Capital Southwest Corporation Financials

CSWCZ

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Capital Southwest Corporation (CSWCZ) 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 CSWCZ FY2026 2026-04-22

CSWCZ's core mechanic is externally financed balance-sheet expansion, where reported earnings support growth optics but not the cash needs.

From FY2022 through FY2025, the company produced cumulative net income of $229.8M but cumulative operating cash outflow of -$815.5M. That gap was effectively backfilled by $832.7M of financing inflows, which explains how the balance sheet and cash distributions kept expanding without internally generated cash and why reported profit understates dependence on outside funding.

The debt-to-equity ratio stayed near 1.1x, but long-term debt still climbed to $1.07B by FY2026. The ratio looks calmer than the funding burden actually is, because equity expanded alongside debt while annual interest expense was already $55.0M in FY2025.

Dividends paid rose to $125.3M in FY2025 even as reported operating cash flow remained negative at -$217.3M, so the payout was not being covered by cash coming through operations. Shares outstanding also increased from 25.0M to 60.2M, showing that each year's earnings and distributions were being spread across a much larger capital base.

Financial Health Signals

Financial Profile 19/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Capital Southwest Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Capital Southwest Corporation carries a low D/E ratio of 1.08, meaning only $1.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$42.6M

YoY-1.5%

5Y CAGR+6.1%

Capital Southwest Corporation held $42.6M 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 Corporation paid $2.56 per share in dividends in fiscal year 2026. This represents an increase of 1.2% from the prior year.

Shares Outstanding

60M

YoY+13.7%

5Y CAGR+23.4%

Capital Southwest Corporation had 60M shares outstanding in fiscal year 2026. This represents an increase of 13.7% from the prior year.

Margins & Returns

Gross Margin

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Operating Margin

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Net Margin

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Return on Equity

N/A

Capital Allocation

R&D Spending

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Share Buybacks

N/A

Capital Expenditures

N/A

CSWCZ 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	N/A	$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	N/A	$55.0M+27.6%	$43.1M+49.2%	$28.9M+44.9%	$19.9M+11.1%	$17.9M
Income Tax	N/A	$2.3M+139.9%	$944K+186.9%	$329K-46.5%	$615K-74.8%	$2.4M
Net Income	N/A	$70.5M-15.4%	$83.4M+152.0%	$33.1M-22.7%	$42.8M-15.9%	$50.9M
EPS (Diluted)	N/A	$1.47-45.6%	$2.70+17.9%	$2.29+22.5%	$1.87+12.7%	$1.66

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	N/A	$1.6M+10.9%	$1.5M-5.8%	$1.6M	N/A
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	N/A	$14.7M+16.9%	$12.6M+1.1%	$12.4M	N/A
Income Tax	-$2.4M-215.8%	$2.0M+145.5%	$828K	N/A	$367K+131.9%	-$1.2M-147.4%	$2.4M	N/A
Net Income	$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+4.2%	$13.5M
EPS (Diluted)	$0.54+22.7%	$0.44-8.3%	$0.48+37.1%	$0.35+2.9%	$0.34-29.2%	$0.48+54.8%	$0.31-53.7%	$0.67

CSWCZ Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.1B+12.4%	$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	$42.6M-1.5%	$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	$1.1B+12.1%	$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+12.2%	$956.1M+24.0%	$770.9M+20.9%	$637.6M+20.6%	$528.6M	N/A
Total Equity	$995.6M+12.7%	$883.6M+16.9%	$755.7M+28.0%	$590.4M+40.3%	$420.9M+25.2%	$336.3M
Retained Earnings	-$76.5M+13.8%	-$88.7M-68.9%	-$52.5M-25.5%	-$41.8M-308.0%	-$10.3M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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-0.8%	$1.6B
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+8.5%	$43.2M+20.0%	$36.0M-23.8%	$47.2M+41.9%	$33.3M+3.2%	$32.3M
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	$1.1B+4.3%	$1.1B+11.2%	$965.9M-3.3%	$999.2M+4.2%	$958.6M+17.9%	$813.2M+6.1%	$766.7M-4.3%	$801.1M
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-3.1%	$956.1M+3.9%	$920.2M+17.2%	$785.0M+6.7%	$735.4M-4.6%	$770.9M
Total Equity	$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+2.9%	$755.7M
Retained Earnings	-$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-29.5%	-$52.5M

CSWCZ Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	N/A	-$217.3M-15.3%	-$188.5M+17.0%	-$227.1M-24.3%	-$182.7M-167.6%	-$68.3M
Capital Expenditures	N/A	$1.7M+12715.4%	$13K-95.4%	$281K-85.9%	$2.0M	$0
Free Cash Flow	N/A	-$218.9M-16.1%	-$188.5M+17.1%	-$227.4M-23.1%	-$184.7M-170.6%	-$68.3M
Investing Cash Flow	N/A	-$1.7M-12715.4%	-$13K+95.4%	-$281K+85.9%	-$2.0M	$0
Financing Cash Flow	N/A	$231.5M+16.2%	$199.2M-16.1%	$237.5M+44.4%	$164.5M+91.0%	$86.1M
Dividends Paid	N/A	$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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$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+130.5%	-$102.1M
Capital Expenditures	$15K-81.5%	$81K-42.6%	$141K-64.4%	$396K-47.1%	$748K+50.5%	$497K+1888.0%	$25K+150.0%	$10K
Free Cash Flow	-$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+130.5%	-$102.1M
Investing Cash Flow	-$15K+81.5%	-$81K+42.6%	-$141K+64.4%	-$396K+47.1%	-$748K-50.5%	-$497K-1888.0%	-$25K-150.0%	-$10K
Financing Cash Flow	$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-127.1%	$110.8M
Dividends Paid	$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+3.9%	$28.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CSWCZ 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	N/A	8.0%-3.1pp	11.0%+5.4pp	5.6%-4.6pp	10.2%-5.0pp	15.1%
Return on Assets	N/A	3.8%-1.6pp	5.4%+2.7pp	2.6%-1.8pp	4.4%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.080.0	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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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%+0.0pp	2.0%-0.9pp	2.9%+1.1pp	1.8%+0.0pp	1.8%
Return on Assets	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%+0.0pp	0.9%
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	1.08-0.0	1.11+0.1	0.99+0.0	0.95-0.1	1.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

How much debt does Capital Southwest Corporation have?

As of fiscal year 2026, Capital Southwest Corporation (CSWCZ) had $42.6M in cash and equivalents against $1.1B in long-term debt.

Does Capital Southwest Corporation pay dividends?

Yes, Capital Southwest Corporation (CSWCZ) paid $2.56 per share in dividends during fiscal year 2026.

What are Capital Southwest Corporation's total assets?

Capital Southwest Corporation (CSWCZ) had $2.1B in total assets as of fiscal year 2026, including both current and long-term assets.

How many shares does Capital Southwest Corporation have outstanding?

Capital Southwest Corporation (CSWCZ) had 60M shares outstanding as of fiscal year 2026.

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

Capital Southwest Corporation (CSWCZ) had a debt-to-equity ratio of 1.08 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

How financially healthy is Capital Southwest Corporation?

Capital Southwest Corporation (CSWCZ) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.