M | -20.31M | -47.23M | -26.25M | -35.62M | 17.30M |
| Gain (Loss) on Sale of Assets | -2.00K | -2.00K | -20.00K | -86.00K | ||
| Other Unusual Items | -2.16M | -2.16M | -387.00K | -361.00K | -17.09M | |
| Pretax Income | 110.31M | 114.12M | 72.81M | 84.33M | 33.42M | 43.43M |
| Income Tax Expense | -418.00K | 1.12M | 2.27M | 944.00K | 329.00K | 615.00K |
| Net Income | 110.73M | 113.00M | 70.55M | 83.39M | 33.09M | 42.81M |
| Preferred Dividends & Other Adjustments | 1.26M | 1.22M | 689.00K | |||
| Net Income to Common | 109.47M | 111.78M | 69.86M | 83.39M | 33.09M | 42.81M |
| Shares Outstanding (Basic) | 58.44M | 56.53M | 47.45M | 40.73M | 30.02M | 22.84M |
| Shares Outstanding (Diluted) | 67.76M | 65.83M | 51.19M | 40.73M | 30.02M | 22.84M |
| EPS (Basic) | 1.87 | 1.98 | 1.47 | 2.05 | 1.10 | 1.87 |
| EPS (Diluted) | 1.81 | 1.90 | 1.47 | 2.05 | 1.10 | 1.87 |
| Free Cash Flow | -305.01M | -193.79M | -218.92M | -188.51M | -227.38M | -184.67M |
| Free Cash Flow Per Share | -4.50 | -2.94 | -4.28 | -4.63 | -7.58 | -8.09 |
| Dividend Per Share | 2.32 | 2.32 | 2.31 | 2.24 | 2.03 | 1.82 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 87.98% | 87.55% | 85.80% | 86.47% | 82.07% | 76.90% |
| Profit Margin | 46.15% | 48.16% | 34.17% | 46.81% | 27.74% | 52.08% |
| Free Cash Flow Margin | -128.58% | -83.49% | -107.09% | -105.82% | -190.60% | -224.62% |
| EBITDA | 215.78M | 210.18M | 181.27M | 158.34M | 100.66M | 65.46M |
| EBITDA Margin | 90.97% | 90.55% | 88.67% | 88.89% | 84.38% | 79.62% |
| D&A For EBITDA | 7.09M | 6.97M | 5.87M | 4.30M | 2.75M | 2.23M |
| EBIT | 208.69M | 203.21M | 175.41M | 154.04M | 97.91M | 63.23M |
| EBIT Margin | 87.98% | 87.55% | 85.80% | 86.47% | 82.07% | 76.90% |
| Effective Tax Rate | 0.98% | 3.11% | 1.12% | 0.98% | 1.42% | |
| Revenue as Reported | 237.21M | 232.10M | 204.44M | 178.13M | 119.30M | 82.22M |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 58.46M | 29.05M | 43.22M | 32.27M | 21.59M | 11.43M |
| Cash & Short-Term Investments | 58.46M | 29.05M | 43.22M | 32.27M | 21.59M | 11.43M |
| Accounts Receivable | 37.21M | 31.68M | 30.30M | 22.93M | 18.43M | 12.11M |
| Other Receivables | 1.98M | 2.91M | 2.11M | 7.61M | 1.01M | 2.40M |
| Receivables | 39.19M | 34.59M | 32.41M | 30.54M | 19.45M | 14.50M |
| Restricted Cash | 400.00K | 400.00K | 1.65M | |||
| Other Current Assets | 575.00K | 612.00K | 1.93M | 16.00K | 363.00K | 1.34M |
| Total Current Assets | 98.62M | 64.64M | 79.21M | 62.83M | 41.39M | 27.28M |
| Property, Plant & Equipment | 3.60M | 3.70M | 3.90M | 2.40M | 1.80M | 1.80M |
| Long-Term Investments | 2.20B | 2.10B | 1.79B | 1.48B | 1.21B | 936.61M |
| Long-Term Deferred Charges | 6.17M | 6.87M | 9.27M | 10.93M | 3.72M | 4.04M |
| Other Long-Term Assets | 4.85M | 4.86M | 5.16M | 4.04M | 4.39M | 4.23M |
| Total Assets | 2.32B | 2.18B | 1.88B | 1.56B | 1.26B | 973.96M |
| Current Portion of Leases | 715.00K | |||||
| Current Income Taxes Payable | 1.33M | 636.00K | 2.77M | 281.00K | 156.00K | 1.24M |
| Total Current Liabilities | 1.33M | 1.35M | 2.77M | 281.00K | 156.00K | 1.24M |
| Long-Term Debt | 1.22B | 1.13B | 956.07M | 770.85M | 637.64M | 528.59M |
