Main Street Capital
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 1/2
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Owner earnings | — | positive | — |
| Return on equity | 16.5% | median 11.7% | ✓ |
| Debt to equity | 0.82x | median 0.79x | ✗ |
| Operating margin | — | median 15.0% | — |
Passes 1 of 2. To be clear: Warren Buffett has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 0/1
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Return on capital employed | — | median 10.1% | — |
| Cash conversion | — | median 1.78x | — |
| Operating margin | — | median 15.0% | — |
| Debt to equity | 0.82x | median 0.79x | ✗ |
Passes 0 of 1. To be clear: Terry Smith has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 1/1
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Return on capital employed | — | median 10.1% | — |
| Return on equity | 16.5% | median 11.7% | ✓ |
| Operating margin | — | median 15.0% | — |
Passes 1 of 1. To be clear: Charlie Munger has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/2
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Return on equity | 16.5% | median 11.7% | ✓ |
| Debt to equity | 0.82x | median 0.79x | ✗ |
| Cash conversion | — | median 1.78x | — |
Passes 1 of 2. To be clear: Chuck Akre has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/1
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Current ratio | — | median 1.25x | — |
| Debt to equity | 0.82x | median 0.79x | ✗ |
Passes 0 of 1. To be clear: Walter Schloss has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 0/1
| Measure | MAIN | Checked against | |
|---|---|---|---|
| Debt to equity | 0.82x | median 0.79x | ✗ |
| Net margin | — | median 10.2% | — |
Passes 0 of 1. To be clear: Peter Lynch has never said anything about Main Street Capital. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 107.1% | whyMoves with credit-spread marks, not distributable income. |
| Net investment income | 103.1% | whyWhat actually funds a BDC distribution. |
4 points between highest and lowest basis.
Coverage rating 39 / 100 — Strained. ? Peer standing · not rankedDirection 10/30Stability 19/20 Capped because the dividend exceeds what the basis that applies can fund.
Net investment income payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 103.1% |
| 2024-12-31 | 100.5% |
| 2023-12-31 | 89.3% |
| 2022-12-31 | 78.8% |
| 2021-12-31 | 93.4% |
| 2020-12-31 | 104.7% |
Coverage has deteriorated three years running — 78.8% to 103.1% — and the dividend now exceeds what the basis that applies can fund.
The arithmetic
- GAAP earnings — dividends declared per share $4.23 ÷ diluted EPS $3.95
Where the figures came from
- 10-K filed 2026-02-27 · accession 0001396440-26-000016
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the net investment income payout ratio measures, and where every company here sits on it.
Also on: rated strained · when it files.
When this changes
Every figure above is recomputed whenever Main Street Capital files. The monthly letter carries what filed, what moved, and one finding computed across every company here.