MidCap Financial Financials
This page shows MidCap Financial (MFIC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Leverage is producing weaker returns while accounting income remains disconnected from operating cash generation.
The latest return on assets was1.9% , down from the prior year's3.1% . Interest expense reached$127M as assets expanded, so balance-sheet growth coincided with weaker earnings productivity rather than proportionally stronger profits.
Cash conversion was negative in FY2025: net income was
Liabilities reached
Financial Health Signals
MidCap Financial 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.
MidCap Financial passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, MidCap Financial used $0.79 of operating cash (-$49.7M OCF vs $63.2M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
MidCap Financial reported $63.2M in net income in fiscal year 2025. This represents a decrease of 36.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
MidCap Financial held $98.2M in cash against $2.0B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
MidCap Financial's ROE was 4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
MidCap Financial spent $19.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
MFIC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Interest Expense | $27.1M-4.9% | $28.5M | N/A | $33.0M+1.4% | $32.6M+6.9% | $30.5M | N/A | $31.9M |
| Net Income | -$17.5M+34.9% | -$26.9M | N/A | $27.5M+51.6% | $18.1M-40.3% | $30.3M | N/A | $26.7M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Income Tax, EPS (Diluted).
MFIC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.9B-6.8% | $3.1B-7.6% | $3.3B+0.4% | $3.3B-4.4% | $3.5B+3.2% | $3.4B+5.2% | $3.2B-0.8% | $3.2B |
| Cash & Equivalents | $43.3M+1.5% | $42.6M-56.6% | $98.2M+57.1% | $62.5M-9.4% | $69.0M-17.6% | $83.7M+12.6% | $74.4M-12.0% | $84.5M |
| Total Liabilities | $1.8B-7.1% | $1.9B-6.1% | $2.0B+3.9% | $1.9B-6.9% | $2.1B+6.3% | $2.0B+9.9% | $1.8B-0.8% | $1.8B |
| Long-Term Debt | $1.7B-7.0% | $1.9B-6.3% | $2.0B+4.2% | $1.9B-6.7% | $2.1B+6.0% | $1.9B+10.5% | $1.8B-1.2% | $1.8B |
| Total Equity | $1.1B-6.4% | $1.2B-10.0% | $1.3B-4.4% | $1.4B-0.6% | $1.4B-1.2% | $1.4B-0.8% | $1.4B-0.8% | $1.4B |
| Retained Earnings | -$1.4B-3.1% | -$1.4B-4.1% | -$1.3B-4.8% | -$1.3B-0.6% | -$1.3B-1.4% | -$1.3B-0.4% | -$1.3B-11.2% | -$1.1B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
MFIC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $189.3M+11.8% | $169.4M+2574.8% | $6.3M-96.2% | $166.3M+282.6% | -$91.0M+30.7% | -$131.3M-339.7% | $54.8M+640.5% | -$10.1M |
| Financing Cash Flow | -$188.7M+16.6% | -$226.1M-948.3% | $26.7M+115.5% | -$171.7M-320.5% | $77.9M-44.6% | $140.5M+320.4% | -$63.8M-328.6% | $27.9M |
| Dividends Paid | $25.5M-9.1% | $28.1M-19.8% | $35.0M-1.2% | $35.5M0.0% | $35.5M-0.5% | $35.6M0.0% | $35.6M-34.5% | $54.4M |
| Share Buybacks | $31.9M-58.0% | $76.0M+489.8% | $12.9M | $0 | $0-100.0% | $6.1M | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow.
MFIC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -1.6%+0.7pp | -2.3% | N/A | 2.0%+0.7pp | 1.3%-0.9pp | 2.2% | N/A | 1.9% |
| Return on Assets | -0.6%+0.3pp | -0.9% | N/A | 0.8%+0.3pp | 0.5%-0.4pp | 0.9% | N/A | 0.8% |
| Debt-to-Equity | 1.580.0x | 1.59+0.1x | 1.53+0.1x | 1.40-0.1x | 1.49+0.1x | 1.39+0.1x | 1.250.0x | 1.25 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
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Where MidCap Financial Ranks
Frequently Asked Questions
Is MidCap Financial profitable?
Yes, MidCap Financial (MFIC) reported a net income of $63.2M in fiscal year 2025.
How much debt does MidCap Financial have?
As of fiscal year 2025, MidCap Financial (MFIC) had $98.2M in cash and equivalents against $2.0B in long-term debt.
What is MidCap Financial's return on equity (ROE)?
MidCap Financial (MFIC) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MidCap Financial's operating cash flow?
MidCap Financial (MFIC) recorded an outflow of $49.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are MidCap Financial's total assets?
MidCap Financial (MFIC) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is MidCap Financial's debt-to-equity ratio?
MidCap Financial (MFIC) had a debt-to-equity ratio of 1.53 as of fiscal year 2025, 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 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is MidCap Financial's Piotroski F-Score?
MidCap Financial (MFIC) has a Piotroski F-Score of 2 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 MidCap Financial's earnings high quality?
For every $1 of reported earnings, MidCap Financial (MFIC) used $0.79 of operating cash (-$49.7M OCF vs $63.2M 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.