TSLX
Sixth Street Specialty Lending, Inc.
TSLX's fundamentals are mixed, but it looks expensive: trading at 21x earnings, about twice its usual 10x. Analysts expect earnings to hold roughly steady.
TSLX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
TSLX's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like TSLX.
TSLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $6.81 | -61% |
| Forward | 9.5x | $17.56 | — |
| Fair | 10x | $8.45 | -52% |
| Expensive | 13x | $11.26 | -36% |
| Current | 21x | $17.56 | — |
Historical ranges are pointers, not guarantees.
TSLX's PE is in its expensive range at 21x. On analysts' estimates for next year's earnings, today's price would be 9.5x, in its fair range.
TSLX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TSLX's profitability to weaken, with its earnings and revenue holding steady.
TSLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.86 | +121% |
| Q3 2026 | $0.84 | -59% |
| Q2 2026 | $0.95 | -53% |
| Q1 2026 | $1.15 | -39% |
| Q4 2025 | $1.81 | -11% |
| Q3 2025 | $2.04 | -1.4% |
| Q2 2025 | $2.01 | -15% |
| Q1 2025 | $1.89 | -24% |
| Q4 2024 | $2.03 | -22% |
TSLX's earnings per share have fallen from their peak: $0.84 over the past year, against $4.08 in early 2021.
TSLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $2.5M | -97% |
| Q1 2022 | $54M | -22% |
| Q4 2021 | $56.7M | -14% |
| Q3 2021 | $68.2M | -29% |
| Q2 2021 | $71.8M | -35% |
| Q4 2020 | $65.8M | +20% |
TSLX's revenue has slid since its 2020 peak: $2M last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -521% | -603 points |
| Q1 2022 | 76% | -5.8 points |
| Q4 2021 | 76% | -7.4 points |
| Q3 2021 | 81% | -7.1 points |
| Q2 2021 | 82% | -6.7 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 84% | +14 points |
| Q3 2020 | 88% | N/A |
TSLX's operating margin was −521% last quarter, down 603 points from the same quarter a year ago, near the bottom of its range since 2019.
TSLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$97.4M | -$81.8M |
| Q2 2026 | $68.3M | -65% |
| Q1 2026 | -$23.4M | -116% |
| Q4 2025 | $74.1M | +$104.8M |
| Q3 2025 | -$15.6M | +$58.9M |
| Q2 2025 | $193.2M | +54% |
| Q1 2025 | $149.9M | +$215.5M |
| Q4 2024 | -$30.7M | +$56.1M |
TSLX's free cash flow was $22M over the past year, down 93% from the year before. Free cash flow isn't a meaningful measure for financial services companies like TSLX.
TSLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +326K shares |
| 1 year | +1.2% | +1.1M shares |
| 3 years | +9.3% | +8.1M shares |
| 5 years | +18% | +14.8M shares |
| Available history | +43% | +28.7M shares |
TSLX has 95M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2022 | $3.2M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
TSLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 9.8x | High |
| Q1 2022 | 5.6x | High |
| Q4 2021 | 5.5x | High |
| Q3 2021 | 4.9x | High |
| Q2 2021 | 5.1x | High |
| Q1 2021 | 3.6x | Elevated |
| Q4 2020 | 6.0x | High |
| Q3 2020 | 5.5x | High |
TSLX's net debt is about 9.8 years of its operating earnings (EBITDA), up from 5.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like TSLX.
TSLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.7 | Neutral |
| Stochastic | 37.0 | Neutral |
TSLX's weekly RSI is 46 (neutral) and its Stochastic is 37 (neutral).
TSLX PE vs Financial Services Sector
| Metric | TSLX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 13x | 61% above |
| PE % | 100 | 63 | 37 pts above |
TSLX is trading at 21x earnings, a 61% premium to the Financial Services sector's median of 13x.
TSLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.6 | 0% above |
| 20 week MA | $17.8 | 1.3% below |
| 50 week MA | $18.7 | 5.8% below |
| 100 week MA | $20.6 | 15% below |
| 200 week MA | $20.4 | 14% below |
TSLX is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
TSLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.5 | $20.7 | -3.6% |
| 2021 | $20.7 | $23.1 | +11% |
| 2022 | $23.1 | $17.7 | -23% |
| 2023 | $17.7 | $21.6 | +22% |
| 2024 | $21.6 | $21.1 | -2.1% |
| 2025 | $21.1 | $21.7 | +2.7% |
| 2026 YTD | $21.7 | $17.6 | -19% |
TSLX has finished lower in three of the last six years. It's down 19% so far in 2026.