What is New Mountain Finance's earnings per share (EPS)?

New Mountain Finance (NMFC) reported diluted earnings per share of $0.16 for fiscal year 2025. This represents a -84.5% 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.

New Mountain Finance Financials

NMFC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows New Mountain Finance (NMFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 NMFC FY2025 2026-05-04

FY2025 was defined by balance-sheet cash release, not earning power, as returns collapsed while leverage stayed roughly unchanged.

In FY2025, operating cash flow jumped to $379M while net income fell to $16.5M, a sharp break from the usual expectation that profit and cash move together. Financing outflows were almost the same as that cash inflow, and with equity ending at $1.18B, the surge looks more like balance-sheet turnover and capital returns than a stronger earnings base.

The payout policy has outrun accounting earnings for three straight years, including FY2025 when dividends paid were $136M against net income of only $16.5M. That repeated gap helps explain why retained earnings sank to -$121.7M even though cash ended the year near $80.7M.

Leverage looked stable at about 1.4x, but the capital structure actually weakened because equity absorbed much of the shrinkage: from FY2024 to FY2025, assets fell by roughly $344M while equity dropped about $171M. With ROE down to 1.4% from 8.4%, the issue was not more borrowing so much as far lower earnings on a still-leveraged base.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 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 New Mountain Finance'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

New Mountain Finance carries a low D/E ratio of 1.41, meaning only $1.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Returns

New Mountain Finance generates a 1.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 8.4% the prior year.

Piotroski F-Score Neutral

4/9

New Mountain Finance passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

22.99x

For every $1 of reported earnings, New Mountain Finance generates $22.99 in operating cash flow ($379.0M OCF vs $16.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$16.5M

YoY-85.5%

5Y CAGR-22.4%

New Mountain Finance reported $16.5M in net income in fiscal year 2025. This represents a decrease of 85.5% from the prior year.

EPS (Diluted)

$0.16

YoY-84.5%

5Y CAGR-23.2%

New Mountain Finance earned $0.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 84.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$80.7M

YoY+0.5%

5Y CAGR+0.4%

New Mountain Finance held $80.7M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.28

YoY-6.6%

5Y CAGR+0.6%

New Mountain Finance paid $1.28 per share in dividends in fiscal year 2025. This represents a decrease of 6.6% from the prior year.

Shares Outstanding

103M

YoY-4.8%

5Y CAGR+1.2%

New Mountain Finance had 103M shares outstanding in fiscal year 2025. This represents a decrease of 4.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

1.4%

YoY-7.0pp

5Y CAGR-3.3pp

New Mountain Finance's ROE was 1.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$52.0M

New Mountain Finance spent $52.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

NMFC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$123.7M-9.5%	$136.6M+9.5%	$124.8M+35.0%	$92.4M+26.4%	$73.1M-6.3%	$78.0M
Income Tax	$430K-81.9%	$2.4M+34.8%	$1.8M-81.1%	$9.3M+3908.2%	$232K+123.4%	-$991K
Net Income	$16.5M-85.5%	$113.4M-16.2%	$135.3M+81.1%	$74.7M-62.9%	$201.4M+244.4%	$58.5M
EPS (Diluted)	$0.16-84.5%	$1.03-16.9%	$1.24+67.6%	$0.74-61.3%	$1.91+218.3%	$0.60

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	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	$27.5M	N/A	$31.7M+1.9%	$31.1M-0.8%	$31.4M	N/A	$37.7M+13.7%	$33.1M
Income Tax	-$83K	N/A	$54K+86.2%	$29K+866.7%	$3K	N/A	$1.2M+217.3%	$364K
Net Income	-$50.9M	N/A	$12.2M+56.8%	$7.8M-66.8%	$23.4M	N/A	$23.9M-30.7%	$34.5M
EPS (Diluted)	$-0.51	N/A	$0.11+57.1%	$0.07-68.2%	$0.22	N/A	$0.22-29.0%	$0.31

