MidCap Financial Financials
Financial Health Signals
MidCap Financial passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, MidCap Financial generates $-0.10 in operating cash flow (-$9.5M OCF vs $98.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows MidCap Financial (MFIC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Key Financial Metrics
MidCap Financial reported $98.8M in net income in fiscal year 2024. This represents a decrease of 16.8% from the prior year.
MidCap Financial held $74.4M in cash against $1.8B in long-term debt as of fiscal year 2024.
MidCap Financial had 94M shares outstanding in fiscal year 2024. This represents an increase of 43.7% from the prior year.
MidCap Financial's ROE was 7.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 4.8 percentage points from the prior year.
MFIC 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 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $33.0M+1.4% | $32.6M+6.9% | $30.5M-4.4% | $31.9M+18.0% | $27.0M+3.1% | $26.2M | N/A | $26.3M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $27.5M+51.6% | $18.1M-40.3% | $30.3M+13.5% | $26.7M+18.4% | $22.6M-11.5% | $25.5M-23.4% | $33.3M+11.0% | $30.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MFIC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B-4.4% | $3.5B+3.2% | $3.4B+5.2% | $3.2B+25.1% | $2.6B+4.3% | $2.4B-2.2% | $2.5B+1.9% | $2.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $62.5M-9.4% | $69.0M-17.6% | $83.7M+12.6% | $74.4M+12.4% | $66.2M+33.4% | $49.6M-47.0% | $93.6M+117.9% | $43.0M |
| 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 | $1.9B-6.9% | $2.1B+6.3% | $2.0B+9.9% | $1.8B+15.4% | $1.5B+7.5% | $1.4B-3.8% | $1.5B+2.6% | $1.5B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.9B-6.7% | $2.1B+6.0% | $1.9B+10.5% | $1.8B+15.9% | $1.5B+7.6% | $1.4B-19.8% | $1.8B+22.1% | $1.4B |
| Total Equity | $1.4B-0.6% | $1.4B-1.2% | $1.4B-0.8% | $1.4B+39.9% | $1.0B-0.2% | $1.0B+0.1% | $1.0B+0.8% | $996.8M |
| Retained Earnings | -$1.3B-0.6% | -$1.3B-1.4% | -$1.3B-0.4% | -$1.3B-14.0% | -$1.1B-0.2% | -$1.1B+0.1% | -$1.1B+0.9% | -$1.1B |
MFIC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $166.3M+282.6% | -$91.0M+30.7% | -$131.3M-339.7% | $54.8M+186.2% | -$63.5M-778.0% | $9.4M-88.0% | $78.4M+23.0% | $63.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$171.7M-320.5% | $77.9M-44.6% | $140.5M+320.4% | -$63.8M-178.7% | $81.0M+198.9% | -$81.9M-15402.6% | $535K+100.8% | -$70.8M |
| Dividends Paid | $35.5M0.0% | $35.5M-0.5% | $35.6M0.0% | $35.6M+43.7% | $24.8M0.0% | $24.8M0.0% | $24.8M0.0% | $24.8M |
| Share Buybacks | $0 | $0-100.0% | $6.1M | N/A | N/A | N/A | $0 | $0 |
MFIC 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 | 2.0%+0.7pp | 1.3%-0.9pp | 2.2%+0.3pp | 1.9%-0.4pp | 2.3%-0.3pp | 2.5%-0.8pp | 3.3%+0.3pp | 3.0% |
| Return on Assets | 0.8%+0.3pp | 0.5%-0.4pp | 0.9%+0.1pp | 0.8%-0.1pp | 0.9%-0.2pp | 1.0%-0.3pp | 1.3%+0.1pp | 1.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.40-0.1 | 1.49+0.1 | 1.39+0.1 | 1.25-0.3 | 1.51+0.1 | 1.40-0.3 | 1.74+0.3 | 1.44 |
| 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 MidCap Financial profitable?
Yes, MidCap Financial (MFIC) reported a net income of $98.8M in fiscal year 2024.
How much debt does MidCap Financial have?
As of fiscal year 2024, MidCap Financial (MFIC) had $74.4M in cash and equivalents against $1.8B in long-term debt.
What is MidCap Financial's return on equity (ROE)?
MidCap Financial (MFIC) has a return on equity of 7.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is MidCap Financial's operating cash flow?
MidCap Financial (MFIC) generated -$9.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are MidCap Financial's total assets?
MidCap Financial (MFIC) had $3.2B in total assets as of fiscal year 2024, including both current and long-term assets.
How many shares does MidCap Financial have outstanding?
MidCap Financial (MFIC) had 94M shares outstanding as of fiscal year 2024.
What is MidCap Financial's debt-to-equity ratio?
MidCap Financial (MFIC) had a debt-to-equity ratio of 1.25 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MidCap Financial's return on assets (ROA)?
MidCap Financial (MFIC) had a return on assets of 3.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is MidCap Financial's cash runway?
Based on fiscal year 2024 data, MidCap Financial (MFIC) had $74.4M in cash against an annual operating cash burn of $9.5M. This gives an estimated cash runway of approximately 94 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 MidCap Financial's Piotroski F-Score?
MidCap Financial (MFIC) has a Piotroski F-Score of 2 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 MidCap Financial's earnings high quality?
MidCap Financial (MFIC) has an earnings quality ratio of -0.10x, 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.