| Long-Term Leases | 4.90M | 4.29M | 5.40M | 3.20M | 2.80M | 2.70M |
| Pension & Post-Retirement Benefits | 524.00K | 529.00K | 555.00K | 570.00K | 598.00K | 2.71M |
| Long-Term Deferred Tax Liabilities | 11.59M | 12.51M | 16.78M | 12.00M | 12.12M | 5.75M |
| Other Long-Term Liabilities | 17.54M | 16.63M | 17.64M | 14.18M | 13.96M | 12.11M |
| Total Liabilities | 1.26B | 1.17B | 999.21M | 801.08M | 667.28M | 553.09M |
| Common Stock | 15.93M | 15.14M | 13.23M | 11.26M | 9.60M | 6.83M |
| Additional Paid-In Capital | 1.14B | 1.07B | 959.12M | 796.95M | 646.59M | 448.24M |
| Retained Earnings | -93.92M | -79.01M | -88.72M | -52.53M | -41.84M | -10.26M |
| Treasury Stock | -23.94M | -23.94M | ||||
| Shareholders' Equity | 1.06B | 1.01B | 883.63M | 755.68M | 590.41M | 420.87M |
| Total Liabilities & Equity | 2.32B | 2.18B | 1.88B | 1.56B | 1.26B | 973.96M |
| Total Debt | 1.23B | 1.14B | 961.47M | 774.05M | 640.44M | 531.29M |
| Net Cash (Debt) | -1.17B | -1.11B | -918.24M | -741.78M | -618.86M | -519.86M |
| Net Cash Per Share | -17.23 | -16.82 | -17.94 | -18.21 | -20.62 | -22.76 |
| Filing Date Shares Outstanding | 63.73M | 62.14M | 53.71M | 45.05M | 36.72M | 24.96M |
| Total Common Shares Outstanding | 63.73M | 60.58M | 52.91M | 45.05M | 36.08M | 24.96M |
| Working Capital | 97.29M | 63.29M | 76.44M | 62.55M | 41.24M | 26.04M |
| Book Value Per Share | 16.61 | 16.69 | 16.70 | 16.77 | 16.37 | 16.86 |
| Tangible Book Value | 1.06B | 1.01B | 883.63M | 755.68M | 590.41M | 420.87M |
| Tangible Book Value Per Share | 16.61 | 16.69 | 16.70 | 16.77 | 16.37 | 16.86 |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 110.73M | 113.00M | 70.55M | 83.39M | 33.09M | 42.81M |
| Depreciation & Amortization | 7.09M | 6.97M | 5.87M | 4.30M | 2.75M | 2.23M |
| Other Amortization | 2.33M | 2.72M | 2.45M | 2.16M | 1.57M | 3.69M |
| Loss (Gain) From Sale of Assets | 2.00K | 2.00K | 20.00K | 86.00K | ||
| Loss (Gain) From Sale of Investments | 11.31M | 3.57M | 34.02M | 21.20M | 25.45M | -23.06M |
| Stock-Based Compensation | 5.28M | 4.98M | 6.96M | 4.52M | 3.71M | 3.58M |
| Other Operating Activities | -432.19M | -319.63M | -332.40M | -300.21M | -289.79M | -209.51M |
| Change in Accounts Receivable | -10.13M | -4.43M | -8.08M | -4.83M | -6.80M | -1.54M |
| Change in Income Taxes | -6.00M | -2.75M | 2.73M | 157.00K | -1.29M | 1.19M |
| Change in Other Net Operating Assets | 6.72M | 2.07M | 623.00K | 811.00K | 4.22M | -2.16M |
| Operating Cash Flow | -304.87M | -193.50M | -217.26M | -188.50M | -227.10M | -182.68M |
| Capital Expenditures | -145.00K | -286.00K | -1.67M | -13.00K | -281.00K | -2.00M |
| Investing Cash Flow | -145.00K | -286.00K | -1.67M | -13.00K | -281.00K | -2.00M |
| Long-Term Debt Issued | 979.04M | 612.56M | 406.92M | 263.05M | 500.44M | |
| Long-Term Debt Repaid | -807.88M | -430.00M | -275.00M | -155.00M | -355.00M | |
| Net Debt Issued (Repaid) | 291.14M | 171.16M | 182.56M | 131.91M | 108.05M | 145.44M |
| Issuance of Common Stock | 179.26M | 157.82M | 178.49M | 181.45M | 202.96M | 98.14M |
| Repurchase of Common Stock | -1.70M | -1.12M | -2.71M | -1.06M | -1.02M | -1.41M |
