Bain Capital Specialty Finance

BCSF

Asset Management · Financial Services

Price

$12.65

-0.19 (-1.48%)

Market Cap

$820.6M

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Bain Capital Specialty Finance is a company that lends money to mid-sized businesses that can't easily borrow from big banks. It focuses on making loans to companies in the middle market — businesses that are too small for Wall Street but too big for a local bank. It is managed by an affiliate of Bain Capital, a well-known private investment firm, which gives it access to deal flow and expertise that smaller lenders don't have.

The company makes money by collecting interest on the loans it makes, which is a common model for business development companies (BDCs). It operates primarily in the United States and has a portfolio worth roughly $1 billion in assets. Because it is structured as a BDC, it must pay out most of its income as dividends to shareholders. The main risk it faces is rising loan defaults — if the businesses it lends to struggle to repay, Bain Capital Specialty Finance's income and dividend payments could fall.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

1.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$116M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Bain Capital Specialty Finance's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 64.6M (2021) → 64.8M (2025)

Score breakdown

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Quality

Gross Margin

0.0%

Thin — 0.0% gross margin

Operating Margin

0.0%

Thin — 0.0% operating margin

ROCE

0.0%

Weak — 0.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.9%

Shrinking sales (-4.9% YoY)

EPS YoY

-29.5%

Earnings shrinking (-29.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

80%

Modest — 80% of profit becomes cash

FCF Margin

32.2%

Converts sales into free cash efficiently (32.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

0.90x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

14.72%

Healthy income — 14.72% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-20.0%

Dividend cut (-20.0% YoY) — warning sign

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