What is Capital Southwest's earnings per share (EPS)?

Capital Southwest (CSWC) reported diluted earnings per share of $1.90 for fiscal year 2026. This represents a 29.3% 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.

Capital Southwest Financials

CSWC

Trailing 12 months to June 30, 2026

Revenue Not reported for the trailing 12 months

Net Income $110.7M +32.6% YoY

EPS (Diluted) $1.81 +9.7% YoY

Free Cash Flow -$305.0M -38.8% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Aug 3, 2026 Currency USD FYE March

This page shows Capital Southwest (CSWC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Rhea AI CSWC FY2026 2026-08-29

Financing-led expansion is visible as reported earnings rise while operating cash flow remains persistently negative.

Net income reached $135.5M in FY2026 from $42.7M in FY2022, while operating cash flow remained negative. That divergence indicates weak cash conversion: reported profitability is not translating into internally generated operating cash, making balance-sheet financing central to the growth pattern.

Assets more than doubled to $2.18B by FY2026 while debt-to-equity was 1.1x, indicating expansion financed through a mix of borrowing and equity rather than escalating leverage alone. Return on assets was 6.2%, below return on equity of 13.4%, consistent with liabilities amplifying shareholder returns.

FY2026 financing cash flow of $178.4M sat close to the $147.2M dividend payment, while operating cash flow remained negative; distributions therefore coincided with external funding activity rather than internally generated operating cash. The small capital-expenditure outflow also points to a business whose reinvestment is primarily financial rather than physical.

Financial Health Signals

Financial health score not available

Capital Southwest does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Capital Southwest passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

$1.43used

For every $1 of reported earnings, Capital Southwest used $1.43 of operating cash (-$193.5M OCF vs $135.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Net Income

$135.5M

YoY+14.6%

5Y CAGR+21.6%

Capital Southwest reported $135.5M in net income in fiscal year 2026. This represents an increase of 14.6% from the prior year.

EPS (Diluted)

$1.90

YoY+29.3%

Capital Southwest earned $1.90 per diluted share (EPS) in fiscal year 2026. This represents an increase of 29.3% from the prior year.

Revenue

Not reported for fiscal year 2026.

EBITDA

Not reported for fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow

-$193.8M

YoY+11.5%

Capital Southwest recorded an outflow of $193.8M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents an increase of 11.5% from the prior year.

Cash & Debt

$29.0M

YoY-32.8%

5Y CAGR-1.7%

Capital Southwest held $29.0M in cash against $1.1B in long-term debt as of fiscal year 2026.

Dividends Per Share

$2.56

YoY+1.2%

Capital Southwest paid $2.56 per share in dividends in fiscal year 2026. This represents an increase of 1.2% from the prior year.

Shares Outstanding

62M

YoY+15.7%

Capital Southwest had 62M shares outstanding in fiscal year 2026. This represents an increase of 15.7% from the prior year.

Margins & Returns

Return on Equity

13.4%

YoY0.0pp

5Y CAGR-1.7pp

Capital Southwest's ROE was 13.4% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.

Gross Margin

Not reported for fiscal year 2026.

Operating Margin

Not reported for fiscal year 2026.

Net Margin

Not reported for fiscal year 2026.

Capital Allocation

Capital Expenditures

$286K

YoY-82.8%

Capital Southwest invested $286K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 82.8% from the prior year.

R&D Spending

Not reported for fiscal year 2026.

Share Buybacks

Not reported for fiscal year 2026.

CSWC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CSWC quarterly income statement

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY13	FY12	FY11	FY10
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$10.8M+16.1%	$9.3M+23.3%	$7.6M+23.9%	$6.1M
SG&A Expenses	N/A	$7.0M+11.4%	$6.2M+19.0%	$5.2M+13.2%	$4.6M+13.6%	$4.1M+30.9%	$3.1M	N/A	N/A	N/A	N/A
Interest Expense	N/A	$66.6M+21.2%	$55.0M+27.6%	$43.1M+49.2%	$28.9M+44.9%	$19.9M+11.1%	$17.9M	N/A	N/A	N/A	N/A
Income Tax	N/A	$1.1M-50.5%	$2.3M+139.9%	$944K+186.9%	$329K-46.5%	$615K-74.8%	$2.4M	$1.1M-9.9%	$1.2M-94.9%	$24.6M+2915.7%	$815K
Net Income	$110.7M	$135.5M+14.6%	$118.2M+7.4%	$110.0M+60.1%	$68.7M+61.0%	$42.7M-16.1%	$50.9M	N/A	N/A	N/A	N/A
EPS (Diluted)	$1.81	$1.90+29.3%	$1.47-28.3%	$2.05	$2.29+22.5%	$1.87+12.7%	$1.66	N/A	N/A	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
SG&A Expenses	$2.0M	N/A	$1.7M+2.2%	$1.7M+0.5%	$1.7M	N/A	$1.6M+10.9%	$1.5M
Interest Expense	$18.5M	N/A	$18.1M+12.7%	$16.0M+5.0%	$15.3M	N/A	$14.7M+16.9%	$12.6M
Income Tax	-$711K	N/A	-$2.4M-215.8%	$2.0M+145.5%	$828K	N/A	$367K+131.9%	-$1.2M
Net Income	$24.7M-10.0%	$27.5M-16.5%	$32.9M+28.4%	$25.6M-5.1%	$27.0M+53.8%	$17.6M+7.9%	$16.3M-28.3%	$22.7M
EPS (Diluted)	$0.39-11.4%	$0.44-18.5%	$0.54+22.7%	$0.44-8.3%	$0.48+37.1%	$0.35+2.9%	$0.34-29.2%	$0.48