NMFC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.9B-10.6%	$3.2B+2.8%	$3.2B-5.8%	$3.4B+1.8%	$3.3B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$80.7M+0.5%	$80.3M+14.6%	$70.1M-1.5%	$71.2M+22.6%	$58.1M-26.5%	$79.0M
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	$1.7B-9.2%	$1.9B+3.3%	$1.8B-9.9%	$2.0B+3.9%	$2.0B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.7B-9.0%	$1.8B+2.9%	$1.8B-9.9%	$2.0B+3.9%	$1.9B	N/A
Total Equity	$1.2B-12.6%	$1.4B+2.5%	$1.3B+0.4%	$1.3B-0.5%	$1.3B+6.8%	$1.2B
Retained Earnings	-$121.7M-795.2%	-$13.6M-10.1%	-$12.3M-264.2%	$7.5M-84.2%	$47.5M+197.3%	-$48.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.4B-16.4%	$2.9B-6.0%	$3.1B-2.2%	$3.2B-1.2%	$3.2B-1.5%	$3.2B-4.9%	$3.4B-0.3%	$3.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$51.1M-36.7%	$80.7M+26.7%	$63.7M+11.0%	$57.4M-32.9%	$85.5M+6.4%	$80.3M+29.7%	$61.9M-48.2%	$119.6M
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	$1.4B-19.7%	$1.7B-6.1%	$1.8B-1.2%	$1.8B0.0%	$1.8B-2.1%	$1.9B-7.8%	$2.0B+0.5%	$2.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.3B-20.6%	$1.7B-5.3%	$1.8B-0.1%	$1.8B-0.9%	$1.8B-2.9%	$1.8B-7.8%	$2.0B+2.9%	$1.9B
Total Equity	$1.0B-11.7%	$1.2B-5.9%	$1.3B-3.8%	$1.3B-2.7%	$1.3B-0.8%	$1.4B-0.6%	$1.4B-0.9%	$1.4B
Retained Earnings	-$203.8M-67.5%	-$121.7M-66.6%	-$73.0M-42.1%	-$51.4M-108.2%	-$24.7M-81.7%	-$13.6M+64.4%	-$38.2M-50.3%	-$25.4M

NMFC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$379.0M+802.4%	$42.0M-87.4%	$332.7M+850.5%	$35.0M+258.7%	-$22.1M-107.3%	$301.1M
Capital Expenditures	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
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$378.7M-1107.7%	-$31.4M+90.6%	-$333.9M-1452.8%	-$21.5M-1891.8%	$1.2M+100.4%	-$270.7M
Dividends Paid	$135.7M-7.8%	$147.2M-2.4%	$150.7M+24.3%	$121.3M+6.2%	$114.2M-4.9%	$120.1M
Share Buybacks	$52.0M	$0	$0	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$401.4M+148.4%	$161.6M+120.9%	$73.1M+81.3%	$40.3M-61.2%	$103.9M-46.8%	$195.2M+417.0%	-$61.6M+61.5%	-$159.9M
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	-$431.0M-198.1%	-$144.5M-116.4%	-$66.8M+2.9%	-$68.8M+30.2%	-$98.6M+44.1%	-$176.3M-4481.8%	$4.0M-97.7%	$171.7M
Dividends Paid	$31.1M-5.2%	$32.9M-2.8%	$33.8M-2.0%	$34.5M0.0%	$34.5M-3.0%	$35.6M-2.9%	$36.7M0.0%	$36.7M
Share Buybacks	$56.6M+285.0%	$14.7M-46.8%	$27.6M+186.4%	$9.6M	$0	$0	$0	N/A

NMFC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	1.4%-7.0pp	8.4%-1.9pp	10.3%+4.6pp	5.7%-9.6pp	15.2%+10.5pp	4.7%
Return on Assets	0.6%-2.9pp	3.5%-0.8pp	4.3%+2.0pp	2.2%-3.9pp	6.1%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.41+0.1	1.360.0	1.35-0.2	1.51+0.1	1.44	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-4.9%	N/A	1.0%+0.4pp	0.6%-1.1pp	1.7%	N/A	1.8%-0.8pp	2.5%
Return on Assets	-2.1%	N/A	0.4%+0.1pp	0.3%-0.5pp	0.7%	N/A	0.7%-0.3pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.27-0.1	1.410.0	1.40+0.1	1.35+0.0	1.33-0.0	1.36-0.1	1.46+0.1	1.41
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 New Mountain Finance profitable?

Yes, New Mountain Finance (NMFC) reported a net income of $16.5M in fiscal year 2025.

How much debt does New Mountain Finance have?

As of fiscal year 2025, New Mountain Finance (NMFC) had $80.7M in cash and equivalents against $1.7B in long-term debt.

Does New Mountain Finance pay dividends?

Yes, New Mountain Finance (NMFC) paid $1.28 per share in dividends during fiscal year 2025.

What is New Mountain Finance's return on equity (ROE)?

New Mountain Finance (NMFC) has a return on equity of 1.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is New Mountain Finance's operating cash flow?

New Mountain Finance (NMFC) generated $379.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are New Mountain Finance's total assets?

New Mountain Finance (NMFC) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Does New Mountain Finance buy back shares?

Yes, New Mountain Finance (NMFC) spent $52.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does New Mountain Finance have outstanding?

New Mountain Finance (NMFC) had 103M shares outstanding as of fiscal year 2025.

What is New Mountain Finance's debt-to-equity ratio?

New Mountain Finance (NMFC) had a debt-to-equity ratio of 1.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is New Mountain Finance's return on assets (ROA)?

New Mountain Finance (NMFC) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is New Mountain Finance's Piotroski F-Score?

New Mountain Finance (NMFC) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are New Mountain Finance's earnings high quality?

New Mountain Finance (NMFC) has an earnings quality ratio of 22.99x, considered cash-backed (high quality). 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.

How financially healthy is New Mountain Finance?

New Mountain Finance (NMFC) scores 16 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.