Capital Southwest Financials
This page shows Capital Southwest (CSWC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Capital Southwest passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Capital Southwest generates $-3.08 in operating cash flow (-$217.3M OCF vs $70.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Capital Southwest generated -$218.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 16.1% from the prior year.
Capital Southwest reported $70.5M in net income in fiscal year 2025. This represents a decrease of 15.4% from the prior year.
Capital Southwest earned $1.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 45.6% from the prior year.
Capital Southwest held $42.6M in cash against $1.1B in long-term debt as of fiscal year 2025.
Capital Southwest paid $2.56 per share in dividends in fiscal year 2025. This represents an increase of 5.8% from the prior year.
Capital Southwest had 60M shares outstanding in fiscal year 2025. This represents an increase of 33.5% from the prior year.
Capital Southwest's ROE was 8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.1 percentage points from the prior year.
Capital Southwest invested $1.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12715.4% from the prior year.
CSWC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.7M+2.2% | $1.7M+0.5% | $1.7M+0.9% | $1.6M+10.9% | $1.5M-5.8% | $1.6M+21.0% | $1.3M-2.0% | $1.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $18.1M+12.7% | $16.0M+5.0% | $15.3M+3.7% | $14.7M+16.9% | $12.6M+1.1% | $12.4M+8.5% | $11.5M+9.5% | $10.5M |
| Income Tax | -$2.4M-215.8% | $2.0M+145.5% | $828K+125.6% | $367K+131.9% | -$1.2M-147.4% | $2.4M+167.6% | $907K+215.8% | -$783K |
| Net Income | $32.9M+28.4% | $25.6M-5.1% | $27.0M+66.0% | $16.3M-28.3% | $22.7M+61.6% | $14.0M-40.2% | $23.5M+3.8% | $22.6M |
| EPS (Diluted) | $0.54+22.7% | $0.44-8.3% | $0.48+41.2% | $0.34-29.2% | $0.48+54.8% | $0.31-55.7% | $0.70+1.4% | $0.69 |
CSWC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B+4.7% | $2.0B+7.4% | $1.9B+5.2% | $1.8B+11.5% | $1.6B+3.9% | $1.5B+8.0% | $1.4B+0.9% | $1.4B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $42.6M-51.3% | $87.4M+86.5% | $46.9M+30.2% | $36.0M-23.8% | $47.2M+41.9% | $33.3M+41.1% | $23.6M+2.5% | $23.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.1B+4.3% | $1.1B+11.2% | $965.9M+0.8% | $958.6M+17.9% | $813.2M+6.1% | $766.7M+8.2% | $708.5M-6.7% | $759.1M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.1B+3.6% | $1.0B+11.8% | $926.0M+0.6% | $920.2M+17.2% | $785.0M+6.7% | $735.4M+8.5% | $677.8M-7.5% | $732.7M |
| Total Equity | $995.6M+5.1% | $947.0M+3.3% | $916.5M+10.4% | $830.4M+5.0% | $791.3M+1.8% | $777.3M+7.8% | $721.0M+9.6% | $657.8M |
| Retained Earnings | -$76.5M+28.9% | -$107.5M-10.7% | -$97.1M-13.4% | -$85.6M-12.8% | -$75.8M-11.5% | -$68.0M-65.1% | -$41.2M+4.4% | -$43.1M |
CSWC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$93.6M-31.5% | -$71.2M-333.6% | $30.5M+118.4% | -$165.8M-595.8% | -$23.8M-176.6% | $31.1M+72.8% | $18.0M+136.9% | -$48.8M |
| Capital Expenditures | $15K-81.5% | $81K-42.6% | $141K-81.1% | $748K+50.5% | $497K+1888.0% | $25K+2400.0% | $1K | $0 |
| Free Cash Flow | -$93.6M-31.3% | -$71.3M-334.9% | $30.4M+118.2% | -$166.6M-584.7% | -$24.3M-178.2% | $31.1M+72.7% | $18.0M+136.9% | -$48.8M |
| Investing Cash Flow | -$15K+81.5% | -$81K+42.6% | -$141K+81.1% | -$748K-50.5% | -$497K-1888.0% | -$25K-2400.0% | -$1K | $0 |
| Financing Cash Flow | $48.8M-56.4% | $111.8M+519.1% | -$26.7M-117.2% | $155.3M+306.0% | $38.3M+227.2% | -$30.1M-72.6% | -$17.4M-134.5% | $50.5M |
| Dividends Paid | $37.3M+3.6% | $36.0M+1.9% | $35.3M+12.1% | $31.5M+3.4% | $30.5M+3.4% | $29.5M+9.7% | $26.9M+8.5% | $24.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CSWC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 3.3%+0.6pp | 2.7%-0.2pp | 2.9%+1.0pp | 2.0%-0.9pp | 2.9%+1.1pp | 1.8%-1.4pp | 3.3%-0.2pp | 3.4% |
| Return on Assets | 1.6%+0.3pp | 1.3%-0.2pp | 1.4%+0.5pp | 0.9%-0.5pp | 1.4%+0.5pp | 0.9%-0.7pp | 1.6%+0.0pp | 1.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.08-0.0 | 1.09+0.1 | 1.01-0.1 | 1.11+0.1 | 0.99+0.0 | 0.950.0 | 0.94-0.2 | 1.11 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Capital Southwest profitable?
Yes, Capital Southwest (CSWC) reported a net income of $70.5M in fiscal year 2025.
What is Capital Southwest's earnings per share (EPS)?
Capital Southwest (CSWC) reported diluted earnings per share of $1.47 for fiscal year 2025. This represents a -45.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Capital Southwest have?
As of fiscal year 2025, Capital Southwest (CSWC) had $42.6M in cash and equivalents against $1.1B in long-term debt.
Does Capital Southwest pay dividends?
Yes, Capital Southwest (CSWC) paid $2.56 per share in dividends during fiscal year 2025.
What is Capital Southwest's return on equity (ROE)?
Capital Southwest (CSWC) has a return on equity of 8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Capital Southwest's free cash flow?
Capital Southwest (CSWC) generated -$218.9M in free cash flow during fiscal year 2025. This represents a -16.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Capital Southwest's operating cash flow?
Capital Southwest (CSWC) generated -$217.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Capital Southwest's total assets?
Capital Southwest (CSWC) had $2.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Capital Southwest's capital expenditures?
Capital Southwest (CSWC) invested $1.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Capital Southwest have outstanding?
Capital Southwest (CSWC) had 60M shares outstanding as of fiscal year 2025.
What is Capital Southwest's debt-to-equity ratio?
Capital Southwest (CSWC) had a debt-to-equity ratio of 1.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Capital Southwest's return on assets (ROA)?
Capital Southwest (CSWC) had a return on assets of 3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Capital Southwest's cash runway?
Based on fiscal year 2025 data, Capital Southwest (CSWC) had $42.6M in cash against an annual operating cash burn of $217.3M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Capital Southwest's Piotroski F-Score?
Capital Southwest (CSWC) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Capital Southwest's earnings high quality?
Capital Southwest (CSWC) has an earnings quality ratio of -3.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.