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

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 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 2026-05-19

Capital Southwest's earnings engine is balance-sheet expansion, with asset growth lifting income while leverage remains roughly anchored near 1.1x.

Reported profit and reported cash moved in opposite directions: from FY2022 through FY2025, net income climbed from $42.7M to $118.2M even though operating cash flow stayed negative every year. Paired with consistently positive financing cash flow, that pattern suggests cash was being redeployed into a larger asset book, so growth depended on ongoing access to debt and equity capital rather than on cash accumulation.

From FY2024 to FY2026, total assets increased from $1.56B to $2.12B. Even with that expansion, debt-to-equity stayed near 1.1x, pointing to a deliberately matched funding model in which both funding sources and earning assets were scaled together rather than by simply stretching leverage.

Between FY2024 and FY2026, shares outstanding rose 33.5% while net income rose 23.1%, so part of the company's growth came from issuing equity, not just from getting more profit out of the existing base. That helps explain why per-share results can lag total-income growth when expansion requires fresh capital.

Financial Health Signals

Financial health score pending refresh

We are recalculating Capital Southwest's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. 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 Low Quality

-1.43x

For every $1 of reported earnings, Capital Southwest generates $-1.43 in operating cash flow (-$193.5M OCF vs $135.5M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

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%

5Y CAGR+2.7%

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

Cash & Balance Sheet

Free Cash Flow

-$193.8M

YoY+11.5%

Capital Southwest generated -$193.8M in free cash flow in fiscal year 2026, representing cash available 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%

5Y CAGR+4.6%

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+17.4%

5Y CAGR+24.2%

Capital Southwest had 62M shares outstanding in fiscal year 2026. This represents an increase of 17.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

13.4%

YoY+0.0pp

5Y CAGR-1.7pp

Capital Southwest's ROE was 13.4% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

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.

CSWC Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	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
Gross Profit	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
SG&A Expenses	$7.0M+11.4%	$6.2M+19.0%	$5.2M+13.2%	$4.6M+13.6%	$4.1M+30.9%	$3.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$66.6M+21.2%	$55.0M+27.6%	$43.1M+49.2%	$28.9M+44.9%	$19.9M+11.1%	$17.9M
Income Tax	$1.1M-50.5%	$2.3M+139.9%	$944K+186.9%	$329K-46.5%	$615K-74.8%	$2.4M
Net Income	$135.5M+14.6%	$118.2M+7.4%	$110.0M+60.1%	$68.7M+61.0%	$42.7M-16.1%	$50.9M
EPS (Diluted)	$1.90+29.3%	$1.47-28.3%	$2.05-10.5%	$2.29+22.5%	$1.87+12.7%	$1.66

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	N/A	$1.7M+2.2%	$1.7M+0.5%	$1.7M	N/A	$1.6M+10.9%	$1.5M-5.8%	$1.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$18.1M+12.7%	$16.0M+5.0%	$15.3M	N/A	$14.7M+16.9%	$12.6M+1.1%	$12.4M
Income Tax	N/A	-$2.4M-215.8%	$2.0M+145.5%	$828K	N/A	$367K+131.9%	-$1.2M-147.4%	$2.4M
Net Income	$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+61.6%	$14.0M
EPS (Diluted)	$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+54.8%	$0.31

CSWC Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.2B+15.7%	$1.9B+20.9%	$1.6B+23.8%	$1.3B+29.1%	$974.0M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	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
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.2B+16.7%	$999.2M+24.7%	$801.1M+20.1%	$667.3M+20.6%	$553.1M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	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
Total Equity	$1.0B+14.4%	$883.6M+16.9%	$755.7M+28.0%	$590.4M+40.3%	$420.9M+25.2%	$336.3M
Retained Earnings	-$79.0M+10.9%	-$88.7M-68.9%	-$52.5M-25.5%	-$41.8M-308.0%	-$10.3M	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$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+3.9%	$1.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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+41.9%	$33.3M
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	$1.2B+4.1%	$1.1B+4.3%	$1.1B+11.2%	$965.9M-3.3%	$999.2M+4.2%	$958.6M+17.9%	$813.2M+6.1%	$766.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$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+6.7%	$735.4M
Total Equity	$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+1.8%	$777.3M
Retained Earnings	-$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-11.5%	-$68.0M

CSWC Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$193.5M+10.9%	-$217.3M-15.3%	-$188.5M+17.0%	-$227.1M-24.3%	-$182.7M-167.6%	-$68.3M
Capital Expenditures	$286K-82.8%	$1.7M+12715.4%	$13K-95.4%	$281K-85.9%	$2.0M	$0
Free Cash Flow	-$193.8M+11.5%	-$218.9M-16.1%	-$188.5M+17.1%	-$227.4M-23.1%	-$184.7M-170.6%	-$68.3M
Investing Cash Flow	-$286K+82.8%	-$1.7M-12715.4%	-$13K+95.4%	-$281K+85.9%	-$2.0M	$0
Financing Cash Flow	$178.4M-23.0%	$231.5M+16.2%	$199.2M-16.1%	$237.5M+44.4%	$164.5M+91.0%	$86.1M
Dividends Paid	$147.2M+17.5%	$125.3M+21.7%	$102.9M+44.8%	$71.1M+21.3%	$58.6M+46.8%	$39.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$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-176.6%	$31.1M
Capital Expenditures	$49K+226.7%	$15K-81.5%	$81K-42.6%	$141K-64.4%	$396K-47.1%	$748K+50.5%	$497K+1888.0%	$25K
Free Cash Flow	-$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-178.2%	$31.1M
Investing Cash Flow	-$49K-226.7%	-$15K+81.5%	-$81K+42.6%	-$141K+64.4%	-$396K+47.1%	-$748K-50.5%	-$497K-1888.0%	-$25K
Financing Cash Flow	$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+227.2%	-$30.1M
Dividends Paid	$38.5M+3.3%	$37.3M+3.6%	$36.0M+1.9%	$35.3M+4.9%	$33.7M+6.9%	$31.5M+3.4%	$30.5M+3.4%	$29.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CSWC Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
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%
Return on Assets	6.2%-0.1pp	6.3%-0.8pp	7.1%+1.6pp	5.5%+1.1pp	4.4%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.12+0.0	1.08+0.1	1.02-0.1	1.08-0.2	1.26	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	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%+1.1pp	1.8%
Return on Assets	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%+0.5pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.12+0.0	1.08-0.0	1.09+0.1	1.01-0.1	1.08-0.0	1.11+0.1	0.99+0.0	0.95
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 $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) generated -$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) generated -$193.5M in operating cash flow during fiscal year 2026, representing cash generated from 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 cash runway?

Based on fiscal year 2026 data, Capital Southwest (CSWC) had $29.0M in cash against an annual operating cash burn of $193.5M. 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 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?

Capital Southwest (CSWC) has an earnings quality ratio of -1.43x, 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.