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

CSWC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CSWC quarterly balance sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY13	FY12	FY11	FY10
Total Assets	$2.2B+15.7%	$1.9B+20.9%	$1.6B+23.8%	$1.3B+29.1%	$974.0M	N/A	$667.7M+5.5%	$633.0M+16.5%	$543.2M	N/A
Cash & Equivalents	$29.0M-32.8%	$43.2M+33.9%	$32.3M+49.5%	$21.6M+88.8%	$11.4M-63.8%	$31.6M	$81.8M+26.0%	$64.9M+42.6%	$45.5M+1011.4%	$4.1M
Total Liabilities	$1.2B+16.7%	$999.2M+24.7%	$801.1M+20.1%	$667.3M+20.6%	$553.1M	N/A	$7.9M+84.3%	$4.3M+7.6%	$4.0M	N/A
Long-Term Debt	$1.1B+18.3%	$956.1M+24.0%	$770.9M+20.9%	$637.6M+20.6%	$528.6M	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.0B+14.4%	$883.6M+16.9%	$755.7M+28.0%	$590.4M+40.3%	$420.9M+25.2%	$336.3M	$667.7M+5.5%	$633.0M+17.4%	$539.2M	N/A
Retained Earnings	-$79.0M+10.9%	-$88.7M-68.9%	-$52.5M-25.5%	-$41.8M-308.0%	-$10.3M	N/A	N/A	N/A	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$2.3B+6.3%	$2.2B+2.9%	$2.1B+4.7%	$2.0B+7.4%	$1.9B0.0%	$1.9B+5.2%	$1.8B+11.5%	$1.6B
Cash & Equivalents	$58.5M+101.3%	$29.0M-31.8%	$42.6M-51.3%	$87.4M+86.5%	$46.9M+8.5%	$43.2M+20.0%	$36.0M-23.8%	$47.2M
Total Liabilities	$1.3B+7.8%	$1.2B+4.1%	$1.1B+4.3%	$1.1B+11.2%	$965.9M-3.3%	$999.2M+4.2%	$958.6M+17.9%	$813.2M
Long-Term Debt	$1.2B+8.0%	$1.1B+5.5%	$1.1B+3.6%	$1.0B+11.8%	$926.0M-3.1%	$956.1M+3.9%	$920.2M+17.2%	$785.0M
Total Equity	$1.1B+4.7%	$1.0B+1.5%	$995.6M+5.1%	$947.0M+3.3%	$916.5M+3.7%	$883.6M+6.4%	$830.4M+5.0%	$791.3M
Retained Earnings	-$93.9M-18.9%	-$79.0M-3.3%	-$76.5M+28.9%	-$107.5M-10.7%	-$97.1M-9.4%	-$88.7M-3.7%	-$85.6M-12.8%	-$75.8M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

CSWC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CSWC quarterly cash flow statement