| Common Dividends Paid | -151.12M | -147.23M | -125.27M | -102.92M | -71.10M | -40.30M |
| Other Financing Activities | -1.85M | -2.27M | -1.56M | -10.18M | -1.35M | -19.06M |
| Financing Cash Flow | 315.33M | 178.36M | 231.52M | 199.20M | 237.53M | 164.49M |
| Net Cash Flow | 10.32M | -15.43M | 12.60M | 10.69M | 10.15M | -20.18M |
| Free Cash Flow | -305.01M | -193.79M | -218.92M | -188.51M | -227.38M | -184.67M |
| Free Cash Flow Margin | -128.58% | -83.49% | -107.09% | -105.82% | -190.60% | -224.62% |
| Free Cash Flow Per Share | -4.50 | -2.94 | -4.28 | -4.63 | -7.58 | -8.09 |
| Levered Free Cash Flow | 92.71M | 98.01M | 85.95M | 69.69M | 45.85M | 31.93M |
| Unlevered Free Cash Flow | 134.03M | 136.93M | 117.84M | 94.46M | 62.32M | 40.69M |
| Cash Interest Paid | 57.59M | 63.79M | 46.59M | 37.75M | 25.47M | 18.40M |
| Cash Income Tax Paid | 11.56M | 12.32M | 1.44M | 1.18M | 1.90M | 461.00K |
| Change in Working Capital | -9.41M | -5.12M | -4.73M | -3.86M | -3.88M | -2.52M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.49B | 1.33B | 1.13B | 1.07B | 614.46M | 567.76M |
| Enterprise Value | 2.66B | 2.37B | 2.02B | 1.73B | 1.21B | 1.05B |
| Last Close Price | 23.17 | 20.80 | 18.67 | 18.73 | 11.95 | 14.08 |
| PE Ratio | 12.92 | 11.90 | 16.16 | 12.87 | 18.57 | 13.26 |
| Forward PE | 9.71 | 9.31 | 9.50 | 7.12 | 12.17 | |
| PS Ratio | 6.27 | 5.73 | 5.52 | 6.02 | 5.15 | 6.91 |
| PB Ratio | 1.40 | 1.32 | 1.28 | 1.42 | 1.04 | 1.35 |
| P/TBV Ratio | 1.41 | 1.32 | 1.28 | 1.42 | 1.04 | 1.35 |
| PEG Ratio | 13.39 | 13.39 | 13.39 | 13.39 | 13.39 | |
| EV/Sales Ratio | 11.19 | 10.19 | 9.87 | 9.71 | 10.12 | 12.80 |
| EV/EBITDA Ratio | 12.31 | 11.26 | 11.14 | 10.92 | 11.99 | 16.07 |
| EV/EBIT Ratio | 12.72 | 11.64 | 11.51 | 11.23 | 12.33 | 16.64 |
| Debt / Equity Ratio | 1.16 | 1.12 | 1.09 | 1.02 | 1.08 | 1.26 |
| Debt / EBITDA Ratio | 5.67 | 5.39 | 5.29 | 4.88 | 6.34 | 8.08 |
| Net Debt / Equity Ratio | 1.10 | 1.09 | 1.04 | 0.98 | 1.05 | 1.24 |
| Net Debt / EBITDA Ratio | 5.41 | 5.27 | 5.07 | 4.68 | 6.15 | 7.94 |
| Net Debt / FCF Ratio | -3.83 | -5.71 | -4.19 | -3.94 | -2.72 | -2.81 |
| Asset Turnover | 0.11 | 0.11 | 0.12 | 0.13 | 0.11 | 0.10 |
| Quick Ratio | 73.20 | 47.10 | 27.32 | 223.53 | 263.01 | 20.91 |
| Current Ratio | 73.93 | 47.85 | 28.61 | 223.59 | 265.34 | 22.00 |
| Return on Equity (ROE) | 11.21% | 11.93% | 8.61% | 12.39% | 6.54% | 11.31% |
| Return on Assets (ROA) | 6.21% | 6.26% | 6.38% | 6.84% | 5.48% | 4.62% |
| Return on Invested Capital (ROIC) | 9.61% | 10.27% | 10.30% | 11.25% | 9.02% | 7.66% |
| Return on Capital Employed (ROCE) | 9.00% | 9.30% | 9.30% | 9.90% | 7.80% | 6.50% |
| Earnings Yield | 7.74% | 8.49% | 6.25% | 7.77% | 5.39% | 7.54% |
| FCF Yield | -20.50% | -14.56% | -19.39% | -17.57% | -37.00% | -32.53% |
| Dividend Yield | 10.94% | 10.56% | 10.83% | 9.41% | 11.92% | 8.00% |
| Payout Ratio | 141.38% | 130.30% | 177.56% | 123.43% | 214.86% | 94.14% |
| Buyback Yield / Dilution | -22.17% | -28.60% | -25.69% | -35.69% | -31.42% | -19.83% |
| Total Shareholder Return | -11.20% | -18.04% | -14.86% | -26.28% | -19.50% | -11.83% |