MSIF
MSC Income Fund, Inc.
MSIF's fundamentals are mixed: earnings per share grew 5.7%, but revenue fell 37%. At 7.4x earnings, it's trading below its usual 8.9x. Analysts expect earnings to hold roughly steady.
MSIF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
MSIF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like MSIF.
MSIF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.4x | $12.44 | — |
| Cheap | 7.8x | $13.06 | +5% |
| Fair | 8.9x | $14.90 | +20% |
| Forward | 9x | $12.44 | — |
| Expensive | 10x | $16.73 | +34% |
Historical ranges are pointers, not guarantees.
MSIF's PE is in its cheap range at 7.4x. On analysts' estimates for next year's earnings, today's price would be 9.0x, in its fair range.
MSIF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect MSIF's revenue to grow, but its profitability to weaken.
MSIF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.38 | -18% |
| Q3 2026 | $1.68 | +5.7% |
| Q2 2026 | $1.63 | +15% |
| Q1 2026 | $1.33 | +6.4% |
| Q4 2025 | $1.36 | +30% |
| Q3 2025 | $1.59 | +121% |
| Q2 2025 | $1.42 | +97% |
| Q1 2025 | $1.25 | +74% |
| Q4 2024 | $1.05 | +46% |
MSIF's earnings per share have fallen from their peak: $1.68 over the past year, against $2.26 in mid-2021.
MSIF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $13.1M | -43% |
| Q3 2022 | $17.1M | -6.1% |
| Q2 2022 | $3.7M | -85% |
| Q1 2022 | $17.9M | +8.9% |
| Q4 2021 | $23.1M | +42% |
| Q3 2021 | $18.2M | -55% |
| Q2 2021 | $24.7M | +7.4% |
| Q4 2020 | $16.3M | +230% |
MSIF's revenue has slid since its 2020 peak: $13M last quarter, down 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 92% | -2.3 points |
| Q3 2022 | 94% | +1.3 points |
| Q2 2022 | 68% | -29 points |
| Q1 2022 | 93% | +14 points |
| Q4 2021 | 94% | +5.4 points |
| Q3 2021 | 92% | -5.7 points |
| Q2 2021 | 97% | +2.6 points |
| Q1 2021 | 80% | N/A |
MSIF's operating margin was 92% last quarter, down 2.3 points from the same quarter a year ago.
MSIF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $31.9M | +117% |
| Q2 2026 | $16.9M | -49% |
| Q1 2026 | -$18.4M | +$54.1M |
| Q4 2025 | -$45.5M | -$30.8M |
| Q3 2025 | $14.7M | -44% |
| Q2 2025 | $32.9M | +$61.2M |
| Q1 2025 | -$72.5M | -$60.9M |
| Q4 2024 | -$14.7M | -136% |
MSIF's free cash flow was −$15M over the past year, against −$40M the year before. Free cash flow isn't a meaningful measure for financial services companies like MSIF.
MSIF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -7.9K shares |
| 1 year | -4.2% | -2M shares |
| 3 years | -44% | -35M shares |
| 5 years | +13% | +5.4M shares |
| Available history | +15% | +5.8M shares |
MSIF has 45M diluted shares, down 4.2% from a year ago, with $26M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $671,000 |
| Q2 2026 | — |
| Q1 2026 | $16M |
| Q4 2025 | $9M |
| Q3 2025 | $2.5M |
| Q2 2025 | $146,000 |
| Q1 2025 | — |
| Q4 2024 | $4M |
MSIF spent $26M buying back its own shares over the past year, about four times what it spent the year before.
MSIF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2022 | 8,292.9x | High |
| Q4 2021 | 8,673.8x | High |
| Q3 2021 | 7,131.8x | High |
| Q2 2021 | 6,517.7x | High |
MSIF's net debt is more than 20 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like MSIF.
MSIF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.4 | Neutral |
| Stochastic | 61.7 | Neutral |
MSIF's weekly RSI is 53 (neutral) and its Stochastic is 62 (neutral).
MSIF PE vs Financial Services Sector
| Metric | MSIF | Sector median | Relative |
|---|---|---|---|
| PE | 7.4x | 13x | 43% below |
| PE % | 7 | 24 | 17 pts below |
MSIF is trading at 7.4x earnings, a 43% discount to the Financial Services sector's median of 13x.
MSIF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.0 | 3.9% above |
| 20 week MA | $12.0 | 3.5% above |
| 50 week MA | $12.4 | 0% above |
MSIF has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 0% above its 50-week average.
MSIF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $16.3 | $13.6 | -16% |
| 2026 YTD | $13.6 | $12.4 | -8.8% |
MSIF has finished every year since 2025 lower, and it's down 8.8% so far in 2026.