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY13	FY12	FY11	FY10
Operating Cash Flow	-$304.9M	-$193.5M+10.9%	-$217.3M-15.3%	-$188.5M+17.0%	-$227.1M-24.3%	-$182.7M-167.6%	-$68.3M	$94.3M+300.6%	$23.5M-65.5%	$68.2M+1100.5%	-$6.8M
Capital Expenditures	$145K	$286K-82.8%	$1.7M+12715.4%	$13K-95.4%	$281K-85.9%	$2.0M	$0	N/A	N/A	N/A	N/A
Free Cash Flow	-$305.0M	-$193.8M+11.5%	-$218.9M-16.1%	-$188.5M+17.1%	-$227.4M-23.1%	-$184.7M-170.6%	-$68.3M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$145K	-$286K+82.8%	-$1.7M-12715.4%	-$13K+95.4%	-$281K+85.9%	-$2.0M	$0	N/A	N/A	N/A	N/A
Financing Cash Flow	$315.3M	$178.4M-23.0%	$231.5M+16.2%	$199.2M-16.1%	$237.5M+44.4%	$164.5M+91.0%	$86.1M	-$77.5M-1765.4%	-$4.2M+84.5%	-$26.8M-604.5%	-$3.8M
Dividends Paid	$151.4M	$147.2M+17.5%	$125.3M+21.7%	$102.9M+44.8%	$71.1M+21.3%	$58.6M+46.8%	$39.9M	$77.3M	$0	$0	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	-$80.9M-36.7%	-$59.1M+36.8%	-$93.6M-31.5%	-$71.2M-333.6%	$30.5M+151.9%	-$58.7M+64.6%	-$165.8M-595.8%	-$23.8M
Capital Expenditures	$0-100.0%	$49K+226.7%	$15K-81.5%	$81K-42.6%	$141K-64.4%	$396K-47.1%	$748K+50.5%	$497K
Free Cash Flow	-$80.9M-36.6%	-$59.2M+36.8%	-$93.6M-31.3%	-$71.3M-334.9%	$30.4M+151.3%	-$59.1M+64.5%	-$166.6M-584.7%	-$24.3M
Investing Cash Flow	$0+100.0%	-$49K-226.7%	-$15K+81.5%	-$81K+42.6%	-$141K+64.4%	-$396K+47.1%	-$748K-50.5%	-$497K
Financing Cash Flow	$110.3M+148.2%	$44.4M-8.9%	$48.8M-56.4%	$111.8M+519.1%	-$26.7M-139.3%	$68.0M-56.2%	$155.3M+306.0%	$38.3M
Dividends Paid	$39.6M+3.0%	$38.5M+3.2%	$37.3M+3.6%	$36.0M+1.9%	$35.3M+4.9%	$33.7M+6.9%	$31.5M+3.4%	$30.5M

Not reported in any period shown, so not listed: Share Buybacks.

CSWC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CSWC quarterly financial ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY13	FY12	FY11	FY10
Return on Equity	13.4%0.0pp	13.4%-1.2pp	14.6%+2.9pp	11.6%+1.5pp	10.1%-5.0pp	15.1%	N/A	N/A	N/A	N/A
Return on Assets	6.2%-0.1pp	6.3%-0.8pp	7.1%+1.6pp	5.5%+1.1pp	4.4%	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.120.0x	1.08+0.1x	1.02-0.1x	1.08-0.2x	1.26	N/A	0.010.0x	0.010.0x	0.01	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Return on Equity	2.3%-0.4pp	2.7%-0.6pp	3.3%+0.6pp	2.7%-0.2pp	2.9%+1.0pp	2.0%0.0pp	2.0%-0.9pp	2.9%
Return on Assets	1.1%-0.2pp	1.3%-0.3pp	1.6%+0.3pp	1.3%-0.2pp	1.4%+0.5pp	0.9%0.0pp	0.9%-0.5pp	1.4%
Debt-to-Equity	1.150.0x	1.120.0x	1.080.0x	1.09+0.1x	1.01-0.1x	1.080.0x	1.11+0.1x	0.99

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

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Where Capital Southwest Ranks

Frequently Asked Questions

Is Capital Southwest profitable?

Yes, Capital Southwest (CSWC) reported a net income of $135.5M in fiscal year 2026.

How much debt does Capital Southwest have?

As of fiscal year 2026, Capital Southwest (CSWC) had $29.0M 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 2026.

What is Capital Southwest's return on equity (ROE)?

Capital Southwest (CSWC) has a return on equity of 13.4% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Capital Southwest's free cash flow?

Capital Southwest (CSWC) recorded an outflow of $193.8M in free cash flow during fiscal year 2026. This represents a 11.5% 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) recorded an outflow of $193.5M in operating cash flow during fiscal year 2026, representing cash used by core business activities.

What are Capital Southwest's total assets?

Capital Southwest (CSWC) had $2.2B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Capital Southwest's capital expenditures?

Capital Southwest (CSWC) invested $286K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How many shares does Capital Southwest have outstanding?

Capital Southwest (CSWC) had 62M shares outstanding as of fiscal year 2026.

What is Capital Southwest's debt-to-equity ratio?

Capital Southwest (CSWC) had a debt-to-equity ratio of 1.12 as of fiscal year 2026, 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 6.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Capital Southwest's Piotroski F-Score?

Capital Southwest (CSWC) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Capital Southwest's earnings high quality?

For every $1 of reported earnings, Capital Southwest (CSWC) used $1.43 of operating cash (-$193.5M OCF vs $135.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.